|All Time High:|
|Market Cap: |
|The price of #ASK today is $0.000374 USD.|
The lowest ASK price for this period was $0, the highest was $0.000374, and the exact current price of one ASK crypto coin is $0.00037360.
The all-time high ASK coin price was $0.012.
Use our custom price calculator to see the hypothetical price of ASK with market cap of BTC or other crypto coins.
|The code for Permission Coin crypto currency is #ASK. |
Permission Coin is 1.6 years old.
|The current market capitalization for Permission Coin is $1,987,194.|
Permission Coin is ranking downwards to #1286, by market cap (and other factors).
|There is a modest volume of trading today on #ASK.|
Today's 24-hour trading volume across all exchanges for Permission Coin is $15,118.
|The circulating supply of ASK is 5,318,979,678 coins, which is 5% of the total coin supply.|
|ASK has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 2 crypto exchanges.|
View #ASK trading pairs and crypto exchanges that currently support #ASK purchase.
Programmatic Best Practices
Consumers are inundated with ads, many of which are not relevant - Today’s consumers are “always on,” toggling between digital devices. Consumer PC and mobile activities provide signals that enable data-driven marketing for brands that target ads based on attributes including device, content and behavior. In the digital era, programmatic advertising has been heralded as the de facto solution to deliver the right message, at the right time, to the right person. However, even with the data deluge and AI-infused technology at the marketers’ fingertips, brands still struggle to gain mindshare with the digital consumer. This is because consumers are inundated with thousands of ads on a daily basis. In addition to hyper-targeted ad campaigns, there are mass reach and direct response campaigns simultaneously competing for eyeballs. Despite all of the programmatic potential, banner burnout is a major roadblock for brands competing in what is considered Web 2 (for historical perspective, Web 1 is considered 1990s to early 2000s). While campaign measurement and analytics continue to evolve, campaigns that drive a mere one engagement per 1,000 ads (0.1% CTR) are typically considered a success. Instead of blaming tired creative, bad audience data, or an algorithm that missed the mark, perhaps it is the programmatic advertising model that needs a refresh? Given the glut of ads being cranked out, it’s no wonder that even the most compelling, timely ads will be glossed over. Fortunately, in rapidly evolving Web3, programmatic advertising can be reinvigorated if brands embrace asking — and incentivizing — consumers for their engagement. — Web 2 approach: attention grabbing - Historically, an advertiser’s main objective is to “grab” the consumer’s attention. This is no small feat considering attention is one of the most valuable commodities we have as human beings. As brands look for innovative ways to boost programmatic ad campaigns, the ability to grab attention is becoming more difficult if you consider that — depending on the device and demographic — anywhere from 25% to 50% of the internet population use ad blockers. It’s not a stretch to say the Web 2 advertising model is broken. Instead of blanketing content with more intrusive and largely irrelevant ads with the hope of grabbing the consumer’s attention, what if marketers began the dialog by asking for the privilege to engage with each consumer? Better yet, what if marketers offered the consumer something of value above and beyond their product or service? This quid pro quo approach that rewards consumers for sharing their attention (and data) with brands is referred to as permission advertising. — Web 3 approach: attention asking - There is a huge difference between asking someone for permission and rewarding them for sharing information versus interrupting them for a show n’ tell, then capturing information without direct consent. The former is the ethos of what is being dubbed Web 3, while the latter is standard practice in Web 2. As consumers increasingly tune out even the “smartest” programmatic ads, data-driven marketers will likely look to their data science teams for patterns or clues that will provide that “aha” moment that will help their brand break through the clutter. The time and brain power allocated trying to crack the programmatic code for incremental lift are typically spent in vain. Instead, why not allocate valuable resources on ad tech endeavors that address industry challenges, such as workarounds to cookie degradation and/or strategies for obtaining first party data? The Web 3 approach sets the stage for a transparent exchange and ongoing conversation whereas Web 2 is spurring consumer data protection and adoption of ad blockers. When you factor in rewards for sharing attention and information, the permission advertising model of Web 3 becomes very appealing for the general consumer (79% will share information if there are proper incentives). Meanwhile, a permission brand differentiates itself from the attention grabbing brands, entering a new world of consumer engagement. — Brands should add permission as a campaign tactic - Marketers and their agencies are tasked with sifting through treasure troves of consumer research and insights as they map out multi-channel campaign strategies. There is more than enough technology, data and inventory available to launch programmatic campaigns that check all of the proverbial boxes. However, the key element that should be considered is whether or not the consumer is open to a conversation with a given brand. If the answer is unknown or no, then a brand will struggle to be seen, heard or considered. If the answer is yes, the path forward is much more clear. As the saying goes, trust is earned. Think of obtaining permission to interact with a consumer as a stepping stone to earning trust. Transparent messaging that includes an equitable value exchange between the consumer and a brand sets the stage for openness and trust. Brands that are “all in” on programmatic ads should consider permission advertising as a solution to differentiate themselves from the pack, while unlocking new engagement opportunities with consumers who’ve succumbed to banner burnout. This novel approach may become a necessity as 3rd party data exits the stage and consumers get up to speed on how their data serves to spin the flywheel for the $500 billion digital ad industry and multi-trillion dollar data economy. — Web 3 advertising takes programmatic to the next level - The machine learning and real-time decisioning capabilities popularized in Web 2 demand-side platforms (DSPs) will be leveraged using the Web 3 ethos that includes consumer data ownership. Call it a programmatic paradigm shift — consumers increasingly dictate how, where and when their attention and data is shared. Marketers and agencies who join the Web 3 movement will be well-positioned to establish trust and loyalty with consumers as we enter the next chapter of the internet and programmatic advertising. This article originally appeared on MarTech Series and was guest authored by Permission.io Head of Ad Ops Michelle Wimmer. Click Here to view the full article. About the Author Permission’s Head of Ad Ops, Michelle has been a leader in the media, advertising, technology, and privacy space since 2006. She joins Permission most recently from a consulting career where she was a key advisor for top tier clients looking to solve complex issues at the intersection of media, advertising, technology and privacy.
The Dangers of the Metaverse for Data Privacy
As we move towards Web 3.0, a new level of Internet immersion, commonly called the Metaverse, is beginning to take shape. The effects of such high levels of augmented and virtual reality are yet to be determined. One matter in particular, that of data privacy, which has created significant controversy in the current generation of the Internet, can only be expected to compound as technologies advance. Many are questioning how such an interactive environment, likely integrating advertisement even further into our Internet experience than at present, will impact data privacy and security. As personal information such as biometric data (facial and bodily features, fingerprinting and beyond) becomes more ingrained for technology such as avatars, and the real world further blends with the virtual, companies will need to take significant precautions to uphold the trust of their users. Follow @PermissionIO Skeptics of the Metaverse are fearing unparalleled levels of user surveillance once new technology is implemented. In 2021, Facebook whistleblower Frances Haugen told the Associated Press that the Metaverse will require “many, many more sensors in our homes and our workplaces.” Though the company pushing the Metaverse the hardest, Facebook, recently rebranded as Meta, has claimed that it will look into how it can minimize the amount of data collected, this is difficult to imagine in practice. Just 20 minutes of VR usage can generate over two million data points, including breathing patterns, walking patterns, thought, physical movement, and eye movement. Data collection without the Metaverse has already been lauded as rampant and exploitative for years — think back to the 2018 Facebook and Cambridge Analytica election scandal, the following Mark Zuckerberg Congress hearing, the testimonies of multiple whistleblowers, and beyond — and yet despite significant privacy concerns among the general public, federal regulation has lagged, with no legislation protecting consumers from current practices. Not to mention, though Meta has stated it will be investing billions into the Metaverse, in comparison, it has only allocated $50 million to metaverse privacy research. And there may be no escape: for example, Meta has introduced a virtual meeting software called Horizon Workrooms, and Haugen warns that forced participation, if people happen to disagree with such practices, places them at risk of losing their jobs. Though most people are not yet familiar with the concept of the Metaverse, those that are seem to be concerned. A recent survey showed that 50% of people are worried about identity issues, 47% are concerned about forced surveillance, and 45% are worried about abuse of personal data. These concerns are not unfounded — biometric data breaches, phishing attacks, and endless tracking are already netizen vulnerabilities, and will become even more so as Metaverse technology grows. Now more than ever, people are feeling commodified. Many are hesitant to join the Metaverse, despite the fact that it is a growing industry, with companies like Disney, Microsoft, and Epic Games announcing Metaverse plans, and even governments such as South Korea dedicating funds towards Metaverse development. Citi Global Insights states that by 2030, the Metaverse will be a $13 trillion global industry. And of course, this is all due to the value of personal data. If the Metaverse is not built with privacy and data security at the heart of new product architecture, disaster is sure to ensue. Furthermore, developers need to be transparent with users and potential users about their practices, while also giving people actual choices about how their data is used rather than, as we have experienced in Web 1.0 and 2.0, forcing someone to click “I agree” to pages upon pages of opaque legal jargon. Data should be encrypted and fully anonymized, with users’ rights as a priority, even over profit — something Meta reportedly does not do. User trust has been eroded by scandal after scandal, but not only so. Users have long been reduced to their data by companies, thus leaving them powerless and dehumanized. Implementing significant protections to and control over Metaverse data is likely to provide comfort and begin restoring the user-brand relationship. Yet, still, the profit of a soon-to-be multi-trillion dollar industry will be kept in the hands of companies. Web 3.0 does not and should not consist of only the Metaverse. One key point of Web 3.0 is the idea of an individual’s capability to participate in the data economy themselves, to get a cut out of the massive profits being generated by their personal information. Users should receive something in return, besides usage of a product, for relinquishing so much of themselves to companies. Brands who recognize this are likely to experience much more success. Compensating users for their data is undeniably a step towards a more fair future and a more equal Internet as we venture into the future.
We’re excited to announce that Duane Dirstine has joined Permission as Senior Director, Sales and…
Permission.io Adds Facebook’s Duane Dirstine to Sales & Brand Partnerships Team - We’re excited to announce that Duane Dirstine has joined Permission as Senior Director, Sales and Brand Partnerships. Duane brings to Permission more than 25 years of experience cultivating partnerships with global brands and agencies, most recently serving as Sales Director for Moloco, a leading mobile demand-side platform (DSP) which attained unicorn status during its recent Series C fundraising. While at Moloco, Duane was instrumental in onboarding key financial services clients and helping them leverage AI to maximize return on investment (ROI). Prior to Moloco, he was an account executive at Liftoff, a leading mobile app marketing and retargeting platform providing access to over 3 billion consumers worldwide. Duane also managed a diverse roster of brands as a Client Partner at Facebook (Meta), optimizing omni channel campaigns for key financial services clients, as well as performance marketers. During Facebook’s early days, the company and its clients focused almost exclusively on “Likes” — Duane quickly educated clients on ways to leverage Facebook as a direct response platform. His early wins included Farmers Insurance, TurboTax & Experian. “Duane is an ad industry veteran who will accelerate our sales efforts as brands look to innovate and drive new forms of permission-based engagement in Web3 advertising,” said Thomas Shin, CEO of Permission. “We’re thrilled to have Duane join our organization, his wealth of experience and deep client relationships will supercharge sales efforts.” Duane has a Bachelor of Arts in Advertising from San Jose State University and has been immersed in digital media, advertising and ad tech throughout his career. Duane joins a slew of former Big Tech executives from Facebook, Microsoft, and more who have expanded the Permission team in the last year — you can read more about the Permission team here. He will continue to foster relationships with global brands and agencies seeking to innovate and drive new forms of engagement with consumers in Web3. To stay up to date with company and product developments, please visit Permission.io’s Twitter, Reddit, Discord, Medium, and LinkedIn.
Permission.io Partners with Unstoppable Domains
We’re thrilled to announce a partnership with Unstoppable Domains, the leading platform for Web3 digital identity with more than 2.4 million registered NFT (non-fungible token) domains. Through the partnership, Unstoppable Domains will provide each active Permission user with a $40 credit that can be used to purchase a multi-functional domain that serves as a digital ID and name to send and receive crypto assets — rather than using standard wallet addresses. “Our partnership with Unstoppable Domains is one we are truly excited to share with our community,” said Thomas Shin, CEO of Permission.io. “Permission and Unstoppable Domains share the same Web3 ethos of consumer data agency and ownership. Through our new partnership, we are enabling our Permission user base a slice of the new internet, allowing them further accessibility and ease of use to a variety of activities as the Web3 economy takes shape. Unstoppable Domains allows users to carve out their piece of Web3 (much like a Web2 domain) with the added benefits of a digital ID and wallet for sending/receiving cryptocurrency and NFTs. A flexible nomenclature allows users to create personalized domains (e.g. yourname.wallet) that are much easier to remember than the typical 30-plus character crypto wallet, creating a more seamless onboarding experience for users looking to get into the Web3 space. “Unstoppable Domains exists to enable user-owned, digital identity for every person on the planet,” said Sandy Carter, SVP of Business Development at Unstoppable Domains. “We’re thrilled to partner with Permission to give more people the power to own their data on Web3.” This week, active Permission users will receive an email from Permission with a unique code, which they can use to claim their free domain on the Unstoppable Domains website. How do I claim mine? If you’re an active Permission member, keep an eye on your inbox, we’ll be emailing you a unique code this week. Sign up or log into your Unstoppable Domains account and select Redeem a Gift Code from the Account drop down on the top right. Enter your code, then choose your personal NFT domain and enjoy your slice of the new Internet! About Unstoppable Domains Founded in 2018, Unstoppable Domains is an NFT domain name provider and digital identity platform working to onboard the world onto Web3. Unstoppable Domains offers NFT domains minted on the blockchain that give people full ownership and control of their digital identity, with no renewal fees. With Unstoppable Domains, people can replace lengthy alphanumeric crypto wallet addresses with a human-readable name (like yourname.wallet) and log into and transact with more than 200 apps, wallets, exchanges and marketplaces. The company was named by Forbes as one of America’s Best Startup Employers in 2022.
Web3 Transitions Power from Platforms to People
At the dawn of the Internet, many viewed the network as a means to promote values of individual rights, freedom of speech and human dignity. Unfortunately, today’s Internet — having evolved from the static, read-only days of Web 1.0 to a more usable, participatory Web 2 — is now an exploitative means for government and Big Tech agendas. Tech giants surreptitiously harvest and monetize user data at the expense and behest of the individual consumer. Governments increasingly apply pressure to the largest consumer-facing platforms to drive desired outcomes. Those who deviate or oppose marching orders are at risk of being banned or censored. As a result, consumers and content creators are increasingly distrustful and frustrated by the misaligned economic incentives and inequities of today’s web. Web3 puts the power back in the hands of the people, recognizing individual sovereignty. Much like the printing press allowed writers and philosophers to share ideas and information during the renaissance, the Web3 movement could be viewed as a digital renaissance or rediscovery of reason. Free Platforms, But at What Cost? Historically, Big Tech’s strategy has been to lead with “free” consumer-facing platforms which ultimately create revenue opportunities from user data. The advent of Google’s freemium model began with search, then extended to other products including Gmail, Maps and YouTube. Ideally a consumer logs into one of these platforms, then uses other products in the Google suite. Understanding cross-platform and cross-device consumer behavior is a powerful capability that underpins Google’s massive digital ad ecosystem. As consumers, we love free things — but at what cost? People-led Platforms Provide Alternatives For writers, Substack and Ghost provide subscription-based newsletter publishing platforms. Bloggers have historically been limited in their ability to monetize content outside of Big Tech vendors. While Ghost’s open-source platform has the ability to integrate Google AdSense, this is an option for adding incremental revenue — not a core revenue driver that writers are beholden to for their livelihood. In a time of news and media consolidation with ongoing concerns around content censorship, the ability for independent journalists to build and monetize “owned” audiences is a major development to ensure freedom of the press does not succumb to the power elite. Despite the current economic downturn, Google Search delivered approximately $70 billion in revenue during 2Q22. The company commands approximately 90% of global search activity — a treasure trove of consumer data. While the company largely relies on organic search, it extends reach via alliances with other publishers. In these instances, the search giant buys traffic from other digital properties, which is referred to as traffic acquisition cost (TAC). Considering the input (data) from consumers, they deserve a cut of the action, too. In 2Q22, Google paid ad partners over $12 billion, and while this includes search and display media, arguably the most valuable search partner — the consumer — received zero compensation. Meanwhile, YouTube, another significant revenue contributor for Google, accounted for $56 billion in revenue during 2Q22. Although a different business model is in play, Google squeezes video content creators for 45% of ad revenues generated. Similar to search, YouTube users receive no remuneration for their attention or data for this multi-billion-dollar money making machine. Decentralized Search and Video Alternatives By leveraging networked computers or nodes, Presearch provides consumers a decentralized doorway to search the web with the added benefit of privacy. Presearch’s privacy-based search tool offers crypto rewards to users, while rewarding those who run network nodes that support the network. Currently, Presearch is without blockchain-based search peers, making it both the category leader and owner. In the Web3 streaming video landscape, there are multiple projects leveraging blockchain technology to deliver decentralized services, including Livepeer and Veracity. Each platform maintains a different business model, enabling greater levels of transparency, ownership and value exchange amongst content creators, viewers and node operators. Web3 Power to the People In the digital era, centralized platforms have become content gatekeepers and data oligarchs. The ability to perform two acts simultaneously in sports makes a player a “dual threat.” In business this 1–2 combo is a high wire act with an antitrust audience watching below. An individual’s online behavior — including search — should not be collected, analyzed and monetized without proper consent. Whether they know it or not, people’s data powers Big Tech platforms which make billions in profit. Shouldn’t individuals be compensated for the fuel they provide? Apple is leading the charge by requiring apps in the app store to ask permission to use individual data. While there is no compensation for users, this is a step in the right direction. Attention is arguably a person’s most valuable commodity. When this — as well as data that makes a person’s identity, preferences and interests unique — is shared with a brand or marketer via one of these platforms, isn’t it reasonable that something of value should be given in return? Web3 Utility Extends to NFTs, Defi and More Today’s value exchange between Big Tech and consumers is a one-way street. The Internet was supposed to be a global public utility, not a propaganda tool for the government or a profit machine for a few tech titans. We, the people, deserve more. Consumers and content creators deserve their fair share for contributing to the digital economy. As next-gen Internet construction continues, it should be noted that the blockchain technology underpinning Web3 also supports non-fungible tokens (NFTs) and decentralized finance (Defi). This opens the door for additional value creation and exchange amongst Web3 participants, including consumers, developers, brands and content creators. These players will continue to explore and expand beyond today’s use cases which reduce or eliminate the need for intermediaries (e.g. banks) and fiat currency controlled by governments. Big Tech and government will remain powerful entities in society; however, platforms that empower and reward the individual will continue to gain momentum as Web3 takes shape. This article originally appeared on Media Village and was guest authored by Permission.io founder Charlie Silver. Click Here to view the full article.
Web3 Research Report: A New Paradigm for Brand Engagement
The next generation of the internet is consumer-led and features the tokenization of data and other personal assets. In Web3, users — not big centralized platforms — have control over their data and take part in a platform’s upside. The problems that digital advertisers have faced in Web2 — particularly, the inability to track users and access critical user data at scale due to privacy regulations — are solved by Web3 platforms that enable advertisers to compensate consumers with tokenized rewards for their engagement and consent to share data. By providing consumers with a clear and equitable value exchange, brands earn loyalty and trust while opening the door to a new world of engagement opportunities. The ability for brands to target consumers has never been easier given the ubiquity of the internet. However, a fragmented digital media ecosystem poses one set of business challenges for brands seeking to understand digital consumers, while a combination of privacy and data rights present a separate set of legal considerations to navigate. As a result, the $600 billion global digital advertising industry is ripe for disruption. The days of consumers being analyzed and productized without any say in the matter are coming to an end. In the evolving digital landscape, collection and monetization of data by the largest consumer-facing platforms can no longer be inferred, it must be declared. The new data economy unfolding is consumer-centric and requires permission for brands to participate. While there is no single element driving this paradigm shift, the Web3 ethos of transparency, trust and ownership may be attributed to blockchain-based protocols. These protocols, known as smart contracts, enable a variety of engagement and transactions between consumers and brands in the real and digital worlds. — The Internet has evolved from viewing and authoring to owning. - The dial-up days of Web1 gave way to Web2 tech giants that harvested and monetized consumer data without their knowledge or consent. The arrival of Web3 represents a power shift from centralized enterprise technology vendors to decentralized, blockchain-based platforms that give control to the data owner: the consumer. — Consumer data: from EXPLOITATION to OWNERSHIP - As the saying goes, “if something is free, you are the product.” Freemium Web2 business models made popular by Google, Meta (formerly Facebook) and other consumer-facing platforms generate billions in ad revenue. Consumers agree to allow these big tech vendors to collect, analyze and monetize their data in exchange for the privilege to use their platforms. The advent of blockchain technology has opened the door for peer-to-peer transactions of digital assets, such as Bitcoin, non-fungible tokens (NFTs) and other cryptocurrencies. While this itself is transformative, the ability for consumers to take greater agency/ownership of their data, including the ability to earn cryptocurrency rewards by sharing their attention and data with brands, enables a paradigm shift. — New solutions for a cookieless world - Historically, the ad industry has utilized a combination of first and third party cookies for campaign targeting, measurement and optimization. As Apple and Google implement stricter privacy and tracking constraints across their ecosystems, the inability to leverage third party data creates serious challenges for brands and agencies looking to drive engagement and maximize return on ad spend (ROAS). To highlight the significance of third party cookies, consider the following survey from Innovid: How important are 3rd party cookies for your current marketing strategy? — How will brands adjust as cookies crumble? - While first party cookies provide a more reliable means for marketers to understand consumer behavior, it is still limiting as the consumer is still unknown. Obtaining personally identifiable information (PII) such as name and/or email address is the ultimate goal for brands that seek ongoing and authentic one-to-one engagement with consumers. Marketers will need to explore new ways to build one-to-one relationships with consumers en route to acquiring PII. Otherwise, CMOs and their agency partners will rely even more heavily on the Web2 consumer platforms that have become data overlords that rent audiences for advertising, sharing minimal campaign insights. While rent-to-own audience options would be ideal for brands, this is not feasible given Web2 business models and data privacy laws. — Zero-party data to the rescue - Understanding consumer behavior is paramount to a brand’s ability to deliver relevant, timely messaging. This is where the value proposition of a zero-party data platform becomes interesting for marketers in a cookieless world — imagine an opt-in rewards program that connects brands with consumers where time/attention are exchanged for a micropayment. The brand is able to tell its story to a qualified audience that has given consent to share information such as name and email. This quid-pro–quo is how zero-party data works: an equitable value exchange between consumers and brands. Without the crutch of 3rd party data available for tracking, analysis and segmentation, brands will need to consider alternative means to obtain zero-party data. If brands provide clear messaging and value exchange, consumers will share their data. History tells us that consumers love free things (even if they are the product) as well as discounts. In addition to free or discounted items, consumers are also receptive to sharing data if it enables personalized or bespoke experiences. By leveraging zero-party audience platforms, brands can leverage one or more of these aspects to earn trust and attain fresh, fully-permissioned zero-party data. To highlight how receptive consumers are when it comes to receiving something in return for their data, consider the following from Cheetah Digital: Despite consumer interest, marketer knowledge and adoption of zero-party data is still in its infancy (stats below also from Cheetah Digital): The value proposition and interest in zero-party data will accelerate as a cookie-free world becomes a reality. Investments in consent-based consumer platforms will become table stakes for brands that seek to remain relevant and maintain growth. With proper data, permission, and orchestration, a brand can deliver an improved — or ideally- exceptional customer experience (CX). Per McKinsey, cookie degradation means brands will be pressed to earn consumer trust through compelling CX: “The most prepared advertisers we studied are designing consumer experiences in which consumers actively consent to sharing data (for instance, transparency on data collected, visibility into value exchange, data collection seamlessly embedded into user experience). Indeed, experiences that are valuable to consumers tend to generate data as a byproduct.” — Brand touchpoints through micropayments - The ability to conduct financial transactions through ecommerce and payment platforms has been around for nearly two decades. While the definition of a micropayment varies (under $1 to $12), latency and cost factors have largely stymied mainstream use. As cryptocurrency adoption accelerates, retailers are accepting a variety of digital currencies as payment. The list of notable companies accepting crypto payments is diverse, including: Starbucks, Home Depot, Overstock.com, Whole Foods, AT&T, DISH Network, AMC Theatres, Twitch (owned by Amazon) and more. The ability to accept crypto payments extends beyond the largest retailers as 36% of small to medium businesses in the United States accept some form of crypto. Serving as the backbone for credit and debit transactions, global payment processors such as Visa, Mastercard and Paypal are getting on board the Web3 bandwagon by supporting crypto, including NFTs. During the 2022 Financial Technology Conference, Cuy Sheffield, head of crypto at Visa highlighted the NFT opportunity: “Technology behind non-fungible tokens (NFTs), which are designed to be digital representations of real-world objects, could be set to strengthen the speed of commerce and therefore serve an important catalyst for the entire payments ecosystem.” Financial institutions are also creating crypto-related products and services for clients. For example, Goldman Sachs supports Bitcoin-based loans and re-established a cryptocurrency trading desk, while peer Fidelity Investments allows clients to allocate Bitcoin to their 401K plans. The above is interesting for brands and marketers as it means consumers are utilizing cryptocurrency in a variety of ways. Forward-thinking CMOs who seek innovative ways to drive digital engagement have a treasure trove of opportunities in Web3. — Web3 adds liquidity to loyalty rewards programs - Brands such as Marriott, Southwest Airlines and American Express have established industry-leading loyalty rewards programs. The value proposition of offering consumers perks for continued patronage is logical but requires significant resources. Facilitating loyalty rewards requires human capital and technological resources outside the means of many organizations. Perhaps the biggest hurdle loyalty programs face: liquidity constraints. Blockchain-based rewards (e.g., NFTs or tokens) address multiple points of friction, including standard rewards programs that typically lock a consumer into that brand’s ecosystem. From a liquidity perspective, tokenized rewards can be transferred from one wallet (i.e., consumer) to another or used for a variety of purposes. This differs from rewards programs that limit ownership and site-specific use cases. In this vein, a universal rewards token (such as Permission.io’s ASK) expands liquidity exponentially, whereby a consumer is able to earn and use rewards across multiple brands. — Even during market downturns, technological adoption can accelerate - As we learned from the Web1 dot com bubble, not all companies survive market downturns, especially those without sufficient funding or sound business models. Adoption of blockchain and cryptocurrencies will continue fueling development of Web3 despite any “crypto winter.” Similar to the dot com bubble era, platforms that address market needs will prosper, while those without utility will fall to the wayside. In the timeline below, adoption of the internet (1990–1998) and crypto (2014–2022) follow similar trajectories to reach 100 million users over an eight year period. While the dot com bubble in 2000 disrupted and bankrupted many online businesses, consumer internet adoption accelerated. By the end of 2003 — just three years after the beginning of the dot com crash — over 700 million consumers (11% of the global population) were online. If crypto adoption follows a similar pattern (assuming 2022 is a “bubble”) we can anticipate that by 2025/2026, crypto will experience widespread adoption. — Brands drive Web3 adoption and engagement through tokens and NFTs - Brands are also ramping up investments in crypto rewards, largely through non-fungible tokens (NFTs) and development of virtual worlds in the metaverse (e.g. Decentraland, Sandbox). For example, the world’s largest brewer and software company, as well as iconic CPG and lifestyle brands, are investing in solutions that enable next-generation brand engagement. Established in 1936, Anheuser-Busch minted 1,936 NFTs to commemorate its foray into its virtual world, dubbed Budverse. Out of the lot, 1900 Core Heritage NFTs were minted ($99 each) and 36 NFTs were part of the Gold Heritage ($999 each). The NFTs represent different designs and vintages with a company press release stating each collectible is a “key to Budverse and can unlock exclusive benefits, rewards, and surprises.” Other brands investing in Web3 include: Microsoft (Activision-Blizzard), Nike, Luxury brands (e.g. Louis Vuitton, Burberry, Gucci), Coca-Cola, Smart contract protocols embedded in NFTs make them a powerful tool for brands to drive consumer engagement. In addition to artwork and collectibles, an NFT can serve as a digital key — opening the door for exclusive experiences in real life (IRL), online or in the metaverse. — Web3 is a team effort - Advertising agencies who have long acted as shepherds for brands are doing their part to prepare clients for the next iteration of the internet. The largest agency holding companies (e.g., WPP, Publicis, Dentsu) and independent agencies are acquiring boutiques, including the addition of executive avatars to deliver deeper digital experiences for clients. In addition to traditional media agencies, IT consultancies (e.g., Accenture, Deloitte Digital) are making moves to participate in Web3. Web3 is a work in progress; however, the world’s leading brands, technologists and agencies are collaborating to build what will result in a more decentralized, consumer-centric internet. Blurring of real and digital worlds will accelerate, creating new revenue streams in the data economy. Instead of big tech companies dictating how, where, and when consumer data is collected and monetized, consumers are at the helm in the Web3 data economy. Marketers seeking alternatives to audience rentals from big tech data oligarchs should consider joining the Web3 movement. Blockchain-based solutions open the door for new types of value exchange and engagement between brands and consumers. By enabling marketers to offer tokenized rewards, Permission.io provides the bridge to Web3 for consumers and brands to interact in a transparent, mutually beneficial way. Download the full report here.
Rewards Marketing: The Smart Approach to Web3 Advertising
At its core, Web3 — powered by blockchain technology — is all about users owning their data, being properly compensated for it, and becoming part of the economic value chain on the web. Advertisers who wish to maximize their impact in Web3 need to embrace these concepts and implement new strategies that enable consumers to clearly understand how their data will be used should they give their consent and share it. These days, everyone knows how valuable data is. Since most of us aren’t keen on giving away something that’s valuable for free, advertisers need to offer consumers rewards — tokenized rewards, in particular — for opting in and giving their permission. Luckily, with the right ad tech solutions in place, creating this opt-in value exchange can be a seamless, turnkey process. If advertisers want to succeed in a world that’s increasingly driven by permission, they need to change the way they interact with consumers for two key reasons. First, consumers are more and more concerned about how businesses handle their data; a recent Cisco study, for example, found that 86 percent of consumers care about their personal data and want more control over it. Second, government regulations — including Europe’s GDPR, China’s PIPL and California’s CCPA — are forcing advertisers’ hands. As additional privacy laws continue to work their way through the legislative process, it’s safe to say the halcyon days of freely harvesting reams of consumer data are coming to an end. And that’s actually a great thing. Strong relationships — with spouses, friends and even brands — are built on trust. We trust Amazon to send items to our homes quickly and cost-effectively, we trust Uber to connect us with drivers in just a few taps, and we trust Home Depot to sell us the high-quality tools and supplies we need for home improvement projects. If advertisers want to build trusting relationships with consumers and thrive in the permission-first era of Web3 advertising, they need to embrace rewards marketing. By asking consumers for their permission to collect data and rewarding them when they choose to do so, advertisers can gather coveted first-party data to deliver relevant, personalized content, all while strengthening trust and driving customer loyalty. Over the last decade, consumers have evolved from being mostly carefree about how their personal data is used to becoming incredibly scrupulous about it. In fact, one recent study found that 71 percent of consumers worry about how brands manage and leverage their personal data. This makes perfect sense, as we’ve all heard countless tales of advertisers collecting data in ill-gotten ways and using it to make money. The good news is that these deceptive practices have created a once-in-a-generation opportunity for forward-thinking advertisers that are ready to flip the script. Early adopters of permission marketing will begin to shatter these perceptions by operating in an open, transparent manner and telling consumers exactly what data will be collected and how it will be used if they consent to share it. Simply put, these innovative advertisers will be able to set the gold standard in Web3 advertising while building trust and loyalty across their customer base — much to the chagrin of their competitors, who will ultimately be forced to follow suit. One recent report found that 85 percent of consumers are loyal to brands that protect their data. And that’s a big deal: While loyal customers might only account for 15 percent of an organization’s customer base, they can be responsible for as much as 70 percent of all revenue. At the same time, loyal customers are also more likely to continue supporting the companies they love, which helps brands increase customer retention. Since a 5 percent increase in retention can translate into a whopping 95 percent increase in profits, organizations need to do everything they can to create loyal customers. For advertisers, the path forward is clear: Embrace rewards marketing, be open and honest, and always ask for permission. With the right approach, the holy grail of first-party data from an army of loyal customers will be firmly within your reach. This article originally appeared on Media Village and was guest authored by Permission.io founder Charlie Silver. Click Here to view the full article.
Permission 1H22 in Review: Building Continues Amid Economic Headwinds
Utility and viability allow Permission to maintain course As the global economy faces headwinds and the crypto market enters bear territory, Permission remains too busy building its ecosystem and use cases for ASK to be unduly distracted. During the first half of 2022, we maintained growth through a combination of internal developments, external partnerships and key executive hires. These activities add value to our core ad serving infrastructure launched in 4Q21 — Permission Ads DSP (demand-side platform). Unlike any other ad-tech product on the market, Permission Ads enables brands to distribute a tokenized reward ($ASK) across the open web, while collecting zero-party data (i.e., data that a user volunteers to share with a brand) and incentivizing action in a way that respects the user. Advertisers can run rewarded campaigns to preferred audiences, build custom, opted-in communities and cultivate loyalty by offering value in exchange for their customers’ engagement. The 1–2 punch of tech and talent developments in 1H22 set the stage for us to partner with major brands in 2H22. CMOs and their agencies are eager to find alternatives to Big Tech data oligarchs while simultaneously dealing with increased consumer data protection legislation. Permission’s zero-party data platform addresses multiple pain points for brands seeking new engagement opportunities. As consumer and business adoption of cryptocurrency accelerates, we will further solidify our position as the leading advertising platform for Web3. 1Q22: sales leadership and Web3 partnerships We continue to recruit and attract exceptional talent to help scale web3 advertising globally. The company is also an attractive partner for like-minded Web3 projects that provide consumers with greater agency and ownership of their data. In February, Permission hired Lauren Griewski as our first Chief Revenue Officer (CRO). Lauren is establishing our advertising sales organization with a focus on onboarding brands and agencies to the Permission ecosystem via Permission DSP. She brings over 15 years of media, advertising, technology, and executive experience with some of the world’s leading platforms including Facebook (Meta), Roblox, VEVO, and Viacom. In her role at Facebook, Lauren served as a leader in ad technology, media monetization and strategic partnerships — her track record with global brands and agencies makes her a natural fit for commercializing our advertising platform. “I’ve been fortunate to be a part of massive shifts and transformation in the advertising industry…Crypto and Web3 are no longer just the way of the future, they are here and experiencing rapid adoption.” ~ Lauren Griewski, CRO In addition to a CRO, we added four highly distinguished media, advertising, and technology professionals to our brain trust, significantly bolstering our advisory board,. To round out Q1 activities, we entered a partnership with Swash, a data union that rewards consumers for sharing anonymous browser data. Our shared Web3 ethos, including a vision for consumer data sovereignty, provided the foundation for this alliance. As our respective projects grow, there will be integration opportunities to cross-leverage audiences, including media activation through Permission DSP. 2Q22 highlights In a move to enable greater interoperability and industry-wide adoption of Permission’s native token (ASK), we migrated away from our proprietary blockchain to Polygon. As a layer 2 scaling solution built on Ethereum, the Polygon network is used by over 100 million consumers worldwide. Our Web3 advertising platform benefits from the scalability made possible by Polygon’s lightning-fast speeds and low transaction costs. In addition, Polygon will enhance ASK utility by enabling interoperability with the Polygon and Ethereum ecosystems, including access to DeFi, staking, wallets, and more. Continuing to attract the brightest minds, we welcomed advertising veteran Michelle Wimmer to the team as Head of Advertising Operations and Data. She has extensive experience facilitating programmatic advertising campaigns and carries a legal background in data privacy, ensuring compliance. Michelle plays a critical role navigating complex technical and legal aspects as beta campaigns run on the Permission DSP and we implement a bespoke Customer Data Platform (CDP). As Permission enters the next phase of growth, we appointed Thomas Shin as the company’s new CEO. Thomas brings nearly three decades of experience in the digital advertising space, spanning leadership, product management, operations, and marketing disciplines at companies including Facebook (Meta), Yahoo!, and programmatic pioneers such as Efficient Frontier (acquired by Adobe), MediaMath, and as a consultant to startups. Most recently, Shin served as Head of Americas’ Business at Moloco, a startup in the mobile programmatic space — helping to bring the company to unicorn status. “This generational shift to a Web3 economy will thematically disrupt Web2, and Permission is perfectly positioned at the nexus of this evolution. I am looking forward to building out Permission’s products, business functions, Web3 ad sales momentum, and operations as we strive to make ASK the most widely used reward in digital advertising.” ~ Thomas Shin, CEO As Tom takes the reins as CEO to execute our go-to-market strategy, founder Charlie Silver transitions to Executive Chairman where he will continue to support our strategic plans as well as fundraising efforts. 2H22 and beyond A continued exodus of Web2 talent to Web3 illustrates the market opportunity through a business lens, including the value proposition of being part of a once-in-a-lifetime movement. For deeper business insights, a16z’s State of Crypto report and Harvard Business Review highlight the case for being bullish and building in Web3. Although advertising budgets may be whittled or paused temporarily in the short-term, the quest for high-quality consumer data continues to be paramount for brand success. Regardless of macro economic factors, brands and agencies are pressed for next-gen ad tech solutions that address challenges around cookie degradation, big tech data exploitation and privacy legislation. Despite market turmoil, we remain focused on the addressing the ad industry’s evolving needs while staying true to the Web3 ethos of consumer data ownership. As brands struggle to improve personalization and engagement with consumers amid stricter privacy legislation, the ability to collect and unify data via customer data platforms (CDPs) is more important than ever. In 2H22, we will be integrating a Permission CDP that will unify collected zero-party data and allow advertisers not only to build their own permissioned audiences, but will also allow them to tap into Permission’s proprietary audiences. The CDP implementation will be complete in the next few months and will dramatically bolster our offering, by unlocking more value for brands and agency partners that seek to maximize return on ad spend (ROAS). The tokenization of data and other assets empowers us, flipping the script on big centralized platforms which have long extracted value from our data. With the advent of Web3, we have control over our data, including the opportunity to earn a share of its monetization. Meanwhile, the challenges that digital advertisers have faced in Web2 — particularly, the inability to track users and access critical user data at scale due to privacy regulations — will be solved by Web3 platforms — like ours — that enable advertisers to obtain consent from users by offering tokenized rewards in exchange for their engagement. Whether you view Web3 as an evolution or revolution, we have the tech and the talent to be the leading platform for Web3 advertising.
Big Tech is Monopolizing Privacy
In recent years, consumers’ concerns for their online privacy has grown substantially. Inaction by the federal government has led several companies, both large and small, to take steps of their own to assuage these privacy-focused woes. Big Tech companies like Apple and Google have implemented privacy features that have been largely well-received. Ostensibly, these changes seem positive; consumers are given more control over how their data is used. In reality, their actions are monopolistic and anti-competitive in nature, and they aren’t quite as good for consumer privacy as they may seem. The features implemented allow these companies to retain their rampant use of consumer data while significantly raising costs for advertisers and potential competitors. Big Tech is using its massive wealth of information to become untouchable monopolies, leveraging ideas of “privacy” for their benefit under the guise of consumer benefit. We are currently moving towards the next iteration of the Internet, commonly called Web 3.0. However, this will only be fully realized when consumers can take part in the data economy, rather than serve as powerless spectators to their own information. The walled gardens in Big Tech can no longer be the operating model of the future; more equality can be achieved by offering a value exchange to the consumer. The “Privacy-Focused” Decisions that have Increased Market Dominance There have been several market-shaking moves by Big Tech that have been presented as being privacy-focused when in fact they serve primarily to increase market dominance. In April 2021, Apple introduced ‘App Tracking Transparency’ with its iOS 14.5 update, recommending their “key privacy update” for all iPhones. This allowed users to opt-out of data sharing to third parties, and resulted in initial 96% opt out rates, which have now fallen to around 62%. Furthermore, Google has stated they will deprecate the third-party cookie from their browser, Google Chrome, in late 2023. In Apple’s case, its decision to shut out all other companies from being able to collect user data seems profit-motivated. Apple positioned itself as the sole collector of its users’ first-party data, giving it absolute control over what happens to that data. Given its massive market share, smaller businesses and advertisers are at Apple’s mercy if they want to interact with Apple’s users. Others have wondered whether Apple is attempting to push app developers to make their revenue via in-app purchases or subscriptions, of which Apple receives a percentage cut. As cited in developer testimony, Apple has used its App Store data such as preferences and demographics to create its own apps and products that edge out competition. For Google, there have been similar complaints. The deprecation of third-party cookies will push out advertisers that rely on such technology, while at the same time increasing Google’s power. Google itself does not rely on cookies for its data collection practices, since it is able to gain hordes of valuable information through its services such as its search engine, Maps, Gmail, YouTube, and beyond. Journalist Rick Braddock states that “…Google’s privacy protections will likely result in the company’s own data becoming more valuable as companies struggle to source third-party ad targeting data.” In fact, Google used its data from said services to build Chrome in the first place. As a result, Chrome feeds Google even more consumer data. The Power of Data Monopolies In 2020, a House antitrust report outlined the unique power of data monopolies such as Apple, Google, and Amazon. These “data-opolies” squash rival brands, obtain significant advantages in product development, and decrease market innovation. The report found that this behavior is anti-competitive. But whether or not these Big Tech companies actually qualify as monopolies is beside the point. The illusion of choice — the ability to choose a different cell phone, freely download a different browser, or shop more consciously — prevents the government from bringing actions against these companies for being monopolies. Of course, this argument ignores the fact that these companies have become so integral to everyday life that, realistically, choosing other options places a notable burden on the consumer both socially and financially. In fact, since 2000, the Department of Justice has only brought one single monopoly case forward. Yet this is not echoed everywhere. In 2018, The European competition authorities brought actions against what many feel are the four biggest data-opolies: Google, Facebook, Amazon, and Apple. Google was fined a record 2.42 billion euros for leveraging its monopoly position and abusing its dominance. The power of these data-opolies is undeniable. Their unparalleled collections of consumer data means they essentially set the price of that data for advertisers. This of course imposes burdensome costs on third parties. A report in the Wall Street Journal showed that after Apple’s ios 14.5 update, the cost of customer acquisition for smaller businesses advertising on Meta’s main platforms, Facebook and Instagram, jumped, with some moving their “whole ad budget” to Google ads. Data-opolies can also easily and cheaply choke out competitors by promoting their own products and services over others, degrading the functionality of independent apps and services, and reducing traffic to competitors on their search channels. These behaviors can be easily masked by claiming that the reduction of data sharing promotes consumer privacy as a whole. This is difficult to argue against because in a way, it’s true — overall, it does mean that less companies are gaining access to consumers’ data. But the benefit to the Big Tech company is far greater than that of the consumer, whose data is still being collected at rampant levels and without their say. The Response from Brands and Marketers and the Potential Solution In response to the decrease in availability of third-party data, brands and marketers have begun to invest in creating their own zero-party (data consciously volunteered by the user) and first-party databases at levels never before seen. These include as many data points as possible: demographic information, store visit locations, product preferences, return rates, competitor identification, and beyond. Wall Street Journal columnist Suzanne Vranica states that “gathering such data has long been a priority, but there is newfound urgency.” Brands and marketers have begun to utilize a myriad of strategies to gather this data, including loyalty and rewards programs, sweepstakes and competitions, email or text newsletters and updates, quizzes and polls, QR codes, and more. Though these methods have seen some levels of success, compiling and maintaining databases as well as creating engaging content places a significant financial burden on businesses, especially smaller businesses and startups. So what can businesses do in light of the overwhelming power of data-opolies? It is clear that continued collection of zero-party data and first-party data is paramount. As the availability of third-party data decreases drastically, it is important for businesses to prioritize the creation of relationships with their consumers. Because even though Big Tech’s recent moves have been presented as being privacy-focused, there still remain extremely high levels of distrust for these companies. People feel commodified and dehumanized, reduced to their data. If brands are able to show their consumers that they are respected and valued, this will foster longer term relationships and brand loyalty. Opt-in value exchange as deployed in loyalty programs and permission marketing is likely to be a dominant strategy as we move towards Web 3.0 . Though the obstacles presented by the Big Tech companies monopolizing privacy are no small obstacle, perseverance by advertisers committed to distributing value to consumers in exchange for their consent to share data are likely to see good levels of success.
Permission.io Appoints Former Facebook (Meta) Executive, Thomas Shin, as CEO
Permission is thrilled to announce the appointment of long-time Facebook executive, Thomas Shin, as its Chief Executive Officer effective June 2022. Thomas’ hiring comes on the heels of a slew of executive hires from Big Tech as Permission continues to attract top talent looking to drive innovation in Web3. Thomas brings over 28 years of experience in the digital advertising space, spanning leadership, product management, operations, and marketing disciplines at companies including Facebook (Meta), Yahoo!, and programmatic pioneers such as Efficient Frontier (acquired by Adobe), MediaMath, and as a consultant to startups. Most recently, Shin served as Head of Americas’ Business at Moloco, a startup in the mobile programmatic space — helping to bring the company to unicorn status. “At a time of rapid growth, we are excited to bring on a new leader who will catapult Permission and our clients into a new era of digital advertising,” said Permission.io Founder and Executive Chairman, Charlie Silver. “His proven industry expertise paired with his track record for market innovation and growth at leading global companies is inspiring and makes him the ideal candidate to lead and globally scale Web3 advertising.” Shin’s progression as a leader is marked with game-changing impact from Web1 to Web2 and now Web3. As an early employee of both Facebook (Meta) and Yahoo!, Shin developed and managed multi-billion-dollar businesses during hyper-growth periods. At Facebook, he drove mobile ads development before the existence of mobile ads by challenging norms and conventions. Thomas’ work shows up today in Facebook’s direct response mobile and video ads business, for which he was recognized at the company-level for his innovative work with Amazon and as the top global salesperson specializing in direct response and ad product development. Follow Thomas Shin on Twitter. In addition, he managed Facebook’s largest vertical teams in Ecommerce and Disruptors, earning his award-winning teams top ratings and recognition. At Yahoo, Shin revamped Y! Mail’s annual ad business from $20M to $460M by developing effective display ad offerings in the early days of digital advertising, and transformed Y! Mail into a flagship property. Most recently at Moloco, a leader in the mobile Demand Side Platform (DSP) space, he was Head of the Americas’ Business, where he architected 5X business growth in less than two years by building out business strategy and functions, advertising operations with a data-driven approach, and expanded the client portfolio and teams. “I am ecstatic to join Permission.io during this pivotal growth phase. Permission’s charter to enable individuals to earn and monetize their data while offering advertisers a way to transparently collect first party data is game-changing in today’s rapidly shifting advertising landscape,” said Thomas Shin, CEO of Permission. “This generational shift to a Web3 economy will thematically disrupt Web2, and Permission is perfectly positioned at the nexus of this evolution. I am looking forward to building out Permission’s products, business functions, Web3 ad sales momentum, and operations as we strive to make ASK the most widely used reward in digital advertising.” Founder and former CEO, Charlie Silver, will transition to the role of Executive Chairman and will continue to cultivate strategic financial partnerships that support the development of the Permission network. To stay up to date with company and product developments, please visit Permission.io’s Twitter, Reddit, Discord, Medium, and LinkedIn.
More Permission Coin (#ASK) News
|South Korean Authorities Ask Exchanges to Block LFG From Withdrawing Fun...
South Korean police are reportedly looking to freeze assets associated with the non-profit organization Luna Foundation Guard (LFG) following the eventful collapse of Terra (LUNA).
According to South Korea's national broadcaster Korean Broadcasting System (KBS), on Monday (May 23, 2022), the Seoul Metropolitan Police Agency asked several exchanges in the country to prevent LFG from withdrawing funds.
Although such platforms are not mandated by law to carry out the police request, it remains unclear if they would actually take any action.
The latest development follows the collapse of Terra's native coin LUNA and the de-pegging of its algorithmic stablecoin UST earlier in May. The crash led to massive losses for investors, who later slammed Terra co-founder Do Kwon with a lawsuit, accusing him of fraud.
There were earlier reports stating that Do Kwon could appear before South Korean authorities concerning UST's price plunge. The country's national tax service also hit the Terra co-founder with a $78 million fine for tax evasion. Nevertheless, Kwon claimed that his company had resolved all of its taxation issues in Korea.
Regarding the request to freeze LFG's assets, the Seoul Metropolitan Police Agency claimed that there were clues that point to the group's funds being linked to embezzlement.
|Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard&rsquo...
The South Korean police have reportedly launched an investigation into possible embezzlement involving an employee of Terraform Labs. To prevent fund transfers, the police have requested crypto exchanges to freeze the Luna Foundation Guard's accounts.Embezzlement Investigation and Asset Freeze
The Seoul Metropolitan Police Agency's Cybercrime Investigation Unit announced Monday that it has launched an investigation into possible embezzlement by an employee of Terraform Labs, local media reported.
An official from the Seoul Metropolitan Police Agency was quoted by Chosun as saying:
We have received information that there is a person suspected of embezzling corporate funds who is believed to be an employee of Terraform Labs.
The police received reports of the alleged embezzlement in the middle of this month and have been looking into the case. As part of the investigation, the police plan to check the details of cash and crypto transactions of Terraform Labs and the Luna Foundation Guard (LFG).
The police explained that there is evidence that embezzled funds had flowed into the Luna Foundation Guard's accounts. The cybercrime unit has therefore requested major domestic cryptocurrency exchanges, such as Upbit and Bithumb, to 'urgently' freeze the accounts belonging to the Luna Foundation Guard to prevent withdrawals of funds held at crypto exchanges.
However, the police's freeze request is not a compulsory matter according to Korean laws and regulations but a mat...
|Crypto Businesses Ask 27 EU Finance Ministers to Loosen Disclosure Requi...
Forty-six European crypto businesses and organizations have asked finance ministers in 27 European countries to loosen some regulatory requirements for the crypto industry. For example, they asked for decentralized finance (defi) projects to be excluded from the requirements to register as legal entities.
Crypto Industry's Letter to EU Policymakers
Forty-six European crypto businesses and organizations have sent a letter to 27 EU finance ministers regarding disclosure requirements for crypto transactions, Reuters reported this week, noting that it has seen the letter.
In the letter, dated April 13, the businesses and organizations asked EU policymakers to ensure their regulations do not extend beyond the existing rules that are in line with the standards set by the Financial Action Task Force (FATF).
They raised concerns about the rules requiring crypto firms to obtain information on parties involved in digital currency transfers. Specifically, they asked that the EU excludes decentralized projects, including decentralized finance (defi), from the requirements to register as legal entities. They also noted that certain decentralized stablecoins should not be subject to the Markets in Crypto Assets (MiCA) regulatory framework.
The proposals leading to public disclosure of transaction details and wallet addresses 'will put every digital asset owner at risk' by reducing crypto holders' privacy and safety, the letter's organizers noted.
The European Parliament voted to advance th...
|Lawmakers Ask The CFTC To Clarify Their Role Monitoring Crypto Risks
Bipartisan lawmakers from the U.S. House and Senate Agriculture Committees have requested clear information from the chair of the Commodities Futures Trading Commission (CFTC) about the crypto industry and their role in monitoring it and taking enforcement actions. The CFTC chair Rostin Behnam intends to expand the regulator's authority over the crypto market. Democrats and Republicans from the Senate and House Agriculture Committees agreed that the agency plays a “critical role“. In a letter that Bloomberg described as 'a rare show of bipartisanship in a divided Congress', the lawmakers asked chair Benham to answer several questions in order 'To understand the scope and size of digital asset markets, the benefits and risks presented by these emerging technologies' and 'the role of the Commission with respect to these markets'. 'The CFTC has a critical role to play to ensure the integrity of digital asset markets. While some of these technologies have the potential to modernize the financial system, it is imperative that customers are protected from fraud and abuse and that these markets are fair and transparent.' The lawmakers approached the risks of the crypto industry and called for the CFTC to widen their engagement to protect consumers from losses and scams. The letter details alleged risks from the industry and reiterated that the CFTC is enabled by the Commodity Exchange Act to take enforcement actions for violations coming from digital asset marketplaces. 'Despite...