ALBAWABA- In the crypto world this week, Tesla stands firm with its Bitcoin strategy, Binance faces regulatory hurdles in Europe, and Ras Al Khaimah introduces the groundbreaking RAK DAO. Buckle up because here's the latest on these crypto stories.
Ras Al Khaimah Unveils RAK DAO: A Hub for Digital Innovation
Sheikh Mohammed bin Saud bin Saqr Al Qasimi introduced the RAK Digital Assets Oasis (RAK DAO) on October 19. This economic free zone supports digital and virtual assets, blockchain, Web3, and AI companies. RAK DAO will cater to the metaverse, blockchain, utility tokens, virtual asset wallets, and other Web3-related businesses.
In collaboration with ecosystem partners, the initiative will offer grant programs and specialized support in technology, marketing, and business development. RAK DAO's establishment aims to transform Ras Al Khaimah's economy and attract global innovators to this Web3-friendly free zone, where entrepreneurs fully own their businesses, unique tax schemes, and regulatory frameworks.
Binance Visa Debit Card Services to Cease in Europe
Binance is facing another blow as it plans to discontinue its Visa debit card services in the European Economic Area in December.
This decision comes on the heels of Binance's recent challenges, including a month-long hiatus in euro deposits and withdrawals after the payment processor Paysafe severed ties with the exchange. Additionally, Binance remains unable to onboard new users in the United Kingdom due to the loss of a third-party service provider.
Tesla Holds Steady on Bitcoin Holdings While Boosting AI Computing Power
In its Q3 2023 results released on October 18, Tesla revealed that it has maintained its Bitcoin holdings at $184 million for the fifth consecutive quarter, out of the $1.5 billion worth of Bitcoin it initially acquired in March 2021. The electric vehicle manufacturer had not made any changes to its Bitcoin holdings since it sold off about 75% of its holdings in Q2 2022 for approximately $936 million. However, Tesla reported significant investments in its artificial intelligence (AI) efforts, noting a "more than doubled" increase in its computing capacity. The move is part of Tesla's efforts to accelerate AI development, including tasks like training its humanoid robot Optimus.
Despite these developments, Tesla's Q3 earnings and profits fell short of Wall Street expectations, with reported revenues of $23.35 billion and earnings per share (EPS) of $0.66, missing estimates. Consequently, Tesla shares saw a decline of nearly 4.8% during the trading day and an additional 4.25% drop in after-hours trading.
