A trading mechanism that allows users to swap up to 300 different tokens in a single transaction has been released by a developer team working on the Avalanche blockchain. Developers revealed during a panel in Seoul last week that Multiswap, developed by the CavalRe team, had recorded the maximum number of token swaps in a

One of Tether’s co-founders, William Quigley, claimed that while privately produced stablecoins are “beneficial to society in every respect,” the recent launch of PayPal’s PYUSD token is unlikely to result in significant innovation. “I don’t think much innovation will come from PayPal,” Quigley said in an interview. “I think PayPal will see this principally as a cost saving. They may or may not pass on a portion of that to their end users.” Tether (USDT), by far the biggest and most liquid of the dollar-pegged tokens, is in charge of the stablecoin market. Circle’s USD Coin (USDC) is the second-largest and most liquid stablecoin.Given its access to hundreds of millions of wallets worldwide, there is no reason to doubt PayPal’s potential to upend the stablecoin leaderboard.Quigley, who left Tether in 2015, also invested in Paypal early on even though he no longer owns any of the company’s stock.He asserted that he was aware that PayPal had been considering stablecoins for seven or eight years, partly motivated by the opportunity to save money on the numerous multicurrency transactions made by hundreds of millions of PayPal users. Financial intermediaries are everywhere in the payments industry, and they all charge fees for their services.PayPal must purchase a variety of currencies, such as yen, euros, rupees, won, and others, and store them in banks all around the world in order to create a stablecoin.After PayPal tokenizes the currency backed by those bank deposits, it will have a private, multicurrency money supply that is independent of the global financial system and devoid of any outside toll collectors, according to Quigley.This means that because PayPal already possesses both currencies, it may settle transactions without the use of a financial institution when an American consumer using dollars buys a product from a German merchant who needs euros. “All transactions are now done on its private blockchain outside of the

Beginning on Monday, the Financial Services Authority of Malta (MFSA) will conduct a public consultation over adjustments to its regulations for cryptocurrency businesses.To conform to the Markets in Crypto Assets Regulation (MiCA) of the European Union, the regulator is revising the requirements for exchanges, custodians, and portfolio managers. The agency also wants to mandate that cryptocurrency providers have “an orderly wind-down plan.”Service providers will be able to conduct business throughout the bloc with a single license thanks to MiCA, which goes into force in 2024 and is the first complete crypto law in a significant jurisdiction.Malta, a member of the EU, aims to harmonize its cryptocurrency regulations with MiCA and “ensure a smooth transition for Virtual Financial Assets (‘VFA’) Service Providers” in the nation, according to the regulator. With a somewhat advanced legal system that anticipates EU standards, Malta ranks with nations like France and is home to cryptocurrency companies like Crypto.com and OKCoin.The feedback period is open until September 29.

According to proposed amended rules released by the regulator on Monday, crypto coin listings will be subject to stricter regulations from the New York Department of Financial Services, especially if they target retail clients. According to the consultation, which was suggested by NYDFS Superintendent Adrienne Harris, licensees would be required to evaluate the legal, reputational,

After being shut down owing to a cyberattack, the bankrupt cryptocurrency exchange FTX has now restarted its customer claims portal with tighter security measures. Claimants are now able to make new submissions for assets they owned on the exchange before it went bankrupt. On September 16, FTX posted a notice on X (formerly Twitter) stating

According to reports, YouTubers Tom Nash and Kevin Paffrath as well as NFL star Trevor Lawrence chose to reach a settlement with investors who claimed their FTX advertisements deceived them According to reports, a lawsuit against NFL quarterback Trevor Lawrence and YouTube stars Kevin Paffrath and Tom Nash over alleged insufficient remuneration disclosure in their

Sam Bankman-Fried, the founder of FTX, has offered some jury questions, but the US Department of Justice deems them to be “unnecessarily intrusive” and possibly biassed in favour of him. Earlier this week, Bankman-Fried and the DOJ separately offered voir dire questions, ranging from general inquiries about possible jurors’ familiarity with the case to more

A company representative told CoinDesk that Boerse Stuttgart Digital, the Stuttgart Stock Exchange’s cryptocurrency-focused division, wants to launch a fully insured cryptocurrency staking service in 2019. The global reinsurance business Munich Re has created an insurance product specifically aimed at lowering slashing risks as part of the development, the companies said in a news statement

Binance’s creator, CZ, offered details about the organisational changes at Binance US in a tweet that recently attracted attention. He confirmed that Brian Shroder, who oversaw Binance US for the last two years, is taking a leave. Shroder made important achievements, which CZ praised, adding that “Under his leadership, Binance.US raised capital, enhanced its products

Paxos, a cryptocurrency services company, paid a $520,000 charge on a transaction worth only $2,000 earlier this week, and the bitcoin mining pool F2Pool has now repaid 19.8 bitcoin (BTC) to Paxos.The overpayment, according to Paxos, was caused by a “bug” in the corporate operations branch of the company.The normal transaction cost for bitcoin is $20 maximum.The funds were given back to Paxos on Friday, according to blockchain data. After a transaction is approved on the Bitcoin blockchain, miners are paid a fee in bitcoin.Users have the option of adjusting fees to prioritize some transactions over others. “After conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender,” F2Pool wrote on X. The return follows a lot of debate within the bitcoin ecosystem, with people like Chun Wang, the founder of Stake.fish, declaring that he “regretted” agreeing to a refund with Paxos. Jameson Lopp, a co-founder of Casa Hodl and a pioneering bitcoin developer, commended Bitcoin as a “cooperative network” after the money was reimbursed. “Bitcoin is an adversarial network, but on the flip side it’s also a cooperative network,” Lopp wrote on X. “Miners are humans too, and they realize that

The goal of creating a BTC-only trust organization is to provide custody without exposing customers to the rest of the digital asset market, according to cryptocurrency custodian BitGo and bitcoin financial services provider Swan.BitGo’s custodial capabilities and Swan’s knowledge of onboarding and fraud protection will be combined in the joint venture, which is pending regulatory approval.According to a press release on Thursday night, it would be the first Bitcoin-only trust organization in the US. “We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the U.S. financial industry for over a century: the separation of exchange and custody,” BitGo CEO Mike Belshe said. Swan has employed BitGo as one of its bitcoin custodians, along with the Nevada-based chartered trust company Fortress Trust and the Ripple-acquired Fortress Trust.In July, shortly after BitGo scrapped plans to acquire it, crypto custodian Prime Trust was placed into receivership.The firm lost $8 million on an investment in the terraUSD algorithmic stablecoin, which failed in May 2022, according to information provided in a court filing in August by Prime Trust CEO Jor Law. Addressing that deal, Swan CEO Cory Klippsten said Swan is already working to move compliance

Citi is the first digital custodian to join BondbloX. As the first digital custodian participant on the BondbloX Bond Exchange (BBX), Citi Securities Services has highlighted its innovative participation. As the first fractional bond exchange in the world to use cutting-edge distributed ledger technology, BBX was unveiled in 2020. When BBX was established, the goal

According to recent court documents, cryptocurrency mining service providers Celsius and Core Scientific (CORZ) have tentatively agreed to a $45 million settlement to end their protracted legal battle. Judges in Texas and New York, where Core and Celsius, respectively, have filed for bankruptcy, must approve the settlement, which calls for Celsius to pay $14 million

According to a statement released  recently, Deutsche Bank is collaborating with Taurus, a Swiss firm that specialises in bitcoin storage, to launch services for digital asset custody and tokenization. The largest lender in Germany, Deutsche Bank, announced that in June it has submitted an application to the BaFin, the country’s financial authority, for a crypto

A test for a Web3 wallet within the Grab superapp is being planned by Grab (GRAB) and stablecoin operator Circle. According to the firms, Singaporeans who use the ride-hailing, food delivery, and digital payment app will have access to the Grab Web3 Wallet, where they may utilise vouchers in non-fungible token (NFT) form and earn

A federal judge in the Southern District of New York sentenced Karl Greenwood, one of the founders of the OneCoin pyramid scheme, to 20 years in prison for his involvement in the conspiracy, according to a statement from the attorney’s office. Additionally, Greenwood was ordered by U.S. District Judge Edgardo Ramos to forfeit $300 million,

According to CEO Brad Garlinghouse in a recent interview. this year, Ripple will hire 80% of its workforce outside of the United States in nations with more transparent regulations. “You see markets like we have here in Singapore, and certainly even what we’re seeing in Hong Kong, the U.K., and Dubai, where the governments are

Currency exchange In an effort to allay concerns expressed by the U.S. Trustee, the Department of Justice’s bankruptcy division, in a recent filing, FTX has modified its proposal to sell billions in crypto assets. Since the threat of a crypto participant selling off up to $100 million of assets each week has already cooled crypto

Since 2020, wash trading of cryptocurrencies worth at least $2 billion has been reported on Ethereum-based decentralised exchanges (DEXs), according to Solidus Labs, a pioneer in crypto-native transaction surveillance and risk management. This information is contained in the most recent Crypto Market Manipulation Report from Solidus Labs. According to the report, which examined almost 30,000

Hidden Road, a credit network for institutions, has joined Komainu Connect, the cryptocurrency custody platform created by Nomura, Ledger, and CoinShares. Clients can now use digital assets in collateralization circumstances while their assets are still in safe and regulated custody thanks to Hidden Road, the first prime broker to join the ecosystem, Komainu said in

The Marrakesh-Safi Province of Morocco recently experienced an earthquake, and Binance Charity has promised to airdrop up to $3 million in BNB to those customers who are impacted there. Submissions of Proof of Address (POA) form the basis of the airdrop criteria. Users who have finished their POA by September 9th, 2023 in the most

According to two persons with knowledge of the situation, HSBC, one of the biggest banks in the world with headquarters in London, is collaborating with the company Fireblocks, a leader in bitcoin custody technology. Prior to this agreement, Fireblocks had experience dealing with major institutions and specialised in cryptocurrency safekeeping technology like multi-party computation (MPC).

The seventh version of Cryptopedia was released by OKX in partnership with Polygon, a company that develops infrastructure and scales Ethereum. According to a press statement shared with Blockchain.News by OKX, the platform for Cryptopedia is designed to provide crypto-centric education with a financial component. This season, which lasts for six months, is offered as

A non-custodial wallet service is being provided by cryptocurrency custody company Fireblocks to its extensive list of fintech and corporate clients so that end users of companies like Revolut and Nubank can fully control their own assets. This move has become necessary in the market as a result of the collapse of several crypto firms

EOS, a cryptocurrency utilised within the decentralised application platform, will be handled by BitTrade, a cryptocurrency exchange with registered operations in Japan, starting on September 13, 2023 at 15:00 JST. This is the country of Japan’s first domestic handling of EOS. A cryptocurrency called EOS, which is well-known for its use in smart contracts and

  According to court documents filed on Friday, Steve Kokinos, the former CEO of Algorand, will take over as CEO of the organization that will take over Celsius’ activities and will sit on a board with two members of the insolvent crypto lender’s own creditor committee.As the cryptocurrency meltdown began to take hold in July of last year, Celsius filed for bankruptcy. At the moment, creditors are voting on whether to sell the company to Fahrenheit Holdings, which could result in a partial return of their investment. In July 2022, Kokinos resigned from his position at the staking-based blockchain Algorand.Along with the hedge fund Arrington Capital and the mining company US Bitcoin, whose respective leaders Asher Genoot and Michael Arrington will also serve on the board, he is a co-owner of Fahrenheit.Scott Duffy and Thomas DiFiore, the two co-chairs of Celsius’ creditor committee, who were contacted at key points of the sale process to represent the interests of people owing money, and who were given the opportunity to appoint six of the nine board members, are now members of the NewCo board. “Steve has been a serial entrepreneur and investor for over 25 years, founding and operating companies ranging from internet infrastructure, cloud software, communications, and crypto,” according to a brief resumé included in the court documents, which described him as the proposed CEO of the Delaware corporation, as yet unnamed but referred to

A significant development for decentralised financial applications has been made with the announcement of the XLS-30 AMM modification for the XRP Ledger (XRPL) by RippleX, Ripple’s XRP Ledger. The validator community is presently voting on whether to incorporate the modification into the XRPL Mainnet. The XLS-30 is designed as a native protocol and is referred

The founder of the Turkish cryptocurrency network Thodex, Faruk Fatih zer, was found guilty of a big fraud case by the Anatolian 9th High Criminal Court. Six more people were held in addition to Zeer, totaling 21 people who were allegedly involved in the fraud. The court issued a harsh ruling. A astounding term of