The value of unauthorised foreign exchange transactions involving digital currency was projected to reach $4 billion last year, according to a research from the Korea Customs Service. Due to growing concerns about their usage for illegal purposes, South Korean officials have shifted their attention to over-the-counter (OTC) cryptocurrency exchanges. According to reports, the nation’s financial
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,
Layer-2 network for Coinbase Data from blockchain explorer BaseScan shows that Base has broken its previous record for daily transactions since its introduction in August. The layer-2 blockchain reached 1.88 million transactions on September 14, breaking its previous high of 1.41 million transactions set on August 21,the day the network was established. The layer-2 network
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
August saw more setbacks for the decentralised finance (DeFi) ecosystem as on-chain economic activity decreased. A VanEck research shows that exchange volume decreased to $52.8 billion in August, which is 15.5% less than in July. The research is based on VanEck’s MarketVector Decentralised Finance Leaders Index (MVDFLE), which monitors the performance of the biggest and
In order to boost innovation, science, and technology between the two countries, the Federal Government of Nigeria and the Republic of Cuba have signed a Memorandum of Understanding. The MoU was signed by the Nigerian delegation to the G77+China Summit in Havana, which was led by Vice President Sen. Kashim Shettima, according to a statement
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
Magic Eden, a prominent player in the NFT market, has announced the incorporation of cNFTs, a cutting-edge NFT type that is unique to the Solana blockchain. The abbreviation “cNFT” stands for “compressed NFTs,” highlighting their special capacity to be produced at a fraction of the cost of their conventional counterparts. The Magic Eden announcement went
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
Data from IntoTheBlock shows that Coinbase’s layer 2 blockchain, Base, which debuted in early August, has experienced an all-time high in daily transactions. On Thursday, Base processed 1.88 million transactions, outpacing layer 2 competitors Arbitrum and Optimism combined, who processed 780,000 and 370,000 transactions, respectively. “Interestingly, neither non-fungible token (NFT) marketplaces nor decentralised finance (DeFi)
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
Antonio Juliano, the creator of dYdX, recently revealed his outlook on the future of decentralised finance (DeFi) derivatives in a tweet. Anthony said. “Towards the next 100x, dYdX will drive the expansion of DeFi derivatives. We have no plans to expand into additional product categories. DeFi currently makes up about 2% of the volume in
A deal has been made between Core Scientific, Inc. (OTC: CORZQ), a well-known provider of blockchain computing data centres and software solutions, and Celsius Mining LLC, a Bitcoin mining division of Celsius Network. Deal included selling “Cedarvale,” a Bitcoin mining data centre located in Ward County, Texas, to Celsius. The two businesses have also agreed
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 Merge, an important upgrade that Ethereum implemented on September 15 of last year, changed the largest smart contract blockchain from a proof-of-work (PoW) configuration to a proof-of-stake (PoS) one.According to the ethereum analytics dashboard ultrasound.money, Ethereum has since produced 680,455.31 ETH and burned 980,377.87 ETH, resulting in a net supply drop of 299,922.50 ETH.The supply has shrunk by 0.249% when expressed as an annualized percentage. Had Ethereum operated as a blockchain with proof-of-work, the net supply would have increased by more than 3.8 million, or 3%.In order to validate transactions and get rewards, players in the market must hold a certain minimum amount of ether.When the PoW system was in place, miners would record transactions by solving computational challenges in exchange for rewards.A sizable portion of the market’s miner supply was removed when the PoS system was implemented.A percentage of the transaction fees that customers pay are burned by the PoS method, which is more significant.In order to encourage validators to give precedence to certain transactions, users add a top fee or priority fee to the base.Etherum is removed from circulation while the base fee is burned. As anticipated, the upgrade has turned Ether into a deflationary currency while also making Ethereum more environmentally friendly.However, since the Merge, the price of ether has remained fairly steady at $1,630, indicating that the upgrade was ineffective in raising ether’s market valuations.Bitcoin, meanwhile, has increased by around 30% over the last 12 months. “In August 2022, the Ethereum Foundation warned users that the upcoming Paris upgrade would not reduce gas fees. Subsequently, prices fell, and ether was doomed to underperform bitcoin. But this also hinted towards the next potential catalyst for Ether investors—lower gas fees,” Markus Thielen, head of research and strategy at Matrixport, said
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
The capacity for blockchains to move data and digital assets in a decentralized form is known as blockchain interoperability. It guarantees better communication and teamwork as a result. The underlying technology that enables blockchains to read or publish data from other blockchains is known as cross-chain messaging. This protocol is used by the blockchains Cosmos
In order to test Web3 consumer experiences in Singapore, Circle Internet Financial (Circle), a major global fintech company, is partnering with Grab, the top super app in Southeast Asia. This partnership will see the direct integration of Circle’s new Web 3 Services platform into the Grab app, representing a significant advancement in the regional use
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
The world of cryptocurrencies has advanced at an astounding rate in recent years. What was once a cutting-edge technology has developed into a global phenomenon that has the interest of investors, companies, and regulators alike. The significance of cryptocurrency compliance has gained attention due to this increase in interest. The absence of a uniform global
Today marks the formal launch of Mauve, a decentralised exchange (DEX) for trading legal and physical goods, according to a press statement from the business. According to the company, the DEX is one of the first non-custodial exchanges to receive Cayman Islands Monetary Authority approval as a virtual asset service provider (VASP). It aims at
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
The Pix system of the Brazilian Central Bank has been introduced as a payment option by Ramp Network, a business that provides payment infrastructure to link cryptocurrency and traditional finance. In July, Ramp created a local entity in the South American nation as part of its effort to expand farther throughout Latin America. Adding Pix
Lido, the industry leader in ether staking, will collaborate with two Cosmos blockchain ecosystem projects to connect its staked ether (stETH) tokens to the Cosmos network. This move might result in the exchange of millions of dollars’ worth of liquidity between the two blockchains. According to data from DefiLlama, liquid staking has grown in popularity
According to a recent announcement, Thailand-based Kasikornbank (KBank) has launched a $100 million fund that will target global entrepreneurs in artificial intelligence (AI), Web3, and fintech. One of the largest banks in South East Asia, KBank also offers online services. The bank has operations in Vietnam, China, and Thailand. The Bank of Thailand, Thailand’s central
