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21 Jun 2023 14:41

📣 Cosmos DEX Osmosis cuts token inflation by 50%, plans fee sharing in OSMO 2.0 update

Osmosis, the largest decentralized exchange in the Cosmos ecosystem, has unveiled a major update to its tokenomics model, OSMO 2.0, with a major drop in its inflation rate. After a community governance vote, the platform cut its inflation rate by 50%, signaling a transition from its early token distribution phase and a commitment to ensuring long-term sustainability of the native OSMO tokens.

Osmosis is the main decentralized exchange of the Cosmos ecosystem, where trading is conducted of native tokens including ATOM and bridged tokens such as Axelar wrapped BTC, ETH, and USDC stablecoin. It holds over $124 million in crypto assets, according to DeFiLlama. Osmosis governance is now discussing the implementation of a fee switch for liquidity pools. The feature empowers OSMO stakers by allowing them to directly share in the swap fees generated by activity in Osmosis liquidity pools, snd it would let OSMO stakers directly take a share in the swap fees generated by activity in Osmosis liquidity pools.

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18 Jun 2023 09:39

🟠 Binance Swaps 1.25 Billion USDT-TRX For USDT-ETH To Ensure Stablecoin Liquidity

Binance will swap 1.25 billion USDT-TRX for USDT-ETH directly with the Tether team to ensure stablecoin liquidity after 9:30 am UTC today. Users will see significant movements of USDT from Binance wallet today. USDT saw a slight de-peg yesterday. Binance has announced that it will exchange 1.25 billion USDT-TRX for USDT-ETH directly with the Tether team to address stablecoin liquidity concerns. The move comes after USDT’s slight de-pegging yesterday, causing traders to worry about the potential risks associated with this cryptocurrency.

Moreover, CoinDesk has obtained USDT’s client information that Tether did not want to disclose. This development has added fuel to the already burning fire of controversy surrounding Tether, which has been the subject of regulatory scrutiny in recent months. The New York Attorney General’s Office provided responsive documents to CoinDesk relating to Tether’s case, and CoinDesk reported an attack on USDT via DeFi and CEX on the same day the documents were released. Tether has asked CoinDesk not to disclose any information about their past or current customers. The materials are outdated and may not accurately reflect Tether’s current state of reserves nor account.

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16 Jun 2023 15:32

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14 Jun 2023 08:15

🇰🇷 Korean Careful In Assessing 19 Tokens In SEC Case As Securities

According to Blockmedia, after the U.S. Security and Exchange Commission (SEC) lawsuits against the two largest crypto exchanges by market volume last week, trading platforms are being more careful when delisting the tokens mentioned by the SEC in the securities labeling list. However, the Korean financial agency has a different view from the regulations of the SEC. The Digital Asset Exchange Association (DAXA) is a grouping of South Korea’s top five cryptocurrency exchanges, which include UpBit, Bithumb, Coinone, Korbit, and Gopax.

After suing Binance and CEO Changpeng Zhao for fraud, the SEC continues to sue the largest US cryptocurrency exchange Coinbase. For years, the crypto industry has argued that tokens cannot be considered securities and should not be regulated by the SEC. However, these lawsuits could completely change the cryptocurrency market. The occurrence is expected to have a chilling effect on the 19 tokens referenced in the filings, causing them to relocate their operations to other regions of the globe. Among countries, Korea is the first to take a stand against US securities regulation.

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13 Jun 2023 08:15

🤖 Reddit Crypto Communities Are Suddenly Offline

According to updates, many communities will be unreachable today in protest of the social site’s management. Many sub-communities, including major crypto communities, unanimously voted to go private for 48 hours in protest of the new corporate policy prohibiting the usage of third-party apps. Reddit revealed intentions in April to change the way users interact with the Reddit Data application programming interface (API), a seven-year-old service that allows developers to build tools and utilities for moderation and other activities.

According to estimates, the majority of developers and consumers are rejecting the company’s recent pronouncements. This mostly entails Reddit imposing contentious fees on developers of third-party programs used to explore the social media network. The desire of Reddit to develop native moderator tools has a direct influence on the community’s capacity to design and utilize third-party solutions for regulating content and interactions. Since the contentious modifications have apparently not gone down well with users, several of the largest subreddits’ administrators have made their communities private for over 48 hours in protest. According to the reports, as a consequence of the reaction, around 3,500 subreddits would be unavailable to the majority of users.

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11 Jun 2023 12:56

📣 CFTC Lawsuit Request Ooki DAO Pay $643,542 Fine And Permanently Closed

A US federal judge agreed with the CFTC’s allegations that the Ooki DAO issued unregistered items and paid over $600,000 in fines. US District Judge William H. Orrick ruled on Thursday that the Ooki DAO operated an illegal trading platform and illegally operated as an unregistered futures commission trader (FCM), which gives the default judgment to the CFTC. He ordered the organization to pay $643,542 in fines, permanently shut it down, and shut down its website.

The original lawsuit, filed in US District Court for the Northern District of California last September, accused the DAO of providing “leveraged and margin” commodity trading to retail customers and not complying with consumer knowledge laws when serving those merchants. Ooki DAO, the heir to a company called bZeroX, is accused of allowing Americans to trade illegal crypto derivatives products. In September, the CFTC settled the allegations with bZeroX and its founders, Tom Bean, and Kyle Kistner, and attempted to sue the entire DAO at once. Chatbots and forum messages served the lawsuit.

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09 Jun 2023 08:08

🇭🇰 Hong Kong Regulator Backs Tokenisation In Finance For Better Access To Crypto

Hong Kong’s SFC supports tokenisation in finance, ensuring cybersecurity and investor protection. Blockchain enhances efficiency. Franklin Templeton also bullish. Hong Kong’s Securities and Futures Commission (SFC) recently expressed its support for the use of tokenisation in the financial industry. Elizabeth Wong, head of the financial technology department of the SFC, said that the commission will continue to amend and evolve policies for better access to cryptocurrency investments.

The SFC has already provided certain regulatory oversight and investor protection to licensed virtual-asset platforms. Wong added that the SFC will apply the same code of conduct to fund managers looking to invest portfolios in virtual assets. Blockchain technology can ensure or enhance efficiency, according to Wong. The watchdog is actively looking into the benefits of tokenisation while also ensuring that investors are not any worse off. Cybersecurity is the biggest concern for the SFC, ensuring that the token is free from hacking and has no vulnerabilities. The commission is keen to understand these challenges and is open to working with industry players.

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06 Jun 2023 10:40

🟠 Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange

The appointment of Richard Teng to oversee Binance’s regional markets outside the U.S. has positioned the one-time Abu Dhabi regulator as the most likely successor to Changpeng Zhao, who founded the world’s largest crypto exchange in 2017. The enhanced role follows a report last month that Zhao, commonly known as CZ, is looking to reduce his ownership of Binance.US, the firm's American arm – a move that's seen as something of an appeasement to U.S. regulators.

Teng's knowledge and experience as a regulator will come to bear in his new role overseeing Asia, Europe, the Middle East and North Africa as the exchange, often targeted by authorities, attempts to draw a line under mounting enforcement actions related to conduct during crypto’s early years. Prior to heading up the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), he was chief regulatory officer of Singapore Exchange (SGX) and spent 13 years with the Monetary Authority of Singapore (MAS). But it’s worth remembering that CZ himself said the firm had a succession plan in place when he hired Teng back in August 2021. Teng initially joined Binance as CEO of the Singapore business.

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04 Jun 2023 16:31

🇶🇦 Qatar Fails To Crack Down On Crypto Despite Regulations: Report

Qatar is criticized for ignoring regulations on crypto services. FATF urges Qatar to combat money laundering and terrorist financing. Crypto service providers are banned, but Qatar is exploring a central bank digital currency. Qatar has reportedly come under fire for its lack of action against crypto companies. Despite clear regulations prohibiting virtual asset services, Qatar seems to ignore the issue. The Financial Action Task Force (FATF) has just slammed Qatar Central Bank (QCB).

The FATF’s report exposes Qatar’s failure to effectively combat evolving forms of criminal activity, including sanctioning virtual asset service providers. In a shocking revelation, it appears that Qatar’s understanding of complex money laundering and terrorist financing is severely lacking. The FATF urges Qatar to up its game and steps up efforts to tackle these sophisticated crimes head-on. While Qatar claims to have made progress in gathering beneficial ownership information, the FATF’s report reveals there’s still a long way to go. Qatar’s authorities have been accused of not fully utilizing their sophisticated analysis capabilities to identify instances of money laundering.

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01 Jun 2023 17:45

🏦 Former Coinbase Manager Settles Charges With SEC In Insider Trading Case

The United States Securities and Exchange Commission (SEC) stated on May 30 that former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi had agreed to resolve accusations of insider trading filed against them. The Securities and Exchange Commission has filed a motion for final judgment in the United States District Court for the Western District of Washington.

The brothers were detained last year on suspicion of wire fraud conspiracy and wire fraud in connection with an insider trading scam. The SEC filed insider trading accusations on the same day. According to the SEC’s release on Tuesday, the two agreed to disgorge their earnings and pay interest. They pled guilty to the allegations brought by the Department of Justice, and Ishan Wahi now faces a 2-year term, while Nikhil Wahi is serving a 10-month sentence. The SEC said that the brothers’ criminal fines satisfied the civil case settlements and that it would not pursue any further penalties.

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30 May 2023 15:32

🇨🇳 China Embraces Web 3.0: Shaping The Global Landscape of Decentralized Technologies

China’s commitment to Web 3.0 technology is positioning it as a key player in shaping the future of decentralized technologies worldwide. Web 3.0 refers to the next generation of the internet, characterized by decentralized platforms, blockchain technology, and enhanced user control over data privacy. China, with its massive population and thriving tech industry, recognizes the potential of Web 3.0 to empower individuals and revolutionize various sectors, from finance to governance.

China’s central role in Web 3.0 development is exemplified by its robust blockchain infrastructure and widespread adoption of digital currencies. The country has made significant strides in blockchain technology, establishing research institutes and fostering collaborations between government, academia, and industry. Chinese companies are actively exploring blockchain applications in various sectors, such as supply chain management, intellectual property, and healthcare. Moreover, China’s proactive approach to digital currencies is paving the way for a future where cryptocurrencies play a crucial role in the global economy.

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28 May 2023 16:51

📣 New York Miner Coinmint Sues California Chip Maker For $23 Million

According to CoinDesk, Coinmint, a New York cryptocurrency mining firm, accused two semiconductor companies of using “elaborate deception” to entice miners into a $150 million purchase deal, and the lawsuit sought more than $23 million in damages. Coinmint claims that bitcoin technology company Katena Computing and semiconductor design firm DX Corr devised a scheme to induce it to acquire up to $150 million in Bitcoin mining machines but that Katena was incapable and did not intend to deliver the devices.

The complaint charges DX Corr and its executives, as well as former Coinmint workers, with fraud, violation of contract, and breach of fiduciary responsibility. According to Coinmint, these devices were not planned nor capable of being delivered by Katena. This is the core of a case filed on January 26th in California’s Santa Clara County Superior Court. The company claims that Katena Computing engaged in unethical actions, using unlawful influence and maybe using bribery to get co-conspirators to participate in this scheme. In this alleged deception, an unnamed Coinmint employee got involved in a $150 million procurement contract for Bitcoin mining equipment. Its claims go beyond the original $23 million deposit it made for the transaction.

Source

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26 May 2023 15:41

📣 Fahrenheit Becomes The Winner Of Celsius Bid, Will Create A New Company

Fahrenheit, a cryptocurrency consortium, has won a deal to purchase bankrupt lender Celsius Network, whose assets were originally valued at roughly $2 billion. Fahrenheit was chosen as the successful bidder in the court-approved auction procedure by Celsius Network in cooperation with its official committee of unsecured creditors. US Bitcoin Corp, Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza comprise the Fahrenheit group.

According to court records, the group would buy Celsius’s institutional loan portfolio, staked cryptocurrencies, mining business, and more alternative assets, and must pay a deposit of $10 million within three days to seal the sale. The Blockchain Recovery Investment Consortium, comprised of Van Eck Absolute Return Advisers Corporation and GXD Labs LLC, was chosen as the backup-bidder, with competing bidder NovaWulf losing out. The new company will get between $450 and $500 million in liquid bitcoin under the terms of the agreement, and US Bitcoin Corp will build a variety of crypto mining facilities, including a new 100-megawatt facility.

Source

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24 May 2023 09:02

🔐 Ledger CEO concedes subpoena to access user funds is a concern

Three days ago, Ledger shareholder and former CEO Éric Larchevêque acknowledged that governments could subpoena access to user funds held on a Ledger device that has subscribed to its new Recover service. The comments sparked consternation among Ledger users, but Ledger CEO Pascal Gauthier has now shrugged off concerns, arguing that such a scenario is unlikely to happen.

"The only concern really is if we get subpoenaed by a government to say now this user specifically, we would like you to retrieve the three shards etc.," he said, speaking on the What Bitcoin Did podcast. The Ledger Recovery service is an opt-in service that lets users elect to have their seed phrase encrypted and split into three shards. These shards are then stored with three third-party companies. The seed phrase can only be restored if the three shards are combined on a Ledger device — and for the user to do so, they need to pass an identity verification test. The service costs $9.99 a month and if a user stops paying, they won't be able to access the backup after a certain point.

Source

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22 May 2023 08:16

🏦 SEC Vs Coinbase: Lawyer Unfolds Coinbase’s Brilliant Game Plan

Referring to Coinbase’s Mandamus Petition, XRP attorney John Deaton recalled that the U.S. Securities and Exchange Commission (SEC) made Chair Gary Gensler’s public comments devalued. The SEC took the stance when it recently asked the Judge to deny Coinbase’s request to ask the agency to respond to a rulemaking petition. Coinbase submitted the petition in 2022, seeking clarity on how securities laws apply to cryptocurrency market.

The XRP Attorney said the SEC’s fight is on three separate fronts but it chose to be politically right. Recently, the XRP Vs SEC lawsuit took a new shape after Judge Analisa Torres, who is overseeing the case, denied the SEC’s request to conceal the Hinman emails. In a latest, the two parties got a one week extension for the date of revealing the documents. Deaton said that the Coinbase writ essentially works against the SEC itself as “the more the SEC speaks the more credibility it loses.” The SEC wants to push a political agenda and win at all costs while justice and investor protection be dammed, he added. Overall, the Coinbase Writ was the right move, he explained.

Source

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19 Jun 2023 15:52

🇺🇸 Binance.US Resorts to Job Cuts as It Prepares for Long and Costly Litigation With SEC: Report

The regulator insists on a rulebook for crypto exchanges and their compliance with security laws. In a letter to employees, Binance said it foresees protracted and expensive litigation with the US Securities and Exchange Commission (SEC) and asked Binance.US management to reduce the size of its workforce across the division. A Bloomberg report noted that a number of employees at Binance’s US affiliate have been laid off.

Early this month, Binance.US said it was being cut off from the banking and payments partners. On June 9, the crypto exchange serving only American customers suspended USD deposits and asked users to withdraw their dollar deposits right away, given the SEC’s “extremely aggressive and intimidating tactics.” In its June 5 lawsuit, the SEC requested the court to freeze the assets and operations of Binance.US. However, the authorities denied the SEC’s motion on June 14 and asked Binance.US and the agency to engage with each other and find a solution. Binance CEO Changpeng Zhao dismissed the notion that the company sold BTC and BNB and termed such rumors on social media as FUD.

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17 Jun 2023 17:15

📣 Former Crypto Fugitive Do Kwon To Remain Jailed For 6 More Months: Report

Do Kwon and Han Chang-Joon remain incarcerated for six more months while judges consider extradition requests from South Korean and US prosecutors. They are accused of defrauding investors and falsifying documents. The case has upended the political arena in Montenegro just before local parliamentary elections. The pair had been granted bail at €400,000 each by a higher court in Podgorica, which had kicked off an extradition detention.

The decision to grant them bail has underscored the confusing status of Kwon. They will stay in prison in Spuž, north of the capital Podgorica, while a higher court decides if they will be extradited to South Korea. Kwon and Han are also accused of falsifying documents in Montenegro, which is punishable by a prison sentence of three months to five years. The case has upended the political arena in Montenegro just before local parliamentary elections. Kwon had sent a letter to authorities about his alleged relations with Milojko Spajić, a candidate for prime minister. Kwon was on the run from Interpol for about six months before hiding out in Serbia.

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15 Jun 2023 16:33

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13 Jun 2023 14:03

Bitcoin’s correlation with equities continues to fall from Covid Era highs

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12 Jun 2023 08:26

🟠 Binance’s Net Outflow Of $392 Million: Misleading Reports And The Bigger Picture

Binance’s net outflow of $392m in 24 hours may not indicate a decrease in AUM. Reports of sharp increase in Binance outflow are misleading. The exchange balance is increasing and significantly higher compared to December 2022. Poor trading depth observed with BNB/USDC pair. Recently, the CEO of Binance, Changpeng Zhao, tweeted that the company’s net outflow was approximately $392 million in the last 24 hours.

According to Spot On Chain, some reports only capture a short time frame, like a few days or a week, and give a quick conclusion that there is a sharp increase in Binance outflow. However, this is different from the bigger picture. As seen in the graph below, the exchange balance of Binance is on an increasing trend and is significantly higher compared to December 2022. On days with sharp price movements, such as today, many arbitrage traders move a lot of funds between exchanges, which can result in significantly more outflows than on normal days. For reference, Binance processed $7 billion in net outflows in one day last November.

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10 Jun 2023 10:40

🪙 Zcash Community Wants To Launch Sustainability Development Fund

Shielded Labs, a new entity wholly independent of Electric Coin Co and the Zcash Foundation, has launched a project proposal on the Zcash Forum for the “Zcash Sustainability Fund (ZSF).”. According to the proposal, Shielded Labs is collaborating with Equilibrium Group to build the Zcash Sustainability Fund. Shielded Labs will finance the development of ZSF (which will be built on the protocol layer) and will leverage its expertise in the Zcash ecosystem to do so.

According to the plan, ZSF would address the network’s future security after the block reward has expired by altering the Zcash issuance schedule and providing a method to spend money to maintain the network. It maintains the supply ceiling of 21 million tokens and reduces the token emission curve while maintaining an estimated issuance rate that substitutes the four-year halving cycle. Funds paid into the reserve are given as block rewards over time to help sustain the network. A ZSF functions similarly to an algorithmic savings account or endowment. Money is put aside for certain uses, ensuring that the Zcash network has a consistent stream of block rewards.

Source

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07 Jun 2023 08:20

⬜️ OKX Partners With Komainu To Enable Customers To Conduct Secure 24/7 Trading

OKX, the world’s second-biggest cryptocurrency exchange by trading volume, has partnered with digital asset storage startup Komainu, enabling institutional customers to retain their crypto in the Nomura-backed custodian while trading on the exchange. By eliminating the requirement to maintain collateral with trade counterparties and instead providing the option to retain assets in secure custody, Komainu Connect, which will be available in April 2023.

OKX is the first client to employ Komainu Connect, a regulated settlement and custody solution for institutional clients that provides 24/7 trading using a combination of cold storage, multiparty computation (MPC), and hardware security modules (HSMs). It is reported that Komainu is a cryptocurrency custody company jointly established by Nomura Securities, Ledger and CoinShares. It was founded in 2018 to offer institutions a safe and compliant custody solution for investments in digital assets. Komainu was launched in June 2020 and presently holds assets for exchanges, financial institutions, asset managers, companies, and government entities.

Source

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05 Jun 2023 08:18

🟠 Rocket Pool to Integrate With Zksync Era, Offering Faster Speeds and Lower Transaction Costs

According to Rocket Pool, a liquid staking derivatives provider, users will have the ability to liquid stake their ETH using the Layer 2 (L2) Zksync Era network. The company clarified that Rocket Pool liquid stakers utilizing Zksync Era will enjoy faster speeds and lower transaction costs. The liquid staking protocol Rocket Pool, ranked third in size, is set to integrate with Zksync, as announced on Twitter. Statistics reveal that Rocket Pool currently holds 733,575 ether, within its liquid staking protocol. On Thursday.

Liquid staking has gained popularity in recent years, and this year has witnessed a significant surge in the number of ETH staked in these protocols. Nearly 10 million ETH are currently locked in the leading liquid staking protocols, with Rocket Pool capturing 7.72% of the market share. Zksync, an Ethereum Layer 2 (L2) solution akin to Arbitrum and Optimism, introduced Zksync Era in March, just two months ago. Rocket Pool has outlined that stakers utilizing Zksync will enjoy faster confirmation times and reduced network fees. “Liquid stakers will benefit from faster speeds [and] lower transaction costs, secured by Zksync Era’s zero-knowledge proofs,” Rocket Pool said. “.

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02 Jun 2023 08:08

🟠 Changpeng Zhao Denies Rumors Of Laying 20% Of Binance Employees

Binance CEO Changpeng Zhao commented on the news of layoffs in the crypto exchange. CZ dismissed the layoff rumor as “another day, another FUD” and branded it with the “4”. According to Colin Wu, an independent cryptocurrency reporter, the world’s largest cryptocurrency by trading volume plans to let off 20% of its staff next month. Nonetheless, this news comes after the crypto exchange had said that it would not lay off any of its employees.

CZ has moved to Twitter to address the problem and deny the statements made in Wu Blockchain’s Twitter thread concerning layoffs at Binance. The reports were described as FUD (Fear, Uncertainty, and Doubt) by CZ, who emphasized the company’s steadfast commitment to talent and profitability. Binance CEO added that the exchange conducts a continual “bottom-out” approach, which entails saying goodbye to employees who may not be compatible with the company’s unique culture or position. He provided a brief example of Work From Home (WFH) and noted that it is not suitable for everyone.

Source

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31 May 2023 08:15

📣 Wintermute Prepares For 2023’s Biggest OP Tokens Unlock Event

OP tokens worth more than $587 million of Ethereum scaling protocol Optimism are expected to be released into the open market on Tuesday as part of a planned to-unlock strategy, prompting companies and organizations holding OP to have a backup plan in place, including Wintermute. According to Spot On Chain monitoring, in the past 42 hours, Wintermute has transferred 2,651 million OPs to Binance, with an average price of $1.63 (a total of $4.31 million).

Early contributors and investors now have 386.5 million optimism tokens, and the move would roughly increase OP’s circulation supply, which stands at 335 million tokens. This OP token unlock will be the biggest token unlock this year. Token unlocks are scheduled events where tokens are allocated to early-stage investors, and key development contributors are “released” after being frozen for a certain period of time. Cryptocurrency projects often ensure that tokens are “locked in” to avoid large asset sales during periods of low liquidity, an event that can significantly impact prices. Optimism is a layer 2 scaling solution that aims to make transactions and operations on the Ethereum network faster.

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29 May 2023 15:33

🟠 Binance Now Terminating Australia Due To Banking Partner Issues: CZ

After Binance’s troubles with the country with tight crypto institutions, Changpeng “CZ” Zhao spoke out about why the exchange had to leave Australia. CZ said that for Binance to close its business in Australia and the Australian dollar trading pair, this is a decision made by the legal currency channel, that is, the bank partner stops cooperation with it. Without access to fiat currency, there is no way to deposit or withdraw AUD, and the pair is illiquid, he stated.

Binance Australia has told customers that its Australian currency services have been terminated after its local payment services provider was directed to discontinue support for the exchange. The Australian arm said on May 18 that Australian dollar PayID deposits and bank transfer withdrawals might be affected owing to a decision made by its third-party payment service provider. Binance later issued an announcement that it would delete and delist the relevant Australian dollar trading pairs on June 1. Users of Binance’s platform may still trade the impacted assets on other trading pairs, according to the company. It would, however, discontinue its Trading Bots services for the aforementioned pairs.

Source

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27 May 2023 12:35

🇭🇰 Huobi Hong Kong Ready To Offer More Cryptocurrency Services From June 1

According to the official Twitter, Huobi has announced that it will officially launch Huobi Hong Kong to be ready to provide users with various cryptocurrency trading services. Enlisting the regulator’s backing, Huobi officially launched the Huobi Hong Kong station to provide more crypto services to users in June. From June 1, users can buy, sell and hold significant cryptocurrencies, including BTC, ETH, and other major cryptocurrencies listed in its independent index through Huobi HK.

The Hong Kong Securities Regulatory Commission recently published the conclusion of its consultation on the “Guidelines for Virtual Asset Trading Platform Operators,” confirming that the regulation of asset trading platform operators virtual will go into effect on June 1. To fulfill its ambition to become the new crypto hub, SFC hong kong has proposed allowing licensed virtual asset trading platforms to provide services to retail investors. Because of the general public support for the relevant proposals, the SFC will implement the “Guide on Virtual Asset Trading Platforms” and the “Guide on Anti-Money Laundering” and implement a number of revised and clarified as stated in the concluding document.

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25 May 2023 08:17

🏦 Coinbase Launches New E-Wallet Service On Ethereum Despite Tension With SEC

Coinbase has launched a new wallet service on the Ethereum mainnet and supports ERC-721 and ERC-1155. It uses MPC technology to secure customer assets. As shared on Twitter by a software developer at Coinbase, the company has named its Web3 wallet solution as a direct-to-user product, “Wallet as a Service,” adding that the product has already been released and launched on the Ethereum mainnet. According to the introduction, WaaS uses the most advanced multi-party computing (MPC) technology to secure customers’ private keys.

The product enables various Web3 interactions through APIs and SDKs. Coinbase Payments SDK facilitates the purchase of a wide range of digital assets. The exchange said the secondary Coinbase API facilitates businesses’ ability to integrate crypto-based payments, including DeFi solutions. Wallet as a Service users can remove their private keys from the exchange anytime. Coinbase previously announced plans to open a derivatives exchange in Bermuda, and this week this exchange also revealed an expansion in Singapore. The crypto exchange has expanded its Coinbase One subscription service to the UK, Germany, and Ireland and aims to expand its international reach in 35 countries.

Source

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23 May 2023 07:39

💰 Crypto Miner Marathon Pledges $500K in Matching Funds to Brink for Bitcoin Development

Bitcoin mining behemoth Marathon Digital Holdings (MARA) says it will match up to $500,000 in donations to non-profit Bitcoin research and development firm Brink, on a two-for-one basis during the Bitcoin 2023 conference in Miami Beach, Florida, and subsequently match additional donations on a one-for-one basis after the conference up to Dec. 31. The donations will go towards funding grants and programs that pay Bitcoin Core developers.

Earlier this year there were fears of a drop-off in the Bitcoin funding landscape from the current market downturn – crypto winter, in the industry lingo. Marathon’s pledge, which could raise $1 million when third party donations are included, shows one vested corporate entity's willingness to financially support the Bitcoin funding ecosystem. Brink was founded in 2020 and supports Bitcoin protocol development via a fellowship mentor program as well as a developer grant program. Brink co-founder and executive director, Mike Schmidt joined Thiel on stage at the conference to announce the campaign.

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21 May 2023 09:47

📣 Coin Cafe Pays Up $4.3M After Overcharging Customers

Office of the New York Attorney General revealed that it had taken action against crypto company Coin Cafe for its unfair business practices. Coin Cafe was charging its users extremely high fees, which the company failed to adequately inform them about. The company advertised its wallet service as free, but charged tens of thousands of dollars in fees to its New York residents. The agency found that certain user account balances were completely depleted as a result of these fees.

Coin Cafe changed its fee structure four times, and in October 2022, it introduced an exorbitant fee increase. The company began to charge users the greater of 7.99% or $99 per month if they did not transact crypto over a 30-day period. As a result of its actions, Coin Cafe surrendered $4.3 million to the agency. While Coin Cafe successfully obtained the state’s BitLicense in 2023, it continued to charge its users high fees even after obtaining the license. In addition, the company failed to register with the New York Attorney General’s office, which it should have done to comply with regulations. Coin Cafe will now pay restitution to investors, including $508,000 to 340 individuals in the state of New York.

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