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Decentralized Finance (DeFi)
DeFi stands for decentralized finance, which owns the blockchain advantages, thus removes trusted third parties and more. DeFi will have profound impact to traditional financial industries.
HK FinTech Week: What’s Next for Blockchain in Finance?
HK FinTech Week: What’s Next for Blockchain in Finance?
Ways DeFi is Changing Finance and its Stand in 2020
Decentralized finance (DeFi) is the bridge between traditional centralized currency and decentralized cryptocurrencies like Bitcoin, Ethereum. Here's how it's changing finance.
Finality: A Necessary Condition for Blockchain Applications in Finance
Settlement finality is critical in the world of traditional finance. The same applies to decentralized finance built on distributed ledger technologies (DLT).
Leaked FinCEN Files: $137M Linked to Crypto Ponzi Scam OneCoin Laundered Through Bank of New York Mellon
A leaked trove of US official documents revealed that five major banks were involved in illicit transactions pertaining to mobsters and crypto Ponzi schemes.
‘Big Four’ Tech Amazon, Google, Apple & Facebook Grilled During US Antitrust Hearing
In an antitrust hearing with the Judiciary Committee of US Congress, the CEOs of Amazon, Apple, Facebook and Google testified, as a continuation of an unfinished legal conversation with lawmakers.
DFA Bill Passed, But Central Bank of Russia Still Thinks Cryptos Are Criminal
Despite the Digital Financial Assets bill being passed by the State Duma, Russia’s Central Bank has nevertheless argued that crypto transactions are not deemed as legitimate investments.
Hong Kong Financial Watchdog Proposes Restricting Cryptocurrency Trading to Professional Investors
Hong Kong retail traders may be prohibited from trading cryptocurrencies if the city’s Financial Services and the Treasury Bureau’s proposed rule is approved.
Thailand's SEC Eyes on Decentralized Finance
Thai financial authority turn their eyes to decentralized finance regulation by requesting future DeFi-related activities to get appropriate licenses.
Basel Committee on Banking Supervision Seeks Advice on Designing Prudential Treatment for Crypto-assets
Basel Committee on Banking Supervision publishes paper going over the design for prudential treatment for crypto assets. The paper goes over areas such as risks of crypto-asset exposures, capital, and liquidity requirements, and general considerations for the prudential treatment.
FinCEN Director Kenneth Blanco Warns Banks to Take Crypto AML Seriously
Kenneth Blanco, the Director of the FinCEN warned banks to seriously consider how virtual currencies should fit into their anti-money laundering (AML) policies.
US Treasury Secretary Yellen Optimises to Recognize Crypto Role in Finance
Janet Yellen said that the benefits of cryptocurrency are clear and the US Treasury Department acknowledges the role it plays in the current landscape.
Third Co-Founder of Centra Tech Pleads Guilty for $25 Million ICO Fraud
It has recently been announced that the third co-founder of Centra Tech has agreed to plead guilty for his role in the $25 Million Initial Coin Offering (ICO) Scam his cryptocurrency firm was involved in.
Twitter Bitcoin Hack Demonstrates That Crypto Fraud is Easier to Track Than Fiat
Cryptocurrency regulation was the hot topic during an ongoing panel hosted by the Association of Certified Financial Crime Specialists.
Crypto Investment Fraud Generates $27 Million, SEC Charges Scammers Posing as Pastors
The US Securities and Exchange Commission filed a complaint against three men posing as pastors who defrauded churchgoers in a cryptocurrency Ponzi scheme.
FinCEN Proposes Cryptocurrency Guidelines to Fight Money Laundering and Regulate Unhosted Wallets
The Financial Crimes Enforcement Network (FinCEN) has proposed regulatory measures for businesses operating with cryptocurrencies, such as exchanges.
Philippines Warns the Public on Bitcoin Scammers Posing as Government Officials
Finance ministry of the Philippines Government has alerted the public about false information that fraudulently uses the name of Secretary Carlos Dominguez III to promote a fake crypto trading platform recognized as “Bitcoin Revolution”.
U.S. Financial Regulators Warn Crypto Firms to Tighten Stablecoin AML Risk Controls
U.S. regulators have issued a strict warning on money laundering risks associated with stablecoins and has warned providers to tighten AML protections and controls.
Russian Finance Ministry Believes Crypto Should be Regulated not Banned
The Ministry of Finance in Russia believes that the ban on crypto-assets should be shelved. Proper regulations would provide both transparency and protection to citizens.
Russia Updates Regulations on Crypto Transactions, Harsh Fines Reserved for Defaulters
Russia’s Ministry of Finance has issued an amendment to its current cryptocurrency regulations. The amendments also come with stricter sanctions.
AML BitCoin Lobbyist Abramoff to Pay $55K in Convicted Guilt Plea for ICO Fraud
In the civil case filed against Jack Abramoff for his role in the 2018 Initial Coin Offering (ICO) scandal, the AML BitCoin lobbyist is expected to pay $55, 000 in disgorgement and interest for his conspiracy in fraud.
Japan’s Financial Services Agency Has Officially Chosen a New Commissioner, Himono
Japan's Financial Services Agency (FSA) confirmed its plans for hiring Ryozo Himono as the new commissioner of the financial watchdog group.
India’s Government Plans to Bring Back Law to Ban Cryptocurrencies
A report revealed that the Finance Ministry is now inviting other ministries to have a discussion of its earlier draft on the crypto ban introduced a year ago.
Will Crypto Assets Have a Future in Russia After All? State Duma Passes DFA Bill
The State Duma of Russia passed a law regarding digital financial assets (DFA) in the financial bill’s third reading, which determined the fate of Bitcoin and other cryptocurrencies.
US Federal Regulator Says Banks Can Offer Cryptocurrency Custody Services to Customers
The US Office of the Comptroller of the Currency (OCC) has announced that states and national banks and federal savings associations can provide crypto custody services to customers.
Singapore Aims at Becoming the World’s Main Business Hub for Crypto
Singapore is striving to establish itself as a global key hub for crypto business activities. The city state's head of the financial regulator said the best way to regulate crypto is "not to clamp down or ban these things".
UK Tax Authority Updates Its Guidelines for Crypto Taxation
HMRC updates its guidelines for crypto – taxation, relating to both individuals and businesses. The new guidelines explicitly state that crypto-currencies are not considered as ‘money.’
‘AML BitCoin’ Lobbyist Abramoff Pleads Guilty to ICO Fraud
AML BitCoin lobbyist Jack Abramoff has pleaded guilty to multiple accounts of fraud associated with the 2018 Initial Coin Offering (ICO) for AML BitCoin.
John McAfee Indicted for Tax Evasion and for Fraudulently Promoting ICOs Through Twitter
The DOJ is charging John McAfee with tax evasion and failure to file tax returns, according to an unsealed indictment that was revealed yesterday.
BNY Mellon Joins the Marco Polo Network to Develop a More Open and Connected Trade Finance Network
The Marco Polo Network announced a new strategic partnership with the Bank of New York Mellon (BNY Mellon) to create a vast financial atmosphere that will ensure economic as well as trade growth, making BNY Mellon a member of the top network of financial institutions which leverage blockchain technology for trade finance.
Financial Stability on The Brink of Instability Due to Bigtech Companies
FSB Worries that the development of BigTech Companies and their growing user community may cause the disintegration of banks amongst other mainstream financial systems.
Accenture Forms Strategic Partnership with TradeIX, Joining the Marco Polo Network
Professional services firm Accenture has partnered with TradeIX to create new use cases for the buyers and sellers in the trade finance market. TradeIX, a trade finance blockchain startup, previously launched the Marco Polo Network along with R3.
Tried and Failed: Maker Foundation's Attempt to Patent "DeFi"
Set out to rid the decentralized finance space, free from scammers, DeFi creators tried to patent the term ‘DeFi’. However, this was short-lived as the United States Patent and Trademark Office rejected the registered application last January.
ConsolFreight Releases New Proof Of Concept To Advance The Role Of Logistics Providers In Trade Finance
"Banks are short-sighted in determining and validating the value of the goods being financed. They have drawn a very distinctive line between Logistics and Financial institutions, where the value of the assets is entirely disconnected from the process. Thus, leaving an untapped market of unfulfilled credit demand estimated at $1.6 trillion," says ConsolFreight's CEO, Ernesto Vila.
Blockchain Unleashed at the United Nations General Assembly on the Global Crisis
Greta Thunberg, the 16-year-old has been on the headlines for the global climate crisis movement and has delivered a compelling speech at the 73rd United Nations General Assembly (UNGA).
Trade Finance Platform We.Trade on the Brink of Liquidation, Report says
We.trade, a trade finance platform, established as a joint venture among multinational firms, including 12 banks is on the brink of liquidation, local media reports.
Binance Invests Heavily in Chinese Crypto Media Firm
According to a Bloomberg report, Binance has debuted an investment in China With a crypto Media and data sourcing company, Mars Finance.
White House Budget Urges Legislation to Return Secret Service to Treasury Due to Crypto Crime Surge
Cryptocurrencies, and other technological advancements, projected as a threat to the international financial marketplace, the department believes has contributed to more groups of criminal organizations and more links between financial and electronic crimes combined.
5% Global Business Transactions Expected to Utilize Blockchain Technology by 2028: SkyQuest
At least 5% of worldwide business transactions are expected to utilize blockchain technology by 2028, thanks to heightened activity in the fintech blockchain market, according to a report by research firm SkyQuest.
South Africa Pioneers Blockchain-Enabled Property Register Pilot Project
The Centre for Affordable Housing Finance in Africa (CAHF) has teamed up with Seso Global, a blockchain property registry company, to develop the first-ever blockchain-powered property register in South Africa.
PayPal’s Crypto Trading Services Officially Launch in the United States, Driving Bitcoin’s Price Past 16K
PayPal’s crypto services are officially available for use in the United States. In response to the announcement, Bitcoin's price spiked and pushed past $16K.
Ripple Co-Founder Reveals Key Factor that Can Drive Up XRP Adoption
Ripple co-founder Chris Larsen disclosed what could potentially help in pushing XRP’s popularity higher.
Mogul Productions Implements Chainlink Oracles to Optimize Film Financing
Some industries are reluctant to change because they benefit a small group of people or firms; film financing fits this category. Mainly restricted to established companies, funding and producing an independent movie can be extremely challenging without the right backers. One project looking to remedy that is Mogul Productions, a blockchain-based, decentralized film financing platform.
R3's Marco Polo Network Welcomes First Indian Corporate as Asia Serves as a Key Area of Growth
The Marco Polo Network announced on Thursday that India’s leading provider of digital transformation, Tech Mahindra became the first corporate in India to join the R3’s open-source blockchain-based Marco Polo Network for facilitating cross-border transactions.
Italian Banking Association Chose Decentralized Blockchain Route
The Italian Banking Association, Associazione Bancaria Italiana (ABI), chose to leverage the blockchain-based system Spunta, as they could not identify an appropriate single actor to run a centralized system.
HSBC Undertakes Blockchain-based Trade Finance Transacntion for Automotive Sector in the Middle East
Through the blockchain technology supported by the Contour platform, HSBC conducted a trade finance transaction between SAIC Motor and Taajeer Group.
Top Banks in South Korea Select CenterPrime And Chainlink To Bring FX Rates Data to DeFi
Top banks in South Korea have selected Chainlink and CenterPrime to bring a blockchain-enabled decentralized finance solution for foreign exchange rates.
Ripple Swell 2020: Clear Regulations and CBDC Will Drive Cryptocurrency Adoption Forward
Financial leaders virtually discussed the regulatory framework for crypto assets and how crypto adoption could be driven forward.
Binance Acquisition of CoinMarketCap for $400M Just a Stone’s Throw Away
Binance, one of the largest crypto exchanges globally, is reportedly ready to splash out nearly $400 million USD to attain CoinMarketCap, the most popular crypto data aggregator. It is alleged that the deal is in the final stages, and it is just a matter of time before it is revealed later this week.
Wirex Moves on From Defunct Wirecard, Secures New Partnership with Railsbank
Crypto service provider Wirex has moved on from Wirecard,. The company has secured a new partnership with Railsbank
China Construction Bank Announces Updates of Blockchain Platform After $50B Transacted
One of China’s four largest banks, China Construction Bank (CCB) has officially released the second version of its blockchain platform for trade finance, reaching 360 billion yuan ($50 billion) in cumulative transaction volume. CCB announced the release of “BCTrade 2.0,” focusing on digitizing trade and financial services between 54 domestic and overseas CCB branches and 40 external organizations. Reported by Xinhua news, these organizations include state-owned banks and foreign banks.
Celsius Network Slashes 25% of its Workforce amid Potential Insolvency
Celsius Network’s woes continue to deepen because the crypto lending company has reduced its workforce by 150 employees, including those based in Israel.
Ripple Welcomes Former JPMorgan Chase Chief Regulatory Affairs Officer to its Board of Directors
Ripple has been expanding its network and recently, the blockchain firm has made yet another move to bring its company growth to another level.
HSBC Becomes the First Bank to Finance Transaction via Hyperledger
Multinational banking giant, HSBC has reportedly become the first bank to complete a financial transaction using the blockchain trade platform, we.trade based in Europe.
Credit Giant MasterCard Grants Wirex First Principal Membership License
Wirex has become the first native cryptocurrency platform to be granted a principal membership license from credit giant Mastercard as part of their accelerated expansion into digital assets.
Banking on Blockchain: ICBC Releases First-Ever White Paper on Blockchain for the Financial Sector
One of China's major banks, the Industrial and Commercial Bank of China (ICBC) has released its white paper on blockchain-based applications in the financial sector. The document is the first white paper related to blockchain technology in the financial industry. The paper also highlights the present challenges faced by the banking sector.
Crypto Trading in India Soared by 400% During COVID-19 Lockdown
With the ongoing COVID-19 pandemic, India’s cryptocurrency trading industry has seen an increase of 400 percent over the last few months.
Shanghai Municipal Commission of Commerce Signs a Blockchain Alliance Proposal to Foster Trade And Finance
Shanghai Municipal Commission of Commerce had signed a written proposal giving the Shanghai government departments and six financial companies an opportunity to establish an E-port area blockchain alliance with the sole aim of fostering international trade and financial services.
Goldman Sachs Explores Development of its Own Digital Token
Leading global investment bank Goldman Sachs is examining options of creating its own cryptocurrency. The bank has appointed Mathew McDermott as the worldwide head of digital assets to spearhead the realization of this dream.
ASIFMA: Tokenized Securities Might Bridge the Current Mainstream Finance with the New Digital World
ASIFMA (the Asia Securities Industry & Financial Markets Associations) has availed a new white paper that reveals a roadmap for regulators and market participants on tokenized securities.
Investment Funds for 2020 | Index Funds Centralized Decentralized and the Blockchain
On the outset, this article has been written to put in perspective Index Funds as we know them, which new kind of Index Funds are developing with Cryptocurrencies (Digital Assets) and what developments are taking place in the Global Capital Markets with Blockchain developments.
Mainstream Adoption of DeFi and DLT Is Coming, It Will Replace Banks, Says US Currency Comptroller
The US acting Comptroller of the Currency disclosed that roles played by banks will soon change due to cryptocurrencies and decentralized finance (DeFi).
Stakeholders in the Crypto Ecosystem Want US Regulator to Increase Bank's Crypto Capabilities
Stakeholders including the Silvergate Bank have responded to the OCC call recommending the regulator to improve US bank’s crypto capabilities.
Chinese City Tests Blockchain-Powered Cross-Border Financial Platform
Nanning, a Southern Chinese City, located in Guangxi Region, has experimented with a blockchain-enabled cross-border financial platform.
Goldman Sachs and Citigroup Perform the First Equity Swap on Blockchain
Traditional equity swaps have to be continuously updated for multiple variables. These include different interest rates, end-of-day market prices, and corporate actions like stock splits and dividend payments. Financial institutions need to hire many people to verify the process until the swap completion, which in some rare cases, could take months.
DeFi Hack Linked to North Korea
The $197 million DeFi hack on Euler Finance has been linked to North Korea after blockchain investigator Chainalysis identified that 100 ETH from the stolen funds was transferred to an address associated with North Korea-linked actors. While Chainalysis suspected the involvement of North Korea, it highlighted the possibility of misdirection by other hackers. Euler Labs CEO expressed disappointment in the hack, revealing that ten separate audits over two years assured its security.
G20 Discusses Crypto Regulations Under India Presidency
G20 members reviewed technological advancements and dangers during the FMCBG conference on Feb. 24–25.
SWIFT Takes Another Shot at Cryptos, Refers to Them as "Useless and Unsteady"
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has dropped another hammer on proponents of Bitcoin and cryptocurrencies, referring to Cryptos as “useless and unstable.”
Blockchain-Focused Fund COSIMO X Acquires Seven-Figure Funding from RIT
COSIMO Ventures, an investment firm situated in Boston and Dublin, recently announced that the Rochester Institute of Technology (RIT) has endorsed them with a seven-figure investment.
Euler Finance hacker returns $5.4M
The hacker who drained $197 million from Euler Finance in the biggest DeFi hack of 2023 so far reportedly returned around $5.4 million in Ether to the company. The funds were sent in three transactions from the hacker's address to Euler Finance's deployer address, but it remains to be seen if the hacker will return the rest of the stolen funds.
ZipmexX Suspends Withdrawals, Citing Celsius and Babel Risk Exposure
Asia's leading digital asset exchange ZipmexX has suspended users' cryptocurrency withdrawals, citing the move as the exchange's assets could be swallowed up by the financial crisis facing the Celsius Network and cryptocurrency lender Babel Finance.
UK Watchdog Proposes Tougher Advertising Rules
If the UK Government approves the FCA's plan, crypto businesses from abroad may have to meet additional conditions to advertise to UK clients.
Crypto Trading Income eToro Spikes to $264 Million in Q2
eToro has posted a massive increase in cryptocurrency income that accounts for 73% for its entire trading commissions in the second quarter 2021. The company’s latest financial results provide more evidence that the cryptocurrency boom is more than just hype.
Euler Finance suffers $197M DeFi hack
Decentralized finance (DeFi) protocol Euler Finance lost nearly $197 million in a flash loan attack on March 13, impacting more than 11 other DeFi protocols. The vulnerability remained on-chain for eight months despite a $1 million bug bounty in place. Euler Finance disabled the vulnerable etoken module and vulnerable donation function, and has reached out to security firms and the ETH security community to help with the investigation and recover the stolen funds.
Babel Finance Halts Withdrawals as Crypto Market Plunges
Amid the current selloff, Babel Finance has become the latest to suspend withdrawals. The crypto lender said that its woes are triggered by the current difficult market conditions.
Defi Wallet Unstoppable Finance Raises $12.8M in Series A Fund
Berlin-based Unstoppable Finance has announced a €12.5 million ($12.8 million) Series A round led by Lightspeed Venture Partners.
DeFi Platform Texture Secures $5M in Funds to Develop Yield Management Tools
DeFi protocol Texture Finance has tapped $5m in funding from P2P Capital amongst others.
Crema Finance Hacker Returns Stolen Crypto Following Negotiation
Crema Finance has received 6,064 ETH ($7 million) and 23,967 SOL ($870,000) from a hacker who had stolen 69,422.9 SOL and 6,497,738 USDC stablecoin (roughly $9 million) following a negotiation.
The DeFi space is on a path of steady recovery as good actors
Yearn.finance, MakerDAO, SushiSwap, and Aave were among 30 protocols engaged.
3AC Withdraws $45m from Curve and Convex amid Bankruptcy
Three Arrows Capital (3AC) might have declared bankruptcy, but the firm is still conducting a number of robust transactions according to insights derived from on-chain data.
Hacker moves stolen funds after bounty launch
The hacker who stole $196 million from Euler Finance has transferred $1.65 million through Tornado Cash, after a $1 million bounty was launched. Victims pleaded for return of funds, but the hacker's move to a crypto mixer suggests they may not be swayed. On-chain data shows the stolen funds consisted of DAI, USDC, staked ETH and WBTC.
Goldman Sachs Applies for a DeFi and Blockchain ETF to Optimize Investment Results
Banking giant Goldman Sachs applied for an exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission intended to maximize investment results based on the performance of the Solactive DeFi and Blockchain index.
Blockchain in Fintech Sector Expected to Hit $31.4B by 2030
Blockchain in the FinTech market is anticipated to reach $31.4 billion by 2030, given that the penetration of this cutting-edge technology in the financial industry has boosted app-based operations.
Indonesian Scholarly Body Majelis Ulama Indonesia (MUI) Says Crypto as Commodity or Digital Asset is Haram
The Ulema Council (MUI) has spoken against the engagement with digital currencies for Muslims in Indonesia, saying the nascent asset class is haram.
Bitcoin Is Working Despite Broad Market Downturn, Says El Salvador FM
Alejandro Zelaya has defended El Salvador’s Bitcoin plan. According to the finance minister, the plan is working amid challenges posed by the market crash.
Aave Freezes Stablecoin Trading Amid Price Volatility
Lending protocol Aave has temporarily halted trading of stablecoins and set the loan-to-value (LTV) ratio to zero due to the recent price volatility on USD Coin (USDC) following its depegging on March 11. Aave's decision was based on an analysis by decentralized finance risk management firm Gauntlet Network, which recommended a temporary pause of all v2 and v3 markets. The LTV ratio determines how much credit can be secured using crypto as collateral and is calculated by dividing the amount of credit borrowed by the value of the collateral.
Two Massachusetts Men Arrested And Charged To US Court For Supposed Social Media Frauds And Crypto Theft
Two Massachusetts men had been arrested and charged to court on account of stealing victims' social media accounts and cryptocurrency through swapping their sims, hacking their computers, and other nameless techniques.
Liquid Staking Protocol Lido Activates "Staking Rate Limit" After Record Inflows
Lido Finance, a liquid staking protocol for Ethereum, activated a "staking rate limit" after more than 150,000 ETH was staked in a single day. The mechanism aims to address any negative effects of high inflows, limiting the amount of staked Ether that can be minted within a 24-hour timeframe.
Stablecoin Protocol Frax Finance Launches Lending Market Fraxlend
Algorithmic stablecoin protocol Frax Finance has launched its own lending marketplace Fraxlend, allowing users to lend and borrow tokens belonging to the Chainlink data feed without permission.
Euler Finance Suffers Flash Loan Attack, Loses Millions in Multiple Cryptocurrencies
Euler Finance, an Ethereum-based noncustodial lending protocol, suffered a flash loan attack on March 13, resulting in the loss of millions in Dai, USD Coin, staked Ether, and wrapped Bitcoin. The attacker stole nearly $196 million in multiple transactions, making it the largest hack of 2023. On-chain data indicates that the attack is related to a deflation attack that occurred one month ago, and the attacker used a multichain bridge to transfer funds from the Binance Smart Chain to Ethereum.
Bitcoin Mining in China Dropped before the Latest Crackdown
New research conducted by the Cambridge Centre for Alternative Finance (CCAF) shows that Bitcoin mining in China has already nosediving even before the government started cracking the whip on crypto mining in May.
Crypto Popularity to Spur Growth in Blockchain-Powered Banking, Financial Services
The surging use of cryptocurrencies is expected to enhance the development of blockchain in the banking and financial services market, according to The Business Research Company.
Crypto Industry Continues to Experience Hacks and Exploits: Can Increased Security Measures Help?
Despite recent recoveries, $4bn was lost to hacks, fraud, and scams in 2022. Increased security measures, such as DeFi and multi-signature wallets, can help.
Binance CEO Warns Traditional Institutions Against Reducing Exposure to Crypto
Investors steadily recovering from 2022 backed CZ's long-term bet on crypto sceptics.
Synthetix Secures $20M Investment from DWF Labs
Synthetix has secured a $20 million investment from Web3 investment and quantitative trading firm DWF Labs. The partnership will see DWF Labs tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges, with Synthetix’ perpetual futures integrated into DWF Labs’ trading business.
Secret Network Validator Smart Stake to Shut Down Nodes
Smart Stake will no longer provide validator services to the Secret Network in light of an internal leadership conflict and transparency concerns.
DeFi Hacker Returns $5.4M to Euler Finance
A hacker who drained $197 million from Euler Finance returned 3,000 ETH ($5.4 million) to the deployer address, following a $1 million reward announcement by Euler Finance. The attacker used a multichain bridge to transfer funds from the BNB Chain to Ethereum and moved the stolen funds into Tornado Cash before returning the funds.
Babel Finance explores new restructuring opportunities with DeFi project
Babel Finance is considering a new restructuring opportunity that involves the creation of a new decentralized finance (DeFi) project called Hope. This project aims to generate revenue to repay debts owed to creditors, and will mint a new stablecoin using Bitcoin and Ether as collateral.
Beware Of Impostors: China Has Not Issued or Released A Date For Its Digital Currency
Owing to this, a statement released by the People's Bank of China on October 13, warned the general public to beware of such fake platforms and organizations as they are not related to the Bank of China.
Euler Finance Audited 10 Times Before $196 Million Attack
Euler Finance, an Ethereum-based lending protocol, underwent 10 audits from six different firms in two years before it suffered a $196 million flash loan attack. Despite this, the audits deemed the platform "nothing higher than low risk" with "no outstanding issues." The attack prompted Euler to launch a $1 million bounty for information leading to the hacker's arrest, only for them to move the funds through crypto mixer Tornado Cash.
Future of Index Funds
Inspired by traditional index funds' success, Crypto20 (C20) was designed to reinvent how investors gain exposure to the broader crypto market. With cryptocurrencies long-term growth potential, an index fund is the perfect entry point for investors looking to generate exceptional returns without taking on excessive risk.
Polygon Surges by 2600% on a Year-to-Date Basis as Adoption of Layer 2 Accelerates
Polygon's rate of return is very impressive, rising by more than 2600%, from $0.0178 to $0.468 since the beginning of 2021.
Risk or Opportunity: Uniswap's UNI Rose by 133% and SushiSwap by 143% in the Past 12 Days
Uniswap's UNI token has surged by 133% in the past week, with SushiSwap rallying and recording its own increase of 143%.
Solana (SOL) Surges by 230% on a Year-to-Date Basis to Hit a New High
Solana, which has faster transaction speed and lower fees than Ethereum, has been favored by Defi users to run applications. Recently, its native token SOL set a new all-time high of $37.10.
EY Ops Chain: Bringing Transparency and Accountability to Public Finance Management
Blockchain.News sat down with Jimmy Ong, EY Asia-Pacific Blockchain Leader to take a deep dive in EY Ops Chain and EY Blockchain Analyzer. In particular, we explore how EY Ops Chain facilitates a more transparent public finance tracking. Ong also shared an interesting use case when EY Ops Chain enables the tracking of blood in Canada.
PwC Global Crypto Leader Henri Arslanian on the Future of the Crypto Ecosystem
Henri Arslanian, the PwC Global Crypto Leader, Chairman of the FinTech Association of Hong Kong, is the highest-profile FinTech consultant in Hong Kong according to Chambers Global. Blockchain.News interviewed Arslanian at the Asian Financial Forum held in Hong Kong earlier this month, where he was invited to speak on the development of FinTech. The Asian Financial Forum brought over 3,500 speakers and influential financial experts, policymakers, and business leaders.
Blockchain.News Interview with Co-founder and CIO of CryptAM, David Demmer on Digital Asset Management
We conducted an interview with the Founder and CIO of CryptAM, a Fintech firm that offer high net-worth and institutional investors access and diversification into the digital asset market. He also shared with us his views and insights on the current digital asset landscape.
IBM Blockchain in Action: What are the Benefits?
In first and second parts of our interview with Alan Lim, the Program Director of IBM Blockchain Lab in the Asia Pacific, we explored the idea of data standards to improve the supply chain industry, as well as the IBM Food Trust, a food provenance network that allows food products to be traced and tracked. Digging deeper into IBM Blockchain, what else has the company been working on?
Exclusive: Deloitte Blockchain Lab on the Three Areas of Collaborations with HKMA
We were delighted to interview Dr. Paul Sin, leader of the Deloitte Asia Pacific Blockchain Lab, who shared with us its development goals and the collaborations with HKMA across the Greater Bay Area and Europe.
MasterCard Asia Files Device Billing System Patent Compatible With Iota’s Tangle Network
MasterCard patents blockchain system to help shared device merchants avoid credit card fees.
Twitter CEO Endorses Bitcoin For Black America
According to his tweet on February 23rd, while promoting the book discussing Bitcoin’s huge potential benefits to the African-American community, Jack Dorsey, CEO of Twitter who is no stranger to controversies in the media, used the fanbase of his Twitter platform for this cause.
Sale of Asian Exchange Data Could Create Revenue Stream of $4.23 Billion Per Year Says Leading Strategy Consultants
Quinlan & Associates, a leading independent strategy consultancy released a report exploring how Asian exchanges can monetize the large volumes of exchange data.
Thai Government Announces Blockchain Technology Adoption in Finance Agencies to Enhance Work Efficiency
The Thai government has remained visible as one of the leading governments committed to adopting blockchain technology. Many innovations concerning blockchain use cases can be learned from the government.
China’s First National Level Blockchain Cross-Border Financial System Goes Live
China Guangfa Bank (CGB), a major Chinese bank, has officially launched the blockchain-based cross-border financial service platform on June 15, with the guidance of the Guangdong Branch of the State Administration of Foreign Exchange.
RBL Bank Partners with Accenture to Build A Digital Bank Infrastructure
RBL Bank announced that it will partner with Accenture, who envisions that it will enhance the bank’s information technology (IT) network and services.
Coinbase CEO Armstrong and Tech Giant Apple Butt Heads over Crypto and dApps
Coinbase CEO Brian Armstrong has voiced his disappointment over Apple’s lack of flexibility on decentralized applications (dApps) operating on its App store.
European Commission Blockchain Report: The 3 Key Takeaways
Since the inception of Bitcoin, much hype and public attention have followed the development of cryptocurrencies their value being dismissed by many while others have become hoarders of crypto. Away from the uncertainty of cryptocurrency future value, one aspect of the technology is now squarely in the limelight—the blockchain platform or distributed ledger technology that make the currencies possible.
South Korean Bank, KB Kookmin, Shares Blockchain Strategy
KB Kookmin, a major South Korean bank, is planning to adopt blockchain technology into its internal processes.
Islamic Development Bank to Create Blockchain Smart Credit Platform with Samsung's Blocko
The Islamic Research and Training Institute partnered with Samsung backed Blocko to develop a functional Credit Management System for Saudi Arabia.
Samsung Adds New Crypto Feature to Their Devices with “Stellar” Blockchain
Samsung device users can now securely store the private keys of their cryptocurrency wallet on their phone, with a recent add-on feature by the Stellar Development Foundation (SDF).
Why is Blockchain Technology Revolutionizing the Banking and Finance Market?
As technology continues to evolve year after year, it becomes glaring that it is gradually sweeping every productive sector in the world, more importantly, finance and banking. This is so because the sector is about the most sensitive in every economy. It’s got to be, right? Money is important and needed by everyone – one way or another.
Blockchain Devices Market to Grow by $1.285 Billion by 2024
Recent research by MarketsandMarkets shows a CAGR of 42.5% for blockchain devices market by 2024. The study was filtered through their report, “Blockchain Devices Market by Type (Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices, & Others), Connectivity (Wired & Wireless), Application (Personal & Corporate), and Geography - Global Forecast to 2024.”
Platypus Launches Native Stablecoin USP
Platypus Finance is launching USP, a protocol-native stablecoin. USP’s deployment has emerged from Platypus’ goal of improving capital efficiency for its users. USP also resolves long-running collateral issues associated with stablecoins. The native Platypus Finance stablecoin has been designed to reduce the liquidity fragmentation and scattered assets that are endemic to many protocols.
OMG Announces Kaiko to Expand Financial Instruments Global Identifier (FIGI) Standard for Crypto Assets
BOSTON, MA – JANUARY 20, 2021 - Financial Instruments Global Identifier® (FIGI®) is an open standard for the issuance of unique identifiers that can be assigned to financial instruments including common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products.
Thetanuts Finance Launches Stronghold Vaults With Organic Yield Generation & Risk Diversification
Thetanuts Finance, a structured DeFi platform that simplifies the process of options trading, today announced the launch of the Thetanuts Stronghold index vault, a new trading product that offers non-inflationary return opportunities, thoughtful risk management and a radically simpler user experience.
The J’JO Investment Service Will Be Launched in Mid-May
A startup headquartered in Estonia is launching the J'JO Investment Service, which aims to provide ordinary users the opportunity to professionally invest in the cryptocurrency market.
Metis Launches The First-Ever Community-Minted NFT
Blockchain company Metis has announced today a launch of the first-ever community-minted non-fungible token (NFT), called “Rebuilding the Tower of Babel.”
Blockchain Finance Forum: Europe 2021
The Forum will count on 30+ expert speakers from well-known organisations like the European Commission, Swiss National Bank, European Banking Federation, the British Blockchain Association, European Blockchain Partnership, Deutsche Bank, Aviva and many more
The Nascent Primary Market of Security Token Offerings
Now that the ICO market bubble ebbed away security token offerings (STOs) have emerged, allowing investment in regulated securities recorded on a blockchain according to new research from the Oxford Faculty of Law
Bexplus Launches Up to 30% Interest Wallet, 100% Bonus Activity
With Bitcoin retake $19,000, the crypto market has gone wild. While the recovery of the global economy is stalled, the crypto market has seen large influxes of capital and investors. By the end of November, the total market capitalization of cryptocurrency has surpassed $500 billion.
Primex Finance Introduces Beta 0.3.0 App With Deployments to Polygon Mumbai and zkEVM Testnets
Cross-chain prime brokerage protocol Primex Finance rolls out a major update to its application. Launching in two stages, Beta 0.3.0 introduces a variety of new features, as well as improvements and fixes of existing functionalities.
Crypto Exchange Web Traffic Hit 473.3 Million Visits in October
More participants are eyeing the cryptocurrency sector, given that the crypto exchange web traffic has witnessed a 15.5% increase month-on-month (MoM).
Google Finance Pushes Crypto Further into Mainstream with Bitcoin, ETH, LTC Tabs
Crypto prices may be falling but mainstream interest is certainly rising as Google Finance adds a dedicated "Crypto" tab to monitor Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Argentina Believes in Bitcoin and Cryptocurrency as Most Effective Hedge Against Inflation, Paxful Survey
Over 70% of Argentines see cryptocurrency, particularly Bitcoin as the most effective way to hedge against inflation and store financial value
Different Stances on Cryptocurrency Risk Revealed, Many Still Link Crypto to Cyber Fraud
Findings revealed that banks, governments, and cryptocurrency professionals were divided in their stance on digital currencies.
Russian Citizens Are Using P2P Bitcoin Markets to Escape Monolithic Banking System
Crypto usage is growing in Russia, despite attempts by the government to make investment more difficult.
Covid-19 and DeFi — TokenInsights Releases Q2 2020 Report on Decentralized Ecosystem
TokenInsights has released their Q2 2020 DeFi industry report to shed some light on the fast-moving Decentralized Finance (DeFi) ecosystem and how it withstood the onslaught of the COVID-19 market.
BaaS Market Expected to Hit $15.8B by 2026, Driven by High Immutability & Secure Decentralization
The global blockchain-as-a-service (BaaS) sector is anticipated to reach $15.8 billion by 2026 from the current $2.31 billion.
Crypto is Becoming the Lifeline for Ordinary Russians, Coinbase CEO Says
Meanwhile, as the war between Russia and Ukraine ravages, Coinbase CEO Brian Armstrong believes that cryptocurrencies are emerging as the lifeline for Russians as the nation faces heavy sanctions.
Alibaba Founder and China's Richest Man Jack Ma: Digital Currency Could Redefine Money
Alibaba founder and China's richest Jack Ma says digital currency could redefine money and digital currency is the core of future finance.
Alibaba Founder Jack Ma Criticizes Current Financial Regulations
Alibaba founder Jack Ma highlights the importance of fintech innovations over regulations.
Maple Finance Loans $300m to help Struggling Bitcoin Miners
The lending fund is designed to support crypto mining firms impacted by the market downturn.