Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
Tether’s reported bank partner Capital Union shares its crypto strategy
Capital Union, a Bahamas-based bank that reportedly holds a portion of reserves by the Tether (USDT) stablecoin issuer, has been itself actively involved in the cryptocurrency industry. The banking institution has rolled out crypto trading and custody services to its professional clients as part of the bank’s trading desk, a spokesperson for Capital Union told Cointelegraph on May 31. “We work with a few selected trading venues and liquidity providers and a handful of custodians and technology providers, which allows us to support a large variety of digital assets as part of our trading and custody services,” the firm’s representative said. Capital Union’s crypto-related services still represent a “fairly small portion” of its business, which is mainly focused on providing...
Computer scientists and academics pursue efforts to stop crypto lobbying in US
Anti-crypto technology experts urged United States lawmakers to resist the influence of pro-crypto lobbying efforts. Bruce Schneier, a lecturer at Harvard, reportedly said that blockchain advocates’s claims are “not true.” He added that the technology is not secure and not really decentralized. According to Schneier, systems where you can “lose your life savings” when you forget your password is “not a safe system.” Along with other computer scientists and academics, Schneier signed a letter criticizing crypto and blockchain and sent it to U.S. lawmakers in Washington. Software developer Stephen Diehl supports the idea and also signed the letter. Diehl noted that the letter is an effort for counter lobbying since crypto supporters only “say what th...
Chain (XCN) ignores the wider market downtrend by rallying 100%+ over the past month
May was an incredibly challenging month for the cryptocurrency market as the majority of tokens booked heavy losses as a bear market was confirmed, but not every project dropped back to pre-bull market lows. Chain (XCN), a protocol designed to help organizations launch their own blockchain network or connect with other more established networks, has managed to rally more than 120% since May 19. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.0712 on May 11, XCN has reversed course to hit a record-high at $0.176 on May 31. XCN/USDT 4-hour chart. Source: TradingView The three reasons for the strong showing from XCN are multiple exchange listings, launching on BNB Chain and several notable partnerships, including a long-standing collabo...
In the wake of Terra’s collapse, South Korea plans new crypto oversight committee: Report
The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its creator, was the most concerned country of them all. Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday that it would launch a new Digital Asset Committee in early June, according to local news outlet NewsPim. According to the report, the committee will serve as a watchdog over the crypto industry and will be responsible for policy preparation and supervision — that is, until the forthcoming Framework Act for Digital Assets is enacted and a formal government entity devoted to crypto is established. The committee is an expansion and reorganization of an existing b...
Aussie banks ANZ and NAB won’t ‘endorse’ retail speculation on crypto
Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financial well-being.” Speaking at the Australian Financial Review Banking Summit on Tuesday Maile Carnegie, executive for retail banking at Australia and New Zealand Banking Group (ANZ), said that from speaking to retail customers, she believed “the vast majority of them don’t understand really basic financial well-being concepts.” “Are we really going to make it easier and less friction and implicitly endorse speculating on crypto when they don’t understand basic financial well-being? The answer was no.” Carnegie said ANZ had considered a cryptocurrency product from as early as 2017, adding she was...
Optimism airdrop overwhelmed by all-time high demand: ‘Scaling is hard’
Ethereum layer-2 scaling solution Optimism has been overwhelmed with “all-time high demand” following the launch of its highly anticipated airdrop on Wednesday. Users racing to collect their tokens were greeted with failed or delayed transactions as the Optimism team raced in the background to add additional capacity to the network. As previously reported in April, Optimism is airdropping the new OP governance token — over multiple phases — alongside the launch of a decentralized autonomous organization (DAO) dubbed “The Optimism Collective.” Nearly 250,000 addresses are able to receive the airdrop, with the eligibility set for Optimism early adopters and regular Ethereum users, such as DAO voters, multi-sig signers and bridge users. According to Optimism Status, the mainnet...
Tron surpasses $6 billion in TVL, closing in on second-ranked Binance Smart Chain
The Tron network aims to optimise performance despite being rated higher than dominant Ethereum and Bitcoin in terms of transaction processing speed The recent massive growth of the TRX token has been attributed launch of their algorithmic stablecoin USSD, which has seen great adoption levels Tron, the blockchain outfit associated with Justin Sun, has proven to be a worthy investment based on recent market performance. It has not only survived the turbulence that digital assets have been going through but also thrived amidst the prevailing bearish sentiments. In the last two weeks, the total value locked on the Tron blockchain has grown from $4.19 billion (May 17) to an impressive $6.06 billion at the time of writing. This swell, coming against the general market weather, has seen th...
MoneyGram partners with Stellar to build a stablecoin-fiat transfer platform
The US-based financial service company is intent on capitalising on emerging market’s potential as most remittance recipients are out of the country The growth in demand for stablecoins matched with the increase in supply over the past year could be a likelihood of success The cross-border payments and money transfer giant MoneyGram has revealed its ambition to bridge the gap existing between traditional finance and crypto by providing money transfer services. The firm announced on Sunday a strategic partnership with the Stellar blockchain to build a platform that will allow users of the Stellar wallet to send the USD Coin to other users who can then cash out in fiat. This stablecoin-based platform provides users an avenue to convert stablecoins to fiat currencies. In an interview with Blo...
MetaBlaze Crypto Presale- Second ICO Round is Now Open to The Public
Tortola, British Virgin Islands, 31st May, 2022, Chainwire MetaBlaze, a blockchain gaming company, has raised over $2.1M during its Initial Coin Offering, reaching its fundraising goal within three days. MetaBlaze opens the second round of its ICO with a current holder count of 2,000 wallets. MetaBlaze aims to set a new standard in the world of web 3. MetaBlaze differentiates itself from other blockchain gaming projects by combining key elements from the two fastest-growing crypto categories, GameFI (Gaming Finance) and DeFi (Decentralized Finance). MetaBlaze (MBLZ) token is a deflationary, multi-chain crypto coin built on the Binance Smart Chain and Ethereum Blockchain. MBLZ token has versatile functionalities and is designed to serve as the native currency within its gaming metaverse. MB...
DeFi isn’t dead, it just needs to fix these 3 critical problems
The persistent challenges faced by decentralized finance have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let’s take a look at what experts say DeFi needs to do to have another revival. Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and a lack of clarit...
Basel Committee presses on with restrictive requirements for banks’ crypto holdings
The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention of finalizing guidelines on the prudential treatment of crypto exposure by banks by year-end. In a Tuesday press release, the committee issued the following statement, which was likely in reference to the recent collapse of the Terra ecosystem: “Recent developments have further highlighted the importance of having a global minimum prudential framework to mitigate risks from cryptoassets.” The committee began consultations on the banking sector’s risk exposure to cryptocurrency in 2021 and published a paper on its findings at that time. The committee divided crypto assets into...
UN agency head sees ‘massive opportunities’ in crypto: WEF 2022
The United Nations is smitten with distributed ledger technology (DLT). In a conversation with Cointelegraph at WEF 2022, United Nations International Computing Centre (UNICC) director Sameer Chauhan explained the “massive opportunities” he sees in cryptocurrencies. [embedded content] A former traditional finance executive and head of the UNICC since 2018, Chauhan has seen the rise and fall of cryptocurrency markets. He shared that groups such as the Bank for International Settlements (BIS) do not want to “miss the boat” when it comes to DLTs. Chauhan explained that cryptocurrencies are neutral technologies: “It’s a tool. You could use it for good or you could use it for profiting—which is not bad. […] In the future, crypto will be a very strong component of how the world interacts a...
