crypto blog
British government looking to limit risk of stablecoins
The British government wants to tackle the risks of, among other things, stablecoins. That’s not surprising, given the chaos that Terra’s stablecoin (UST) has caused. A document issued by the UK Treasury Department states that existing ‘regulatory regimes’ can be applied to unregulated digital payment instruments. Managing risks In the new document, released Tuesday, the ministry proposed using existing regulatory regimes to mitigate the risks posed by stablecoins and other crypto. The document started on a positive note. Namely, by reiterating the UK government’s commitment to crypto innovation. In addition, it was also highlighted that stablecoins must be recognized by law. While the collapse of UST probably played a large part in the creation of this document, it is not mentioned anywhe...
ADA, AVAX, and SOL: why these altcoins have huge potential for growth
Avalanche (AVAX), Cardano (ADA) and Solana (SOL) are the best altcoins you can get at the start of June, 2022. Each crypto project has undergone numerous developments, all of which can contribute to the growth. AVAX announces TheDeFimons, Lagon launches USDC Ethereum-Cardano bridge, Big Dapper for Solana Mainnet-Beta. Avalanche, Cardano, and Solana are some of the best altcoins that you can get with huge potential for growth. On May 31, 2022, Avalanche announced that Moon Studios would bring TheDeFimons, which is a play-to-earn (P2E) pixel-art MMORPG, to Avalanche. On May 25, 2022, Lagon launched its Ethereum-Cardano bridge for the second-largest stablecoin, USDC. On May 27, 2022, the Big Dipper for Solana Mainnet-Beta went live. Users were given the opportunity to start explor...
Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption
Binance Labs, the investment arm of crypto giant Binance, launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape. Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth. Sharing his take on accelerating the adoption of the crypto ecosystem, Changpeng “CZ” Zhao, CEO of Binance, revealed the importance of a connection between values, people and economies: “The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, metaverse, social, and more.” Binance Labs was established in...
Goldman Sachs reportedly eyes crypto derivatives markets with FTX integration
Goldman Sachs, one of the leading investment banks in the United States is reportedly trying to onboard some of its derivatives products into FTX.US crypto derivatives offerings. Goldman Sachs has been in talks with FTX over regulatory and public listing help, and aims to expand into crypto derivatives offering by leveraging some of its own derivatives tools and services, reported Barron’s. FTX.US, the U.S. subsidiary of global cryptocurrency exchange FTX is currently seeking to offer brokerage services for its derivatives offerings. This would allow the crypto exchange to handle the collateral and margin requirements internally rather than depending on “futures commission merchants” (FCMs). FTX.US president Brett Harrison said: “We have multiple FCMs already committed to integrating ...
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...
