crypto blog
Singapore MAS proposes to ban cryptocurrency credits
The Monetary Authority of Singapore (MAS) is introducing proposals to better regulate the cryptocurrency industry in the aftermath of the bankruptcy of the Singaporean crypto hedge fund Three Arrows Capital (3AC). The central bank of Singapore has issued two consultation papers on proposals for regulating the operations of digital payment token service providers (DPTSP) and stablecoin issuers under the Payment Services Act. Published on Oct. 26, both consultation papers aim to reduce risks to consumers from crypto trading and improve standards of stablecoin-related transactions. The first document includes proposals for digital payment token (DPT) services or services related to major cryptocurrencies like Bitcoin (BTC), Ether (ETH) or XRP (XRP). According to the authority, “any form of ...
The UK has a new name for stablecoins and a new bill to regulate crypto
The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin (BTC) cryptocurrency and “digital settlement assets” in the country. The Bill, proposed on Oct. 18, suggested would propose “A range of measures to maintain and enhance the U.K.’s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country.” The Bill reasserts the U.K.’s intention to become a global cryptocurrency hub, comments echoed by Dr. Lisa Cameron, Member of Parliament and the chairperson of The Crypto and Digital Assets All-Party Parliamentary Group. In an exclusive interview with Cointelegraph over the weekend, she explained that crypto is on the lawmakers’ radar, although there is...
Chinese agents used Bitcoin transactions through Wasabi to allegedly bribe US government employee
The United States Department of Justice has announced charges against two Chinese intelligence officers who allegedly bribed a double agent with Bitcoin. In an Oct. 24 announcement, the Justice Department said Guochun He and Zheng Wang attempted to obstruct the prosecution of an unnamed global telecommunications company based in China, which allegedly involved paying a U.S. government employee roughly $61,000 in bribes using Bitcoin (BTC). However, the individual was a double agent working on behalf of the Federal Bureau of Investigation and did not move against authorities in the Eastern District of New York in the case against the China-based company. According to an analysis by cryptocurrency risk management firm Elliptic, He and Wang used Wasabi Wallet to conceal the BTC transactions a...
After Mango Markets exploit, Compound pauses 4 tokens to protect against price manipulation
Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform, aiming to protect users against potential attacks involving price manipulation, similar to the recent $117 million exploit of Mango Markets, according to a proposal on Compound’s governance forum that was recently passed. With the pause, users will not be able to deposit Yearn.finance’s YFI (YFI), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR (MKR) as collateral to take loans. The proposal passed on Oct. 25 with 99% of all voters in favor. It stated: “An oracle manipulation-based attack analogous to the one that cost Mango Markets $117m is much less likely to occur on Compound due to collateral assets having much deeper liquidity than MNGO and Compound requiring loans...
Potential US ban is a reminder that influencers should dump TikTok
With a recent proposal by a member of the United States Federal Communications Commission (FCC) to ban TikTok, influencers are scrambling. If the FCC makes good on the ban, TikTok creators could lose their fanbases and revenue streams overnight. People are often skeptical about Web3, many of them influencers and digital content creators. Notably, many of those most reluctant to embrace Web3 are very successful on Web2. Since they’ve mastered monetization on popular Web2 platforms such as TikTok, Twitch and others, why bother learning the rules of a new game? The current regulatory debate around restricting TikTok in the U.S. provides a salient example of the risks associated with Web2 platforms, and why embracing Web3 can both benefit and protect influencers and their fans. The value add o...
Almost 50% of Gen Z and Millennials want crypto in retirement funds: Survey
Nearly half of Gen Z and Millennials want to see crypto become a part of their 401(k) retirement plans, according to an October survey from United States asset manager Charles Schwab. Asking participants what they would like to see added to their 401(k) retirement products, the firm found that 46% of Gen Z and 45% of Millennials said they “wish” they could invest in cryptocurrencies as part of their retirement planning. It shouldn’t come as a surprise, as the survey also found that 43% of Gen Z and 47% of Millennials are investing in cryptocurrencies outside their 401(k) already, which could suggest the group’s affinity for the asset class. The asset manager surveyed 1,100 401(k) retirement plan participants aged between 21 to 70 to complete the 10-minut...
New Emerging Business Opportunities in the Metaverse – A Focus on Metacade
It’s expected that the metaverse will revolutionise the gaming industry as we know it. As this happens, many metaverse business opportunities will begin to present themselves, and now is the time for companies to start thinking about how to position themselves in the exploding gaming sector. One project tipped to play a pivotal role in the future of metaverse gaming is Metacade. In this article, we’ll be exploring what novel metaverse business opportunities Metacade could create and why you should start looking into it as a serious option for the future. Why Invest in the Metaverse? Before we can start examining why you should consider investing in Metacade, we need to explain why the metaverse is worth investing into in the first place. The metaverse is expected to grow from a $100 billio...
SandStorm Launches On-Demand Metaverse Builds with 5 Virtual World Partners
Tampa, FL, Florida, 30th August, 2022, Chainwire The largest metaverse builder community SandStorm has launched its self-serve build proposals, making it easier for brands to hire on-demand builders. SandStorm is a builder marketplace that currently spans 5 virtual worlds and eventually plans to expand across the entire open metaverse. Through direct partnerships with virtual worlds, they’ve enabled brands to release build proposals onto the marketplace where thousands of verified builders can bid for the work. The release of self-serve proposals positions SandStorm to be a key pillar for virtual real estate construction and scale alongside the entire open metaverse market. Lowering the barrier to entry for brands to hire creators is a foundational step forward to provide more work for the...
US lawmakers question regulators over ‘revolving door’ with crypto industry
Several Democratic members of the United States Senate and House of Representatives have requested information from top regulators and agencies in the country regarding crypto firms hiring government officials upon their departure. In letters dated Oct. 24 addressed to the heads of the Securities and Exchange Commission, Commodity Futures Trading Commission, Treasury Department, Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Consumer Financial Protection Bureau, five U.S. lawmakers asked for a response in regard to the steps the government departments and agencies were taking “to stop the revolving door” between themselves and the crypto industry. Senators Elizabeth Warren and Sheldon Whitehouse and Representatives Alexandria Ocasio-C...
Sub-$20K Bitcoin price puts BTC miner profits under pressure as hash rate soars
October witnessed a surge in Bitcoin’s (BTC) hash rate which is pushing the metric to a new high of 245 Exahashes per second. These changes led to a sharp decrease in the hash price, resulting in a drop in the profit margins for BTC miners reaching a low of $66.8 USD/PH (per one quadrillion hashes per second) on Oct. 24, 2022. According to Luxor Technologies, “hashprice” is the revenue BTC miners earn per unit of hash rate, which is the total computational power deployed by miners processing transactions on a proof-of-work network. Hashprice Index. Source: Hash Rate Index Not only has volume been inconsistent, the Bitcoin hash rate increased last week to an average of 269 EH/s. This means the difficult hash rate has been rising since July 2022. Bitcoin market price vs Bitcoin difficulty. S...
Western Union may be planning to expand its digital offerings far beyond remittances
Western Union may be preparing to offer crypto-related services, judging from trademark applications filed by the company last week. This is the latest of several attempts the company has made to enter the cryptoverse. So far, it has had limited success. Western Union filed for three trademarks on Oct. 18. According to trademark attorney Mike Kondoudis, activities covered by the applications include managing wallets; exchanging digital assets and commodities derivatives; issuing tokens of value and brokerage and insurance services. Western Union is a major provider of cross-border remittance services, and it showed its interest and uncertainty in cryptocurrency early. It partnered with Ripple to settle payments of remittances in 2015, but that partnership remained in the test phase three y...
MakerDAO community votes to approve custody of $1.6B USDC with Coinbase
Institutional prime broker platform for crypto assets Coinbase Prime announced on Oct 24th that it had entered into a partnership with MakerDAO — the largest single holder of USDC — to become a custodian of $1.6 billion worth of the stablecoin. The MakerDAO community voted to approve this custodianship which will allow its community to earn a 1.5% reward on its USDC while holding funds with a leading institutional custodian. The program described the following yield schedule for the USDC onboarded by @MakerDAO: • 1% APY on the first 100 million USDC. • 0.1% more APY on each 100 million USDC thereafter. • Rewards are not to exceed 1.5% APY. 3/ — Maker (@MakerDAO) October 24, 2022 According to Coinbase Prime, this move will not only accrue tangible benefits to the MakerDAO community but also...
