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Crypto Exchange Regulation Check

Parallel Finance wins Polkadot’s fourth parachain slot auction with $300 million raised

Parallel Finance announced winning Polkadots fourth parachain slot, with contributions totaling 10,75 million DOT–equating to roughly $300 million.　　In order to win the auction, contributors and investors vote by staking Polkadots native cryptocurrency, and with more than 30,000 supporters, the DeFi lending protocol secured its place in the expanding ecosystem.Parallel Finance secures its lease　　Parallel Finance joins the league of Polkadot parachain slot auction winners–Acala, Moonbeam, and Astar.　　The lending protocol surfaced as the third-largest DOT contributor to Polkadot parachain auctions–ahead of Astar, which won the third Parachain auction by raising 10,33 million DOT.　　In the first and second parachain auction Acala and Moonbeam raised 32,51 million DOT, and 35,75 million, respectively.　　Parallel Finance will be onboarded at block #8179200 on December 18, at the beginning of lease six with the other first five auction winners. 　　Polkadot parachains are individual, but interconnected Layer-1 blockchains. 　　Connected to and secured by the main relay chain via slots, parachains benefit from Polkadots security, scalability, interoperability, and governance.　　Slots on the relay chain are leased for up to 96 weeks at a time–with the renewal option. New financial primitive for staked DOT　　Parallel Finance (PARA) represents three decentralized Polkadot-powered protocols–leveraging lending/borrowing, staking, as well as fundraising products. 　　The platforms new financial

2021-12-11Deep Dive

Polygon reveals acquisition of zk proofs project Mir in $400 million deal

Polygon has revealed an acquisition deal that will see the Ethereum Layer-2 platform buy Predictive Labs and its Mir blockchain in a $400 million deal.　　Developers Predictive Labs specialize in zero-knowledge roll-up technology, which is gaining traction as a viable privacy and scaling solution.　　With one eye on the future, the deal forms part of Polygons wider strategy to reduce Ethereum gas fees and speed up its transactions.　　But with so many Layer-2s, for example, in Arbitrum, Optimism, and Immutable-X, to name a few, is the Ethereum ecosystem getting overcrowded？Polygon hosted the zk Summit　　Polygon hosted the zk Summit on Thursday, which they billed as the leading space to discuss zero-knowledge technology.　　Zero-knowledge refers to a verification method in which one party (the prover) can prove to another (the verifier) that a statement is true without revealing information about said statement.　　There are variations to this, such as zk-SNARKs, in which the prover and verifier dont need to interact, thus fostering greater privacy and security.　　In the run-up to the summit, much was made about a major announcement to be revealed. In turn, this fueled significant speculation over Polygons future plans.　　The big reveal turned out to be the acquisition of zk specialists Predictive Labs. Polygon will pay

2021-12-11Deep Dive

WhatsApp launches crypto payments pilot powered by Meta’s digital wallet

Meta Platforms cryptocurrency wallet, dubbed Novi, will enable sending and receiving money through the popular messaging app–WhatsApp.　　WhatsApp is a unit of Meta– a tech giant formerly known as Facebook.　　The pilot program is open to a limited number of users in the US, according to Novi head Stephane Kasriel, who announced the launch on Twitter.Testing transactions　　“Using Novi doesn‘t change the privacy of WhatsApp personal messages and calls, which are always end-to-end encrypted,” according to Kasriel, who added that the pilot will be extended following the users’ feedback.　　The payments feature is included in WhatsApp as a new attachment option, and there is no cap on the number of transactions that can be made through the messaging app.　　Users can include payments to messages–“without ever leaving a WhatsApp chat”–in a similar way they do with photographs–tapping the “+” icon and selecting “Payment” from the menu.　　Novi wallet is designed for transferring money instantly and with no fees, with payment made through USDP–a stablecoin issued by blockchain trust company Paxos, which is pegged to the US dollar.Turbulent launch　　Metas cryptocurrency strategy has changed since the company first announced its plans in 2019.　　Initial plan was to develop a cryptocurrency called Libra, which was supposed to be linked to

2021-12-10Deep Dive

Gaming, Solana, the metaverse, and Bitcoin above $100K: The market predicts what’s in store for 2022

A new report from trading platform CoinList analyzed the future of the crypto industry following a survey of almost 5,000 of its users.　　Respondents weighed in on everything from the dominance of specific blockchain platforms to use cases for NFTs and showed that the market has its hopes set pretty high for 2022.The market believes we‘re heading towards an exciting year　　In its end-of-the-year crypto report, token issuance platform CoinList surveyed nearly 5,000 of its community members, who shared their predictions on Bitcoin’s price, Layer-1 platforms, use cases for NFTs, and everything in between.　　CoinList enables users to buy, trade, and earn new crypto assets before they list on other exchanges. It was among the first platforms to offer users novel cryptocurrencies such as Filecoin (FILE), Flow (FLOW), and Solana (SOL) and was, at least in part, responsible for the rise in popularity they saw in the past year.　　When asked what type of projects they would like to see more of on CoinList next year, the majority of users said gaming. The same enthusiasm was applied to decentralized finance, with over 52% of the surveys respondents saying they would like more DeFi tokens available.　　Trailing closely behind were NFTs, with 41.6% of its users

2021-12-10Deep Dive

NIGERIAN YOUTHS DABBLE INTO FOREX AND CRYPTO TRADING AS THE UNEMPLOYMENT RATE INCREASES

It is quite a sad situation in Nigeria, the most populated country in Africa, as the unemployment rate among her youths soars. Getting a degree and not knowing what to do with it is becoming a norm in Nigeria. Most parents work hard to sponsor their children to tertiary institutions, but not getting a job or getting a mediocre job has become rampant in Nigerian society. The gap between the haves and have-not is increasing daily, and the Nigerian government has turned a blind eye to it.　　Universities and Polytechnics admit over 2 million students per year in Nigeria, and they produce over 600,000 employable graduates yearly. That is also an addition to the number of unemployed youths in the previous years. The unemployment rate keeps skyrocketing year in year out. According to Trading economics, the youth unemployment rate as of December 2020 is 53.40%. That means more than half of the Nigerian Youths are unemployed. And that is different from those that are underemployed, working 20 - 39 hours per week. The report from the Nigerian Youth Employment Action Plan 2021-24 of the Federal Ministry of Youth and Sports Development published in August 2021 indicated that as of 2020 (Q2),

2021-12-10Deep Dive

THE ADOPTION OF CRYPTOCURRENCY IN AFRICA

The adoption of cryptocurrencies in Africa has provided a suitable alternative to both traditional intra-regional and international payments. Transfer fees that remain higher in Africa than in the rest of the world have been greatly reduced by the use of cryptocurrencies. Although cryptocurrencies do incur a fee, it is far lower than what banks charge. The universal access to cryptocurrency networks via mobile phones makes these digital assets more convenient than rigid traditional banking and money-wiring services.　　The ease that cryptocurrencies brought into the payment system made it possible for rapid adoption in Africa. Traditional banks are charging a higher fee for both local and international transfers, and the long wait in the queue makes it even more tiring. Once a suitable option for payment transfer shows up, which of course is cryptocurrencies, its adoption increases rapidly.　　Although Africa captures only 2 percent of the global value of all cryptocurrencies received and sent, making it the worlds smallest cryptocurrency economy, the rising prominence of this innovative form of money is altering traditional financial flows to and from the continent.　　According to the Chainalysis 2021 Global Crypto Adoption Index published in August, global adoption of crypto assets has jumped by over 2,300 percent since

2021-12-10Deep Dive

Gaming, Solana, the metaverse, and Bitcoin above $100K: The market predicts what’s in store for 2022

A new report from trading platform CoinList analyzed the future of the crypto industry following a survey of almost 5,000 of its users.　　Respondents weighed in on everything from the dominance of specific blockchain platforms to use cases for NFTs and showed that the market has its hopes set pretty high for 2022.　　The market believes were heading towards an exciting year　　In its end-of-the-year crypto report, token issuance platform CoinList surveyed nearly 5,000 of its community members, who shared their predictions on Bitcoins price, Layer-1 platforms, use cases for NFTs, and everything in between.　　CoinList enables users to buy, trade, and earn new crypto assets before they list on other exchanges. It was among the first platforms to offer users novel cryptocurrencies such as Filecoin (FILE), Flow (FLOW), and Solana (SOL) and was, at least in part, responsible for the rise in popularity they saw in the past year.　　When asked what type of projects they would like to see more of on CoinList next year, the majority of users said gaming. The same enthusiasm was applied to decentralized finance, with over 52% of the surveys respondents saying they would like more DeFi tokens available.　　Trailing closely behind were NFTs, with 41.6% of its users

2021-12-10Deep Dive

51% of Firms are Planning to Digitize Payments Within the Next Few Months

Frustrations over delayed payments are on the rise, prompting businesses to upgrade their B2B transactions and other payment processes. In fact, 51% of firms are planning to digitize their payments within the next few months, according to the Next-Gen Digital Payments Report, a PYMNTS and Transcard collaboration.　　Get the report: Next-Gen Digital Payments Report 　　Integrating enterprise resource management (ERP) systems and other tools that allow businesses to manage their payments more carefully and introducing swifter transaction methods, such as account-to-account (A2A) payments or embedded finance, could help businesses remove frictions from their accounts receivable (AR) and accounts payable (AP) processes.　　“Embedded payment solutions seamlessly connect legacy software and ERP application, banks, payment rails and cloud-based services to facilitate the digital, touch-free exchange of currency and data between trading partners,” Transcard CEO Greg Bloh told PYMNTS.　　Streamlining B2B Payments 　　More companies are beginning to take a broader interest in ERP systems potential benefits in this regard. PYMNTS data found that 65% of businesses with annual revenues between $25 million and $100 million claimed that their lack of access to an integrated ERP system was holding them back from their digitization goals.　　So, the hunt is on for solutions and technologies that can help streamline B2B

2021-12-10Deep Dive

Ubisoft Launches Digits, the First AAA-level Game Energy-saving NFT

Rennis, France-based Ubisoft, a video game developer and publisher launches a platform called “Digits” on its own Ubisoft Quartz NFT platform, stepping into the field of encrypted NFT.　　The game titan said it will launch a Ghost Recon Breakpoint beta version for PC players on Ubisoft Connect this week.　　The official Twitter claims to bring the first energy-saving NFT that will be displayed in AAA games into the Ghost Recon Breakpoint beta. According to Ubisoft, users of the beta version will receive three cosmetics for free, starting from Thursday, December 9.　　The statement shared on the Ubisoft website stated that players could obtain Digit, a collection of Ubisofts game world, the first NFT that runs energy-saving technology in a AAA game.　　AAA is a division in the video game industry, which refers to games with high production costs and high marketing costs. The marketing cost is also a huge expense, and the promotion cost may even exceed the cost of making the game itself.　　The first three digits will be awarded to early adopters for free on December 9, 12, and 15. Some of the equipment numbers in the game will be issued in limited and limited editions in the United States and Canada on

2021-12-10Deep Dive

Investors Should Not Receive Compensation for Crypto Losses, Says FCA’s CEO

Nikhil Rathi – CEO of UKs top financial regulator FCA – proposed that the British government should not pay compensations to individuals investing in cryptocurrencies in case of a loss.　　Digital assets have been employed in criminal activities, and investors dealing with them “must be ready to lose all of their money,” the top exec opined.　　The UK Needs to ‘Draw Some Pretty Clear Lines’　　The Chief Executive Officer of the FCA – Nikhil Rathi – addressed his proposal to the Treasury Committee when asked about his view on the cryptocurrency industry in the United Kingdom. He said bitcoin and the altcoins had been a “vector for serious organized crime” and money laundering, and investors must be aware of those risks before entering the market.　　As such, the Financial Services Compensation Scheme (FSCS) should no longer reimburse those who have lost sums when dealing with the asset class:　　“I would suggest we simply say that anything crypto-related should not be entitled to compensation, that consumers are clear about that when they are investing.”　　The FSCS is the British statutory deposit insurance and investors compensation scheme for customers of authorized financial services firms. This means locals are eligible to receive some reimbursements if they have become victims

2021-12-10Deep Dive
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