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Crypto Exchange Regulation Check

Bill Gates: Office Meetings Will Be In the Metaverse Within Three Years

The year is 2024 and most of your office meetings will take place in the metaverse, according to Microsoft co-founder Bill Gates.　　Gates predicts that office jobs will be revolutionized by the Metaverse, adding that virtual meetings will go from 2D images like the “Hollywood Squares model” to full-on 3D avatars, the tech billionaire said in a year-end note on Thursday.　　“The idea is that you will eventually use your avatar to meet with people in a virtual space that replicates the feeling of being in an actual room with them,” Gates said.　　The 66-year-old, who stepped down from the companys board in 2020, said that most people will have an avatar they can interact with online.　　These avatars can meet in virtual spaces to connect, allowing coworkers to share virtual offices from thousands of miles away via virtual reality headsets and motion capture gloves “to accurately capture your expressions, body language and the quality of your voice.”　　“People shouldnt assume that the quality of the software that lets you have virtual experiences will stay the same. The acceleration of innovation is just starting,” Gates said.　　Additionally, Gates said Microsoft would be rolling out its own virtual reality headsets and gloves next year, which could use

2021-12-10Deep Dive

CIA Working on Various Crypto-Focused Projects, Director Confirms

The director of the U.S. Central Intelligence Agency (CIA) has revealed that the agency is working on a number of cryptocurrency-focused projects. Cryptocurrencies “could have enormous impact on everything from ransomware attacks,” he said.　　CIA Has Been Working on Various Crypto Projects　　CIA Director William Burns revealed Monday at the Wall Street Journals CEO Summit that the agency is working on “a number of different projects focused on cryptocurrency.”　　Responding to a question from someone in the audience about whether the CIA is on top of cryptocurrencies, Burns said:　　“This is something I inherited. My predecessor had started this, [and] had set in motion a number of different projects focused on cryptocurrency.”　　Burn elaborated that the agency is “trying to look at second- and third-order consequences as well and helping our colleagues in other parts of the U.S. government to provide solid intelligence on what were seeing as well.”　　The CIA director explained that cryptocurrencies “could have enormous impact on everything from ransomware attacks … because one of the ways of getting at ransomware attacks and deterring them is to be able to get at the financial networks that so many of those criminal networks use and that gets right at the issue of digital currencies

2021-12-10Deep Dive

Community criticism forces OpenSea to shelve plan of going public

Earlier this week, the newly appointed CFO of the leading NFT marketplace, OpenSea, Brian Roberts, hinted that the crypto startup could be looking to raise new funds through an initial public offering (IPO).　　However, this revelation received a lot of backlash from the crypto community who felt betrayed by the thoughts of the NFT marketplace going public when its success had been tied to the engagement of the community.OpenSea debunks IPO rumors　　Brian Roberts, in a series of tweets, has revealed that OpenSea had no immediate plans to go public. According to the CFO, “there is a big gap between thinking about what an IPO might eventually look like & actively planning one.”　　He continued that even if the NFT marketplace ever considered going public, it was going to “look to involve the community.” The former Lyft CFO, however, failed to clarify how the platform plans to incorporate the community into this plan.　　You would recall that shortly after the IPO revelation on Monday, members of the crypto community expressed their displeasure with the move believing that the NFT marketplace was looking to abandon them and focus on institutional investors.Would we see an OpenSea airdrop？　　With this new statement from the company, many crypto enthusiasts

2021-12-10Deep Dive

“Decentralized” exchange dYdX suffers outage

While crypto enthusiasts would want the world to believe that projects in the space, especially those in decentralized finance (DeFi) have little to no use for centralized intermediaries, the recent outage of one of Amazons server in US-East-1 region has again brought the question ”how decentralized are decentralized finance projects？ to the fore again.dYdX suffers outage　　On Tuesday, dYdX revealed that the exchange suffered an outage due to the fact that Amazon Web Services went offline for a brief period. The decentralized exchange confirmed this in a tweet where it revealed that “due to a major AWS outage, dYdX exchange is currently down.”　　The above wouldnt have been an issue if the exchange was just another exchange or another website running on the AWS. However, being a project that lays claim to being decentralized, it raises a thousand and one questions about the level of its decentralization.　　Speaking on this, the exchange stated that some parts of its operations still rely on centralized services of firms like AWS. Though it noted that its goal is to become fully decentralized so as to avoid a repeat of this scenario.　　While the exchange failed to reveal its operations that are currently centralized, a look at the

2021-12-10Deep Dive

Cardano ERC-20 converter is now available on testnet

Following delays to the ERC-20 converter, Cardano developers Input Output (IO) announced this week that the testnet version is now live.　　The first ERC-20 token to get the converter treatment is SingularityNets $AGI, which IO was keen to stress can now take advantage of lower fees, higher transaction capacity, and enhanced security.　　Interoperability between different chains is an ongoing issue that holds back the crypto sector. With the imminent release of the mainnet ERC-20 converter, investors pin their hopes on this sparking life into $ADA, which has suffered price stagnation of late.What is an ERC-20 converter？　　Talk of an ERC-20 converter first gained traction in July last year when IO CEO Charles Hoskinson mentioned it during a video post.　　Essentially, the ERC-20 converter is a tool that enables the migration of Ethereum ERC-20 tokens to the Cardano chain and back again if users so choose.　　“By enabling the migration of ERC20 tokens to Cardano, we focus on delivering a value proposition that leverages Cardano‘s advantages over Ethereum. In particular, Cardano’s higher capacity for transaction processing and lower fees when compared with Ethereums high cost and often congested traffic.”　　Ethereum is the leading smart contract platform with the biggest network effect. From that point of view, the

2021-12-10Deep Dive

This mobile gaming platform is launching a charity eSports tournament

MegaFans, a California-based mobile gaming company, successfully launched a charity event designed to support CodetoInsipire.org, the first coding school for women in Afghanistan.　　The event consisted of a play-to-earn tournament that used donated NFTs and crypto prizes to entice gamers to participate in a fundraising event.Mobile gaming platform used for charitable causes　　According to a press release shared by MegaFans, the event was developed in partnership with DCentral, Launchpool, Listen Tokens, and Stamina, all of which donated NFTs and crypto tokens to support the cause.　　The event took place during DCentral, one of the largest NFT and DeFi conferences in the U.S.　　“One of the principles of MegaFans is to support women in GameFi. CodetoInspite.org and its program participants all take huge risks. MegaFans, Launchpool, Listen Tokens, and Stamina all agreed to support this important cause and we felt DCentral was the best place to launch this initiative,” said Jeff Donnelley, the founder and CEO of MegaFans.　　MegaFans launched the charity event to celebrate its first profitable month since it launched earlier this year—the company surpassed their return on advertising spend (ROAS) in November. A portion of the company‘s profits was used to launch a new eSports tournament and provide NFTs and crypto prizes to

2021-12-10Deep Dive

Visa Creates Service To Advise Financial Institutions On Cryptocurrencies

It‘s a new dawn. Credit card giant Visa is now in the cryptocurrency business. They won’t be buying and selling yet, though. Its new division will focus on advising everyone. From retail customers to financial institutions, even central banks can get information from Visa‘s crypto experts. A lot of people still value the input traditional institutions can give, even if they don’t have the track record. So this seems to be good news for the crypto industry as a whole.　　“Visa‘s services include educating institutions about cryptocurrencies, allowing clients to use the payment processor’s network for digital offerings, and helping manage backend operations.”　　And Visa promises:　　“Tap crypto‘s potential with a pioneer in global payments. For crypto to realize its full potential, we are connecting crypto and blockchain networks to our trusted, global payment network. And we’re propelling innovation to deliver even more access and value to the crypto ecosystem.”Visa‘s CFO Still Doesn’t Understand Bitcoin　　In a bizarre move, considering they‘re offering expert advice in cryptocurrencies, Visa’s CFO said the darndest thing. Vasant Prabhu told Reuters:　　“If the price is going to fluctuate from $60,000 to $50,000 in a few hours, it‘s a very difficult thing for a merchant to accept (bitcoin) as a currency.

2021-12-09Deep Dive

Pantera Capital CEO: Bitcoin Is Not a Ponzi Scheme, Bond Markets Are

Dan Morehead – Chief Executive Officer of Pantera Capital – said the controversial monetary policies, which the US government enforced, could create bubbles in the financial system. In his view, bond markets “manipulated” by the Fed are the real Ponzi Schemes and not bitcoin.　　The Danger Comes From The Fed; not Crypto　　In a recent interview for Bloomberg, Dan Morehead – Founder and CEO of Pantera Capital – warned that investors dealing with bonds “are going to get absolutely destroyed when the Fed stops manipulating the bond market.”　　Many critics of the cryptocurrency industry, such as the Nobel prize winner Paul Krugman and Richard Bernstein, have stated over the recent months that bitcoin is a Ponzi scheme (a fraudulent investment scam that generates returns for earlier investors by taking money from those who enter at a later stage).　　Morehead strongly disagreed with that thesis. According to him, the American mortgage bond market is the real Ponzi scheme, while cryptocurrencies could be a hedge as bubbles in that sector begin to pop:　　“Governments should stop obsessing about Bitcoin and look inward. The biggest Ponzi scheme in history is the U.S. government and mortgage bond market – 33 trillion-with-a-T dollars – all being driven by one non-economic

2021-12-09Deep Dive

Japanese crypto firms join forces to spearhead a new metaverse association

Four leading virtual currency firms have joined hands to form a Japanese Metaverse association. The association seeks to promote metaverse tech developments and share essential information with industry experts throughout the world.　　The association was established by virtual currency trading platform FXcoin, crypto wallet provider Ginco, crypto-asset investment solutions provider Intelligence Unit, and digital asset management firm Coinbest.　　Four crypto firms join hands to promote metaverse technology　　The Japanese metaverse association seeks to promote the advancement of Metaverse in the country by gathering relevant information about the concept of Metaverse and sharing it with crypto experts throughout the world.　　As per the official post, “JMA will be the platform for serving information exchange and creating synergy among companies and individuals involved in the business of metaverse.”　　The association also aspires to assist Japan in becoming one of the “leading” countries that actively support the evolving metaverse technology. The association also intends to serve global crypto organizations by delivering crucial information related to Metaverse and helping them improve the concept by delivering core insights.　　Tomoo Onishi, founder of the Japanese Metaverse Association and CEO of FXcoin wrote on the official website Economic activities in the Metaverse are carried out by people and companies, and people can interact

2021-12-09Deep Dive

CBDC India: RBI Governor Compares Digital Fraud to Fake Indian Currency Notes

While global attention is clinging to India‘s upcoming Crypto regulations, Reserve Bank of India (RBI) Governor, Shaktikanta Das just highlighted the concerns around the nation’s Central Bank Digital Currency (CBDC). One of the biggest goals behind launching CBDCs is driven by consumer protection in lieu of the centralised nature of government backed digital currency.　　However, Das noted that the RBI has its doubts about cyber security and digital fraud issues, referring to the CBDC launch. Das has compared the threat to cyber security and potential digital frauds via CBDC to that of the former problem of fake Indian currency notes. He emphasised the need to be extra cautious, by building a robust CBDC security system along with resilient firewalls.　　“The main concern comes from the angle of cyber security and the possibility of digital frauds. So, we have to be very careful about that just as a few years ago we had a major concern was on fake Indian currency notes. Similar things can also happen when you are launching CBDC…In a CBDC universe, we have to be that much more careful with regard to ensuring cyber security and taking preventive steps to prevent any kinds of frauds because there will be

2021-12-09Deep Dive
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