Crypto Guides, Knowledge & Insights

Citigroup to Hire 100 People for Its Crypto Division: Report

Citigroup is reportedly looking to hire 100 people for its new crypto team. “We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.”　　Citigroup Growing Its Crypto Team　　Citigroup is reportedly looking to hire 100 people to grow its digital asset team within its institutional business, Bloomberg reported on Monday, citing a person familiar with the matter.　　Puneet Singhvi will be the firm‘s new head of digital assets within Citi’s institutional client group, according to a memo to staff seen by Bloomberg News. Singhvi was previously head of blockchain and digital assets within Citis trading business.　　In his new role, he will report to Emily Turner, who oversees business development for the broader group. Turner explained in the memo to staff:　　“We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.”　　“Puneet and team will focus on engaging with key internal and external stakeholders including clients, startups, and regulators,” Turner noted. They will provide expertise and a strategy for how different Citi businesses — including trading, securities services, investment banking, and treasury and trade solutions — will use blockchain and digital assets.　　Citigroup stated in

2021-11-23Deep Dive

Edward Snowden Explains Why He's Not Into Dogecoin and Shiba Inu

Famed whistleblower Edward Snowden has clarified his stance on the canine coin mania in a series of recent tweets.　　The 38-year-old cybersecurity expert claims that he looks at cryptocurrencies of the likes of Dogecoin and Shiba Inu with distaste because of his poor sense of humor.　　Hes also concerned about the fact that many buyers might mistake dog money for a legitimate investment, which will hurt them financially.　　Yet, the former National Security Agency contractor, who blew the whistle on massive surveillance programs conducted by the U.S. government, had some words of praise for Dogecoin co-founder Billy Markus, claiming that hes “a positive voice” within the cryptocurrency community.　　He went on to mention that he respects people who treat canine coins as a frivolous joke instead of trying to present them as something serious.　　As reported by U.Today, Snowden warned his five million Twitter followers against splurging their hard-earned money on Shiba Inu, riling up the community of the hottest meme coin of the year. Notably, SHIB is down roughly 35% since Snowdens tweet.　　“Centralized garbage-coins” 　　Without naming names, Snowden took aim at venture capitalists who write negative things about Bitcoin while promoting “centralized garbage-coins” that these VCs happen to have a huge stake in.　　He also

2021-11-23Deep Dive

“3,3” fame OlympusDAO integrates Chainlink for its no-loss raffles

OlympusDAO has integrated Chainlink VRF on Ethereum mainnet, opening access to a verifiably random number generator that is used to choose winners of our no-loss raffle on the OlympusDAO protocol.　　“This helps assure users that the raffle is provably fair and transparent, building a more fun and exciting staking experience for ohmies participating in the recurring (3,3) Together raffle,” the team said in a note to CryptoSlate.OlympusDAO and the (3,3) mania　　Operated by a decentralized autonomous organization (DAO), OlympusDAO aims to become a decentralized financial reserve protocol for the entire blockchain ecosystem.　　OlympusDAO ensures that each OHM will always be backed by at least one dollar in value by holding a certain amount of MakerDAOs DAI within its DAO treasury—although the token can venture upwards as a floating currency that is subject to the whims of the free market.　　The protocol accomplishes this by changing its supply by either minting or burning tokens based on OHM‘s price. If the token price drops beneath a dollar, creating a surplus for the risk-free treasury value relative to OHM’s supply, the protocol will buy back and burn tokens using treasury funds until the market price returns to one dollar.　　If the price of OHM exceeds a dollar, the

2021-11-23Deep Dive

Binance losing ground as rival crypto exchanges target sports marketing

Binance, the worlds largest exchange by volume, is reportedly losing ground to rival exchanges.　　“At one point in the last 30 days, it totaled 58% of the volume among the top five brokers (Binance, Coinbase, Huobi, Crypto.com, and FTX). However, currently, Binance has dropped to 45% while Coinbase, Crypto.com, and FTX gained volume,” a recent report noted.　　Some attribute this to the aggressive big money sports marketing campaigns from the likes of Crypto.com and FTX of late. But in reality, losing market share is a multi-faceted issue and likely the result of many factors.　　It‘s been around five months since global regulatory bodies, including the UK’s FCA, Singapore‘s MAS, and Thailand’s SEC, began their crackdown against Binance. While this seems to have died down, that episode was undoubtedly still harmful in terms of damaging the exchanges reputation.How did Binance respond to the crackdown？　　Since then, in an attempt to limit the damage, Binance has responded in several ways. This includes shoring up its international compliance team and board with new hires suitably experienced in regulation.　　As well as establishing physical headquarters, with Ireland recently named as one of the locations to set up base. But more headquarters are to follow, with Binance CEO Changpeng Zhao

2021-11-23Deep Dive

Inside Square’s whitepaper for its Bitcoin decentralized exchange

In this year alone, the crypto adventure of the co-founder and CEO of Square and Twitter, Jack Dorsey, has been exhilarating. This time around, his payment-focused tech company, Square has released the white paper of its proposed decentralized Bitcoin exchange, codenamed as tbDEX.　　The whitepaper described the design philosophy of the proposed tbDEX, as one without a trustless model and no governance token, unlike most decentralized exchanges (DEX).tbDEX introduces groundbreaking features　　While many crypto enthusiasts are used to DEXs that require little to no registrations, tbDEX bucks that trend as it requires that all users of its platform satisfy the customary Know-Your-Customer (KYC) check that is peculiar to their area. Upon completion of this policy, users would then be able to connect their wallets to tbDEX and swap tokens.　　Apart from the above, the tbDEX white paper also revealed that a blockchain analytic tool will be integrated into the platform so as to keep track of transactions on the platform. This feature could allow authorities to know which user is performing what transaction thereby negating one core value of crypto transactions; privacy. 　　Members of the crypto community have, however, been unable to reach a compromise on this because some schools of thought believe

2021-11-23Deep Dive

Crypto payments platform ZPAE sues Bittrex for theft after botched listing

Cryptocurrency exchange Bittrex Global is facing a lawsuit for failing to list ZelaaPayAEs ZPAE token on its platform. The Dubai-based payments platform has sued Bittrex for theft, misconduct, misrepresentation, and misleading after the exchange failed to list their token for over six months.　　And while the company is yet to receive a refund for the listing that never happened, ZPAE says the lawsuit isnt about the money, but its reputation.　　A listing that was supposed to happen in mid-April is yet to happen on Bittrex, as the exchange faces lawsuits in the United Arab Emirates and its native Liechtenstein. ZelaaPayAE, a Dubai-based crypto payments platform, sued the exchange for failing to list its ZPAE token for six months and refusing to refund the companys six-figure listing payment.　　According to ZelaaPayAE, the company paid Bittrex an undisclosed amount on April 13th, 2021 to list ZPAE on the exchange. As part of the deal, Bittrex agreed to list the token within 7 days of the payment and signing of the listing contract. However, Bittrex soon delayed the listing claiming that the platform had issues with all Tron-based tokens and that ZPAE most likely wouldnt be listed until the first week of June. As compensation for

2021-11-23Deep Dive

$1.8 billion moved to Ronin DEX from Ethereum in 2 weeks

In the first two weeks since Sky Mavis, the team behind Axie Infinity (AXS), launched Katana, $1.8 billion in net assets bridged from Ethereum (ETH) to Ronin (RON), a recent DappRadar report revealed.　　According to the data acquisition and analysis company that keeps tabs on thousands of dapps across multiple blockchains, in this short timeframe, the first decentralized exchange (DEX) running fully on Ronin has reached $1.3 billion in Total Value Locked (TVL).　　Meanwhile, Ronin, the Ethereum-linked sidechain made specifically for Axie Infinity, reached a new high, surpassing 1.1 million daily active addresses.Farming RON　　Axie became known as the spearhead of the play-to-earn movement and, according to DappRadars data, attracts more than 2 million daily active players.　　Katana‘s deployment increased the liquidity of all assets in the ecosystem, as the DEX currently allows users to swap between four tokens, featuring three liquidity pools, two of which enable users to farm Ronin’s native and governance token, RON.　　Despite Ronin Bridge being fully functioning since May, the launch of Katana unleashed the value flow.　　During the last 30-day period, the bridge recorded over $7,5 billion in volume and has surfaced as the most used solution to move assets out of Ethereum, outpacing Avalanche and Polygon bridges, amongst others.　　During

2021-11-23Deep Dive

“This Is Not A Fad”, Finance Minister Jane Hume Warns Australia Risks Missing Out On Crypto

Australia‘s Financial Services Minister, Jane Hume has differed with the Reserve Bank of Australia’s (RBA) conformist stance on cryptocurrencies, warning that they are real and Australia stands to miss out if it continues to brush them aside.　　Crypto Not A FAD　　Speaking on Monday at The Australian Financial Reviews 2021 Super & Wealth Summit, Hume Hit back at the RBA after it warned Aussie investors against putting their finances into cryptocurrencies labeling the asset class a “FAD” last week.　　“As an industry, and as a government, we need to acknowledge this is not a fad. We should tread cautiously, but not fearfully,” she said.　　Hume who chairs the financial services and the Digital economy in the Australian senate further noted that it was upon the Australian Central Bank to accommodate new technologies. According to her, fighting innovation to maintain the status quo would only end badly.　　“There are some areas of financial services where we cant learn from past experiences, and we have to forge our own trail,” said the senator.　　Regulators Not Budged, Australians Soldier On　　Australias regulators have however remained slow in adopting cryptocurrency regulations since no law defines crypto as a security. ASIC has thus been left with the limited option of cherry-picking laws

2021-11-23Deep Dive

NFL Star Odell Beckham to Accept Entire Salary in Bitcoin

Odell Beckham is the latest National Football League (NFL) star to jump on the Bitcoin bandwagon.　　The famous wide receiver has partnered with Cash App, Square, in order to make this happen.　　Beckham is also giving up $1 million worth of Bitcoin on Twitter after making his announcement.　　Last December, Russell Okung became the first NFL player to accept 50% of his pay in the largest cryptocurrency, which inspired other players to follow his suit.　　NFL superstar Tom Brady secured a stake in the FTX exchange with supermodel wife, Gisele Bundchen, back in June.　　This November, Aaron Rodgers started receiving part of his salary in Bitcoin while also announcing a giveaway for Cash App users.　　Earlier today, the NFL also announced that it would offer digital ticket stubs as non-fungible tokens (NFT).　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-11-23Deep Dive

Eurosystem Publishes New Oversight Framework

The European Central Bank (ECB)s Governing Council has today announced a new oversight framework for electronic payments.　　ECB Regulatory Framework Published　　The ECBs oversight framework for electric payment instruments, schemes, and arrangements (PISA) replaces the current Eurosystem oversight approach for payment instruments to oversee companies “enabling or supporting the use of payment cards, credit transfers, direct debits, e-money transfers and digital payment tokens, including electronic wallets,” as well as “crypto-asset related services,” such as merchants accepting cryptocurrencies as payment or the use of an electronic wallet for sending, receiving, or paying with cryptocurrencies.　　According to the published framework, the Eurosystem has deemed payment instrument innovation, presumably including crypto payments, sufficient for extending the scope of current oversight. As an ECB executive board member Fabio Panetta said, “The retail payments ecosystem is evolving fast owing to innovation and technological change. This calls for a forward-looking approach in overseeing digital payment solutions.” Panetta said this includes “digital payment tokens such as stablecoins.”　　Panetta went on to emphasize the importance of international coordination “to cope with the challenges posed by global digital payment solutions and stablecoins.” The ECBs press release included that cooperation with “other authorities” was one of its aims, and companies already subjected to Eurosystem

2021-11-23Deep Dive

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