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Binance CEO Changpeng Zhao holds “close to 100%” of his funds in crypto

Billionaire Changpeng Zhao, the CEO of global cryptocurrency exchange Binance, holds nearly all of his money in various digital assets—and owns no fiat, houses, or cars, he revealed to Bloomberg in an interview published today.　　“I would say probably close to 100%,” Zhao replied when the interviewer asked how much of his net worth is invested in crypto. “I dont own any fiat, the physical stuff that I own is probably negligible in terms of my net worth. So this is a concept shift,” he said.　　According to Zhao, he is not a fan of traditional fiat currencies or physical property because they are all “illiquid,” meaning one cant buy or sell them quickly enough.　　As an example, Zhao recalled that back in 2012, he sold his apartment to become an early Bitcoin investor. However, the deal took much more time than he was comfortable with.　　“It took me a while. Back then most of my net worth was in the apartment I bought in 2006 in Shanghai. I bought a little bit of Bitcoin and then just used it, played with it. I liked it immediately. And then I was in a big hurry to sell my apartment, but selling the apartment took

2021-04-08Deep Dive

New petition asks SEC chair nominee Gary Gensler to drop Ripple lawsuit

The Ripple community has launched a new petition to “stop the war” on XRP.　　Crypto s lawsuit against Ripple once hes confirmed as chairman of the commission.　　Announcing the news Wednesday, Crypto & Policy called on Gensler to investigate the potential motives of former SEC chair Jay Clayton and his SEC Director of Corporate Finance William Hinman for “favoring” Bitcoin (BTC) and Ether (ETH) while harming XRP. The petition alleges that Clayton and Hinman could have had financial interests in Bitcoin and Ether:　　“While Clayton and Hinman were in office, they were asked if Bitcoin and Ether were securities. They said very clearly, on the record: no they are not securities so keep trading them. They both took money from companies with direct or clear indirect interest in those public statements.”　　Hodge further alleged that Hinman “received millions of dollars in payments” from the law firm of Simpson Thacher, which is a member of the Ethereum Enterprise Alliance. The petition claims that Hinman “collected checks from the firm” while the firm earned fees supporting the initial public offering of Chinese crypto mining giant Canaan.　　The XRP advocate outlined the uncertain regulatory status of the altcoin, stating that Clayton spent four years of his tenure without

2021-04-08Deep Dive

Will NFTs Enable A Poetry Comeback?

The recent sale of an NFT poem for $75,000 could mark the beginning of a new era for poets around the world. The news is sure to have caught the attention of some writers who have not yet experienced the NFT markets growth or even considered joining it.　　The recent NFT frenzy has mostly been focused on such visual art as compelling animations and loops, dynamic compositions, memeable icons, and all the other eye-candy digital technology has to offer.　　However, now NFT poetry is rising to diversify digital media and open up a space for non-English language literature as international poets find a place to shine through the blockchain. The first Brazilian NFT poem has recently been published, and it is inspiring others to join the NFT wave and hopefully gain the attention of their countrys artistic communities.　　Poetry‘s hitherto lack of popularity in the NFT scene is only a reflection of its steady decline in society. As screens steal our minds’ eyes with endless streams of information and visual stimuli, there is little space for getting lost in verses that transmit no objective information. As Brazilian poet Paulo Leminski once said, “I think that poetry is useless. Poetry‘s only reason for being

2021-04-08Deep Dive

5 Best Cryptocurrencies Favorable for Investment in 2021

The concept of people investing in cryptocurrencies and profiting extensively from digital trading platforms is in great effect. The statistics of the global trading pattern suggest a movement from traditional fiat currency to modern digital cryptocurrencies as the number of crypto traders (active) ranges between 50- 52 million. Besides that, the global market cap of all the cryptocurrencies in the world has crossed over the 1 trillion USD mark during the first month of this year!　　So lets talk about some of the best cryptocurrencies to choose for investment in 2021.　　1. Bitcoin　　Bitcoin is by far the most sorted and popular cryptocurrency among others in the global digital trade market. However, unlike other cryptocurrencies, Bitcoin has maintained a position by being at the head of the highest market cap of over 1 Trillion USD. Although there have been times when Bitcoin seemed to have hit rock bottom, investors in recent years havent faced any major losses. Moreover, a lot of the online casinos with bitcoin payment system.　　So if you are trying to play safe with your investment, Bitcoin is the way to go. Market trends suggest the steep increase in the value of the Bitcoin currency, currently selling at over 58,000 USD!　　2.

2021-04-08Deep Dive

Ziglu Offers UK Users 5% Interest on Bitcoin Investments

London-based cryptocurrency platform Ziglu has launched an account that pays users the equivalent of 5% annual interest on their bitcoin investments.　　According to an announcement Thursday, interest will be calculated “every second” – which will then be added to users accounts weekly.　　Customers will retain instant access to the bitcoin and not have to sign up for depositing for any fixed length of time, a Ziglu spokesperson told CoinDesk.　　The “Bitcoin Boost” account launches against the backdrop of an all-time low Bank of England base rate of 0.1%, cut from 0.25% in March 2020 in response to the coronavirus pandemic.　　Ziglus announcement cited Bank of England data showing that variable-rate individual savings accounts (ISAs) earn as little as 0.35%, the lowest since ISAs were introduced.　　The London-based firm raised over $8 million from around 1,250 investors in a crowdfunding campaign last year bringing its total fundraising to $14.8 million.

2021-04-08Deep Dive

The Central Bank of Sweden Released First Study of Digital Currency

Sweden‘s plans to create a central bank digital currency might be more complicated than initially thought according to a new study published by the nation’s central bank. It estimated that the Scandinavian country could delay the release of the e-krona until 2026.　　How Does a Cashless Future Look Like？　　The Riksbank published the results of the first phase of a pilot project exploring an eventual post-cash era and its consequences. The simulation showed that the rapid speed at which cash is disappearing presents “potential problems.” However, a digital currency under the control of a central bank has the ability to address them.　　The project is colossal, and Swedens central bank, which is the oldest one in the world, keeps delaying the timeframe for completing it. Initially, the institution announced it will be ready with the task and move ahead with the e-krona by 2018.　　The Riksbank now indicated the current pilot project wont see the light of day before next year. Some more pessimistic projections, though, stretched the timeframe until the end of 2026.　　Mithra Sundberg, who leads the Riksbank project in Stockholm, said that it‘s vital to avoid settling on the technology before realizing precisely what the digital currency needs to do. The bank

2021-04-08Deep Dive

Crypto at risk after Facebook leak: Here’s how hackers can exploit data

Attacks on digital asset exchanges and trading platforms have decreased drastically in recent years, but data leaks still leave users vulnerable.　　Facebook is no stranger to data hacks and leaks, with the company having been on the receiving end of many high-profile security breaches in recent years. For example, back in 2018, the social media giant revealed that it had inadvertently exposed the personal information of more than 50 million users due to a small error in its platform coding, thus allowing miscreants to gain access to its users accounts.　　Similarly, in 2020, the Mark Zuckerberg-led firm was embroiled in another major controversy when it came to light that thousands of developers had been able to access data from inactive platform users, again drawing the ire of many folks across the globe.　　Now in 2021, the tech juggernaut has once again been hit with a fresh wave of data leaks, however, this time around, the number of users whose records were exposed was not 50 million but a staggering 500 million. On April 3, Alon Gal, chief technical officer of security firm Hudson Rock, revealed that sensitive personal information for over half a billion Facebook users was shared on a well-trafficked hacking forum.　　To

2021-04-08Deep Dive

Developer-focused DeFi aggregator Instadapp launches governance token

How does a DeFi aggregator capture value, and what does it mean for the INST token？　　In a blog post yesterday, decentralized finance (DeFi) management and protocol aggregator platform Instadapp announced the launch of their governance token, INST. While not currently transferable by the average user, the token is set to go fully live later in the year to coincide with a transfer of control over the protocol to a DAO governance process in Q2.　　The project, which currently counts over $2.3 billion in its 18,000 “Smart Accounts” wallets, connects to a variety of DeFi protocols from a single interface and offers a development toolkit in an effort to position itself as “middleware” for devs building DeFi products.　　According to Instadapp community manager Steven Zapata (who may be more familiar as ‘seb eth monk’ to community members), the pivot to becoming a development platform is a key part of Instadapps growth strategy.　　“Instadapp is known as being an aggregator, but we are much more than that,” he said. “Instadapp is a complete toolkit for building DeFi applications. As we transition our platform into a defi middleware, we are not only aggregating different protocols but our platform will create unique use-cases by leveraging different components

2021-04-08Deep Dive

How banks can identify money laundering involving crypto

1. Why is crypto anti-money laundering compliance so important for financial institutions？　　To cut a long story short: Its the law.　　Banks and financial institutions are legally required to adhere to laws and regulatory guidance to combat money laundering, terrorism financing and tax evasion — as well as manage their risk against these illicit financial activities.　　Every legitimate bank and FI incorporates regulatory compliance and risk management into their short and long-term business plan and strategy as a matter of necessity, so when dealing with cryptocurrencies they would also need to incorporate crypto compliance.　　2. How can financial institutions understand the nature of their customers crypto activities？　　Information is power to help organizations mitigate risks for indirect exposure to crypto.　　When it comes to preventing money laundering in traditional fiat, banks need a certain amount of information to ensure they can manage any potential risks involved in facilitating these transactions. The same applies with cryptocurrencies.　　A bank can face challenges if it faces direct exposure to crypto — but they can also be exposed indirectly if one of their customers is transacting using digital assets.　　There are a series of checks that can help manage AML risk: Know Your Customer, Know Your Payments, Know Customer Behavior, and Know

2021-04-08Deep Dive

Blockchain in Entertainment Industry to Help Develop New Business Models

IN BRIEF　　Blockchain will break up entertainment monopolies.　　This technology will put the power back in the hands of the creators.　　Many industry problems can be solved through the blockchain.　　The innovations in blockchain technology are evolving at the speed of light. Industries are planning to deal with current challenges with the help of these technological advancements.　　By the year 2024, the global blockchain market for the media and entertainment industry is set to pass $1.54 billion. With a compound annual growth rate of 32% expected from 2018 to 2024.　　The main reason why industries are keen to use blockchain technology is because of its traceability, accuracy, efficiency, and transparency.　　Obstacles for blockchain　　Blockchain has the potential to create more ways for artists to make money from new and existing.　　It will also play an important role in the protection of intellectual property for content owners. But, this technology is still under development. Initial players in this area must consider the potential costs and challenges.　　At the moment, blockchain is unregulated. There is a need for the creation of common use standards. This includes common standards among participants for blockchain use case that require numerous constraints.　　In some cases, the current technology may need to be replaced entirely to make

2021-04-08Deep Dive
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