Mga Gabay, Kaalaman at Insight sa Crypto

Analysis: Here is What the New Crypto Bill Mean for the Blockchain Ecosystem?

Proponents of the cryptocurrency industry have been requesting a comprehensive crypto bill for some time. Thanks to the bipartisan efforts of Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), there are proposals on the ground for lawmakers to ponder.　　The new Crypto Bill is coming at a time when the growth of the cryptocurrency ecosystem is becoming more convoluted, with investors protection concerns emanating from various scams and frauds targeting the average investor. The Bill seeks to address so many of the grey areas in the digital currency ecosystem, including taxation, regulatory oversight, and the role of stablecoins, to mention a few.　　The new crypto bill, if approved, will set the U.S. on a clearer pedestal with respect to dealings with digital assets, which have largely come to stay. 　　Chris Terry, BPSAA Board Member and V.P. Enterprise Solutions at SmartFi spoke to Blockchain.News that he believes if this Bill passed as is it would be wonderful for the crypto industry and would clearly set the United States in a leadership position.　　“What is interesting about the Lummis-Gillibrand Responsible Financial Innovation Act; are the things that most of the press is not talking about, like Section 505 - your right to own your own

2022-06-10Malalim na Pagsisid

Crypto is Very Dangerous, Says Anne Boden of Starling Bank

While a number of executives in charge of fintech unicorns are gradually seeing crypto as a space they need to embrace, Anne Boden, the founder and Chief Executive Officer of UK-based financial institution, Starling Bank said cryptocurrencies are “very dangerous” to the existing financial infrastructure.　　Boden made this comment at the Money 20/20 fintech conference in Amsterdam earlier this week, noting that the majority of cryptocurrency transactions are often connected to legacy banks or fintech firms, a link that threatens the financial status quo.　　“A lot of [crypto] wallets are being connected directly to payment schemes,” Boden said. “This is a threat to the safety of our payment schemes around the world.”　　Boden is a known critic of the cryptocurrency ecosystem and always warns investors about the dangers inherent in investing their capital in crypto schemes for fear of being defrauded.　　“Customers are being scammed,” the Starling chief said. “Were spending far more of our time protecting customers from the scammers than we are trying to promote crypto.”　　When asked if Starling bank is going to be integrating cryptocurrencies anytime soon, Boden said the changes over the next couple of years are very slim as crypto-linked firms still have a long way to go when

2022-06-10Malalim na Pagsisid

Solana Launches $100m Web3.0 Fund for South Korean Startups

Solana, one of the biggest Layer-1 blockchain protocols, through its subsidiaries Solana Ventures and Solana Foundation, has launched a $100 million fund to back startups in the South Korea Web3.0 ecosystem. 　　As reported by TechCrunch, drawing on the exclusive interview with Johnny Lee, general manager of games at Solana Labs, the fund will focus exclusively on GameFi, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) in South Korea.　　Unlike other famous ecosystem funds that Venture Capital firms are backing, this Solana fund drew capital from the protocol‘s treasury in addition to the venture arm’s pool of capital. 　　The investment into the South Korean Web3.0 ecosystem is a testament to the growing acclaim in the growth of developers introducing a series of Web3.0 initiatives in the country. Despite attaining undue popularity as the host nation of Do Kwon‘s collapsed Terra protocol, Solana has looked beyond the woes to throw its weight behind the industry’s growth.　　“A big portion of Korea‘s gaming industry is moving into web3,” Lee said. “We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks.”　　On the gaming aspect in which the fund will back, it has been very

2022-06-09Malalim na Pagsisid

Major Korean Exchanges Delisting Litecoin Subject to New Privacy Feature Concerns

Major crypto exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have announced their intention to delist Litecoin from their trading services subject to the new privacy-based MimbleWimble upgrade on the Litecoin blockchain.　　The idea of delisting has been brewing for a while. On May 20, Litecoin developers activated a privacy-preserving protocol called MimbleWimble Extension Blocks (MWEB) on the cryptocurrency. The new MimbleWimble update has added a ‘confidential transactions’ feature to the Litecoin blockchain, allowing users to transfer coins while concealing transactional data.　　But South Korean crypto exchanges have not been comfortable with the new upgrade because they have to comply with strict laws regarding privacy coins.　　A few days later on May 23, Upbit and Bithumb informed investors about the risk associated with Litecoin following the MimbleWimble upgrades. The two exchanges referred to Koreas Act on the Reporting and Use of Specific Financial Transaction Information, which mandates that cryptocurrency exchanges must comply with KYC and AML measures.　　More further developments have continued to unfold. Upbit announced yesterday that it would delist Litecoin because of the anti-money laundering rules that require exchanges to record data on cryptocurrency transactions. Upbit stated that because of the nature of the Mimblewimble privacy protocol, it will

2022-06-09Malalim na Pagsisid

Crypto is No Longer Men Club as More Female Entering the Space, Study Shows

Women are no longer excluded from the crypto bandwagon because they are rapidly participating and investing in this sector, according to a co-study by mobile crypto wallet Valora and global market researcher Appinio.　　“It‘s encouraging to see women from around the world joining the crypto community and unlocking new financial opportunities,” Jackie Bona, Valora’s CEO, pointed out.　　Bona added that the notion of crypto being a boys club was fading away as more women were setting foot in the sector. She noted:　　“Crypto has this reputation for being a bit of a boys club, but more and more women are now empowered to meaningfully participate in this new financial system.”　　Women are taking up the crypto mantle as most of them made their first investment in this sector less than a year ago. Per the study:　　“Nearly two-thirds (60.6%) of women who own crypto made their first crypto investment less than one year ago.”　　Furthermore, twice as many women made their crypto investment within the last six months at 28.1% compared to more than two years ago at 13.9%. 　　Therefore, this phenomenon represents a trending shift. Per the research:　　“Until recently, the space was predominantly made up of men. Over half (51.8%) of men made their first

2022-06-09Malalim na Pagsisid

Binance Debunks Claims Exchange Aided Money Laundering

Binance trading platform denied all allegations of facilitating around $2.4 billion in illicit funds from world-acclaimed criminal organizations like Lazarus Group and Hydra.　　Previously, Reuters reported indicating the crypto exchange that involves illicit activities. However, the exchange has denied any wrongdoing from the report, criticizing the coverage was based on cherry-picked facts and that the journalists from Reuters failed to conduct comprehensive interviews with the relevant personnel to come to their conclusions.　　Binance has often been ranked as the biggest trading platform in terms of trading volume, generally known as a hub for retail and corporate investors. The exchange has also claimed it has a very proactive Anti-Money Laundering policy many times. This provision detects illicit transactions it is being accused of facilitating by Reuters.　　Binance reiterated it has continued to work with regulators to fish out illicit activities. The exchange said illicit transactions in the crypto ecosystem pale when compared to the broader financial ecosystem, but journalists hardly pick up these salient facts.　　“Of all transactions made with cryptocurrencies in 2021, 0.15% were associated with some type of illicit activity,” the exchange wrote, “The UN estimates that between 2% to 5% of traditional fiat (cash), about $800 billion to $2 trillion in current

2022-06-08Malalim na Pagsisid

Paypal Crypto Owners Can Now Transfer Tokens to Wallets

Fintech giant Paypal Holdings has upgraded its crypto wallet capabilities. Users of the app can now send supported digital assets to other wallets.　　With this upgrade, users can now send Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) to other Paypal users as well as external wallets, which may also include those from trading platforms.　　The move has now effectively opened Paypal‘s crypto-economy, which at best was closed up before. The move is also being seen as a way to integrate users’ interests and demands while eliminating the monopoly tag from Paypal as a platform.　　“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto, and digital currencies at PayPal, in a statement. “We‘re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead.”　　The newly added functionality, in accordance with Fernandez da Ponte, will permit crypto holders within the Paypal app to do more with their digital assets. The move was made at a time when the digital

2022-06-08Malalim na Pagsisid

Twitter Deal Sees Further Stalemate, Elon Musk Warns He Can Pull Out His Bid

Elon Musk, the Chief Executive Officer of electric vehicle giant Tesla Inc, and the prospective owner of social media giant Twitter have sent a filing to the SEC noting it may exercise its rights not to consummate the Twitter deal anymore.　　The filing was made by Musk‘s lawyers in response to correspondence from Twitter representatives as the data transparency spat between the two camps took a new turn. The SEC filing noted that Twitter is depriving Elon Musk of the right to access accurate spam data to conduct his own assessment of the company’s business model as it concerns its user base.　　The filing noted that Elon Musk has been politely requesting the spam data since May 9. Despite Twitter‘s claims of the accuracy of its methods in estimating user count on its platform, the company’s refusal to drop the data for him to conduct his own analysis is clearly suspicious.　　“At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musks own analysis of that data will uncover,” the letter reads.　　Musk‘s lawyers said the

2022-06-08Malalim na Pagsisid

BitMEX Lists Luna 2.0, ETH Margin and Settlement Options

Cryptocurrency exchange BitMEX announced on Thursday that it has expanded its margin trading services by listing the new Luna 2.0 token (LUNA) on its platform. Terra Luna launched the new cryptocurrency on 28 May.　　BitMEX listed Terra 2.0 (LUNA) in a dedicated trading zone and opened trading for LUNAUSD and LUNAUSDT trading pairs at 04:00 UTC on 2 June 2022.　　Terra 2.0 holds the maximum leverage of 25x for the users. Users are now able to trade XBT, and USDT margined Terra Luna 2.0 contracts.　　LUNAUSD has a fixed Bitcoin multiplier, which lets traders go long or short on the listing without trading LUNA or USD. The LUNAUSDT product is a linear perpetual swap margined in USDT. Margins appear in XBT, and so do the earnings or loss from the trade.　　Terra 2.0 is part of the revival plan introduced by Do Kwon, the CEO, and founder of Terra Protocol after the Terra protocol collapsed.　　Besides that, BitMEX launched ETH options for margins and settlement for their perpetual and futures contracts, which also apply to the listings above. The service allows users to trade on leverage — margin trading lets users multiply their gains and losses.　　BitMEX said that the leverage (the amount that can be

2022-06-07Malalim na Pagsisid

Binance to Sponsor The Weekend's Upcoming Music Tour

Binance cryptocurrency exchange, the world‘s largest crypto exchange platform by trading volume has announced it will be the major sponsor of Canadian hip-hop singer, The Weeknd’s “After Hours Til Dawn” tour. 　　As announced by the trading platform, this sponsorship will be the first of its kind deal and it also marks the first global concert tour to integrate Web 3.0 technology for an enhanced fan experience. 　　Binance exchange has made a reasonable attempt over the past few years to plug itself between culture and sports, and it has made its presence known with sponsorships and investments. Through the partnership with The Weeknd, the trading platform said it “will collaborate with HXOUSE, a think-center and community incubator for creative entrepreneurs, to release an exclusive NFT collection for The Weeknds tour, along with co-branded tour merchandise.”　　Binance exchange also said it will donate $2 million to support the XO Humanitarian Fund, the initiative founded by The Weeknd to support residents living in the most hunger-prone areas of the world. 　　The fund is administered by the World Food Programme (WFP), and as further support, Binance exchange and The Weeknd will be creating “a specially designed NFT collection and five percent of its sales will

2022-06-07Malalim na Pagsisid

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