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Showing posts from March 9, 2021

German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a ‘High Market Demand’ in the Country

Cryptocurrency adoption among the traditional banking industry keeps spreading across the board, and it has arrived at a bank based in Hamburg, Germany. Donner & Reuschel is set to make its inception into the crypto business by offering related custody services. Bank Will Also Explore Further Blockchain Projects According to the local magazine Asscompact , the Hamburg-based private bank will offer crypto buying and custodial services. Although Donner & Reuschel didn’t provide an exact date of the launch, they are expecting to deliver the products “as soon as possible.” Marcus Vitt, a spokesman of the bank, argued that the decision to enter the crypto business is tied to the surge of interest towards the digital assets: We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions. Donner & Reuschel is a subsidiary of Signal Iduna, a group that offers in...

Case examiner says Cred platform hired escaped prisoner as CFO

Cred’s former Chief Financial Officer, James Alexander, has been identified by U.K. authorities as a prison escapee who was convicted for financial crimes. Bankrupt cryptocurrency lending platform Cred Inc is believed to have unwittingly appointed a prison escapee as its Chief Financial Officer. A report filed by examiner Robert Stark of Brown Rudnick LLP on March 8 asserts that former Cred CFO James Alexander has been identified by U.K. authorities as a financial fugitive who had been sentenced to more than three years imprisonment in December 2007. Stark said: "At the time of his incarceration, there was a prison break at this facility. Mr. Alexander has been identified by the UK government as a fugitive." Stark was appointed by Judge John Dorsey in December to investigate allegations from Cred’s customers that the firm had lost $66 million in less than two years through fraud and incompetence. The report found Cred’s accounting and compliance practices to be "...

’Breaking new ground is never easy’ — Kings of Leon's NFT release takes in $2M

Kings of Leon generated $1.45 million to $2 million in sales from their new NFT releases and will donate some of the proceeds to Live Nation’s Crew Nation Fund. The Kings of Leon’s tokenized album and NFTs sale that began on March 5 has generated at least $1.45M, or 820 Ether, in sales in its first five days according to figures on the Open Sea platform. However Rolling Stone reports that a band representative estimates the revenue is above $2 million, with $600,000 of that going to the Crew Nation Fund for supporting live music crews affected by the pandemic. The landmark reportedly event suffered teething problems as many of the band’s fans were complete newcomers to cryptocurrency and NFTs, resulting in a decision to extend the sale by 24-hours. It will now conclude on March 20. The band returned from a four-year break to release their new album When You See Yourself, which was first launched as an NFT and limited edition vinyl, which will be available for regular purchases ...

BlockFi users targeted in ‘racist and vulgar’ email attack

Roughly 500 people were in for a random surprise on Mar. 8, receiving a profanity-laced correspondence from BlockFi after their email addresses were used to sign up for fake accounts. This week's temporary closure of registrations for crypto lending and borrowing app BlockFi was due to an attack by a “malicious actor” according to Forbes. According to employees of the company, a single attacker began the registration process for more 1,000 fake accounts on Mar. 7, using email addresses belonging to real users. The attacker entered “vulgar and racist” terms as the first and last names for the fake accounts which resulted in about 500 emails containing offensive language being sent out automatically before BlockFi caught on to the problem and halted registrations altogether. I received an email from @BlockFi this weekend asking me to confirm my account (which I never signed up for in the first place). When I opened the email, it began with: "Hi **n-word**," except ...

‘Game changer’ for Maker and Ethereum with Optimism Dai bridge announced

The Optimism-Dai Bridge will allow fast withdrawals later this year. The Dai stablecoin produced by decentralized lending protocol MakerDAO is getting some speed and fee enhancements with its forthcoming upgrade on layer-two. Ethereum scaling solutions provider Optimism will provide the technology as announced on the MakerDAO forum on March 9. Co-founder and CTO of gaming firm Bellwood Studios Sam MacPherson explained the "MakerDAO community will be launching an ‘official’ DAI on Optimism L2" and that the Optimism Dai Bridge would offer improvements on other implementations. He stated that currently, Optimism requires a seven day lockup period when withdrawing tokens back to layer-one (Ethereum) as the rollups rely on publishing the data on the blockchain and allowing a challenge period for potential fraud proofs. The Maker protocol can reduce this lockup period and allow near-instant withdrawals of Dai, he added. The Optimism Dai Bridge will allow fast withdrawals by...

AMD Could Release Its Own Crypto GPU to Mine Ethereum to Calm Down the Skirmish Between Miners and Gamers

A U.S. multinational semiconductor company could be preparing the ground to release its own series of cryptocurrency mining processors. AMD is reportedly looking to introduce a GPU for mining Ethereum. AMD Navi 12 Won’t Have Video Outputs According to PC Gamer , the AMD Navi 12, a graphic processing unit (GPU) first introduced exclusively for Apple Macbook Pro devices, could be the first crypto mining-related specific processor launched by the company. In fact, the new version of the card lacks video outputs. It implies that the Navi 12 GPU won’t support VCN (video core next), a requirement for PC gaming purposes, and making it the proper candidate for crypto mining. Per the report, the card is expected to have the capability to mine Ethereum ( ETH ). If the maneuver becomes a reality, PC Gamer suggests that AMD could be seeking to keep gaming GPUs “in the hands of gamers” and not being used for crypto mining purposes. The possible release of an exclusive crypto mining AMD GPU co...

Solution to scale Ethereum '100X’ is imminent and will get us through until Eth2: Vitalik

The author of the Ethereum whitepaper, Vitalik Buterin, believes rollups will solve Ethereum’s scaling woes until the introduction of Eth2 sharding. Ethereum co-founder, Vitalik Buterin, believes the network is on the verge of scaling by a factor of 100, predicting the Optimism will release its layer-two solution in the coming weeks. Speaking on the Tim Ferriss podcast, Buterin noted Eth2’s developer are focused on working toward the chain merge with Ethereum, and are confident that layer-two solutions can support the network until sharding is developed. “Rollups are coming very soon,” he said , adding: “we’re fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.” Rollups are second-layer solutions that process and store transaction data on a designated sidechain, before bundling batches of transactions together onto Ethereum’s mainnet. The solutions are designed to mitigate Ethereum’s scaling woes, w...

‘Existential threat’ to Bitcoin-investing companies from carbon fallout

Asset managers are warning industry giants like Tesla and PayPal that investing in energy-intensive assets like Bitcoin could diminish their popularity among investors. Allocating capital to Bitcoin risks a backlash from environmentally conscious investors, according to author and co-anchor of CNBC's Squawk Box , Andrew Ross Sorkin. In a piece for the International New York Times , syndicated worldwide, Sorkin pointed to statements by Lawrence Fink, CEO of Black Rock — the largest asset managers in the world — indicating his company would make all future investment decisions based on “how they plan to meet the climate challenge.” Tesla’s $TSLA recent bet on bitcoin sullies its green credentials. Mining and transacting the cryptocurrency requires huge amounts of computing power and electricity, much of it from fossil fuels #btc #ev pic.twitter.com/lv0pvossdr — Michael A. Gayed, CFA (@leadlagreport) February 21, 2021 Sorkin mentioned PayPal, Square and Tesla as examples o...

'Ecological nightmare' backlash forces ArtStation to drop NFT plans

The announcement ArtStation was launching NFT artworks did not sit well with the platform’s artists, who called for a boycott and threatened to leave the platform. Prominent online art portfolio platform ArtStation has caved in to pressure from artists and environmentally-conscious users hours after announcing a series of non-fungible token, or NFT, drops from several notable artists. On Mar. 9, the platform announced the program was scheduled to begin today and featured works from artists including Halo Infinite art director Nicolas “Sparth” Bouvier, retired NASA astronaut Nicole Stott, Assassin’s Creed franchise art director Raphael Lacoste, painter Craig Mullins, and Magic: The Gathering illustrator Alena Aenami. Following a furious bombardment of criticism, all mentions of the announcement were pulled down and replaced with a short message on the website stating that “In light of the critical reception on social media regarding NFTs, it’s clear that now is not the right time f...

Portuguese Authorities Contemplate Launching an Investigation on Local Crypto Social Media Influencers

Portuguese authorities are reportedly planning to take action against social media influencers who provide advice on crypto-related investments. The plans are being discussed in the wake of an online petition signed by thousands of Portuguese. A Crypto Youtuber Already in the Authorities Loop According to Expresso , Portugal’s judicial police, Policía Judiciária, is “analyzing” whether domestic crypto Youtubers commit some illegal activity with their content. In fact, authorities are looking to target the ones who promote crypto scams indirectly, such as fake giveaways. However, a source told the local media outlet that still there is no investigation underway, as they’re trying first to assess the magnitude of the matter: I am not sure what kind of illegality is there. We are trying to understand the case better. But I remember that buying bitcoins is not considered a crime in itself. But Expresso says the police already looked at some allegations against one Youtuber who conf...

JPMorgan launching 'crypto exposure basket' featuring MicroStrategy and Square

The financial services giant has filed paperwork with the SEC to launch a debt instrument linked to 11 crypto-focused firms. JPMorgan Chase has designed a new debt instrument that provides investors direct exposure to a basket of crypto-focused companies, according to a new filing with the United States Securities and Exchange Commission, or SEC . JPMorgan’s Cryptocurrency Exposure Basket (Mar 2021) is described as an “unequally weighted basket consisting of 11 Reference Stocks of U.S.-listed companies" that operate businesses directly and indirectly related to cryptocurrencies. The instrument allocates 20% to MicroStrategy, the data analytics firm with 91,064 BTC on its balance sheet . It also provides direct exposure to Square (18%) and Riot Blockchain (15%), two companies with significant exposure to Bitcoin. Nvidia Corporation and PayPal Holdings each account for 15% of the basket. Advanced Micro Devices, Taiwan Semiconductor Company, Intercontinental Exchange, CME Group...

Huobi and Seychelles regulators can’t agree on where the exchange is registered

The major crypto exchange has long claimed registration in the famous offshoring haven. Disclaimer: This article's headline was updated to reflect new information regarding the FSA's statement. Despite long claiming to be compliant with local laws, Huobi has not registered with the proper authorities, according to regulators in the Seychelles. On Monday, the Seychelles Financial Services Authority, or FSA, posted an official statement saying that Huobi Global Limited is not registered in the country, despite being the International Business Company publicly affiliated with Huobi.com's crypto services. The FSA stated that Huobi Global Limited does not hold any license issued by the regulator to undertake in virtual asset trading. “Therefore, the entity is not being regulated by the FSA nor has it been in the past,” they said. The authority went on to urge investors and the general public to be alert in respect to services offered by Huobi Global Limited as well as “an...

Mentorship, inclusivity and education will encourage more women to enter crypto

Leading women in blockchain and crypto speak out on important issues on International Women’s Day. To celebrate International Women’s Day this year, Cointelegraph hosted a roundtable with eight leading women in the blockchain and cryptocurrency sector to discuss ways to bring more women into the fintech space. While many thoughts were shared, common themes focused on education, mentorship and inclusivity. Kristina Lucrezia-Cornèr, Cointelegraph’s managing editor, kicked off the discussion by asking the panelists about ways to get more women involved with cryptocurrency trading and investing. Although new data from market research firm Cardify shows that more women are making cryptocurrencies a larger part of their portfolio, men are still the majority when it comes to crypto investments. Olivia Capozzalo, head of content at crypto exchange OKEx, confirmed this, stating that the male customer base continues to dominate most exchanges. She said that the crypto sector is an eme...

Parity Technologies to propose parachain governance framework for Polkadot

The development arm behind Polkadot plans to develop and propose a new parachain governance framework called “Statemint.” Parity Technologies, the company behind Polkadot , is planning to roll out a new parachain governance framework that could enhance the use case of the network. “Statemint” is the first proposed common-good parachain for the Polkadot network, Parity Technologies announced Tuesday. A common-good parachain is a parachain that’s granted slots via governance as opposed to the auction mechanism that underlies Polkadot. The auction method doesn’t work effectively for all parachains — i.e., those that could be considered as “common goods.” In other words, Statemint would allow Polkadot to offload many of its core features to special-purpose parachains while avoiding the free-rider problem. As a so-called generic asset chain, the Statemint function would allow anyone to deploy an asset on the network as long as they put up collateral in the form of DOT, Polkadot’...

Decentraland’s MANA token hits new ATH with Atari set to build in-world casino

MANA's surge was followed by Atari's ATRI token, and Decentral Games' DG token — all three of which soared to new all-time highs in the wake of the news. The value of the Decentraland ( MANA ) token climbed 31% leading into March 9, following news that classic game manufacturer Atari would set up a gaming casino inside Decentraland’s virtual realm. Announced on March 8, a partnership between Atari and Decentral Games will see the launch of Atari Casino within Decentraland this coming May. The casino is expected to feature various Atari-themed games, playable with MANA tokens, the DAI stablecoin, Decentral Games’ own DG token, or Atari’s eponymous Atari Token ( ATRI ). Decentral Games is a community-owned ecosystem-based inside Decentraland, which is governed by its own users with the help of a Decentralized Autonomous Organization in the DG DAO. A reported 88% of the profit share will be directed to the DG DAO Treasury. Decentraland is a virtual realm built on Ethere...

Nigeria to Pay 1.2 Cents for Each Dollar Remitted to the Country to Combat Cryptocurrency Use

The Central Bank of Nigeria (CBN) has announced a scheme that seeks to boost international remittances as well as to encourage the use of official corridors when retrieving funds. The CBN’s move to incentivise recipients follows the plummeting of the country’s official remittances inflows as recipients opt for non-traditional corridors such as cryptocurrencies. Declining Remittances Under the CBN’s so-called “naira for dollar scheme,” recipients of international remittances will be entitled to an extra payment equivalent to 1.2 cents (5 naira) for every one U.S. dollar received. However, according to the CBN, this incentive scheme is set to run for just 60 days. In announcing these new measures, the CBN says its objective is to “increase the inflows of diaspora remittances into the country.” In a letter that explains how the incentive system works, the central bank said: In light of this, the CBN shall, commercial banks, pay to remittances recipients the incentive of 5 Naira for...

Bitcoin whales 'bought the dip' as orders for $100K or more hit all-time highs

There's no shortage of demand for Bitcoin, even at $50,000, as big buyers dwarf smallholders in the latest stage of the bull run. Bitcoin ( BTC ) whales and institutions alike have made the most of the recent BTC price "dip" by buying big, data suggests. In an update on March 9, on-chain analytics service Material Indicators noted that buy orders of $100,000 and higher on Binance — the biggest cryptocurrency exchange by volume worldwide — are reaching all-time highs. Big Bitcoin buyers don't hesitate In stark contrast to orders worth less than $100,000, larger buys are more frequent than ever before in Bitcoin's history. Smaller allocations have plummeted in 2021, matching an existing narrative that institutions are scooping up liquidity on exchanges which surfaced during the recent bull run. "The $100k - $1M class is now also about to make a new ATH," Material Indicators commented on Twitter alongside a chart. "Meaning, they bought the di...

Major Swiss retailers set to debut Bitcoin gift cards

Manor and Valora are leveraging the current crypto hype to sell Bitcoin gift cards in their stores across Switzerland. Switzerland’s crypto boom has entered another dimension with retailers rolling out Bitcoin ( BTC ) vouchers and gift cards. According to Swiss daily Tages-Anzeiger, Manor — the country’s largest department store chain — is already selling Bitcoin voucher cards in 59 of its branches. Meanwhile, the retail giant Valora will begin selling BTC gift cards in its kiosks across the country starting April 1. Dubbed “Cryptonow,” the Bitcoin vouchers are from the stables of Värdex Suisse, a cryptocurrency financial services firm. Värdex is also a subsidiary of major Swiss crypto exchange Bitcoin Suisse. According to Simon Grylka, head of operations at Värdex, Cryptonow offers a simple onboarding channel for would-be cryptocurrency adopters daunted by the usual avenues for acquiring virtual currency. For Grylka, the Cryptonow voucher is akin to digital gold coins. The Cry...

Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures

The operator of South Korean cryptocurrency exchange Bithumb has placed restrictions on trading accounts registered in jurisdictions that are deemed to be too lax in curbing money laundering. South Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include trading restrictions, stronger Know Your Customer checks, and specialized blockchain intelligence solutions. The popular exchange, which has an estimated average of 1 million daily users and a daily transaction volume worth 5–7 billion ($4.4–6.2 million), had a troubled 2020 beset by police investigations over allegations of fraud . After a series of reported negotiations with various firms for a potential acquisition, major gaming conglomerate Nexon denied it was planning to acquire Bithumb earlier this year. The Korean Herald today cites fresh rumors that JPMorgan and CME Group may now be considering a purchase ...

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering. Prominent Bitcoin ( BTC ) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350. A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq pla...

Furucombo to issue iouCOMBO tokens to repay victims of $15M exploit

Hacked DeFi service Furucombo will issue "iou" tokens as part of its compensation plan to repay 22 affected users. Decentralized finance transaction combination tool Furucombo will compensate the victims of a recent “evil contract” exploit that cost the protocol $15 million in stolen funds. Following an internal call with affected users last week, Furucombo released a compensation plan Tuesday, announcing that they will issue 5 million iouCOMBO tokens to the victims of the breach. Issued in the form of ERC-20 tokens, iouCOMBO tokens will represent the rights to claim Furucombo’s COMBO tokens in the recovery pool. Out of a total of 100 million COMBO tokens, 5 million coins have been allocated to the recovery pool, and are subject to a 360-day linear-vesting period, starting from March 1. According to an announcement, Furucombo expects to create and distribute the recovery pool in April following the completion of audits. Source: Furucombo COMBO token holders are incen...

Bitcoin price cracks major resistance as analyst eyes $70K 'destiny'

An overnight move higher sees local highs of $54,500 and fresh hope that support levels will now focus on $50,000. Bitcoin ( BTC ) tackled pivotal $52,000 resistance overnight on March 9 to come within 6% of historical all-time highs. BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview BTC price hits 2-week highs Data from Cointelegraph Markets and Tradingview showed BTC/USD hitting local highs of $54,500 on Tuesday. The latest attempt to break out of its sideways trading corridor, the move was still consolidating at the time of writing. Amid heavy volatility, a retracement on the day targeted $53,500 — still above crucial resistance. As Cointelegraph reported , analysts were eyeing $52,000 as a line in the sand for securing the next stage of the Bitcoin bull run. While the weekend produced healthy upside , Bitcoin had still to cement even $50,000 as strong support as the week’s trading began. On the back of 24-hour gains topping 8%, however, the picture on Tuesday...