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Venezuelan Blockchain Petro Stops Generating Blocks Since May 24
A private association of crypto enthusiasts, Asonacrip, issued a statement that the network of the official Venezuelan cryptocurrency Petro stopped generating blocks on May 24, which affected the functionality of the crypto asset.
On May 27, the work of the blockchain was briefly restored, since as many as four blocks were formed in the network, on May 28, the problem repeated itself.
Asonacrip also reported the mass blocking and deletion of Petro wallets that occurred at the time of the suspension of the network:
Hundreds of PATRIA platform user accounts were blocked and deleted within hours without warning, most of which belonged to active members of this community.
Venezuelan journalist and Venezuelan Legislative Assemblyman Mario Silva said that the withdrawal of funds in fiat currency was blocked, which he attributes to the intervention of Sunacrip more than two months ago.
Curiously, neither Sunacrip nor Petro's official support account have reported any issues to date.
Venezuelan cryptocurrency watchdog Sunacrip is under temporary administration by the Intervention Council after its head, Joselit Ramirez, was arrested for alleged involvement in a multi-billion dollar cryptocurrency corruption scheme.
In the Chinese city of Nanjing launched its own metaverse
The project called Blockchain Technology and Application Innovation Platform of China was created with the support of the state. The goal of the project is to “deepen the integration of industry, science and research in the field of the digital economy and the metaverse.” Among the founders of the platform are various academic institutions and blockchain companies from all over the country.
Although the initiative of Nanxing University, one of the country's most prestigious ones, is aimed at launching a digital China, it could also, the authors say, be an important boost to the Jiangsu province's economy.
The province aims to generate 135 billion yuan ($19.3 billion) in annual revenue from the metaverse industry by 2025, which could help Nanjing rise in the commercial attractiveness rankings.
In December 2022, the administration of Zhejiang Province announced that it intends to make the region one of the largest centers for the creation of metaverses in the PRC. For this, the authorities were going to allocate a budget of $28.7 billion.
In July 2022, Shanghai unveiled a roadmap for the development of the metaverses, allocating $52 million for them. According to local media, the metaverse industry in China has already raised about $780 million, and this figure is expected to grow to $5.8 trillion by 2030.
Fantom Foundation and Justin Sun withdraw funds from Multichain
Lookonchain analysts reported that the Fantom Foundation withdrew $2.4 million of liquidity from the MULTI native token protocol on the SushiSwap decentralized exchange.
At the same time, the Chinese crypto investment company HashKey Group transferred $250,000 to the Gate.io crypto exchange, Arkham Intelligence crypto analysts reported.
In addition to tokens, Tron founder Justin Sun withdrew 470,000 USDD stablecoins from the protocol, Lookonchain also noted.
Multichain ran into problems after users reported a delay in transactions, which has been happening for several days now. The protocol team claims that the delays are caused by the upgrade and there is only one router left to upgrade at the moment.
The bridge/swap is working properly, only the Router2 routing is waiting to be updated, noted Multichain's vice president of strategic partnerships under the pseudonym Mog, adding that "99% of other routing/token bridges are working according to plan."
Algorand, Polygon and Solana create $50 million investment fund
Fund manager Borderless Capital launched the Cross-Chain Ecosystem Investment Fund. Investors include Jump Crypto, Aptos Labs, Polygon Ventures, Solana Foundation, Algorand Foundation, GSR, Arrington Capital and other institutions.
More than twenty blockchain teams and venture capital funds have joined together to create a $50 million Cross-Chain Ecosystem Fund focused on supporting and developing new startups using the Wormhole cross-chain messaging protocol. The Cross-Chain Ecosystem Fund is managed by Borderless Capital, a leading Web3 venture capital firm.
Navigating the Web3 landscape is becoming increasingly challenging due to the proliferation of multiple layer 1 blockchains, layer 2 scaling solutions, and specialized application chains with unique goals and parameters. This complexity creates difficulties for users and repels developers, who have limited access to a single ecosystem, which hinders their development.
The Cross-Chain Ecosystem Fund aims to unlock the full potential of the cross-chain future by redefining the user experience and making Wormhole the cross-chain standard for developers to overcome the limitations of individual ecosystems. This innovation prioritizes aggregation, security, scalability, interoperability, and composability.
“We believe in the boundless future of Web3 and are very pleased with the support of our partners and investors who share our vision. Just as Web2 creates value by connecting user relationships, we believe Web3 is the natural next step,” said David Garcia, CEO and Managing Partner of Borderless Capital.
“Our goal is to empower developers to overcome the limitations of individual ecosystems, paving the way for blockchain applications and protocols to reach their full potential.”
Wormhole, the technology hub of the Foundation, is the foundational protocol that allows value and data messaging to be exchanged between more than 23 high-value chains already in use by influential protocols and companies such as Coinbase's Uniswap, Circle and Base.
“Cryptocurrency is still a nascent industry with virtually limitless room for growth, and we should do nothing but work together, no matter which particular networks people might be more interested in.
It's great to see so many ecosystems teaming up with leading VCs to come together to solve the interoperability challenge by supporting startups that integrate the Wormhole internetworking messaging standard,” said Dan Riser, Head of Operations, Wormhole Foundation.
The Cross-Chain Ecosystem Fund is backed by Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind the Celo blockchain), Moonbeam Foundation, Optimism, Circle, MultiCoin GP, Tushar Jain and Kyle Samani, Arrington Capital, GSR, Floating Point Group, Chainlayer, Chainode Tech, 01Node, Staking Fund, Moonlet, Forbole Ventures, Syncnode, Inotel, Triton One, Strangelove, Securitize CEO Carlos Domingo, OtterSec and others.
MicroStrategy explores the possibilities of Bitcoin Ordinals
The Ordinals protocol launched on the Bitcoin network in January, followed by a wave of experimentation with the first blockchain. Often, the protocol is used to release NFT analogues, but MicroStrategy management believes that the potential of the project is much higher.
For example, thanks to Ordinals, an experimental framework for creating Bitcoin-based tokens was recently launched. "Standard" was named BRC-20. After that, the number of transactions and fees increased significantly.
Sailor noted that projects such as Ordinals are driving the adoption of the first cryptocurrency among both crypto enthusiasts, companies and even governments.
In addition, due to the large number of transactions and high fees, miners earn more and have more incentive to maintain the network.
It is not yet known exactly how MicroStrategy plans to use Bitcoin Ordinals. Sailor hinted at the DocuSign system, which is used for electronic document management between companies.
However, it is centralized, so firms rely on a single proprietary database. If you run a similar system on the blockchain of the first cryptocurrency, this will give a “new level of corporate security.”
Coinbase Expands in Singapore
According to The Block, the expansion comes as the platform seeks to strengthen its international presence in response to regulatory crackdowns in the United States, where the company is based.
“The point is that the world is sort of moving forward with or without the US, and as a global company, we are determined to keep moving forward in international expansion,” said Hassan Ahmed, regional director for Coinbase in Singapore.
According to the publication, the crypto exchange received the approval of the Monetary Authority of Singapore (MAS) for the provision of services in October last year. However, the company also recently obtained a license to operate an international exchange outside of Bermuda, where it plans to offer derivatives trading services.
Coinbase has been under the scrutiny of US regulators since the beginning of the year. In particular, the Securities and Exchange Commission (SEC) has repeatedly put pressure on the company. The head of the regulator, Gary Gensler, commenting on the petition of the exchange demanding a clear position on the regulation of cryptocurrency, argued that the relevant laws are already in place.
“There is nothing about the new technology that would make it inconsistent with public policy set out by Congress,” Gensler said.
Cryptocurrencies are very popular among the people of Singapore. According to an Independent Reserve survey, almost one in two (43%) Singaporeans have invested in digital assets. At the same time, 91% said they had heard about cryptocurrency, and respondents aged 26-35 were the most knowledgeable group.
Moreover, the residents of Singapore were not afraid of the fall in market quotes in 2022 - more than 70% of respondents would advise their loved ones to invest in cryptocurrency. However, in order to increase the attractiveness of crypto investing, a clearer regulatory framework needs to be created.
Flare Partners with Rationarium to Deliver Full-Featured Web 3 ERP Solution
Flare has announced a partnership with Rationarium, the provider of the world's first complete web3 enterprise cloud solution. As part of the partnership, Flare will use Rationarium solutions for grant management, accounting and finance, taxation, human resources, expenses and payroll.
Web3 enterprise software provider Rationarium helps web3 and blockchain companies consolidate off-chain and on-chain transactions into a single ledger. Its crypto-native ERP (enterprise resource planning) solution includes accounting and tax modules that are fully customizable, allowing customers to tailor products to suit their needs.
Through a partnership with Rationarium, Flare will use a purchase ledger and treasury function that handles data in both fiat and cryptocurrencies, as well as its grant and token management products. In addition, all Flare employees and contractors will be able to process their expenses on Rationarium and receive payment in fiat or cryptocurrency.
Rationarium Founder and CEO Amaan Jalwa said: “With Rationarium, Flare will be able to simplify the management and record keeping of its operations in both fiat and cryptocurrencies. In particular, we have worked closely with the Flare Ecosystem team to create a custom grant management platform for layer 1 protocols.”
Based on the EVM, Layer 1 Flare is designed to make the blockchain more useful by providing decentralized access to high integrity data from other chains and web2. This enables the development of new real-world use cases and decentralized applications that are optimized for adoption by businesses and consumers.
LG announces NFT integration plans
Representatives of the household appliances and electronics company from LG spoke about their plans for development in the non-fungible token (NFT) sector. They noted that the organization's specialists have carefully studied this industry in the past few years and came to the conclusion that it is expedient to develop their own tools.
Thus, today the company's management plans to obtain a patent for a technology that will enable users to trade non-fungible tokens (NFT) using their home TV. According to the developers, they are hard at work creating innovative software.
According to their specialists, the new tele-device will allow you to establish a connection with the NFT market server, receive and display preview images and make purchases through a cryptocurrency wallet. The latter will connect directly to the TV without any problems.
The company’s management recalled that, in fact, LG began work on introducing NFT into its TVs back in September 2022. Then the developers of the company released their own trading platform Art Lab.
It has been connected to the blockchain network Hedera Network, in which LG has been the node operator since 2020. However, this time, the representatives of the organization want to present their clients with a more convenient and easy-to-use tool.
The decision to apply for a patent was made as LG executives see an ever-increasing consumer demand for NFTs. The company said that they are well aware of the economic prospects and plan to become one of the market leaders in this segment.
South Korean firm LG is not the only electronics giant to integrate NFT into TVs. In January 2022, Samsung launched a marketplace on 3 of its devices with the support of the Nifty Gateway marketplace.
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Michael Van De Popp: Banking Crisis May Trigger Bitcoin Growth
Shares of American banks reacted by falling to the speech of the head of the US Federal Reserve Jerome Powell, who on Wednesday, May 3, tried to calm the financial markets.
Michael Van de Poppe believes that such movements on the stock exchanges can provoke another banking crisis, and as a result, an increase in the value of bitcoin. Van De Popp emphasizes that although Powell tries to convince everyone of the reliability and stability of the banking system, few people believed him.
Within hours of the official's speech, PacWest Bancorp's shares fell nearly 58% and Western Alliance's shares fell more than 28%. Also outsiders of the market were such credit institutions as: Comerica (-10.06%), Zion Bancorp (-9.71%), KeyCorp (-6.93%).
Van De Popp, using a 30-minute bitcoin chart, showed that while banks were falling in price, the first cryptocurrency was growing. In addition, rose gold. According to the analyst, the simultaneous growth of BTC and the noble metal is positive for the crypto market.
According to the founder of EightGlobal, among bankers there is growing uncertainty and distrust of the statements of government officials. Such sentiments could lead to even more problems in traditional markets.
The analyst believes that the picture of events does not bode well for the US banking industry: if a solution is not found in the near future, the consequences of the crisis could be devastating.
The cryptocurrency market reacted with restraint to the collapse of US regional banks.
The issue of SUI tokens raised doubts about the success of the crypto project
Investors have raised concerns about the release schedule for SUI tokens. Following a tweet by cryptocurrency analyst Miles Deutscher, users have questioned the potential of the newly launched cryptocurrency.
Look at the SUI token release schedule. This is a crazy amount of coins that will enter the market.
According to the tweet, the issuance is for seven years from May 2023 to May 2030. In addition, the project plans to distribute SUI tokens across seven different categories: Binance Launchpool, Series A Sale, Series B Sale, Mysten Labs Treasury, Early Contributors, SUI Foundation, and Market Makers.
Numerous users expressed their disappointment with the chart described, adding that such tokenomics should be carefully considered before investing.
SUI is one of the recently released tokens that is predicted to show strong growth this year. The native token of the SUI blockchain, a first-level blockchain and smart contract platform, aims to make the ownership of digital assets private and secure for everyone.
According to CoinmarketCap, SUI is currently ranked 55th among other cryptocurrencies. Its market capitalization is $703.9 million at a token price of $1.33.
Jury finds OpenSea chief guilty
Nathaniel Chastain, former head of products for NFT marketplace OpenSea, was convicted on Wednesday following a trial involving alleged NFT insider trading.
Chastain was charged with wire fraud and money laundering last June. In 2021, he was accused of using secret crypto wallets to buy up NFTs before being spotted on the front page of OpenSea.
Previous attempts by Chastain's legal team to dismiss the lawsuit or dismiss charges of wire fraud have been unsuccessful. The jurors began deliberations on Monday, Reuters reported.
Sotheby's Launches Secondary Online NFT Marketplace
Sotheby's Metaverse will now offer a curated peer-to-peer marketplace across the Ethereum and Polygon networks.
Art auction house Sotheby's is expanding its non-fungible tokens (NFTs) through the issuance of a specially curated peer-to-peer secondary market.
Through its Web3 division, Sotheby's Metaverse will now offer direct transactions between collectors on its platform. The integrated sales system will be fully connected to the network through the Ethereum and Polygon networks, users will be able to pay with either their own ETH token or MATIC.
Sotheby's Metaverse says it will continue to pay royalties to artists through smart contracts on its resale platform, which automatically pays artists according to their chosen online royalty rate.
"Sotheby's commitment to respecting authors' royalties comes against the backdrop of a wider debate about royalties within the NFT community and signals Sotheby's ethos as an artist primarily as one of the few major NFT marketplaces committed to artist resale royalties," the platform said in a press release. .
The authors represented in the Sotheby's secondary market will change every few months. The platform will launch with the work of 13 leading digital artists including Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, Pindar van Armand and more.
The founder of Waves changed his mind about issuing a new stablecoin
Waves developers will not try to create a new stablecoin and will focus on the existing Neutrino Index algorithmic token project. Sasha Ivanov, founder of the Waves ecosystem, announced this on Twitter.
According to him, resuming work on old projects is always better than failing to find a new solution. However, the details of the development of the Neutrino Index token are not specified.
Recall that in December 2022, Ivanov announced the creation of a new stablecoin. The decision to launch a new project follows repeated decoupling of the USDN algorithmic stablecon — launched by Waves developers — from the US dollar.
In total, USDN lost its peg to the dollar five times in 2022. The largest drop occurred in early April, when USDN quotes fell by 30% to $0.7.
Then Ivanov's announcement of a new stablecoin caused criticism from the crypto community. Users have claimed to have lost confidence in the ecosystem after numerous USDN decouplings.
Then Ivanov was compared with the founder of the collapsed FTX crypto exchange, Sam Bankman-Freed, who assured clients of the stability of the trading platform.
Trading volume on the UniSwap platform exceeded $1.5 trillion
UniSwap ranks first in the ranking of decentralized crypto exchanges (DEX) in terms of trading volume. This platform has been leading the DeFi market for the past few years.
In April, the amount of transactions with digital assets on UniSwap exceeded $1.5 trillion, according to data from Dune Analytics.
The tightening of crypto regulation in the US and the banking crisis have led to a massive shift of investors to decentralized exchanges.
In the first quarter of 2023, DEX user activity increased monthly. The largest capital moved to UniSwap, where traders began converting the USDC stablecoin into tokenized ether and other digital assets.
The exchange is experiencing a sharp increase in the number of transactions. The number of unique users participating in transactions daily has approached 85,000, the highest number since May 2021.
According to the DeFiLiama service, the value of funds blocked in the decentralized finance market increased to $48.24 billion on April 25.
The protocols that have accumulated the largest capital in the ecosystem are Lido, MakerDAO and AAVE - $11.6 billion, $7.42 billion and $5.23 billion, respectively.
Gemini and Genesis demanded the court to dismiss the lawsuit of the US regulator SEC
Gemini and Genesis argue that the Gemini Earn program should not be classified as an offering of securities. This is a simple loan agreement, and the so-called investment contracts have not been sold on the secondary market, the creators of the project assure.
Transactions can be treated as loans, so the companies asked the court to dismiss the regulator's lawsuit or take an alternative decision - to cancel the SEC requirement for a permanent injunction on the program.
Gemini management called the SEC lawsuit ill-conceived. It is the Gemini exchange, not Genesis, that is responsible for most aspects of the Gemini Earn client program. When Genesis filed for bankruptcy in January 2023, it affected Gemini's ability to recover funds held by Earn users.
In addition, a few days ago Genesis' parent company, Digital Currency Group, was unable to complete a $630 million payment to Gemini.
Jack Baughman, founder of JFB Legal, a law firm that represents Gemini, says the SEC lawsuit makes it difficult to deal with assets that should rightfully be returned to Gemini Earn users.
At the beginning of the year, the Gemini exchange terminated the loan agreement with Genesis Global Capital, and the Gemini Earn program, which allows you to make deposits in cryptocurrencies to the Genesis service through Gemini and receive passive income, was closed.
The termination of the program is due to a lack of liquidity at Genesis, which was facilitated by the collapse of the FTX exchange. Due to numerous complaints from users, the SEC accused the Gemini exchange and Genesis lending service of an unregistered sale of securities, as well as failure to comply with disclosure requirements.
Gemini founders Tyler and Cameron Winklevoss recently announced that they plan to open a UK headquarters. They are ready to leave the US because of the hostile regulatory environment in the country.
Kyber Network will restart farming in Elastic pools
DeFi project Kyber Network will resume the possibility of farming income using the Elastic product, which implements the concept of concentrated liquidity and auto-compounding.
According to the developers, Arbitrum-based pools will be the first to start working, where rewards will be “100% increased”.
Representatives of Kyber Network stressed that early-stage liquidity providers will benefit the most.
They also assured that smart contracts have been updated, verified and include “strengthened security measures”.
For the current phase of farming, 274,000 KNC and 152,000 ARB have been allocated to reward users.
Michael Saylor: All major banks will inevitably start providing bitcoin custody services
Michael Saylor, in an interview, expressed the opinion that when bitcoin is used on a large scale by corporations, governments, non-profit organizations and individual users, all banks will offer their custodial services to them. This will avoid the risks that arise when storing cryptocurrencies on your own.
The head of MicroStrategy is sure that some groups of people are unable to reasonably manage cryptocurrencies. Saylor cited children and elderly people with dementia who inherited bitcoins. In these cases, it is necessary to involve a trust company that will manage BTC on behalf of these people, Sailor said.
“The authorities of New York will not allow the mayor of the city to walk around with bitcoins in his custody, and it is not entirely practical for the US Department of Defense to have all the bitcoins stored by one general.
Any large institutions will need a reliable infrastructure to store crypto assets. I think bitcoin will inevitably infiltrate all traditional organizations for various reasons - economic, physical or political, ”says the businessman.
Recently, Michael Saylor stated that owning bitcoins has become a vital need for every person in the face of rising inflation and distrust of traditional banks.
Texas proposes obliging bitcoin exchanges to confirm reserves
Cryptocurrency exchanges that intend to do business in Texas will need to maintain sufficient reserves to meet all obligations to their customers. This is stated in the relevant bill.
The document passed through the local House of Representatives and the State Senate. Now it should get to the consideration of the governor.
The amendments are being made to the Texas Financial Code and affect digital asset providers that serve more than 500 customers in the state and have at least $10 million in funds.
It is expected that they will be prohibited from mixing user deposits with any other funds, capital or “other property”, as well as using them for any other purpose than client transactions.
The bill also requires exchanges to maintain sufficient reserves and report back to the local regulator. Otherwise, the company is threatened with revocation of the license.
According to the authors, the initiative will increase transparency and maintain "a light regulatory stance and a business-friendly environment."
“The passage of this law makes Texas the safest place in the country to trade cryptocurrencies. Platforms that have chosen to operate [in the state] now meet higher standards, giving investors and consumers the confidence that their money and assets are safe,” Cody Carbon, Vice President of Digital Chambers, told Decrypt.
Meta decided to shift the focus on the metaverse
Meta Platforms wants to revive interest in the metaverse by positioning the technology not as a way of entertainment, but as a tool for training employees. Bloomberg writes about this, citing recent statements by Nick Clegg, head of international relations at Meta.
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Speaking at the Future of Work summit in Washington DC, Clegg touted the Metaverse as a "transformative" technology in the job and education markets. According to him, the technology of virtual and augmented reality is best shown by the example of user training. At the same time, he acknowledged that it would take another decade before the mass use of the metaverse.
Clegg also believes that the real metaverse will not be able to exist separately from artificial intelligence (AI), since it will be responsible for the creation of virtual worlds. At the same time, Meta does not believe that the growth in popularity will hit the labor market.
According to Clegg, the metaverse tied to AI provides more conditions for hiring qualified personnel. However, the virtual worlds from the American company will not be truly free, he admitted.
According to Clegg, there were "many conversations" at the Meta about what regulation of the metaverse should look like. According to him, decoupling technology from regulation does not lead to anything good.
The limitations of Meta have already taken their toll on the metaverse. Earlier, the editors wrote that the company's moderation banned content creators in the Horizon Worlds metaverse from holding their own events. Representatives of the corporation explained that they disabled this feature because it does not meet Meta standards.
At the same time, the technical condition of the virtual world from Meta leaves much to be desired. For example, The Verge journalists tested the Quest Pro 2 virtual helmet and defeated the Meta virtual world.
They said that the device does not track the position of the eyes correctly, its charge lasts only two hours, and the technical part of the metaverse is still under development. The cost of such a helmet starts at $1499.
SEC: 'Laws to regulate cryptocurrencies will take years to develop'
This is the first time that an American regulator has clearly stated that it is fine with “regulating the cryptocurrency industry with penalties.”
Coinbase has previously filed a lawsuit with the SEC demanding clear rules for regulating the industry. The American court upheld the exchange and urged the regulator to respond to the company's claims.
However, SEC representatives said that the Commission is not required to comply with the requirements set out in the petition, and emphasized that Coinbase demanded the development of a comprehensive set of laws and reforms in an extremely short time frame.
As noted by Coinbase chief legal officer Paul Grewal, this is the first time the SEC has explained its plans to regulate the cryptocurrency industry. He also stressed that there are still many questions that need to be clarified:
“The SEC has said it could take years to create laws and they are in no hurry. And she stressed that she would continue to use fines and penalties as a substitute for regulation for the foreseeable future, but someday there would be a law.”
The US Chamber of Commerce recently criticized the SEC for being unfair to crypto companies.
Bakkt platform announces mass delisting of tokens
The list of tokens that will no longer be represented on the platform includes large and popular assets.
Among them are Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic ( REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ) and Uniswap (UNI).
“Following the completion of our acquisition of Apex Crypto and as part of our regulatory process to review the list of coins on the platform, we have made the decision to delist a number of tokens and coins from our platform.
The interests of our clients and their consumers are our top priority and as part of the coin list revision, we try to ensure that these interests are best served. We take into account the latest recommendations from regulators and the latest industry developments,” said a company representative.
It should be noted that while the platform is not particularly popular - for the last quarter, Bakkt's revenues amounted to $ 13 million. In February, Bakkt decided to suspend the application for retail users and refocus the business on corporate clients.
Argentina tightens controls on crypto transactions
In particular, registered payment service providers, known locally as PSPCPs, cannot perform or facilitate digital asset transactions that are not regulated or authorized by a central bank.
The May 4 notice states that providers will not be able to conduct transactions themselves or initiate them in their applications or web platforms.
Companies officially registered with the central bank as payment service providers include major players in the field such as MercadoLibre, Bind Pago, Mobbex, Nubi and Pomelo.
The rules seem to target "auto-buy buttons" and interested users who wish to conduct such transactions "should do so of their own free will."
The central bank said the new measure aims to "reduce the risks that transactions in these assets could create for users of financial services and the national payment system."
Cryptocurrency usage is on the rise in the country, especially as Argentines rush to protect their savings in the face of annual inflation above 100%, multiple exchange rates and capital controls.
However, widespread adoption has faced hurdles, especially due to fear of volatility and widespread skepticism about potential scams.
Bitcoin Argentina, a non-governmental organization dedicated to promoting the use of cryptocurrencies and decentralized technologies in the country, called the measure unexpected and arbitrary.
“It is not clear what purpose the central bank is pursuing by banning activities that fully satisfy and benefit local exchange customers,” the emailed statement said. "This will immediately make it harder for Argentine workers and savers to access alternative savings that protect them from inflation."
The NGO also said it would promote informal solutions "where the risks and costs for the contributor are much higher."
Marcos Socaro, an accountant and spokesperson for the group, said the central bank's actions are reminiscent of actions it took last year to ban cryptocurrency transactions after the local bank began offering retail customers the ability to buy crypto from a third party on its platform.
“Less than 48 years after that, rules came out that banned Argentine banks from facilitating the purchase of cryptocurrencies,” he said, adding that registered payment companies now face the same restriction. Of that group, Zocaro said MercadoLibre's MercadoPago service was by far the largest in the country.
“However, the rules are very gray,” he said, noting that there are still different interpretations of the extent to which payment service providers will be able to work with crypto exchanges. He said they would presumably prevent MercadoPago from offering more expensive crypto services in Argentina, as they do in Brazil.
Apollo is involved in the application for the purchase of Celsius crypto bankrupt
Celsius publicly called several persons who are trying to buy a company. Apollo is an investor of the application submitted by NOVAWULF.
Last year, the crypto industry suffered from a fall in prices and scandals, which led to a series of high -profile bankruptcies.
Potential buyers of these assets really appeared - although not all efforts were successful, but giants from traditional finances, as a rule, kept aside. So the participation of Apollo in Celsius is a rare case.
The updated Celsius will mines bitcoins (BTC), participate in the ether stake (ETH) and release blockchain -based security tokens, representing the interests of property in themselves.
The winner of the auction Celsius has not yet been announced; The sale process was recently suspended and the new date was not announced.
Investors in the NOVAWULF application, if it is chosen by the winner, will receive a multi -level commission for the plus management of an incentive commission, tied to the restructured value of net assets of Celsius (NAV). The name Apollo and the terms of the transaction with Novawulf are not mentioned in the document.
NOVAWULF collaborates with the PREVENANCE blockchain to facilitate the issue and trade of shares tokens in the new Celsius. The subsidiary of PREVENANCE, FIGURE, will help provide infrastructure for tokenized securities. Apollo is already working with Figure on tokenized assets.
According to the CEO of PREVENANCE BLOCKHAIN, Morgan Mackenny, Provenance, who uses Cosmos blockchain as the main register, boasts a total locked value of more than $ 7 billion (TVL), which is the largest accumulation of network assets outside the Etherum.
Meanwhile, Figure qualifies as a broker deiler and has the release from the alternative trading system (ATS) for the trading of securities released on the blockchain.
As for Apollo and the capabilities of Celsius, Mackenny said that the private investment company is a “flagship”, which “leads the industry to the future”.
SushiSwap deployed pools of concentrated liquidity
Decentralized exchange (DEX) SushiSwap has deployed V3 pools of concentrated liquidity on 13 networks at once, including Ethereum, Arbitrum and Polygon, BSC and Avalanche. Over the next few months, they will become available on more than 30 blockchains.
According to the team, the event represents the largest deployment of such pools to date.
The use of pools of concentrated liquidity helps to circumvent common problems such as large impermanent losses and inefficient use of delegated funds.
Users choose a narrow price range within which their liquidity will participate in trading and generate increased profits in the form of commissions.
The launch of pools is not the only update to SushiSwap. In the near future, the developers plan to add support for zero-knowledge rollups, and then introduce a rewards program for the highest performing LP, which allows you to earn the native native token of the SUSHI exchange. The initiative will initially launch on Ethereum, Arbitrum, Optimism and Polygon.
Recall that at the end of April, SushiSwap began using the latest Uniswap automatic market maker module in an attempt to update tokenomics and increase user confidence. The move was hailed by industry experts as a sign of potential massive growth and improved capital efficiency.
Nayib Bukele canceled all taxes for technology startups
Salvadoran President Nayib Bukele signed into law today a bill to abolish taxes on technological innovation. The move strengthens El Salvador's position as a technology development country.
I just signed into law, the INNOVATION AND TECHNOLOGY PRODUCTION LAW, which eliminates all taxes (on income, property, capital gains, and import duties) on technological innovation, software and application programming, artificial intelligence, computer and communications equipment.
In March, President Bukele announced his intention to pass a bill to protect technological achievements in the country. Subsequently, a document on the abolition of taxes on various innovations in the technology sector was sent to Congress.
Today, the head of state signed the bill, thus, its text came into force. This event should attract technological developments to the country, as it is economically beneficial for companies to develop business in El Salvador.
Coinbase Exchange Opens Doors to Foreign Institutional Traders
Leading US cryptocurrency exchange Coinbase is expanding into markets outside of the US. The company announced the launch of an international digital assets futures exchange called Coinbase International Exchange. The license was obtained in Bermuda, the new division is registered there.
The platform will enable non-US institutional traders to trade perpetual futures with up to 5x leverage. At the moment, derivatives for Bitcoin and Ethereum are available on the exchange.
Coinbase was licensed by the Bermuda Monetary Authority (BMA) in mid-April. The Class F license allows Coinbase to operate a digital asset exchange and be a digital asset derivatives exchange provider, as well as conduct activities such as the sale and issuance of tokens. And all this without contact with arrogant American regulators.
Coinbase notes that Bermuda's regulatory environment is known for "a high level of transparency, legal compliance" and is generally friendly.
On April 18, marketplace CEO Brian Armstrong admitted that Coinbase would consider pulling out of the US market. This will happen if the regulatory environment in the cryptocurrency industry does not become more transparent and understandable in the next couple of years.
Armstrong compared the situation with crypto in the US and the UK. The United Kingdom has one regulator, the Financial Conduct Authority (FCA), which is responsible for both commodities and securities. In the US, there is serious competition for crypto between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Bhutanese state company Druk Holding admitted to secretly mining bitcoin
DHI CEO Ujjwal Deep Dahal revealed that the company began showing interest in bitcoin mining when it cost around $5,000 per coin.
In addition to BTC, there is also interest in ether. Dahal assured that the company is not exposed to the risks associated with crypto assets, since it does not engage in their direct purchase. DHI covers the operating costs of mining through the sale of bitcoins.
Mining activities are carried out using surplus electricity generated by local hydroelectric power plants.
“Our company invests in different asset classes that provide access to traditional sectors of the economy. In addition to traditional industries, we are interested in further mining of digital assets,” said the CEO of DHI.
The head of the holding said that mining is connected with the strategic development of the company, and has nothing to do with the FOMO syndrome - the fear of missing out on the benefits of technology.
In this regard, DHI began to form a team of specialists in cryptocurrencies. Dahal added that thanks to mining, the company managed to repay all the loans taken from the bankrupt platforms BlockFi and Celsius.
Bitcoin mining is being started by companies whose activities have nothing to do with cryptocurrencies. In 2021, the Chinese tea company Urban Tea also set up mining farms to expand its business.
Former US Congressmen To Lead New Bitcoin Policy Group
Former Ohio Congressmen Tim Ryan and Indiana Congressmen David McIntosh will lead an initiative associated with the Bitcoin Policy Institute that aims to "educate policymakers and the public about the economic and social benefits of Bitcoin and other digital innovations."
Traditional financial services have left a number of communities that encourage innovation behind. Bitcoin and other digital innovations can bring financial inclusion to more low-income communities, said Democrat Ryan, who has worked on legislation relating to cryptocurrencies.
We will also promote the development of alternative energy sources by creating more jobs in America.
BPI Action will join other crypto groups already active in Washington, including the Blockchain Association and the DeFi Education Foundation. The Bitcoin Policy Institute supports academic research on Bitcoin and other "emerging money networks".
In May, Ryan and McIntosh will host a bitcoin politics show at the 2023 Bitcoin Conference in Miami.
Bitcoin Policy Institute co-founders Grant McCarthy and David Zell hope the new group "will help policymakers and the public have a more honest conversation about the benefits of U.S.-led innovation in this area."
Binance Introduces WBETH Liquid Staking Token
Cryptocurrency exchange Binance has rebranded its Ethereum liquid staking product and introduced the Wrapped Beacon ETH (WBETH) token.
Users will be able to use WBETH on DeFi protocols outside of the exchange. However, they will continue to receive rewards for staking on the main platform.
On April 27, it will be possible to convert the synthetic asset BETH to WBETH at a ratio of 1:1. The company warned that this value may change in the future, "as the cost of WBETH will increase over time."
On April 19, Binance opened the withdrawal of ETH from staking. This happened after activating the Shapella update.
