Client Demand and ‘Negative Events’ Pushing Tradfi Institutions Towards Crypto — Bitrue Chief Strategy Officer

Growing client demand for cryptocurrencies and the belief that they represent a new asset class help to explain traditional financial institutions’ newfound interest in digital assets, the chief strategy officer at Bitrue has said. The collapse of FTX and Terra Luna in 2022 and the resulting bear market may have helped to remove barriers to entry. The entrance and presence of “tradfi” (traditional finance) institutions in the crypto market will also likely lead to the “establishment of industry standards,” according to the executive.

Removal of Cost to Entry

After spending years attacking and maligning digital assets, an increasing number of traditional finance (tradfi) institutions are seeking exposure to crypto assets, Robert Quartly-Janeiro, the chief strategy officer (CSO) at crypto exchange Bitrue, has asserted. He said client demand for cryptocurrencies as well as the growing belief that these represent a new asset class are some of the reasons why tradfi institutions have seemingly had this change of heart.

Quartly-Janeiro, who has served as a visiting fellow at The London School of Economics, also told Bitcoin.com News that the changed circumstances which followed the collapse of FTX could be another key influencing factor.

“The negative events that occurred during that time [between 2021 and 2023] — such as FTX, Luna, and others — and the subsequent bear market removed some of the barriers regarding the cost of entry and acquisition. This created an opportunity for these institutions to enter the market, leveraging their brand equity and financial capabilities,” Quartly-Janeiro explained.

Risks and Benefits

While the prospect of traditional financial institutions entering the crypto market is sometimes a contentious topic, the Bitrue CSO said he can see both benefits and risks. Some of the benefits include increased trade volume, expanded consumer choice, and enhanced professionalism. The entrance and presence of tradfi institutions in the crypto market will also likely lead to the “establishment of industry standards.”

However, when it comes to the risks, Quartly-Janeiro suggested that different players in the crypto market may have different views on this. For instance, some crypto entities may see the increased competition from well-capitalized legacy financial institutions as a threat to their business models. Still, some see the “risk of spillovers in areas like stablecoins that are linked to real-world assets and currencies.”

For traditional financial institutions seeking to enter the crypto market, Quartly-Janeiro suggested joint ventures or outright acquisition of existing crypto entities. This, he said, may be a better alternative to building everything from scratch. As for decentralized finance (defi) projects that are eager to partner with tradfi, the Bitrue CSO said gaining deep knowledge of both the defi and traditional financial worlds could prove to be useful.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Study: Sub-Saharan Africa’s Bitcoin Transaction Volume Number One Globally, Data Indicates Shift Towards Stablecoins

Despite accounting for just 2.3% of global transaction volume, the latest data shows that crypto has penetrated key markets in Sub-Saharan Africa and “become an important part of many residents’ day-to-day lives.” With a regional volume of 9.3%, Sub-Saharan Africa’s BTC share outranks all regions including North America (9.0%) and Eastern Europe (8.2%).

Nigeria Epitomizes Sub-Saharan Africa’s Crypto Penetration

While the Sub-Saharan Africa region is reported to have accounted for 2.3% of global transaction volume, a closer look at the latest data shows that “crypto has penetrated key markets and become an important part of many residents’ day-to-day lives.” As the excerpt from Chainalysis’ upcoming Geography Report shows, no country from this region best exemplifies how crypto has become part of everyday life than Nigeria.

With transaction volumes of just under $60 billion between July 2022 and June 2023, Nigeria is Sub-Saharan Africa’s largest crypto market by a distance. For perspective, the region’s total volumes during the same period were $117.1 billion. The data shows that Nigeria accounted for nearly half of the region’s total transaction volume in that period.

South Africa, whose traded volumes surpassed the $20 billion mark during the same period, is home to the Sub-Saharan Africa region’s second-largest crypto market. Kenya, Mauritius and Ghana, which are ranked third, fourth, and fifth, respectively, complete the region’s top five.

Meanwhile, the Chainalysis data suggests that residents from the Sub-Saharan Africa region increasingly see BTC as an alternative store of value. With a regional volume share of 9.3%, Sub-Saharan Africa’s BTC share outranks all regions including North America (9.0%) and Eastern Europe (8.2%). Explaining why Sub-Saharan Africa is ranked first, Chainalysis said:

Many countries in the region have struggled with rising inflation and debt, making cryptocurrency an attractive means of storing value, preserving savings, and attaining greater financial freedom.

The blockchain intelligence firm singles out inflation-hit Ghana where residents reportedly have turned to BTC.

While BTC is still the number one crypto in the region, the latest data appears to point to a shift away from the leading crypto asset towards stablecoins. Moyo Sodipo, the co-founder of Nigeria-based cryptocurrency exchange Busha, said the drop in the price of BTC may explain why users from the region are gravitating towards stablecoins.

“Now that Bitcoin has lost a lot of its value, there is a desire for diversification between Bitcoin and stablecoins. However, market shifts aren’t dampening activity,” explained Sodipo.

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from Bitcoin News

Hungarian Authorities Seize Crypto Worth $1M in Tax Fraud Case

Hungarian authorities have seized cryptocurrency worth over $1 million from a criminal organization in a value-added tax (VAT) fraud case. The authorities raided 28 locations, arrested three suspects, and seized various assets tied to the group. The seized cryptocurrencies were transferred to the wallet controlled by the Hungarian tax authority.

Crypto Seized in Tax Fraud Case

The National Tax and Customs Administration of Hungary (NAV) announced Wednesday that it has seized cryptocurrency from a criminal organization that evaded paying three billion Hungarian forints ($8.2 million) in value-added tax (VAT).

NAV commandos, the Merkur Deployment Unit, and the investigators of the Western Transdanubian Criminal Directorate simultaneously raided 28 locations, arrested the suspects, and seized their illegally acquired assets and cryptocurrency worth nearly 420 million forints ($1.15 million). Without providing specific details, the NAV stated that the seized cryptocurrencies were transferred to a specially created crypto wallet that it controls.

The tax authority explained that members of the criminal organization acquired smartphones, tablets, solar panels, and other electronic devices from several countries in the European Union. They avoided paying VAT after importing the products by setting up shell companies that changed every couple of months, the NAV described, adding that this allowed the fraudsters to sell electronic devices to various wholesalers and resellers at favorable prices.

“By selling information communication devices imported from the EU through a fictitious invoicing chain, more than HUF 3 billion in VAT was saved,” the Hungarian tax authority stated (translated by Google). The NAV added that some of the criminal proceeds were used to invest in cryptocurrency.

In addition to cryptocurrency, solar panels, associated inverters, cars, cash, real estate, and bank accounts worth more than half a billion forints were seized. According to the NAV, three members of the criminal organization have been taken into custody.

What do you think about the Hungarian tax authority seizing cryptocurrency in this tax fraud case? Let us know in the comments section below.

from Bitcoin News

Coinshares Unveils New Crypto Hedge Fund Division, Widens Institutional Services to US

Coinshares, a European digital asset manager, is moving into the U.S. with a new hedge fund division aimed at institutional investors. The firm, based in Saint Helier, Jersey, intends to offer comprehensive services for institutions exploring crypto assets.

Coinshares Expands to U.S. With New Hedge Fund Division

The company revealed its new branch, Coinshares Hedge Fund Solutions, signifying its foundational emphasis as a crypto-centric hedge fund manager. Lewis Fellas, an asset manager with more than two decades of experience, including seven years in the digital assets sector, will lead this division.

The press release highlights the merger of Coinshares‘ ten years in crypto with the expertise the team has developed from proprietary trading since 2016. The firm holds that this experience equips it to produce competitive products comparable to those of mainstream financial entities.

“In a changing macro environment prominently marked by interest rates and inflation, the demand for actively managed exposure to digital assets is a natural progression,” remarked Coinshares CEO Jean-Marie Mognetti.

Mognetti added:

The new division signifies the latest step in Coinshares’ evolution.

Registered as a broker-dealer with FINRA, Coinshares will introduce the hedge fund offerings to eligible U.S. investors. The company noted in its release, “The long-awaited return of interest rate-driven volatility is a great opportunity that we plan to capture with our novel fund products.”

“Each product that will be offered is designed to mitigate counterparty risk whilst providing investors with clearly defined asset class and strategy exposures,” Fellas concluded.

What do you think about Coinshares’ new hedge fund division? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

VC Katie Haun Says It’s a ‘Really Good Time’ to Be Investing in Crypto — Criticizes SEC’s Regulatory Approach

Venture capitalist Katie Haun is optimistic about the future of crypto. “It’s a really good time to be investing in this space during this down market,” she said. “I have actually never felt that in prior cycles, crypto was more inevitable than in this cycle, and this is the fourth cycle I’ve been in crypto,” she further shared.

Katie Haun on Crypto’s Future and SEC Regulations

Venture capitalist Katie Haun, founder and CEO of Haun Ventures, a $1.5 billion Web3-focused venture capital fund, shared her optimism about the future of crypto at Techcrunch Disrupt on Thursday.

Haun was previously a general partner at Andreessen Horowitz, a Silicon Valley-based venture capital firm. She also served on the Coinbase board. Before becoming a venture capitalist, she spent a decade as a federal prosecutor with the U.S. Department of Justice.

Commenting on her venture capital funds’ crypto investment strategy, she described: “I think there’s a perception out there that crypto is crickets chirping. We find ourselves very busy, but one of the things we did do is we saw this market correction, and we very purposely waited to make some deployments.” Haun emphasized:

I know this is going to sound a little odd, but we feel, actually, it’s a really good time to be investing in this space during this down market.

She proceeded to highlight some positive regulatory developments in the crypto space, including recent court cases that pushed back against the SEC. In addition, she noted that Congress is getting involved, the world’s largest asset managers are entering the space, the stablecoin market has hugely grown, and the Internal Revenue Service (IRS) has issued crypto tax guidance. The VC stressed:

I have actually never felt that in prior cycles, crypto was more inevitable than in this cycle, and this is the fourth cycle I’ve been in crypto.

Regarding crypto regulations, she stated that “the picture’s brighter on what’s happening globally.” Haun added: “You have a majority of G20 countries now moving forward with crypto frameworks … I think that right now they are moving forward because they realize the inevitability of cryptography paired with economic incentives.”

Haun specifically criticized SEC Chairman Gary Gensler for his enforcement-centric approach to regulating the crypto sector. “I think the SEC under [Gary Gensler] has really taken a very expansive view of their jurisdiction in a way that I think, by the way, make no mistake, it’s not just crypto, it’s on AI, it’s on climate, it’s on other major policy questions that concern the U.S. economy,” she cautioned, elaborating:

I think that’s a bit concerning because that’s not how our system is set up … And I think that’s why you’ve started to see some federal judges … starting to say ‘wait a second, this is a step too far.’

Despite regulatory uncertainty and crackdowns by certain regulators, such as the SEC, Haun said her VC firm is not deterred from investing in U.S. companies. “The law and the regulations are decided in this country by the courts and by Congress. They’re not decided by independent agencies,” she stressed. “So just because an agency says something doesn’t really make it the law. And I think a lot of folks don’t realize that. And so, we’ve seen agencies and we’ve seen certain [branches] of government — and by the way different administrations too, this is bipartisan — get very, very involved.”

Do you agree with VC Katie Haun about the future of crypto? Let us know in the comments section below.

from Bitcoin News

Binance Seeks Dismissal of SEC Lawsuit — Claims SEC ‘Distorts’ Securities Laws to Gain Power Over Crypto Industry

Crypto exchange Binance and its CEO Changpeng Zhao (CZ) have filed a motion to dismiss the lawsuit against them by the U.S. Securities and Exchange Commission (SEC). “It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws,” they argued, alleging: “In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws.”

Binance and CZ Seek to Dismiss SEC Lawsuit

Cryptocurrency exchange and its CEO Changpeng Zhao (CZ) filed a joint motion on Thursday to dismiss the lawsuit against them by the U.S. Securities and Exchange Commission (SEC).

According to the court filing, the lawyers for Binance and Zhao wrote: “The SEC’s claims against BHL [Binance Holdings Ltd.] and Mr. Zhao should be dismissed with prejudice.” They added:

It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws.

“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws — reading the word ‘contract’ out of the statutory phrase ‘investment contract,'” they further alleged.

Moreover, the lawyers for the crypto exchange and its chief executive warned: “The SEC also seeks to enlarge its jurisdiction globally to include transactions on foreign cryptocurrency platforms, defying supreme court precedent holding that the agency’s regulatory authority ends at the U.S. border.” They stressed: “As the SEC lacks authority to do this, BHL and Mr. Zhao respectfully move to dismiss the Complaint.”

The Binance legal team further argued:

The entire complaint fails because the SEC did not provide fair notice of its novel interpretation of the securities laws.

“Finally, among other deficiencies, the complaint fails to adequately allege that Mr. Zhao personally had the requisite suit-related contacts with the United States to support an exercise of personal jurisdiction over him,” Binance’s lawyers wrote.

In addition, BAM Trading Services (dba Binance US) and BAM Management US Holdings also seek to dismiss the SEC’s charges against them. The SEC filed a lawsuit against Binance entities and CZ on June 5. In the lawsuit, the securities regulator identified 12 crypto tokens as securities.

Do you think the court should dismiss the SEC lawsuit against Binance and CZ? Let us know in the comments section below.

from Bitcoin News

Cryptopia Rising: Experience a Grand Adventure in a Blockchain Gameverse

What if everyone could start anew? What if there existed a city where individuals could manifest the lives they have always envisioned?

Cryptopia emerges as a play-to-earn and free-to-play blockchain game, meticulously designed to enable inhabitants to construct their ideal existence within a novel metropolis, free from the constraints of national borders. Prospective participants confront a pivotal choice, selecting between two distinct pathways: the capital-intensive Tycoon or the adept Adventurer. Regardless of their chosen path, their journey towards achieving remarkable success will significantly influence the course of this virtual realm.

The genesis of Cryptopia revolves around a fundamental premise: the planet teeters on the brink of calamity. Following the abandonment of fiat currency’s gold standard in the global economy, economies stand exposed to manipulation by governments and economic elites, who capriciously manipulate currency values. A solitary global shock, such as climate upheaval, could precipitate widespread economic collapse and human suffering.

One day, a cryptic whitepaper surfaced, proposing an audacious idea: the establishment of a fully operational sea-steading city, constructed upon blockchain technology. This city would be liberated from the influence of external powers and fiat currency systems, where citizens could autonomously craft their systems of governance, commerce, and lifestyle. Thus, Cryptopia was born, offering humanity a potential catalyst for recovery and prosperity.

Why Opt for Cryptopia?
Cryptopia astutely sidesteps the common pitfalls of blockchain gaming, which often devolve into passive NFT holding, with players simply awaiting higher bids. This leads to diminished engagement once the initial novelty fades. In contrast, Cryptopia places genuine gameplay at the forefront, empowering players to mold and lead virtual lives. They confront a binary choice:

1. The Tycoon path demands shrewd resource management, involving strategic investments to forge a DeFi empire. Players acquire real estate, erect structures that yield goods and services, and issue quests, rewarding professionals under their employ.

2. The Adventurer path offers a free-to-play route, enabling individuals to embark on quests and cultivate careers. Adventurers invest time in quest completion and skill accumulation, ultimately rising as coveted professionals within the city.

Beyond these two primary paths, Cryptopia offers an array of engaging activities, such as exploration, resource collection, social interactions, and alliances. Players may capture exotic creatures and train them for Arena competitions. For those inclined towards economic endeavors, attaining Grandmaster status, crafting unique items, and trading them on the NFT Market presents enticing opportunities. Strategic gameplay allows for advancement, regardless of initial financial resources.

Sustainable Gameplay
Unlike many blockchain games where in-game assets progressively escalate in price, Cryptopia fosters a sustainable game economy. Wealthier players create avenues for free-to-play participants by employing them for quests. Resources circulate back into the economy as quest rewards. If assets become overly expensive, players can opt to establish a public company (DAO), allowing for resource pooling and collective investment.

User-Friendly Accessibility
Cryptopia prioritizes ease of use, introducing a versatile standalone multi-signature wallet integrated into the game, obviating the need for third-party wallet registration. This wallet accommodates both fungible (ERC-20 and ERC-777) and non-fungible (ERC-721) tokens, facilitating buying, selling, and trading within its user interface.

Security is paramount, with the Cryptopia wallet offering 2FA and MFA, permitting users to safeguard their accounts across multiple devices, reducing the risk of asset loss due to device failure or compromise. Optionally, players can co-own wallets with partners. Moreover, the Cryptopia wallet’s single sign-on functionality extends its utility beyond the game, enabling its use with other applications.

Complete Decentralization
Unlike many blockchain games reliant on centralized servers and cloud services for vital functions, such as NFT marketplace maintenance and multi-signature key storage, Cryptopia operates without centralization. The entire game state resides on the blockchain, with non-essential processes distributed across a peer-to-peer mesh network. This architecture mitigates gas fees, facilitates real-time interactions among players, and ensures game continuity even if nodes fail.

Selecting a Faction
Cryptopia is a realm replete with intrigue, as entrants align themselves with distinct factions, each harboring its own history, gameplay dynamics, regulations, and objectives. These factions vie for supremacy in the fledgling nation-state:

1. Industrial (The Inheritors): Focused on transforming Cryptopia into an economic juggernaut, prioritizing swift profit acquisition.
2. Eco (Earth’s Disciples): Committed to cleansing Cryptopia of the old world’s transgressions, vehemently opposing carbon-based fuels and pollution.
3. Tech (The Technocrats): Driven by competence and scientific progress, envisioning a technologically advanced Cryptopia.
4. Traditional (The Unifiers): Striving to forge an egalitarian society, emphasizing the welfare of the majority.
5. Pirates: Merciless marauders, plundering ships to amass wealth expediently.
6. Bounty Hunters: Nemeses of Pirates, dedicated to hunting them down and returning stolen loot, introducing a PvP element.

It is essential to recognize that Cryptopia’s immutable blockchain records all decisions, rendering in-game actions permanent and influential to the world and fellow players. Each choice demands meticulous strategizing.

In concert, the mechanics, engaging gameplay, and user-friendly interface attract a steady influx of new players, ensuring Cryptopia’s continued prosperity. To sum up, Cryptopia represents a secure, equitable, entertaining, and rewarding blockchain odyssey tailored for discerning gamers and investors.

The Cryptopia development team eagerly anticipates the participation of as many individuals as possible in this virtual universe. Please reach out through the provided links for further information.

Official links

Website: https://cryptopia.com

Wiki: https://wiki.cryptopia.com

Discord: https://discord.com/invite/cryptopia

Facebook: https://www.facebook.com/CryptopiaOFCL

Twitter: https://twitter.com/CryptopiaOFCL

YouTube: https://www.youtube.com/@CryptopiaOFCL

Instagram: https://www.instagram.com/cryptopiaofcl

CoinMarketCap: https://coinmarketcap.com/community/profile/Cryptopia

Twitch: https://www.twitch.tv/cryptopiaofcl

Spotify: https://open.spotify.com/show/4jkkGIZyiSkQvYLWqGLWVE

Telegram: https://t.me/cryptopia_ofcl2022

For investors

Private sale: https://cryptopia.com/privatesale

Early-access NFTs: https://app.cryptopia.com/early-access

Cryptopia Roadmap: https://sharing.clickup.com/24415847/b/q93k7-827/board

 

 

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from Bitcoin News

Digital Assets Worth Billions Still Secure Despite Rise in Cyber Attacks — Former Microsoft Security Lead

A former Microsoft Security Lead has insisted that a great proportion of digital assets worth billions of dollars are secure and are being “safely managed by hundreds of protocols.” The security expert suggested that protocols also need to have a platform that allows users to rate or assess the robustness of security systems.

A Comprehensive Security Strategy

While decentralized finance and Web3 platforms have seen a steady rise in hacks and phishing attack incidents, according to Christian Seifert, a former Microsoft Security Lead, there are still “billions of dollars worth of digital assets that are safely managed by hundreds of protocols.” So while cybercriminals may have siphoned digital assets worth millions of dollars, the value of stolen assets remains just a fraction of secured assets, the security expert added.

Seifert, who is also the Researcher in Residence at Forta Network, nevertheless suggested that protocols managing users’ assets need to have what he called a “comprehensive security strategy.” He told Bitcoin.com News that protocols further need to have a platform that allows users to rate or assess the robustness of security systems.

“And what needs to happen is to make it easier for users to assess whether protocols are responsibly securing users’ funds and investing in security. I applaud projects like DeFi Safety that perform this service for the industry. Their information must be accessible to users easily, so they can understand security risks and make their decisions on whether it is acceptable,” Seifert suggested.

Educating Users Key to Defeating Scammers

As has been reported by Bitcoin.com News, there has been an surge in the number of hacks, phishing attacks and giveaway scams since the start of 2023. In some of the most recent attacks, victims were high-profile individuals like the Ethereum blockchain founder Vitalik Buterin and billionaire Mark Cuban. Some Web3 and decentralized finance enthusiasts believe such high-profile attacks will be used by opponents to undermine adoption efforts.

However, according to Seifert, these incidents alone should not turn away users. He insisted that there is a “plethora” of products and services that help users secure their assets and avoid becoming victims like Buterin and Cuban. Still, he conceded that it would require some education for users to become better at protecting their assets.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Binance’s Work Culture Explained

Game rooms, unlimited food buffets, massage chairs and all those gimmicks were so 2010’s.

Sure, it has been fun for a while, but soon enough, we started seeing more and more reports and news articles about how these incentives don’t accomplish their goal. No matter how many fancy perks there are, unless there’s a strong mission and an enticing model of work in an organization, flashy offices lose their appeal really fast.

Binance has never put much stock in superior office comfort as a means of attracting and retaining top talent. Don’t get them wrong – their offices offer some of these perks as well, but they’re never the main reason employees want to stay with the organization. That’s why Binance’s mission, and enabling employee growth, are the biggest motivators for their workforce. Binance takes a different approach when it comes to their working model – they always talk about how they need the right people with the right cultural fit and how most people might not fit in.

Instead of offering over-the-top incentives, the idea is that Binance’s employees must have intrinsic motivation to rally behind the organization’s mission. If someone doesn’t feel strongly about the goal of bringing the freedom of money to billions across the world, then that person will most likely not thrive in Binance. Having an office movie theater will do little to fix this.

So, the question is: what is Binance’s model of work?

There are a few attributes that the organization looks at closely when they think about their fully remote organization of thousands of employees across the globe. These ideas help Binance to stay efficient and keep their mission top of mind.

Intrinsic Motivation & Alignment With Our Mission

When recruiting for new roles at Binance, candidates who share the mission and passion are prioritized. As the world’s largest crypto exchange whose reason to be is increasing global financial freedom, Binance has the potential to impact billions of lives. The employees at Binance are deeply committed to this mission from day one.

With almost 1.4 billion unbanked people around the world, our work at Binance has never been more important. From offering transparency and traceability of funds’ movement to enabling smoother and more efficient cross-border transfers, Binance is at the heart of bringing about the freedom of money globally. Every single employee in Binance must be focused on bringing this mission to life. Candidates who grasp the significance of Binance’s work are more likely to excel. While financial benefits matter, they’ve observed that those who align with the organization’s vision from the outset tend to perform best and stay the longest. At Binance, they don’t offer extravagant perks or flashy benefits, as they seek talent that genuinely fits our organization’s core mission and fast-paced environment. Intrinsic motivation is essential for thriving in such a dynamic setting.

Remote Work: Employee Perspective

The pandemic forced most companies into a remote working environment. Now that things are going back to normal, many companies are encouraging their employees to return to the office. Binance, however, has always been a fully remote organization, encouraging employees to utilize the benefits this brings. The organization calls for their employees to work from home in a way that ensures workplace comfort, brings opportunities to find time for family and friends, and enables employees to choose their own hours*. This has been a standard for Binance since the beginning and one that employees enjoy. It allows them flexibility, enables them to save time and money on commuting, and allows them to plan their days in a way that works best for them.

Remote Work: Binance’s Perspective

Remote work is the preferred choice for the employees for sure, but there’s a lot in it for Binance as well. Remote work eliminates wasted time from commuting, leading to less fatigue and increased productivity. As a results-driven organization laser-focused on our users, Binance treasures any opportunity to save employees’ productive time and track outcomes as closely as possible. In addition to giving their people more time and flexibility, the remote working environment also enables Binance to better identify which teams are performing well and which need support.

Autonomy & Flexibility

Binance is a global 24/7 organization with thousands of employees around the world, and the best way to help employees thrive in this environment is offering them as much flexibility as possible. Most employees can choose their own hours*, which means that teams across different time zones can connect when they need to. Their staff can take breaks in the middle of the day to recharge, pick up their kids from school or take some time to help out their parents. Treating their staff like responsible grown-ups who are intrinsically motivated and know how to manage their time ends up benefiting Binance significantly.

*Majority of employees can choose their own hours, except for those who work in specific shifts

PowerPoint Is Banned – Efficiency Is King

At Binance, efficiency and output are the top priorities. That’s why employees don’t waste time on things like fancy presentations. Meetings are kept short (15 to 30 mins max), and staff are encouraged to keep documents in bullet points. These policies enable us to save time and cut through the jargon-heavy communications and wasteful meetings that we see in most corporate environments. Substance over style is the norm. There’s no option to hide behind excessive corporate speak or flashy presentations, and the only option is to actually deliver superior performance.

Growing & Upskilling Is Mandatory

At Binance, if you’re not growing, you’re falling behind. In such a fast-paced organization that serves an industry where the norms, policies, and technologies change every hour, keeping sharp and expanding one’s skill set is a must. That’s why Binance always encourages their employees to learn new things and incorporate them into their work.

These are just a few of the ways that Binance maintains its signature focus on its users while ensuring the organization grows and retains the best talent in the world. High performers and those aligned with our vision end up sticking with Binance for the long haul. As mentioned earlier, there’s one common factor when looking at the best talent and successful employees – and that is alignment with Binance’s mission. This intrinsic motivation enables the organization to keep building products that its users will find valuable and helps to create a better world by advancing the freedom of money.

 

 

 

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from Bitcoin News

Eclipse Announces Solana-Powered Ethereum Rollup

Eclipse, an organization that allows for the construction of customizable rollups, has announced the architecture of its Eclipse mainnet, a Solana-powered Ethereum layer two (L2) scaling rollup. The rollup will benefit from using the Solana Virtual Machine as an execution layer, leveraging this blockchain’s various security and performance benefits.

Eclipse Announces Ethereum L2 Using Solana Virtual Machine

Eclipse, an organization focused on building scaling solutions for Ethereum, announced its Eclipse mainnet L2 (layer two) solution using Solana-based tech. The project, which is being promoted as the “fastest” Ethereum rollup by the company, will use the Solana Virtual Machine (SVM) to take advantage of the improvements this has over the traditionally used Ethereum Virtual Machine (EVM)

One of these advantages is the parallelized processing of the SVM, which allows performance to scale more efficiently. Also, the possibility of local fee markets, meaning that one non-fungible token (NFT) event will not paralyze the whole network (as has happened before), is an advantage over Ethereum’s current capabilities.

The adoption of the SVM also presents improvements in the security aspect. Its implementation prevents contracts from being attacked using reentrancy, an exploit widely used by bad actors.

The rollup will, nonetheless, settle its state to the Ethereum chain, as the Eclipse team believes that Ethereum is “the intellectual, social, and economic center of crypto.” The token for paying transaction fees will also still be ether, with the Eclipse team stating it had no plans for launching its own token for the time being.

A Better Scaling Ethereum

The startup, which has already raised $15 million in its seed and pre-seed rounds, considers that while the current Ethereum rollup ecosystem allowed the blockchain to scale and gave users cheaper fees, it is insufficient to “scale for the masses.”

The many-rollup vision, which proposes the creation of a rollup instance for each application, also creates potential fragmentation issues and brings more problems to users and maintainers who have to rely on many infrastructure providers for these solutions.

Eclipse states this is like “using a sledgehammer to crack a peanut,” as ecosystem participants are forced to make “painful and unnecessary tradeoffs (complexity, cost, worse UX, fragmented liquidity, etc.).”

However, the answer for Eclipse is clear:

The optimal solution is incredibly clear – just use a parallelized VM with local fee markets for state hotspots. That’s exactly what the SVM brings.

What do you think about Eclipse’s new Solana-based Ethereum L2 and its purported advantages? Tell us in the comments section below.

from Bitcoin News

Coinbase Calls on 52 Million Crypto Holders to Advocate for Clear Regulation

Coinbase revealed a campaign to move more than 52 million U.S.-based cryptocurrency holders to call for clear and precise regulation. The push, part of a countrywide initiative, will be supported by a paid media campaign across multiple platforms but directed to nine states where most crypto owners are concentrated.

Coinbase Calls Crypto Holders to Action

Coinbase, the largest U.S.-based cryptocurrency exchange, has unleashed a campaign that seeks to leverage 52 million crypto holders in the country to ask for clear regulation in the cryptocurrency industry. According to the exchange, clear laws in the field will benefit crypto and non-crypto holders alike, who collectively believe the current financial system needs a change.

The first phase of this campaign aims to organize the community to move out of X (formerly known as Twitter) and to take this battle to phone calls, mobilizing crypto users to “take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation,” per a press release.

In addition, the movement will be supported by a media campaign across multiple platforms, with digital and outdoor advertisements already being showcased in Washington D.C. This campaign will be localized into the nine states with the most cryptocurrency holders, including Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin.

The Need for Clarity in Crypto Regulation

Coinbase declares that without clear and comprehensive cryptocurrency laws, the U.S. is poised to lose its leadership in the space, as China is “embracing and advancing the use of technology, including digital assets, to project power.” Coinbase CEO Brian Armstrong had spoken on this subject before, stating that the launch of the digital yuan, the Chinese central bank digital currency (CBDC), aimed to “directly challenge the U.S. dollar and its role in global commerce.”

In the same way, Coinbase alleges the impact of the current uncertainty in the cryptocurrency industry will be massive, as one million developer jobs and three million related non-technical jobs over the next seven years could move overseas, according to the latest Electric Capital developer report.

Coinbase has been affected by this lack of clarity, being the target of Securities and Exchange Commission (SEC) enforcement actions. In June, the exchange was accused of providing unregistered brokerage and violating securities laws, a legal battle it is currently fighting in court.

What do you think about Coinbase’s call to action on cryptocurrency regulation? Tell us in the comment section below.

from Bitcoin News

Report: Bhutan Commences Plan to Develop 600-Megawatt Bitcoin Mining Farm

The Himalayan Kingdom of Bhutan along with its partner Bitdeer Technologies Group has reportedly kickstarted plans to develop a 600-megawatt crypto mining farm. Bitcoin mining in the kingdom is expected to “equip citizens to participate in the modern global economy from within Bhutan.”

Bhutan’s Green and Affordable Power

The Southeast Asian kingdom of Bhutan has reportedly set in motion a plan to develop a 600-megawatt bitcoin mining farm with the Bitdeer Technologies Group. According to a Nikkei Asia report, Bitdeer, which is tasked with raising $500 million in capital from global investors, has already confirmed the commencement of the capital-raising drive.

Ujjwal Deep Dahal, the CEO of Druk Holding and Investments, is quoted in the report explaining why Bhutan is suitable for Bitcoin mining.

“While Bhutan faces geographical constraints and connectivity challenges, being landlocked and mountainous, its green and relatively cheaper power provides an opportunity to invest in digital assets to build a more connected and sustainable economy,” Dahal explained.

Priority Given to Domestic Power Requirements

The CEO also suggested that the envisioned crypto mining will likely help deepen local residents’ knowledge and engagement. Bitcoin mining in the kingdom will also ostensibly help “equip citizens to participate in the modern global economy from within Bhutan.”

The Nikkei Asia report hinted that the Bhutanese economy, still reeling from the effects of Covid-19 and foreign exchange issues, will benefit from crypto-mining.

The report further revealed that crypto mining operations accounting for the first 100 megawatts (MW) are expected to start in September. Bhutanese officials also said they expect this figure to rise to 600 MW in the next three years.

Under the arrangement agreed between Bitdeer and Bhutan’s DHI, only domestic requirements should receive first priority. However, in winter when the power generated drops, mining operations will be shut down, the report said.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

South Koreans Report Over $98 Billion in Overseas Crypto Assets

South Korean tax payers have declared some 131 trillion won (more than $98 billion) of crypto holdings in overseas accounts this year. The amount was announced by the country’s tax agency and it comes after the authorities in Seoul imposed a mandatory reporting requirement for financial assets held abroad.

Almost 1,500 South Korean Firms and Individuals Declare Foreign Crypto Accounts

South Koreans have reported a total of 186.4 trillion won’s worth of overseas assets in 2023, a new record compared to last year’s 64 trillion won, as a result of a newly introduced regulation, the National Tax Service (NTS) unveiled, quoted by the Yonhap news agency.

The combined amount includes 131 trillion won ($98.4 billion) in cryptocurrencies, the agency noted, adding that the number of companies and private individuals who reported their crypto assets in overseas accounts has reached 1,432.

The United States was the leading destination for overseas accounts held by South Korean businesses, followed by Japan and Britain, while for individuals, Singapore and Hong Kong ranked second and third respectively, again after the U.S.

The tax authority remarked, however, that the breakdown by country does not include cryptocurrency holdings as it’s much more difficult to track the geographical location of digital assets held on crypto trading platforms.

Under the country’s current tax legislation, South Korean nationals and legal entities who have more than 500 million won (approx. $377,000) in foreign financial accounts, regardless of the type of assets, are obliged to report them to the authorities in their country in June. Those who fail to do so will face a fine of up to 20% of the undeclared amount.

While postponing a 20% tax on crypto-related capital gains until 2025, the government in Seoul has nevertheless been trying to increase its budget receipts from its citizens’ crypto in the meantime. Last fall, officials announced that in two years they had seized crypto assets worth almost 260 billion won ($184 million at the time) due to tax arrears.

Do you think the amount of overseas crypto assets declared by South Koreans will increase next year? Tell us in the comments section below.

from Bitcoin News

Hong Kong Regulator Says Crypto Firms Claiming to Be Banks Are in Contravention of Banking Ordinance

The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions that they can trust.

False Descriptions Contravene Banking Ordinance

The Hong Kong Monetary Authority (HKMA) has told crypto firms to desist from the practice of falsely describing themselves as banks or characterizing their products as “deposits.” According to the Hong Kong financial services regulator, crypto firms engaged in this practice are in contravention of Hong Kong’s Banking Ordinance.

In a statement issued on Sept. 15, the HKMA said it is aware that some crypto businesses portray or describe themselves as crypto asset banks and digital banks. The regulator also warned crypto firms claiming to offer banking services or banking accounts. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions they can trust.

HKMA Does Not Supervise Crypto Firms

The regulator stated that no crypto firm should therefore use words commonly associated with banks when attempting to woo clients. The HKMA said:

Under the Banking Ordinance, only licensed banks, restricted licence banks and deposit-taking companies (collectively known as ‘authorized institutions’), which have been granted a licence by the HKMA can carry out banking or deposit-taking business in Hong Kong.

The regulator said unauthorized institutions using the word “bank” or those making “any representation that they are a bank or carrying on banking business in Hong Kong” are committing an offense.

Meanwhile, the HKMA reminded Hong Kong residents that since it does not supervise crypto firms any “funds placed with them are not protected by the Hong Kong Deposit Protection Scheme.” The regulator added that if residents are unsure of the status of a deposit-taking firm they should check “the register of authorized institutions on the HKMA’s website.”

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Blockchain-Powered Platforms Can Help Event Organizers Overcome the Ticket Scalping Scourge — Maxwell Mayhew

According to Maxwell Mayhew, founder of the decentralized e-ticketing platform UTIX, event organizers can potentially overcome ticket scalping by switching to smart contract-based event hosting platforms. Such platforms not only help organizers control the amount of event tickets in secondary markets, says Mayhew, but “even the maximum price the tickets can be sold for.”

The U.S. Government’s Tacit Approval of the ‘Troubled Event Economy’

On the other hand, Mayhew claims the use of non-fungible tokens (NFTs) as event tickets allows buyers in the secondary market “to easily verify if the ticket is actually valid and owned by the seller.” For Mayhew, that is how the blockchain and smart contracts in particular “can help eliminate two of the biggest symptoms of the troubled event economy.”

In written answers sent to Bitcoin.com News, Mayhew also discussed how both event organizers and attendees can still use blockchain-powered platforms despite not being familiar with the technology. The founder also touched on how giants like Ticketmaster’s dominance and the silence by the U.S. government have resulted in the events industry seen today.

Below are the UTIX founder’s answers to questions sent to him via Telegram.

Bitcoin.com News (BCN): Can you describe the biggest problems in the current online e-ticketing market and how these affect event organizers and users?

Maxwell Mayhew (MM): Where to begin… In terms of the biggest problems, I would say the largest issue is that Ticketmaster (and its parent company Live Nation) has meticulously established a landscape that forces artists, event venues, and fans to work only with them. By having exclusivity contracts with event venues, they lock up the best places that are designed to hold major events. Because of this, artists must work with Ticketmaster or are forced to essentially hold their concert in a parking lot or set up a tent just outside of town.

With artists not having a good choice, fans are exposed to predatory ticketing markups, fees, and the even worse secondary market. Another key issue is that these secondary markets should be a place where individuals can sell tickets they no longer want, or for high-demand events they may try to make a profit off their initial purchase. This is fine, but what creates major problems are those bad actors that implement algorithms (bots) that will purchase large amounts of tickets the moment they are released for sale. This makes the available tickets much more scarce, driving up desperation from devoted fans, and therefore driving up the price significantly on the secondary markets.

Some have made the case that all is fair if someone is willing to pay the price for a ticket, even if the price is 10x higher than its face value. However, when both supply and demand are being manipulated by these bots, there are strong ethical violations. Add to this the rise of fake tickets, both online and outside the event from scalpers, and the problems are dire.

By essentially holding the stakeholders hostage, Ticketmaster and the bot owners can use these predatory practices without fear of competition. There are no downsides for the platform to release only a small portion of tickets to an event, sell the rest to bots, and host some of the secondary market sites that will jack up the already bloated prices into truly incredible price hikes. The bottom line is, that there is no one who has been willing to stand in their way, including the U.S. government, who allowed the merger of Live Nation and Ticketmaster even though it was clearly a monopolistic move, and even though they have since violated the terms of that agreement.

The result is this: Event organizers work with them or lose major business. Artists work with the better event venues and therefore must work with Ticketmasters. If fans want to see their artists in concert, they have and will pay thousands for a ticket that was supposed to cost $125.

BCN: Most users and event organizers are still not familiar with the concept of blockchain, non-fungible tokens (NFTs), and wallets. Is there a learning curve when they start using blockchain-powered ticketing platforms such as yours?

MM: The fact is, many people still aren’t familiar with blockchain because it has a famously high learning curve. If you have to read a whitepaper before you can use someone’s blockchain platform, it’s not ready for the general public. UTIX understands this and has placed all of these complex elements behind the UTIX interface. Event organizers use an iOS/Android app to manage their event, and won’t have any need to know that blockchain is being used to power some of the features. The platform uses API functionality, meaning you can use the UTIX e-ticketing solution on your website. Our team will help develop it on the event organizer’s own backend so users would not even realize they are using a white-label e-ticketing solution.

BCN: Whether a festival, a live concert, or something else, every event has some unique variables. What level of control do event organizers on your platforms have over the specific variables for every event?

MM: We understand that event organizers will have different needs and goals for each event, and the UTIX platform is designed to provide complete customization. And by “complete” I mean that the event organizer can set values for each ticket sold, including the price, the start and ending distribution release date/time, whether it is refundable, whether it can be sold on the secondary market, and the min/max resale price (if desired).

No one offers this level of customization, and without the use of NFTs, it’s simply not possible. If event organizers want to allow an unrestricted secondary market that might skyrocket prices, they have that freedom, we won’t get in the way. However, they’ll have to answer to the fans and the artist if prices get out of control.

BCN: Given that the likes of Ticketmaster have a massive user base and exclusive deals worldwide, which could be one of the reasons behind what critics describe as the platforms’ predatory behavior against artists, what incentives do the event organizers and users have to switch to blockchain-powered platforms like UTIX?

MM: The fact that Ticketmaster, along with the bots that manipulate the market, are killing the entire entertainment industry, and event organizers have no say. At the moment, these players are benefitting from the fact that there is much higher demand than supply, and people desperate to see an event will pay eye-watering prices for the privilege. However, this type of behaviour is vulnerable to several different forces. While we are still in the post-Covid frenzy for getting outdoors and into public events, that frenzy won’t last. When the economy begins to dip, even a little, extras like events (especially $500+ ticket events) are the first things that people cut back on.

A longer-term effect could be the waning popularity of concerts by all those but the wealthy. If you have no good memories of going to concerts as a child, you are much less likely to care as an adult and much less likely to be willing to pay for your own children to go. While it may not seem that way, concerts and events are not immune from obsolescence if the market isn’t nurtured.

BCN: Event organizers often suffer from what is known as secondary market ticket scalping and sometimes helplessly watch as the prices of such tickets skyrocket. In what ways do you think smart contracts can help combat ticket scalping?

MM: This is often the biggest pain point for fans: not enough tickets released initially, and a secondary market that is designed to create scarcity that drives prices many times higher than face value. With normal ticket sales, even if Ticketmaster is not driving prices artificially high, as long as there is demand there will always be scalpers. And as long as there is a likely profit, there will be those who use bots to buy large chunks of tickets in order to raise their price on the secondary market.

Using smart contracts fully manages the secondary market, and even prevents fake tickets from being sold. UTIX is designed to sell tickets to fans but to not send the actual QR code until a given day/time is set by the event organizer. If the organizer would like a limited secondary market, they could choose how many tickets can be re-sold, and even the maximum price the tickets can be sold for. This takes away the motivation to buy large quantities of tickets for resale.

By using NFTs as the tickets, buyers on the secondary market can easily verify if the ticket is actually valid and owned by the seller, without having to show the QR code. Smart contracts can eliminate two of the biggest symptoms of the troubled event economy. UTIX’s goal is to use all of these tools to reinstitute trust and honesty into the event business, and to help benefit artists, event organizers, and the fans who make it all possible.

What are your thoughts on this interview? Let us know what you think in the comments section below.

from Bitcoin News

Nomura’s Laser Digital Launches ‘Bitcoin Adoption Fund’ for Institutional Investors

Financial giant Nomura’s digital assets subsidiary, Laser Digital, has announced the launch of its Bitcoin Adoption Fund to provide “long-only exposure to bitcoin whilst being one of the most cost-effective and secure investment solutions.”

Laser Digital’s Bitcoin Adoption Fund

Nomura’s digital assets subsidiary, Laser Digital, announced the launch of its Bitcoin Adoption Fund on Tuesday. Nomura Group is Japan’s largest investment bank and brokerage group.

The announcement explains that Bitcoin Adoption Fund will be the first in a range of digital adoption investment solutions that Laser Digital Asset Management will bring to the market. Laser Digital emphasized:

The Laser Digital Bitcoin Adoption Fund provides long-only exposure to bitcoin whilst being one of the most cost-effective and secure investment solutions.

“To secure the fund’s assets, Laser will use Komainu, which was founded in 2018 by Nomura, Ledger, and Coinshares and delivers a regulated custody solution for institutional digital asset investors,” the announcement adds.

Headquartered in Switzerland, Laser Digital was formally launched by Nomura in September last year. The company explained at the time that it will focus on three core areas, namely “Secondary Trading, Venture Capital, and Investor Products.”

Commenting on the launch of Bitcoin Adoption Fund, Sebastien Guglietta, head of Laser Digital Asset Management, said:

Bitcoin is one of the enablers of this long-lasting transformational change and long-term exposure to bitcoin offers a solution to investors to capture this macro trend.

“We’re delighted to now launch our Bitcoin Adoption Fund, which allows institutional investors a secure path into digital asset investment that is backed by established finance, with the highest levels of risk management and compliance,” said Fiona King, Laser Digital Asset Management’s head of distribution.

What do you think about financial giant Nomura launching a bitcoin adoption fund? Let us know in the comments section below.

from Bitcoin News

‘Lack of Finality’ — Single Mining Pool Commands 53% of Zcash’s Hashrate

Recent data shows a single mining pool controls more than 53% of the hashrate for the cryptocurrency network Zcash. On September 19, 2023, the crypto mining pool Viabtc had 4.2 giga solutions per second (GSol/s) of Zcash’s total 7.84 GSol/s hashrate. Electric Coin Co., which oversees the Zcash project’s codebase, acknowledged the issue Tuesday, citing a “lack of finality.”

Zcash Network Hashrate Faces Dominance: Industry Players and Electric Coin Co Respond

Recently, chatter within crypto circles has centered on the Zcash protocol, especially after observations that Viabtc holds over 51% of the network’s entire hashrate. On September 19, 2023, at 6:49 p.m. Eastern Time, archived records reveal Viabtc’s hashrate dominating with 53.69% of the total, registering at 4.2 GSol/s out of an overall 7.84 GSol/s. Just days prior, the crypto exchange Coinbase released a “Security PSA” titled “Observed risks in Zcash mining pool distribution.”

In the PSA, Coinbase detailed the prevailing issue and mentioned its direct engagement with the Zcash team. To safeguard customer assets from potential issues, Coinbase took measures including shifting its Zcash markets to a “limit-only state.” Alongside this Coinbase stated:

[Coinbase] increased the Zcash confirmation requirement to 110 blocks to reduce risk of double-spending or fraudulent transactions. This increases deposit time from ~40 minutes to ~2.5 hours.

Following the release of the blog post, Electric Coin Co. (ECC) took to social platform X to address the PSA. “ECC is aware of this issue, and we’ve had conversations with Coinbase, Viabtc, Zcash’s security lead, and [Zcash Community Grants],” ECC stated. Emphasizing Zcash’s decentralized nature, the team pointed out that, “Zcash is a decentralized, open-source network with no ‘lead developer,’ no ‘issuer,’ and no org that controls it.”

ECC underscored the crux of the issue: finality. The company explained, “the problem is caused by a lack of finality, which affects all proof-of-work blockchains.” The firm’s proposed solution? “Our Trailing Finality Layer (TFL) proposal is intended to fix that by providing finality for Zcash.” Further, ECC highlighted a shift to proof-of-stake (PoS) as a beneficial move for Zcash, tagging it as one of their “top four priorities.”

ECC added, “If the community chooses to activate the TFL hybrid-PoW-PoS approach, that would enable finality on the Zcash network sooner than an all-in-one shift to proof-of-stake. The next step in our PoS R&D is to build a prototype of TFL to see how it performs.”

What do you think about the state of Zcash’s network hashrate and the offset mining pool distribution? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

Lawyer Who Laundered Onecoin Money Denied New Trial

A judge in the U.S. has rejected a request by a lawyer who laundered $400 million from the Onecoin crypto pyramid to have a new trial. The ruling clears the path for sentencing 54-year-old Mark Scott despite a key prosecution witness admittedly lying in court.

Judge Not Convinced in Onecoin Lawyer’s Innocence Despite Lies Told by Witness

One of the lawyers who helped the organizers of the notorious crypto Ponzi scheme Onecoin launder money will not get a new trial despite the lies of a witness against him, the brother of Onecoin’s mastermind, “Cryptoqueen” Ruja Ignatova, Konstantin.

Prosecutors claimed that Mark Scott made $50 million for setting up a phony investment fund that was used to process funds that Ignatova, still wanted by the FBI, Interpol, and Europol, took from the scam which collected $4 billion from defrauded investors around the world.

Scott, a former Locke Lord partner, was found guilty in November 2019, Bloomberg reminded in a report. He used the money he received to pay for a lavish lifestyle, including purchases of expensive homes in Cape Cod, Massachusetts, luxury items and cars as well as a large yacht.

On Monday, U.S. District Judge Edgardo Ramos denied his request for a new trial, stating he wasn’t convinced that “an innocent person may have been convicted” despite the lies of Konstantin Ignatov, one of the co-founders of Onecoin, from the witness stand.

Konstantin, who aided Ruja Ignatova in the fraud, was arrested in Los Angeles four years ago, pleaded guilty to Onecoin-related charges, sought witness protection in the United States, and agreed to testify against Mark Scott.

Scott’s defense sought a new trial based on claims about legal mistakes during the original one and evidence that Ignatov had given false testimony. Judge Ramos noted that prosecutors did not dispute that he lied about certain things.

His ruling now paves the way for Scott to be sentenced. “We are disappointed that the court did not grant a new trial given the undisputed evidence that the Government’s sole cooperating witness perjured himself,” Scott’s lawyer, Arlo Devlin-Brown, said in a statement, adding that his client intends to appeal the ruling.

Onecoin lured victims by offering them to invest in a fake cryptocurrency with the same name, branded as the “Bitcoin killer” at some point. It launched in 2014 and operated as a multi-level marketing scheme. Ruja Ignatova was last seen in 2017 and is still missing. Onecoin’s other co-founder, Karl Sebastian Greenwood, was recently sentenced to 20 years in prison in the U.S.

Do you think Mark Scott’s request for a retrial has sufficient grounds? Share your thoughts on the case in the comments section below.

from Bitcoin News

Citigroup Unveils Citi Token Services for Cash Management and Trade Finance

Citigroup has announced the creation and piloting of Citi Token Services for cash management and trade finance. “Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities,” the financial giant explained.

Citi Launching New Token Services

Citigroup Inc. (NYSE: C) announced on Monday the “creation and piloting of Citi Token Services for cash management and trade finance.” The financial giant’s Treasury and Trade Solutions (TTS) explained:

The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.

“Digital asset technologies have the potential to upgrade the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks,” said Shahmir Khaliq, Citigroup’s Global Head of Services.

Citi set up a digital assets group within its wealth management unit in June 2021 to help clients invest in cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs). A few months later, the financial giant reportedly sought to hire 100 people for its new crypto team. In May last year, Citi participated in a funding round for Talos, a global firm that provides institutional digital asset trading technology.

Khaliq further commented on Monday: “The development of Citi Token Services is part of our journey to deliver real-time, always-on, next-generation transaction banking services to our institutional clients.” The Citi executive added: “This development goes hand-in-hand with our industry-leading work on the Regulated Liability Network to create interoperable digital asset solutions on a multi-bank basis.”

Ryan Rugg, Citi Treasury and Trade Solutions’ global head of Digital Assets, detailed: “Citi Token Services provides corporate treasurers with a new tool to manage global liquidity on a just-in-time, programmable basis. Frictions related to cut-off times and gaps in the service window will be reduced.”

What do you think about Citigroup launching blockchain-based token services? Let us know in the comments section below.

from Bitcoin News