Autor Cointelegraph By Ana Paula Pereira

Market maker Keyrock closes $72 million in Series B funding round

Market maker Keyrock closes $72 million in Series B funding round

Uverejnil používateľ | nov 30, 2022 |

Digital asset market maker Keyrock has raised $72 million in a Series B round of funding, according to an announcement on Nov. 30. Ripple, SIX Fintech Ventures, and Middlegame Ventures are among the investors in the round.Funds are planned to be used on Keyrock infrastructure development, scalability tools, as well as regulatory licensing across Europe, the United States and Singapore.Keyrock CEO Kevin de Patoul said the company has been focused on a long-term perspective for its business in the past five years. He also noted that:“The new round of funding allows us to expand on that and dramatically accelerate executing our vision to provide liquidity solutions for all digital assets. By doubling down on our focus on clients and scalability, we will be looking to expand into new markets with targeted services.”Founded in 2017, Keyrock was also co-founded by Jeremy de Groodt and Juan David Mendieta, provides liquidity to over 85 decentralized and centralized trading platforms. According to the company, it provides liquidity to over 85 decentralized and centralized trading platforms and has expanded into 200 new markets in the past year, resulting in a threefold increase in trading volume while the overall market shrank in the past months.Maxime Fages, director of Institutional Markets at Ripple, said that Keyrock has been providing scalable liquidity solutions to Ripple for three years. “Under the leadership of Kevin, Jeremy and Juan, Keyrock has established themselves as a key player in the space by building scalable, enterprise grade solutions and taking a regulatory first approach,” he noted. The Brussels-based company also targets to double the size of its workforce globally, which currently is formed by over 100 employees, despite the market conditions. Earlier this month, Cointelegraph reported how crypto companies, including crypto exchanges, venture capital firms and blockchain developers, have been forced to reduce headcount to stay nimble amid the bear market.

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Telegram founder wants to build new decentralized tools to combat power abuse

Telegram founder wants to build new decentralized tools to combat power abuse

Uverejnil používateľ | nov 30, 2022 |

Telegram is set to build a set of decentralized tools, including noncustodial wallets and decentralized exchanges, said founder Pavel Durov via his Telegram channel on Nov. 30.The initiative is a response to the recent FTX collapse, said Durov, as the industry wound up concentrated in the “hands of a few to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt.” The announcement comes weeks after the launch of Fragment, a decentralized auction platform for unique usernames based on The Open Network, or TON, layer-1 blockchain. According to Durov, Fragment has seen $50 million in usernames sold in less than a month.Besides founding Telegram and Fragment, Durov was also behind the first official version of the TON blockchain. Regarding the new decentralized tools being developed, he said:”The solution is clear: blockchain-based projects should go back to their roots – decentralization. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party.”Durov also remarked on the inefficiencies of legacy platforms, specifically mentioning Ethereum, “which unfortunately remains outdated and expensive even after its recent tweaks.” He went on to say:”The time when the inefficiencies of legacy platforms justified centralization should be long gone. With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people.”Related: Telegram username auction marketplace ‘almost’ ready to launchThe most recent tool released by Telegram’s team, Fragment, was built in five weeks with five people working on the solution, according to Durov. The idea was first floated in late August, with the team aiming to use “NFT-like smart contracts” to auction highly sought-after usernames. Fragment launched shortly after the TON Foundation launched the TON DNS, allowing users to assign human-readable names to crypto wallets, smart contracts and websites.

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Putin calls for blockchain-based international payment system

Putin calls for blockchain-based international payment system

Uverejnil používateľ | nov 27, 2022 |

Russian President Vladimir Putin criticized monopoly in global financial payment systems and called for an independent and blockchain-based settlement network on Nov 24, speaking at the International AI Journey Conference in Moscow. During the event organized by Sberbank, the largest Russian bank and a major lender to the government, he stated: “The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries. I am confident that something like this will certainly be created and will develop because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves.”Putin also noted that global payments and nations are at risk due to tense relations between Russia and the West following Ukraine’s invasion, labeling sanctions imposed by countries as “illegitimate restrictions”. “The existing system of international payments is expensive, the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups.”, noted the Russian president. A day before, the local media reported that lawmakers have been in discussions for amendments to the existing cryptocurrency legislation, laying down a legal framework for a national exchange. Another recent development, a bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined. As reported by Cointelegraph, chairman of the Duma Financial Markets Committee Anatoly Aksakov believes the “passage of the law will bring this activity into the legal field, and make it possible to form a law enforcement practice on issues related to the issuance and circulation of digital currencies.” Currently, cryptocurrency cannot be used for settlements in Russia.

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New York's mayor seeks balance with regulators after PoW mining moratorium

New York's mayor seeks balance with regulators after PoW mining moratorium

Uverejnil používateľ | nov 26, 2022 |

New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill. With the bill signed into law, the city will work with legislators to find a balance between the crypto industry development and legislative needs, Adams told The NY Daily News:“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state, as reported by Cointelegraph. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.Related: New York governor signs PoW mining moratorium into lawThe United States leads Bitcoin mining hash rate share by country, with 37.8% of Bitcoin network hash rate coming from the country. PoW mining’s two-year moratorium could prove costly and even set a domino effect for other states to follow.“We must become a welcoming place for all technology. And crypto is part of the overall technology we’re looking at,” Adams said. “The question is: how do we make smart choices so that New York City — and America — is a leader in this new technology?”, stated Adams. Following his election, the politician said on Twitter that he would take his first three paychecks in cryptocurrency and announced his intention to make NYC the “center of the cryptocurrency industry”.New York has some of the strictest crypto exchange rules in the United States. In June 2015, the state introduced the BitLicense regulatory regime, which has been criticized for being hostile to crypto. The BitLicense applies to crypto organizations involved in transferring, buying, selling, exchanging or issuing crypto.

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Alameda Research withdrew $204M ahead of bankruptcy filing – Arkham Intelligence

Alameda Research withdrew $204M ahead of bankruptcy filing – Arkham Intelligence

Uverejnil používateľ | nov 26, 2022 |

Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25. In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse.Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.Below is a diagram of withdrawals to Arkham-identified entities from FTX US.n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022Among the withdrawn funds, $116 million, or 57.1%, were in stablecoins pegged to the US dollar, including USDT, USDC, BUSD, and TUSD. Arkham’s analysis also showed that $49.49 million (24.2%) of the funds was in Ether (ETH), and $38.06 million, or 18.7%, was in wrapped Bitcoin (wBTC). “The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain.”, said Arkham, adding that of the $204 million transferred, $142.4 million, or 69%, was sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities.”Of the Ether transferred, $35.52 million was sent to FTX and $13.87 million was sent to a large active trading wallet. The firm noted that it’s “unknown whether the almost 14M in ETH was sent to 0xa20 as part of a trade, or as an internal fund transfer within Alameda.”Another $10.4 million was sent to the rival cryptocurrency exchange Binance. In the initial bankruptcy filing to the United States Bankruptcy Court for the District of Delaware, FTX new CEO John Ray III described the situation as the worst he had seen in his corporate career, highlighting the “complete failure of corporate controls” and an absence of trustworthy financial information. About 130 companies in the FTX Group – including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research – filed for bankruptcy in the United States on Nov. 11, following a “liquidity crunch” after a series of tweets triggered a sell-off of FTX Token.

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