Autor Cointelegraph By Arnold Kirimi

Senator Warren proposes reducing Wall Street’s involvement in crypto

Senator Warren proposes reducing Wall Street’s involvement in crypto

Uverejnil používateľ | aug 4, 2022 |

The United States Senator Elizabeth Warren is continuing her anti-crypto campaign, this time proposing legislation that would effectively shut down bank-provided cryptocurrency services, according to a Bloomberg report on Thursday.To keep Wall Street away from the cryptocurrency market, Senator Warren, who is on the Senate Banking Committee, is urging committee members and senators to sign a letter to the Office of the Comptroller of the Currency (OCC) asking for banks to cease providing crypto services such as crypto custody. The banking committee believes that by issuing crypto guidelines, regulators allow Wall Street banks to enter the market and put the banking system at risk.The letter urges the OCC to collaborate with the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to develop an alternative cryptocurrency approach that adequately protects consumers and promotes “safety and soundness of the banking system:”“We are concerned that the OCC has failed to properly address the shortcomings of the preceding interpretive letters and the risks associated with crypto-related banking activities, which have grown more severe in recent months.”The final version of the letter will be sent to OCC’s acting comptroller Michael Hsu. The OCC’s response to Bloomberg’s inquiry referenced recent remarks by comptroller Michael Hsu regarding banks’ increased crypto involvement, demonstrating the agency’s desire to modify bank crypto guidance.Hsu has called for greater caution regarding crypto spreading to mainstream financial systems. The recent cryptocurrency turmoil has resulted in lost billions of dollars in investments, prompting lawmakers and regulators to increase their attention on crypto-related services. The OCC’s previous instructions and rules have been insufficient to safeguard the financial system from recent crypto volatility, according to Warren’s letter. It calls for modifications and removing crypto banking guidelines to prevent banks from getting involved in cryptocurrencies. The document is also seeking information on the present number of regulated banks that provide crypto-related services, as well as the total dollar value of the services provided.Related: Senators Stabenow, Boozman introduce crypto bill that extends CFTC’s regulatory powersAs the letter has not been made public yet, it’s unclear which senators have signed it. However, Senator Warren has been a vocal critic of cryptocurrencies and has previously called for more regulation in the space. She has called decentralized finance (DeFi) the “most dangerous” element of crypto in 2021 and proposed legislation to research the role of crypto in ransomware, all while lambasting the Ethereum network for its costly fees during a committee hearing. So, it’s no surprise that she has seized the chance to advocate for more stringent rules.

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Nansen admits neglecting DeFi plans during the NFT craze

Nansen admits neglecting DeFi plans during the NFT craze

Uverejnil používateľ | aug 4, 2022 |

Despite the general downturn in the cryptocurrency markets throughout the year, Ethereum (ETH) blockchain analytics platform Nansen has continued to report impressive growth numbers.CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered over 130 million addresses and has grown 30% despite the crypto downturn. Svanevik credited much of his success to the value of blockchain platforms, notably those based on Ethereum. Cointelegraph reached out to Nansen’s Andrew Thurman for more insight into the company’s success. Thurman, a Simian psychometric enhancement technician, explained that after the nonfungible tokens (NFT) craze, Nansen realized it would be a big area for the company and became its most popular section. He added:”As a result, I think we neglected our DeFi plans a bit. However, we’re really focused on strengthening that again and balancing that out with NFTs. We had to realize that our aim to be the Super App of Web3 meant NFTs are important, but they aren’t the only important thing.”With Nansen’s client base continuing to rise, Thurman added that the firm is definitely seeing a shift in favor of business clients (B2B). He explained that at the end of the year, Nansen will most likely have more B2B earnings than individual sales, which was precisely the opposite last year. As a result, Thurman said that Nansen must change their approach if they want to expand and satisfy the increasing user demand.On its growth plan, Thurman spoke about the platform’s creation of a new yet-to-be-launched portfolio product that will allow customers to keep track of their assets across 40+ blockchains and over 400 DeFi platforms in addition to the recently announced research project dubbed Alpha.When asked what advice he would give to other firms wanting to follow in their footsteps, Thurman responded:”Cryptocurrency is an industry experiencing 0-to-1 uptake in terms of users, use cases and market cap. It’s a massive new playing field where winners can emerge.”Related: Crypto users spent $2.7B minting NFTs in first half of 2022: ReportFounded in 2020, Nansen is a blockchain analytics platform for crypto experts and investors that tracks data and research on Ethereum and other blockchains. Aside from research, Nansen is also recognized for index aggregates such as the NFT-500, which track the performance of the top 500 ERC-721 and ERC-1155 token collections on Ethereum. Last year June, Andreessen Horowitz invested $12 million into the company.

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Ledger reportedly seeking additional $100 million in funding

Ledger reportedly seeking additional $100 million in funding

Uverejnil používateľ | aug 2, 2022 |

Having raised a mammoth $380 million funding at a $1.5 billion valuation in June, French cryptocurrency hardware wallet maker Ledger is looking to raise an extra $100 million, according to a Monday report from Bloomberg.In June, Ledger raised $380 million in a funding round led by 10T Holdings. Now, according to reports, the company is seeking an additional $100 million to help it continue its rapid expansion. Business is said to be thriving as investors seek cold storage for their cryptocurrency, according to sources quoted by Bloomberg.Hardware storage wallets from Ledger are a type of offline storage that isn’t connected to the internet, making them more secure against hacking than online wallets. This allows users to manage their own cryptocurrency without worrying about their provider’s liquidity.The company’s products have been popular in recent years as investors seek to protect their digital assets from the hacks and liquidity problems that have plagued the cryptocurrency industry recently. Ledger’s business is reportedly expanding at a time when lenders and exchanges are experiencing liquidity concerns, according to Bloomberg’s source.Cryptocurrency businesses in distress frequently stop client withdrawals to avoid a bank run. Singapore’s Zipmex is the most recent example, but lenders including Vauld and Celsius have both utilized the technique recently, with the latter filing for bankruptcy shortly after. Such concerns have driven demand for hardware wallets as a way to store digital assets offline and away from the potential liquidity issues.Related: Aptos Labs raises $150M, more than doubling valuationWhile Ledger is said to be seeking more funding, the company has not commented on the reports. The hardware wallet provider is one of the most well-funded companies in the cryptocurrency industry, and its products are some of the most popular on the market. The wallet provider has also extended into crypto debit cards. The Crypto Life (CL) card was launched on the Visa network last December and instantly crypto into fiat from a safe wallet when used to pay merchants.

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Strict Thai crypto regulation causes SCB to delay Bitkub acquisition

Strict Thai crypto regulation causes SCB to delay Bitkub acquisition

Uverejnil používateľ | júl 21, 2022 |

Thailand’s oldest bank is unable to acquire the country’s largest local cryptocurrency exchange due to stringent crypto regulations.As reported by Cointelegraph in November 2021, SCB X Group, a subsidiary of Siam Commercial Bank (SCB), was set to acquire a 51% stake in Bitkub by the second quarter of 2022 as part of a plan to become a regional fintech. Now things seem to have taken a twist, as the bank has indefinitely postponed its plans to acquire the popular exchange.As crypto trading continues to be hampered by regulation, SCB X has indefinitely decided not to move forward with a $487 million offer for a 51% stake in Bitkub, Thailand’s major cryptocurrency exchange platform.According to a report by Nikkei Asia on Thursday, the parent company of SCB, SCB X, informed the Stock Exchange of Thailand (SET) that the acquisition is “still undergoing due diligence.” A senior official of SCB X told the outlet that the team doesn’t know when the deal will be sealed.The news of the reschedule was revealed earlier this month when SCB X submitted a letter to SET outlining the current situation. In a statement, SCB X CEO Arthid Nanthawithaya said:“Presently, the matter is in the process of due diligence and discussion with the regulatory bodies. Therefore, the completion period of the transaction is now extended.”Thailand is regarded as one of Asia’s most progressive crypto nations, with traders granted tax breaks and a regulated market for cryptocurrency exchanges. Regardless, Many cryptocurrency exchanges, including Binance and Huobi, have previously struggled with regulatory restrictions guidelines in the country.Related: Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumorsEarlier this year, the Bank of Thailand and the Securities and Exchange Commission (SEC) recently announced stricter cryptocurrency regulations and usage limitations to ensure that cryptocurrencies can only be traded as assets on licensed platforms. The news came as global crypto prices plummeted and damaged crypto trading optimism, even more, dashing Bitkub’s aspirations of increasing its client base.On July 2, the SEC imposed civil penalties on Bitkub Capital Group Holdings Chairman Sakolkorn Sakavee for making up trading volume data. He was fined $216,000 (8 million baht) and banned from managerial roles in the firm for a year.

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Dogecoin launches new update to improve security and efficiency

Dogecoin launches new update to improve security and efficiency

Uverejnil používateľ | júl 21, 2022 |

The developers of the Dogecoin (DOGE) project have released a new update for the core software, which improves security, efficiency and user interface.This latest update, Dogecoin Core 1.14.6, went live early on Thursday, and all the network participants were urged to upgrade to the latest version. The new update comprises numerous security fixes, modifications to the existing fee structure and several new features.A change in the wallet backup directory’s configuration and a limit on the maximum number of addnode records are also among the “breaking changes.” The amount of addnodes has been restricted to 800. An essential upgrade to DOGE’s fee mechanism was included in the release: dust limits for all network participants have been reduced from 1 DOGE to 0.01 DOGE.Upgrades!— Elon Musk (@elonmusk) July 21, 2022In the event of congestion, the memory management of the network has been enhanced, according to the Github paper. The document also reveals that the network now rejects buggy messages. Dogecoin Core developer Patrick Lodder wrote in a Github document that:“This is a new minor version release, including important security updates and changes to network efficiency. All Dogecoin Core users – miners, services, relay operators and wallet users – are strongly recommended to upgrade.”The “Doge Army” was overjoyed by the announcement, with “Doge father” Elon Musk particularly tweeting: “Upgrades!” The Dogecoin creator Billy Markus subsequently shared the story on Twitter, adding, “new version of dogecoin core released.”Related: Ankr Network’s 2.0 upgrade aims to improve Web3 decentralizationThe upgrade comes on the heels of a recent spate of good sentiment in the Dogecoin community, which saw the introduction of memes to the Dogeverse, spurring a significant increase in network activity. The network processed over 80,000 transactions in 24 hours on Wednesday, for the first time since May 2021 this week as Whales continue to show interest.80K+ Dogecoin Transactions in the last 24 Hours. #Dogecoin pic.twitter.com/HCUxWu2Tyz— MyDoge Wallet (@MyDogeOfficial) July 20, 2022

The dog meme token is highly popular among Binance’s biggest whales. Following the latest market rally, the network has seen a substantial increase in transactions worth more than $100,000.

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