Autor Cointelegraph By Brian Newar

KB Bank to launch South Korea’s first crypto investment fund

KB Bank to launch South Korea’s first crypto investment fund

Uverejnil používateľ | feb 21, 2022 |

Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors. KB announced on Feb. 21 that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds.The plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.” KB Financial Group, the country’s largest by net profit, had about $520 billion in total assets as of September 2021 according to the research platform MacroTrends.The current plans are to launch a crypto investment index fund and a fund that utilizes an Outsourced Chief Investment Officer (OCIO), also referred to as outsourced investment management, in order to provide guarantees on principal investments. The OCIO fund may also be used in retirement pensions. Such OCIO that may be considered includes Grayscale and Fidelity Asset Management, each of which offers crypto investment funds. Fidelity Canada launched a spot Bitcoin ETF last December though such a product has yet to be approved in the U.S. In launching a new investment fund for its customers, KB is responding to a market that has become increasingly receptive to crypto and nonfungible token (NFT) investments. Close competitor, Shinhan Bank, has dedicated an entire section of its mobile banking app to help customers manage their NFT collections on Klaytn, the country’s leading blockchain. Related: SEC chair hints at no spot Bitcoin ETFs yet, but cites ‘careful consideration’ for futureKB is now following Singaporean megabank DBS by announcing new retail crypto investment products. DBS Bank CEO Piyush Gupta stated on Feb. 14 that the bank would work to scale its crypto operations in 2022.

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Former Cisco employee launches DAO to buy Denver Broncos

Former Cisco employee launches DAO to buy Denver Broncos

Uverejnil používateľ | feb 21, 2022 |

A new decentralized autonomous organization (DAO) has been formed to raise money in an effort to purchase the Denver Broncos U.S. National Football League team for around $4 billion.BuyTheBroncos DAO aims to give fans a chance to own a piece of the team no matter their level of wealth. One of the organizers of the DAO, former Cisco employee Sean O’Brien, told CNBC on Feb. 19 that:“The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”If it succeeds, it would join the Green Bay Packers among NFL teams owned by the fans. Fans looking to own a stake of the Broncos through the DAO could contribute as little as they like, as opposed to the $300 per share for the Packers. Members of the DAO who contribute Ether (ETH) to purchase the team will be issued a nonfungible token (NFT) that BuyTheBroncos.com says “will double as your ‘membership card’ that grants you access to the cooperative.”BuyTheBroncos currently has a number of professionals among its 630 Twitter followers, including attorneys, accountants, software developers, professional athletes, and a mathematician.Fan. Owned. Denver. Broncos. Many thanks to the amazing @KenzieSigalos for the article on @CNBC. And thank you @GovofCO for the support! CO’s ULCAA is the secret weapon to making this happen. https://t.co/IYvY7rJcRk#buythebroncos #denverbroncos #broncoscountry— BuyTheBroncos (@BuyTheBroncos) February 19, 2022Trustees of the team have expressed some urgency in shifting ownership over to a new party before the start of the 2022 season, but there will be no discount for the buyer. ESPN expects the team to sell for $4 billion, making it the highest price for a North American sports team in history.It is unclear whether NFL commissioner Roger Goodell would allow a DAO to own and operate a team.Related: $53 million raised for Assange showed the power of DAOsA DAO gives relatively smaller investors the opportunity to pool their funds together to make a large investment as a single entity. This tactic was attempted with Constitution DAO, which attempted to buy a first-edition print of the US Constitution. It raised $47 million from 17,437 contributors but came up short at auction.DAOs have also been used recently to aid crowdfunding efforts such as the recent Freedom Convoy movement in Canada.

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Credit Suisse data leak reveals decades of shady clients and activity

Credit Suisse data leak reveals decades of shady clients and activity

Uverejnil používateľ | feb 21, 2022 |

Leaked data shows that until recently, Swiss bank Credit Suisse held accounts valued at more than $100 billion for sanctioned individuals and heads of state reportedly accused of money laundering.The New York Times reported on Feb. 20 that the data leak included more than 18,000 bank accounts. The data goes back to accounts that were open from the 1940s until into the 2010s, but not current operations.Among the account holders holding “millions of dollars in Credit Suisse” were King Abdullah II of Jordan and Venezuela’s former vice-minister of energy, Nervis Villalobos. King Abdullah has been accused of misappropriating financial aid for his own personal benefit, while Villalobos pleaded guilty to money laundering in 2018. Other sanctioned individuals also held accounts at Credit Suisse, as the New York Times wrote:“Other account holders included sons of a Pakistani intelligence chief who helped funnel billions of dollars from the United States and other countries to the (Mujahideen) in Afghanistan in the 1980s.”Banteg, the lead developer at Yearn Finance (YFI), leading decentralized finance (DeFi) yield farming platform tweeted today, “Credit Suisse AML happily hosted human traffickers, murderers, and corrupt officials.” Commenters took note of HSBC, another huge international bank that has paid hefty fines for aiding serious international criminals.Credit Suisse AML happily hosted human traffickers, murderers, and corrupt officialshttps://t.co/5Fd0DGUnTS— banteg (@bantg) February 20, 2022Although there are laws in place that prohibit Swiss banks from accepting deposits from known criminals, the country’s famous bank secrecy laws make it easy to evade, if they are enforced at all. This has seemingly made Switzerland an inviting place for criminals to do their international banking as the New York Times wrote:“The leak shows that Credit Suisse opened accounts for and continued to serve not only the ultrawealthy but also people whose problematic backgrounds would have been obvious to anyone who ran their names through a search engine.”The irony of a major traditional financial institution aiding high criminals was not lost on the cryptocurrency community, which has battled against accusations of abetting criminals for years. The $100 billion in deposits outlined by the data leak dwarfs the $25 billion estimated by Chainalysis to be held by criminal crypto whales as of 2021. Related: Multichain recovers $2.6M stolen funds, to reimburse losses on conditionThe bank has denied any wrongdoing, but the centralized clandestine way in which Credit Suisse has operated contrasts with fully transparent blockchain technology. Such transparency may also mean that investigators and law enforcement can keep tabs on individuals and governments that are trying to evade economic sanctions in real-time.

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Bitcoin difficulty reaches all-time high, hash rate up 45% in 6 months

Bitcoin difficulty reaches all-time high, hash rate up 45% in 6 months

Uverejnil používateľ | feb 18, 2022 |

The Bitcoin network has hit yet another all-time high in mining difficulty after a steady climb since last July’s lows.On-chain analysis tool CoinWarz indicated on Feb. 18 that mining difficulty reached a new high of 27.97 trillion hashes (T). This is now the second time in three weeks that Bitcoin (BTC) has hit a new ATH in terms of difficulty. On Jan. 23, difficulty reached 26.7 T when hash rates were at 190.71 EH/s (exahashes per second).Higher difficulty means there is more competition among miners to confirm a block and extract a block reward. As a result, miners have recently begun selling off coins or their company’s stock in order to keep their cash reserves intact. Most notably, Marathon Digital Holdings filed on Feb. 12 to sell $750 million in shares of its company. Hash rate for the network has also hit a new ATH according to data from Blockchain.com, which indicates a hash rate of 211.9 EH/s. Different measurement tools have recorded different hash rate highs over the last few weeks. YCharts tools displayed a hash rate ATH of 248.11 EH/s on Feb. 13.Of the known global mining pools, AntPool and F2Pool are have contributed the most hash power. Antpool accounts for 96 blocks mined over the last four days while F2Pool accounts for 93 according to data from Blockchain.com.Regardless of the measuring tools used, both hash rate and mining difficulty have been on the upswing since hitting deep troughs last July. At the time, the hash rate bottomed out at about 69 (EH/s according to CoinWarz while mining difficulty reached a low of 13.6 trillion hashes (T). Related: ‘Up only’ for BTC fundamentals — 5 things to watch in Bitcoin this weekA greater hash rate, however, means greater security for the network. The more hash power the network uses, the more distributed the work is for each transaction that takes place on-chain. This dilemma between miners and securing the network and deriving enough profits is likely to continue to play out as they determine the feasibility of their current operations.

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Nifty News: UFC Strike marketplace, Horrific Crypt TV, and new travel NFTs

Nifty News: UFC Strike marketplace, Horrific Crypt TV, and new travel NFTs

Uverejnil používateľ | feb 18, 2022 |

NFT developer Dapper Labs launched the UFC Strike nonfungible token (NFT) marketplace on Feb. 18, contributing to a 50% increase in NFT sales on the Flow blockchain over the last 24 hours.Dapper Labs is the company behind NBA Top Shot, CryptoKitties, and the Flow blockchain. UFC Strike, another product from the firm, is a collection of NFTs based on fighters and moments from the Ultimate Fighting Championship (UFC). Now, fans can trade their NFTs in the UFC Strike Marketplace dedicated to the collection. The UFC Strike Marketplace is Now Open Buy and sell iconic Moments from the Octagon, with fight fans across the globe. Start your journey today.https://t.co/R2SyiRsoag pic.twitter.com/yxCLjcrFwM— UFC Strike (@UFCStrikeNFT) February 18, 2022The new launch has helped Flow climb to third place among blockchains by NFT sales volume according to CryptoSlam. At the time of writing, Flow trails behind Ethereum and Ronin with $2.1 million in sales volume over the last 24 hours. This is a 50% increase since the same time yesterday.Also contributing to the sudden rise in sales volume on Flow is the new NBA All-Star VIP Pass NFT collection which launched on Feb. 17 through NBA Top Shot. Each of the 30 NFTs in this collection grants holders access to the next five all-star games.Spooky NFTs from Crypt TVMetaverse content curator Metaversal has partnered with monster story producers Crypt TV to issue nonfungible tokens (NFT) based on characters from the Monster Universe intellectual property (IP).Monster Fight Club is the name of the new NFT collection containing 10,000 NFTs. The jump into the NFT space will help Crypt TV transform into a Web3 company “fully embracing NFTs as the future of IP creation and ownership,” according to the Feb. 17 announcement.Collectors can mint up to 10 unique Monster Fight Club NFTs from a single wallet. Titles included in the collection are The Birch, Brute, Cakeman, Fluffy, Harclaw, Look-See, Miss Annity, Mordeo, The Thing, and Walter. The sale days will be March 9, 16, and 23.Holders will be able to assign their NFT as a profile picture or as a monster avatar to use in the Metaverse.An NFT that guarantees free travel for lifeA new initiative from travel startup Travel Tribe issues 50 proof of attendance protocol (POAP) NFTs to people who book trips to Southeast Asia through their service. The POAP grants holders annual free trips to Thailand, Bali, and Cambodia. Through this effort, Travel Tribe hopes to drive sales as the world begins to open back up from Covid restrictions. Travelers can also rest assured that revenue from customers goes to support the growth of the local industry. Travel Tribe founder told Cointelegraph today “Our tours support the local community by ensuring that local guides are employed, and local businesses in the supply chain are supported with regular audits and quality controls.”The artistic process as an NFT collectionFamed Hollywood photographer Frederic Auerbach has begun auctioning his Master Series of NFTs that captures images of Zendaya, Benedict Cumberbatch, Mike Tyson, Sharon Stone, and Natalie Portman.Each star’s items in the collection will be sold as a set of NFTs. The sets contain a high-res digital photo NFT of a star, a dynamic NFT displaying various edits of the image, a high-res and autographed print of the master photo and a 1/1 video NFT of the behind-the-scenes interview detailing Auerbach’s creative approach to each shoot.They are currently being auctioned on the NFT gallery and minting platform Accursed Share.Other Nifty NewsVivid Labs CEO Halsey Minor told Cointelegraph that NFTs “can be more valuable if connected to real-world products.” There is a big difference between static art like songs or artwork and dynamic assets that can be updated as NFTs. Youtuber Coffeezilla published a video showing how an NFT scam worth $20 million was thwarted before it went to market. The Squiggles NFT project had 230,000 followers on Twitter before being exposed as a scheme perpetrated by serial scam artists.

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