Autor Cointelegraph By Ezra Reguerra

Avalanche aims to accelerate subnet adoption with multiverse incentive program

Avalanche aims to accelerate subnet adoption with multiverse incentive program

Uverejnil používateľ | mar 9, 2022 |

Blockchain network Avalanche announced the launch of Avalanche Multiverse, an incentive program that will accelerate the adoption of subnets that are app-specific blockchain ecosystems.According to the director of Avalanche Foundation, Emin Gün Sirer, subnets are the next big thing on the blockchain. GünSirer said that subnets enable functions that are only possible with “network-level control and open experimentation.” He also mentioned that while smart contracts carried innovations within blockchain in the last five years, he believes subnets are next.Avalanche Foundation Director Emin Gün Sirer. Source: cornell.eduThe program will allocate up to four million Avalanche (AVAX), worth roughly $290 million, to fund blockchain gaming, decentralized finance (DeFi), nonfungible tokens (NFTs) and institutional use cases.The Avalanche Multiverse is headlined by many prominent collaborators including DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize.The program will be bringing a subnet that’s specific to DeFi Kingdoms with incentives worth $15 million. According to Frisky Fox, a DeFi Kingdoms executive, Avalanche‘s subnet technology is a “perfect fit” for their project. “The entire DeFi Kingdoms universe is written into smart contracts, pushing the envelope of what is possible with blockchain technology,” says Fox.Avalanche’s core developer Ava Labs will also be working with the rest of the collaborators to build an integrated blockchain with native Know Your Customer (KYC) functions created specifically for institutional DeFi.Wes Cowan, managing director of DeFi at Valkyrie Investments, says that “Avalanche’s subnet with KYC infrastructure, will be a massive step forward for institutional adoption and we are proud to support the implementation.”Related: Terra, Avalanche and Osmosis lead the L1 recovery while Bitcoin searches for supportMeanwhile, crypto exchange platform FTX has also created a fund that aims to support projects that are “massively scalable” and provide long-term solutions for humanity. The FTX Future Fund will deploy up to $2 billion for projects ranging from artificial intelligence, biorisk danger reduction and efficient altruism.

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The Philippines to launch pilot CBDC implementation

The Philippines to launch pilot CBDC implementation

Uverejnil používateľ | mar 8, 2022 |

As the world of finance continues to transform, new forms of money are challenging traditional monetary infrastructures that have been around for a long time. Currently, central bank digital currencies (CBDCs) have caught the eye of various countries, including the Philippines.In a joint event organized by Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion, Benjamin E. Diokno, the Philippines’ central bank governor, announced the rollout of Project CBDCPh, a pilot implementation of a CBDC for the country. According to Diokno, the project aims to improve “the payment system’s safety, resiliency, and efficiency.”“The project aims to build organizational capacity and hands-on knowledge of key aspects of CBDC that are relevant for a use case around addressing frictions in the national payment system.” Diokno also highlighted the potential impact of CBDCs. The BSP governor noted that a CBDC would be able to help in government-run cash assistance programs. He underscored how the pandemic showed the utility of account-based financial assistance distribution. Diokno believes that this can be used to “provide immediate support to the most vulnerable segments of society.”Bangko Sentral ng Pilipinas Governor Benjamin Diokno. Source: philstar.com While there are many potential benefits, the governor also highlighted potential difficulties that the project may run into such as the lack of technological infrastructure. “Monetary authorities and regulators will need to build the requisite skills and technological capacity to effectively implement and manage the risks of CBDC issuance,” Diokno said.Related: Crypto Twitter is not happy with the name and logo of Jamaica’s CBDC In the United States, Lael Brainard, a Federal Reserve’s Board of Governors member urged the U.S. to spearhead research and policies when it comes to CBDCs. Citing developments in China, Brainard says that the cross-border payment dominance of the U.S. dollar could be impacted by CBDC developments in other countries.

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Global council adds DeFi banking firm Scallop to help secure payment data

Global council adds DeFi banking firm Scallop to help secure payment data

Uverejnil používateľ | mar 7, 2022 |

A council formed by traditional finance conglomerates American Express, Discover, Visa and Mastercard welcomes a decentralized finance (DeFi) banking firm to its participating organizations that help improve payment data security worldwide.Scallop, a regulated DeFi banking app recently announced its entry to the PCI Security Standards Council (PCI SSC), a global community with a goal to improve payment data security worldwide. According to the DeFi firm, it will be working with the PCI SSC by assisting in the ongoing development and adoption of the PCI Security Standards.Lance Johnson, PCI SSC Executive Director says that Scallop is doing its part in “improving payment security globally” as they help create awareness and drive the adoption of the PCI Security Standards, a global standard for payment security administered by the PCI SSC.“In an era of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data and prevent, detect and mitigate attacks that can lead to costly data breaches.”As a participant, the DeFi banking project will be joining 800 other organizations in helping secure payment data worldwide by contributing DeFi-industry insights and recommending initiatives for the council. The firm will also be taking part in council meetings and sharing cross-sector experiences.Related: Coinbase proposes crypto tech to promote global sanctions complianceIn another cross-over instance of traditional finance and blockchain-based payments, multinational e-commerce corporation eBay recently announced that the marketplace may add crypto payments soon. In an interview, eBay CEO Jamie Iannone mentioned that the company is looking into new payment methods.Meanwhile, according to a digital asset banking executive, a clearer regulatory environment may spur crypto adoption from more institutions. In a recent interview with Cointelegraph, SEBA Bank executive Christian Borel said that institutional investors need regulated partners so that they could operate securely. This means that as rules become more clear, institutions may begin putting more money into the crypto sector.

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Clear regulations will accelerate crypto adoption, says SEBA Bank exec

Clear regulations will accelerate crypto adoption, says SEBA Bank exec

Uverejnil používateľ | mar 7, 2022 |

With crypto being in the sights of many regulators, many have wondered if regulation is good or bad for crypto. However, Christian Borel, Senior Executive Officer at SEBA Bank, says that if the laws are clear, it may push crypto adoption forward.In a Cointelegraph interview, the banking executive mentions that institutions are likely to adopt crypto following the advent of clear regulations. Additionally, the presence of “regulated counterparties” within the banking industry creates a secure and trusted way for institutions and their stakeholders to have access to the crypto sector.“I expect to see a considerable acceleration in engagement and adoption of digital assets by institutions prompted by a clearer regulatory environment as these institutional players will require a regulated counterparty in which to operate securely.”Borel also noted that digital assets are in line with the interests of institutions when it comes to finding new prospects. “Institutional investors have always been very attentive to new investment opportunities and their interest in the digital assets sector is coherent with this approach,” says Borel.The executive also thinks that because it caters to the needs of many, the industry will have more digital asset banks in the future. A digital asset bank is very similar to a traditional bank. According to Borel, a digital asset bank offers “a full suite of traditional banking services.” However, these are tailored for the digital economy as they have a wide range of crypto-structured products.“I believe that digital asset banks will be increasingly ubiquitous as the digital economy grows, adapting to the evolving needs of clients and prospects in the fast-paced digital asset economy.”When asked about the benefits that digital assets can bring to both institutions and individuals, Borel described crypto as an “appealing alternative” as the other option is to stick with “low-interest rates and low return on investment.”Related: SEBA Bank launches regulated gold token to enable digital ownership of physical goldBack in January, Guido Buehler, CEO of SEBA Bank predicted that Bitcoin (BTC) could go up to $75,000. This may happen as institutional money flow into the cryptocurrency. According to Buehler, asset pools are trying to find the right moment to invest in BTC.

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Google Trends data reveals that no one cared about metaverse or NFTs in 2022

Google Trends data reveals that no one cared about metaverse or NFTs in 2022

Uverejnil používateľ | mar 4, 2022 |

While the worldwide search interest for the keywords “metaverse” and “NFT” boomed in the last quarter of 2021, Google Trends data shows that the hype may have passed since February 2022.Google Trends shows that in the last twelve months, searches for “metaverse” gained traction within October to December 2021. However, since the beginning of 2022, the search interest continues to drop, hitting its lowest point for 2022 in March.Apart from the keyword “metaverse,” the data shows that the worldwide search for “NFT” has also started its decline this year. However, the drop for NFT is more noticeable as it reached record highs in 2021, then fell steeply in the first quarter of 2022.Global search interest for the “metaverse” and “NFT” keywords. Source: Google TrendsIn the last 12 months, users from Turkey are on top of the interest-by-region category in Google Trends for the keyword “metaverse.” The country surpasses China and Singapore that ranks number 2 and 3 on the list. Cyprus and Lebanon follow closely at numbers 4 and 5.On the other hand, Singapore holds the top spot in the interest-by-region list for the last 12 months for the keyword “NFT.” The country is followed by Hong Kong, China, Canada and the Philippines.Related: Asia-Pacific leads the world in NFT searches on GoogleBack in December, the global search interest for “NFT” surpassed “crypto” for the first time. Apart from this, monthly trading volume in the NFT marketplace OpenSea also hit a new all-time high in January. The increase in search volume for the keyword and trading volume shows that NFTs have finally caught mainstream attention.The growth of nonfungible tokens (NFT) in 2021 has been attributed to some of the biggest NFT drops of the past year and the celebrities that started to offer their own collections. From influential rappers like Snoop Dogg to marketing experts like Gary Vaynerchuk, many figures brought interest to NFTs last year.

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