Autor Cointelegraph By Ezra Reguerra

CV Summit 2022 panel: The importance of accessibility and community education

With many younger investors getting into blockchain and cryptocurrencies through various advertisements on the internet, the importance of education in the space becomes more obvious, according to a panel discussion at the CV Summit 2022. Cointelegraph’s editor-in-chief Kristina Cornèr moderated a panel discussion titled “Tokenized Finances, Security Tokens, and the Re-Definition of Value.” Panelists included Massimo Butti, the head of equity at SDX; Nicola Plain, the CEO of Aktionariat; Thomas Eichenberger, the head of business units at Sygnum and Arnab Naskar, the co-founder of STOKR. Cornèr, Butti, Eichenberger, Plain and Naskar at the CV Summit 2022During the discussion, several topics were brought up, including how distributed ledger technology (DLT) is forcing traditional finance to rethink its ways and how accessibility and the education of the community and regulators have become vital. According to Butti, the shift in the mentality of traditional finance people like himself has been massive. The executive explained that this is because distributed ledger technology is one of the breaking points in the evolution of financial and capital markets. He further said that: “This technology is so revolutionary that [it] has forced people like me who come from the traditional world in finance to rethink not only the way you work but also the way you relate to your investors and to your market.”The executive noted that this new technology allows the democratization of access to financial markets. However, Butti believes that it will take time before the community is able to determine if this new access is a good thing o. Related: Prince Philip of Serbia suggests bringing Bitcoin into the classroomIn terms of accessibility, Plain also chimed in with his thoughts. Contrary to the notion that everyone may be able to access financial markets, Plain believes that the participants will be determined by the market in the future. However, he thinks that it’s not for everyone. “If everyone wants it, we will use it. We will see. But currently, I think it’s what I see is mostly people that used to invest already,” he said. Eichenberger also agreed with Plain’s perspective and highlighted the importance of educating investors that will have access to new financial technologies so that they can reap the benefits. The executive said: “We provide them with the right level of information, the right level of risk disclosure, and ideally even the right level of advice in order to ensure that they are ideally benefiting from the upside.”With education highlighted, Cornèr took the opportunity to ask the panel more about the topic and how they would address this aspect of innovation. Responding to the question, Naskar pointed out that it’s also important to educate regulators, as well as the community. He explained that: “The biggest challenge of the regulators right now, they don’t know the industry regulators. That’s the biggest problem. They don’t know how the financial markets are being used and how their operations are technologically working.”Naskar highlighted that it’s very important to address this issue before moving forward to investors. He said tha it’s very important to help regulators understand how these new financial instruments work technologically. 

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Blockchain oracle network XY Labs' shares start trading at SEC-registered platform

A blockchain firm founded in 2012 is making its shares available for trading on a blockchain-based alternative trading platform for capital markets. XY Labs, the blockchain company behind the XYO protocol, has announced that its Class A Common stock started trading on tZERO ATS, the alternative trading system subsidiary of the stock broker tZERO Group. According to the blockchain oracle data provider, this will be the first time that shareholders will be able to access XY Labs shares on a regulated trading venue. Arie Trouw, the CEO of XY Labs, commented that this provides several benefits for shareholders, including low trading fees and continuous liquidity. tZERO ATS is a broker registered with the United States Securities and Exchanges Commission (SEC) and a member of the country’s Financial Industry Regulatory Authority and Securities Investor Protection Corporation. The firm uses smart contracts on the Ethereum blockchain and offers digitally enhanced securities. David Goone, the CEO of tZERO, said that their team is looking forward to continuing their collaboration with XY Labs as they expand their product offerings. “[…]We strive to expand the digital securities trading on our platform by growing assets offered and the number of investors utilizing the platform,” Goone said. Related: NY Stock Exchange owner ICE buys stake in tZero security token platformXY Labs achieved a network of over 4 million nodes worldwide in June on its XYO protocol. In an ask-me-anything (AMA) session with Cointelegraph Markets Pro, Trouw said that the project uses blockchain to memorialize answers and provide transparency through linking supporting data using immutable hashes. Meanwhile, crypto wallet Exodus went public on the SEC-registered trading platform Securitize Markets on Mar. 17, after raising $75 million. The wallet project’s Class A common stock, trading under the ticker EXOD, runs on the Algorand blockchain through common stock tokens.

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Emerging markets lead global adoption index: Chainalysis report

While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption. In a report titled The 2022 Global Crypto Adoption Index, blockchain data platform Chainalysis analyzed the millions of crypto transactions worldwide, web traffic and other on-chain metrics to determine which countries are on top in terms of cryptocurrency adoption. The results show that in terms of crypto adoption, emerging markets are at the forefront. According to the data, lower-middle-income countries like Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia hold positions in the top 20 countries in terms of overall index score, with Vietnam holding the number one spot. Upper-middle-income countries like Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador have also made it into the list while the United States and the United Kingdom are the only representatives of high-income countries within the index.Apart from the adoption rankings, the report also showed that even though adoption became slower amid the bear market, adoption levels are still higher than what the industry witnessed before the bull run of 2020. Related: From the valley to oasis: Swiss and Dubai crypto associations team upOn Sept. 9, two Bitcoiners went on a mission to get merchants within the U.K. to adopt Bitcoin (BTC). British BTC advocates James Dewar and MSW went to a town in England to speak to restaurants and cafés in an attempt to convince them to accept Bitcoin. Out of 63 shops, 3 were persuaded and accepted BTC on the spot. In an interview in August, Coinfirm executive Durgham Mushtaha told Cointelegraph that Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures will drive more mainstream crypto adoption. According to the executive, the next bull run will be driven by an improved crypto image where fears dissipate.

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South Korea issues arrest warrant for Terra Founder Do Kwon

While the LUNC community rejoices because of a potential comeback for the Terra Luna Classic (LUNC) token, the founder of the Terraform Labs, Do Kwon, is now facing a warrant of arrest from South Korean authorities. A court located in Seoul reportedly issued a warrant of arrest for Kwon and five other people who are all currently located in Singapore. According to the prosecutor’s office in South Korea, the Terra founder is facing allegations of violating the country’s capital markets lawIn May, what the Terra community first suspected to be a FUD attack became one of the most devastating market crashes in crypto history, triggering the loss of millions of assets from investors of Terra USD (UST) — now renamed Terra Classic USD (USTC) — and Terra (LUNA), which is also rebranded to Terra Luna Classic (LUNC). The UST stablecoin started to drift away from its dollar peg, dropping to an all-time low of $0.006 in June. Apart from UST, LUNA, an asset that once reached its peak at $119.18 in April dropped massively to an all-time low of $0.0000009, causing suicide hotlines to be pinned on the project’s Reddit community. The Terra crash also affected various decentralized finance (DeFi) protocols, leading to an 80% and above decline for projects that were associated with the stablecoin. Related: Exchanges criticized for ‘nothingburger PR’ posts on upcoming LUNC tax burnOn Aug. 17, Kwon hired attorneys from a law firm based in South Korea just a few days after saying that the authorities have not yet reached out to him. According to a report, the Terra founder delivered a letter of appointment to the department responsible for investigating the Terra collapse. The Terra founder also broke his silence on Aug. 16 in an attempt to clear his name from various allegations. However, despite Kwon’s efforts, community members still criticized the Terra CEO, comparing his situation to the creator of Tornado Cash, who was arrested for writing a privacy code.

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Plaintiffs file for Dave Portnoy’s dismissal from SafeMoon lawsuit

SafeMoon investors are letting Barstool Sports founder Dave Portnoy off the hook as the plaintiffs filed for his dismissal from the lawsuit against him for allegedly promoting the SafeMoon token. On Aug. 8, the internet celebrity tweeted that he is being sued by investors for “shilling SafeMoon.” Portnoy claimed that he never received any compensation from the project and mentioned that he also lost a lot of money after investing in the token. He also highlighted that he told people that the project may be a scam before he made his investment and asked his audience if he should sue the plaintiffs for wasting his time. A month later, a court filing retrieved by the legal information website Justia showed the people who initiated the lawsuit against Portnoy filed a notice of dismissal. This follows an earlier filing from Portnoy’s side declaring that he has no connection with the SafeMoon project. Apart from SafeMoon investors, the celebrity also shared an email last month showing that he’s facing pressure from SafeMoon for alleged “unfair representations” and giving the company “a bad look” when he mentioned his token losses on his show. The complaint also showed that the project had asked the celebrity to update his holdings to version 2.Related: New crypto litigation tracker highlights 300 cases from SafeMoon to Pepe the FrogIn 2020, Portnoy made the headlines for exiting Bitcoin (BTC) after facing a $25,000 loss. A month later, the trader noted that he was coming back to BTC and claimed that his “heart is crypto,” noting that the crypto community is an enjoyable group of people. Meanwhile, a SafeMoon lawsuit back in February targeted many celebrities and influencers for an alleged connection to a pump-and-dump scheme related to SafeMoon. The scheme included YouTubers Jake Paul and Ben Philips and musicians Nick Carter, Soulja Boy and Lil Yachty.

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