Autor Cointelegraph By Savannah Fortis

Fixed interest rates to create a DeFi 2.0 for institutions, says former bank exec

Fixed interest rates to create a DeFi 2.0 for institutions, says former bank exec

Uverejnil používateľ | sep 14, 2022 |

Infinity Exchange, a new platform providing institutional grade capital efficiency in decentralized finance (DeFi), announced a $4.2 million seed found in a bid to boost institutional adoption for DeFi.Infinity Exchange is led by ex-Morgan Stanley executive Kevin Lepsoe, who left the world of traditional finance with sights set on the possibilities provided for investors through DeFi.However, the founder says that institutional investment is critical to building the next evolution of DeFi 2.0 for strong economic foundations.According to Lepsoe, with access to a full rates product suite, with fixed-to-floating rates, there will be more secure opportunities for institutional investors and equality in rates for individuals.“The beauty is now individual investors will have comfort knowing they have access to the same markets that institutional investors do, and it doesn’t matter if they’re lending or borrowing $100 or $10 million.”Lepsoe highlights a major downfall of the current DeFi 1.0 space is the disconnect between floating rates markets and fixed-rate markets. In such instances, like the current DeFi setup, capital can’t easily flow, causing markets to not work in union with one another. Funds obtained from the latest round will go towards Infinity’s development of product offerings, including fixed and floating rate markets, along with futures and spot trading markets, among other things.Related: Crypto’s correlation with mainstream finance could bring more bleeding soonIn providing elements of TradFi, such as complete financial markets protocol with fixed and floating interest rates, it encourages large institutions to step into the unfamiliar. Lepsoe told Cointelegraph that this also helps compensate for the current shortcomings of current DeFi protocols, like those mentioned above.“By integrating the product features, and introducing more efficient collateral management, we enable more players to access the markets and trade it in many new ways not previously possible.”Lepsoe estimates that such tools for large-scale investors are a major part of the foundation of potential market growth of up to “1000 times what it is today.”This development comes as institutional investors eye the space. Some surveys show around eight percent of institutional investors believe crypto will surpass traditional investments in the next ten years.

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Web3 is creating a new genre of NFT-driven music

Web3 is creating a new genre of NFT-driven music

Uverejnil používateľ | sep 14, 2022 |

Music-related use cases for Web3 technologies are piling up as the industry goes all in on adoption. From democratizing song rights royalties and blockchain licensing to legacy companies like Sony Entertainment filing patents for nonfungible token-authenticated music.While electronic dance music and pop seem to be picking up the most attention in terms of NFT music, they’re even making a difference in more traditional areas like opera.However, just like any new and novelty tool, there are creators who live off the hype. This is often seen with “shitcoins” and pump-and-dump NFT projects, both of which have little to no value or long-term utility.As music NFTs become more popular, the hype follows. Hundreds of music NFT projects are popping up on Twitter, creating what can be seen as almost a subgenre of NFT music.The music revolution is here Supply: 4444Mint price: .11 ETHDate: Friday 9/23 pic.twitter.com/d0iunVvwhV— blocktones (@blocktones) September 9, 2022All the hype begs the question: What comes first the music or the desire to create a music NFT?Cointelegraph spoke with creators in the music NFT industry to answer this chicken-and-egg type question and understand this new genre.Related: Experts explain how music NFTs will enhance the connection between creators and fansAdrien Stern, CEO and founder of Reveel, a web3 revenue sharing platform for musicians, said right now NFTs are actually breaking genres rather than creating them.“Music NFTs are an anti-genre. We’re seeing a lot more diversity and creative freedom in NFTs – as if artists are finally free to create for the sake of creating and not to fit the algorithms.”Before NFTs, the next wave of internet musicians was creating music for virality in short video clips. “There is no doubt that artists have been freed creatively by NFTs. They no longer have to write music that will work on a 30-second TikTok video,” says Stern.One example can be seen with NFT musician Sammy Arriaga, who leveraged his internet community on TikTok and Twitter to sell out ​​over 4,000 music NFTs.This dude is singing sad boy pixel songs rn and I’m loving it https://t.co/AIoxhTgRvN— N1FTey (@N1FTey) September 13, 2022

Another NFT musician and blockchain music label creator, Thomas ‘Pip’ Pipolo, told Cointelegraph that his artistic passion for music making comes before anything else.“The drive to create music and then using NFTs as an artistic tool to have an actual product to sell to fans and investors is what motivates me.”However, when it comes to music being hyped up for NFT creation Pipolo says good music is good music, and bad music is bad music, whether it’s in Web2 or Web3:“What I think is important to take away from ‘bad’ or ‘lesser quality’ music selling is that artists are selling more than their music.”The importance lies in the technology allowing artists to use accessible tools like Twitter artists to sell their personalities and stories while giving fans more credibility as owners and participants rather than just followers. Pipolo says this “Levels the playing field for those with the ability but the lack of connections.”Web3 record label founder Jeremy Fall backed this statement up and said it’s certainly not about hype. Even more so, the idea is:“To utilize the technology to be able to create an ancillary experience around music that people couldn’t get before.” Fall says musicians have always needed to incorporate many types of art into their creations – ie. visuals, performance, audio, video- and these new Web3 tools allow for this.As far as hype, in many of the scenarios surrounding music, the consensus is that it is both earned and natural. Musicians and Web3 music creators like Pipolo, Fall and Stern all see NFT music as a result of the true power of decentralized technology.

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ePayments shutters as FCA Anti-Money Laundering regulations tighten

ePayments shutters as FCA Anti-Money Laundering regulations tighten

Uverejnil používateľ | sep 13, 2022 |

The electronic payments provider ePayments is putting the final nail in the coffin of its operations. ePayments issued email notices to clients on Tuesday, stating that it is officially closing its business operations in light of local regulations.The financial services provider was one of the largest electronic payment providers in the United Kingdom. However, almost three years ago, it was ordered to cease operations by the U.K.’s Financial Conduct Authority (FCA) due to alleged weaknesses in its “financial crime controls.”At the time of the initial suspension, it was estimated that ePayments held $149 million, or 127.5 million Great British pounds, in customer funds, which were temporarily inaccessible.After years of restructuring efforts, the company attributes the final closure to “extremely challenging and unprecedented global economic conditions,” years of halted operations and being unable to satisfactorily meet the FCA’s requirements.It says funds are safe and encourages former customers to withdraw funds in eWallets and stand by for refund information. Users on Twitter responded to the update with a mixture of relief and frustration, with one user saying he had funds stuck in ePayments since 2020:Thank god I transfer out my fund last 2 months ago as soon as you unblock the fund access. My fund was stuck since 2020.— Hoe2be (@hoe2be2) September 13, 2022While another tweeted to the company that his funds were still inaccessible.This development comes as the U.K.’s financial regulators have been tightening the reins on the industry. The FCA recruited nearly 500 new employees over the last year in accordance with its new three-year strategy.One of the positions filled included the newly created director of payments and digital assets which will oversee matters such as e-money, payment and crypto-asset markets. The position was filled by former director at the National Economic Crime Command.Related: FCA highlights limited role as unregistered businesses continue to operateWhile some regulators in the country believe the U.K. cannot afford to send mixed signals as to its stance on digital assets and payment services, it still appears to be the case.The newly appointed finance minister, Kwasi Kwarteng, has not addressed the issue of crypto regulations and advertising watchdogs recently cracked down on crypto-related ad content on Instagram.On the other hand, the economic secretary made a statement on Sept. 7 in which he said he wants to make the U.K. a crypto hub and top choice for innovators under the new prime minister.

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Web3 native fashion brands hit the runway in real life at NY Fall Fashion Week

Web3 native fashion brands hit the runway in real life at NY Fall Fashion Week

Uverejnil používateľ | sep 13, 2022 |

Web3 fashion is subverting the narrative at New York Fashion Week (NYFW) this fall. Fashion brands native to the Web3 space will be premiering in real life (IRL) at a two-day show put on by Nolcha Shows.Nolcha Shows has been actively curating events for 14 seasons. Still, this year there will be a Web3 edition featuring Web3 native brands, along with a panel on Web3’s impact on the fashion industry’s future.In the last few years, fashion industry giants have been jumping into the digital universe at lightning speed. Gucci started to accept crypto in stores earlier this year, alongside its metaverse and NFT involvement with Roblox. Other major brands such as Balenciaga, Hermes and Phillip Plein have also announced their own plans for Web3 integration. While these brands have collectively made millions from their exploration of decentralized technology, brands native to the Web3 space are turning back to IRL events for visibility. Cointelegraph spoke with Arthur Mandel, the co-founder of Nolcha Shows, to understand more about why Web3 native brands are heading back to physical reality.The fashion brand ChainGuardians is one of the Web3 native brands which is taking to the NYFW runway. It’s a brand that leans heavily on the trending term “phygital” which describes Web3 assets which combine aspects of physical and digital reality.For example, nonfungible tokens (NFTs) wearables are those which can be utilized in the metaverse but also have a physical twin. Mandel says phygital products will lead as one of the most compelling Web3 integrations into the fashion industry. “Phygital products that will blur realities and enable people to form numerous personal identities in both worlds – virtual and IRL.”He also stressed that such products can be projected to also help brands cut costs on physical products and retail services.Related: How the Metaverse can revolutionize the fashion industryThe fashion industry held its first-ever metaverse fashion week in Decentraland on March 23-27 of this year. However, Mandel says for brands native to these digital spaces participating IRL events helps forward the Web3 principles of accessibility and community:“The reason web3 native brands opt for IRL events is to lower the threshold adaptation. Right now, the entry point and access to bigger crowds in a meaningful way is at in-person events.”According to the fashion industry veteran it’s important to remember that while Web3 provides another dimension for in person events, it’s not a full replacement.“Phygital is cyclical and reciprocal. It’s about creating IRL products and experiences that will blur the lines between real life and virtual reality.”There is still a balance to be struck between those inside and out of Web3. Right now Mandel says “tech jargon that people don’t understand and actually fear so prefer to ignore.” He believes that the flow of legacy brands entering the space and Web3 native brands stepping out into physical reality will help dismantle these barriers.

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Indian authorities unfreeze millions in locked WazirX bank accounts

Indian authorities unfreeze millions in locked WazirX bank accounts

Uverejnil používateľ | sep 12, 2022 |

The Enforcement Directorate of India (ED) unfroze the bank accounts of the Indian crypto exchange WazirX, according to a statement from the exchange released on Sept. 12.WazirX says it has been cooperating with local authorities during their anti-money laundering (AML) investigation by providing all of the necessary documents and details requested. The investigation targeted 16 fintech companies and instant loan apps, some of which solicited services from the exchange.The exchange, however, said it has a no-tolerance stance towards any illegal activities on the platform. Additionally, it said that most of the targeted users in the ED investigation had already been flagged as suspicious by WazirX and blocked in 2020-2021.WazirX told Cointelegraph the case is still under investigation but funds have been unfrozen due to no suspicious activity found, with “no further comment as of now.”Funds in WazirX bank accounts had been frozen since Aug. 5, when the ED initially announced the investigation. The locked funds amounted to over $8.1 million in total.ED searches the Director of WazirX Crypto-Currency Exchange & freezes its Bank assets worth Rs 64.67 Crore for assisting accused Instant Loan APP Companies in laundering of fraud money via purchase & transfer of virtual crypto assets.— ED (@dir_ed) August 5, 2022The ED’s accusations against WazirX claimed it had processed $130 million in transfers of funds to wallets under investigation for illegal activities. In light of the accusations, Binance, which once tried to acquire the company in 2019, distanced itself from the exchange via a public statement from CZ on Twitter.Related: Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfersPrior to the recent activity, the exchange was under ED investigation in 2021 for money laundering charges related to illegal online gambling proceeds tied to Chinese entities.This time around, the crackdown on crypto exchanges in the country did not stop with WazirX. On Aug. 12, the ED froze a total of $46.4 million in Yellow Tune’s bank balances and balances from crypto exchange Flipvolt. The allegations were also money laundering related, and the company was accused of being a shell for Chinese entities.Authorities said the funds would remain unavailable until the exchange can account for the criminal proceeds that it transferred out of the country.These investigations began to pile up after the Indian government announced crushing new crypto tax regulations, which came into effect earlier this year.

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