Autor Cointelegraph By Zhiyuan Sun

Genius Yield raises $118M via ISPO in first 48 hours

Genius Yield raises $118M via ISPO in first 48 hours

Uverejnil používateľ | dec 17, 2021 |

On Dec. 15, Genius Yield, a decentralized automated market maker and liquidity management protocol built on the Cardano (ADA) blockchain, announced the launch of its initial stake pool offering, or ISPO. The fundraising will continue for six months until June 15, 2022. At the time of publication, more than 95.8 million ADA, worth approximately $118 million at the time of writing, have been delegated to the stake pools. In an ISPO, blockchain enthusiasts stake their cryptos in a protocol and receive tokens of the new project they fund as rewards. After a lockup period, investors can then reclaim their staked cryptos. By utilizing this method, investors not only harvest yields, but they also, on paper, get back their initial investments. Of course, the setup is still susceptible to risks such as technical glitches, hacks, or rug pulls that are not as apparent with more orthodox funding methods.In this particular ISPO, users deposit their ADA from their Cardano wallet, such as Yoroi, into one of the four GENS stake pools and receive the GENS token. According to Genius Yield developers, 10 million GENS tokens out of a total supply of 100 million will be distributed to ISPO investors. In addition, they will also receive 20% of transaction fees on the platform.Related: MELD’s $1B ISPO highlights emerging use cases for Cardano, crypto fundraisingThe funds will be used in part to build a solution that enables users to benefit from advanced algorithmic trading strategies and yield optimization on the Genius Yield platform. Dr. Sothy Kol-Men, co-founder of Genius Yield, said the platform is building a “community-driven educational and mentorship” program that teaches users about decentralized finance, or DeFi. 

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Bank of Russia governor: Banning crypto in Russia is 'quite doable'

Bank of Russia governor: Banning crypto in Russia is 'quite doable'

Uverejnil používateľ | dec 17, 2021 |

In a Friday press conference, Central Bank of Russia governor Elvira Nabiullina further escalated the fear, uncertainty, and doubt (FUD) surrounding the state of crypto regulation in the country. When asked about the rise of digital assets, Nabiullina gave the following remarks, as reported by local news outlet finmarket.ru and translated by Cointelegraph:You know that our attitude towards cryptocurrencies is of, to put it mildly, skepticism. Related to this are the significant risks for retail investors and the substantial volatility for this type of asset. In addition, cryptocurrencies are opaque in that they are frequently used for illegal operations or criminal nature. Therefore, we cannot welcome investments in them. We seek to prevent the Russian financial infrastructure from using crypto transactions. This is quite doable.Nabiullina’s remarks came one day after conflicting reports pointed to the possibility of a blanket ban on cryptocurrency exchanges in Russia. As Cointelegraph recently reported, concerns about crypto have even made their way to the presidential office, with Vladimir Putin issuing a warning about digital assets. Related: Bank of Russia to ban mutual funds from investing in BitcoinIn context, countries of the former Soviet Union remain far more susceptible to financial crimes such as money laundering or tax evasion than their Western counterparts. This is because privatization of state enterprises from the breakup of the USSR concentrated power in the hands of individuals who possessed enough “capital” to purchase shares at that time — mafias, gangs, and black-market participants. Relatively speaking, the anonymous, borderless, instantaneous, and regulatory-lacking nature of crypto would therefore be a greater enabler of criminal activities in the region. Partly to combat the problem, Russia is prioritizing the development of a regulatory-compliant digital Ruble as a sizable competitor to cryptos developed in the private sector.

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Reddit co-founder and Polygon launch $200M Web 3.0 social media initiative

Reddit co-founder and Polygon launch $200M Web 3.0 social media initiative

Uverejnil používateľ | dec 17, 2021 |

On Friday, Polygon and Alexis Ohanian’s venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon’s infrastructure. Ohanian co-founded Reddit in 2005, left in 2010 and returned as executive chairman in 2014 to lead a turnaround before resigning in 2020. He has been a seed investor in several prominent tech and blockchain firms such as Coinbase, Instacart, Sky Mavis — the developer of Axie Infinity — and Patreon.As an Ethereum scaling solution, Polygon’s ecosystem has expanded rapidly this year, with over 3,000 decentralized applications built on its network. Earlier this month, Polygon announced it was dedicating up to 250 million MATIC tokens, valued at $627.5 million at the time, to develop zero-knowledge technologies intended for complex decentralized finance applications. Protocol launches and cross-chain migrations have been the biggest drivers of its token price growth for much of this year.Related: Polygon launches a zk-STARK scaling solution for DApp deploymentPolygon co-founder Sandeep Nailwal described social media business models as having a “profound impact on our world,” especially in light of Web 3.0, which is a broad concept that refers to the next generation of the internet. Through Web 3.0, “Users create the value, control the network and reap the rewards,” he said.The Polygon partnership isn’t Ohanian’s first foray into Web 3.0 development. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to raise $100 million for various Web 3.0 initiatives.

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HSBC and IBM create successful multi-ledger CBDC demo

HSBC and IBM create successful multi-ledger CBDC demo

Uverejnil používateľ | dec 16, 2021 |

On Thursday, HSBC and IBM announced the successful test of an advanced token and digital wallet settlement between two central bank digital currencies, or CBDCs, in a cloud environment. The experiment consisted of transactions between CBDCs, eBonds, and forex. IBM’s Hyperledger Fabric and enterprise technology provider R3’s Corda served as the basis of the distributed ledger facilitating the transactions.The project was overseen by central bank Banque de France as part of a series of tranche projects to implement a digital Euro. Previously the French and Swiss central banks reported positive results on a pilot run of the digital Swiss Franc and Euro. Nevertheless, the two financial institutions issued caution on the subject, citing regulatory concerns.Mark Williamson, managing director of GFX eRisk, partnerships & propositions at HSBC, said:Interoperability across different distributed ledgers and technologies was key in demonstrating how to save time, reduce market risk and improve security for transactions between central banks, commercial banks, and in time our clients around the world.Likhit Wagle, general manager of global banking & financial markets at IBM, added:As central banks around the world begin to explore the potential for CBDC to bring greater transparency and security to financial transactions, this initiative provides a comprehensive roadmap.Across the world, CBDCs are gaining traction in part due to their utility as a means to combat the rises of stablecoins, which, to some, represent a threat to the financial system. This month alone, Australian Reserve Bank’s Project Atom CBDC research uncovered numerous benefits. Around the same time, Kazakhstan’s central bank reported positive results on its CBDC pilot project. The Eastern Caribbean CBDC expanded to two other countries, and Russia is prioritizing the development of a digital Ruble.

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Circle and Endaoment to create USDC-based disaster relief fund for communities impacted by deadly tornado

Circle and Endaoment to create USDC-based disaster relief fund for communities impacted by deadly tornado

Uverejnil používateľ | dec 16, 2021 |

Circle, the company that created the USDC stablecoin, announced a partnership with public charity Endaoment to create a disaster relief fund. The fund will help mid-western American communities impacted by last week’s deadly tornadoes. The two entities hope to raise $1 million in grants to support the American Red Cross and local non-profits.Via Endaoment, blockchain enthusiasts will be able to directly contribute USDC or other cryptos using connected wallets with a minimum donation of $20. The funds will be distributed in $20,000 intervals to seven participating charities, the Team Western Kentucky Tornado Relief Fund, Center for Disaster Philanthropy, Team Rubicon, All Hands and Hearts, Midwest Food Bank NFP, American Red Cross, and Mutual Aid Relief. At the time of publication, the fund has received over $4,600 in donations.Robert Heeger, founder, and CEO of Endaoment, said the following regarding the partnership:”It is through incredible partners like Circle that we have been able to grant more than $11 million worth of donations to nearly 300 nonprofits this year. With Circle’s support, we can expand our reach and continue to empower the community to allocate charitable gifts to causes in need of funding autonomously.”An unusual cluster of tornadoes swept across the U.S. Midwestern and Southern states the week prior, with wind speeds reaching as high s 150 mph (241.4 km/h). Kentucky was one of the hardest-hit states, with at least 74 fatalities and more than 100 missing persons still accounted for.A man whose home was destroyed during the deadly tornado outbreak in Kentucky, plays a hymn on his piano that was spared during the storm. Beauty in the midst of sorrow and pain. pic.twitter.com/9goymGYK3L— Travis Akers (@travisakers) December 13, 2021

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