Autor Cointelegraph By Zhiyuan Sun

Chinese municipal bank issues first-ever digital yuan loan using intellectual property as collateral

Chinese municipal bank issues first-ever digital yuan loan using intellectual property as collateral

Uverejnil používateľ | aug 3, 2022 |

As reported by local news outlet Sohu, on Wednesday, the Agricultural Commerce Bank of Zhangjiagang, located in China’s Suzhou province, announced that it had issued a 500,000 digital yuan (e-CNY) loan with intellectual property backing it as collateral. The loan was issued via unanimous approval by the city’s consumer markets regulator, financial markets regulator and municipal officials. Unnamed in the report, the recipient of the loan is an entity manufacturing environmental protection equipment for steel factories in Suzhou province. As told by the entity, due to an uptick in the number of client invoices, it decided to experiment with the new borrowing method, where the loan was directly released into its e-CNY digital wallet. Meanwhile, the Agricultural Commerce Bank of Zhangjiagang said this was yet another experiment in the country’s e-CNY trial program.Two days prior, the People’s Bank of China said it wants to expand further the number of e-CNY testing sites, which are currently in 15 provinces. In its most recent data update on May 31, the central bank tallied 264 million e-CNY transactions totaling 83 billion CNY ($12.29 billion) since inception. Over 4.567 million merchant terminals across China accept e-CNY as payment.Related: More than 2.6 million users signed up for the City of Shenzhen’s digital yuan airdropAdditionally, 64 companies with a total market cap of 560 billion CNY ($82.9 billion) listed on the Shanghai and Shenzhen stock exchanges are exploring blockchain technology. In recent months, China has seemingly increased its focus on developing its central bank digital currency, citing the benefits of stimulating consumer spending after COVID-19 lockdowns had hampered the economy. Various e-CNY airdrops are currently ongoing for participants to claim rewards and use them at various merchant platforms.

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CoinShares reports $21.7M loss tied to Terra implosion

CoinShares reports $21.7M loss tied to Terra implosion

Uverejnil používateľ | aug 2, 2022 |

On Tuesday, European cryptocurrency investment firm CoinShares posted its interim Q2 2022 results. Compared to the prior year’s quarter, the firm’s revenue declined from 19.6 million pounds ($23.89 million) to 14.2 million pounds ($17.31 million). At the same time, its net income fell from 26.6 million pounds ($32.42 million) in Q1 2021 to 0.1 million pounds ($0.12 million). CoinShares explained that the losses were largely tied to its exposure to the Terra ecosystem, which collapsed in May of this year:”While our Asset Management business continued to generate solid profit, the Capital Markets business experienced a one-off loss of £17.7 million following the de-pegging of Terra Luna. The financial impact of this episode, despite being relatively small when compared to the losses incurred by other players in our industry, had a material impact on our quarter.”Coinshare Capital Markets typically does not take directional positions and was not directly exposed to the Terra Luna collapse. However, at the time of the incident, the firm was carrying a book linked to the TerraUSD stablecoin, resulting in an exceptional loss.CoinShares CEO Jean-Marie Mognetti has nevertheless expressed optimism about the firm’s future operations, saying:”In light of the market turmoil, we have reviewed our risk profile and moved into a more defensive mode. CoinShares has sufficient resources to navigate the markets during this volatile time thanks to an effective strategy, a robust balance sheet, and a seasoned, world-class team.”Related: What is Terra (LUNA)? A beginner’s guideFor its next steps, Coinshares plans to uplist into the Nasdaq Stockholm Main Market after gaining an Alternative Investment Fund Manager license. During the second quarter, Coinshares launched five new physical products, including CoinShares Physical FTX Token, CoinShares Physical Chainlink, CoinShares Physical Uniswap, CoinShares Physical Staked Polygon, and CoinShares Physical Staked Cosmos. The firm possessed 220.8 million pounds ($269.15 million) in net assets at the end of Q2.The price of TerraUSD in the past year. Source: CoinGecko

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Crypto users spent $2.7B minting NFTs in first half of 2022: Report

Crypto users spent $2.7B minting NFTs in first half of 2022: Report

Uverejnil používateľ | aug 2, 2022 |

According to new market research published by blockchain data firm Nansen, crypto users spent 963,227 Ether (ETH), worth $2.7 billion, minting nonfungible tokens (NFTs) on the Ethereum blockchain in the first half of 2022. An overwhelming majority of minting took place on OpenSea.io. Minting occurred across 1.088 million unique wallet addresses on Ethereum during this period, Nansen said. In comparison, about $107 million worth of NFTs were minted on BNB Chain and $77 million for Avalanche. A total of 263,800 unique wallet addresses were involved in NFT minting on the two blockchains.1/ Market participants spent 963,227 $ETH (approximately $2.7b) on minting NFTs in the first half of 2022.So what did the NFT projects do with the money they raised? Read our latest research here: https://t.co/ifgKdTnF9S— Nansen (@nansen_ai) August 2, 2022Sixty-nine NFT collections launched on May 22 alone, resulting in daily minting volume surpassing 120,000 ETH. The total number of NFT collections minted and sold on Ethereum during the first half of the year was 28,986. Over two-thirds of the NFT projects raised less than 5 ETH, although 140 collections raised well over 1,000 ETH. Cumulatively, the top five NFT collections on Ethereum accounted for 8.4% of overall minting. These include Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box and World of Women Galaxy. Related: Nifty News: Dr DisRespect unveils NFT game to mixed reaction, FC Barcelona’s first NFT sells for $700K and more…About half the amount raised stayed with NFT projects, while the other half circulated to non-entity wallets. However, Nansen could only trace direct transfers from the NFT projects’ addresses to the immediate transaction addresses. Subsequent transactions to other counterparties were not captured, thus limiting possible conclusions on how funds were used after NFT drops.Aside from research, Nansen is also known for index aggregates, such as the NFT-500, that track the performance of the top 500 NFT collections on Ethereum for both the ERC-721 and ERC-1155 token standards. The firm secured $12 million in investments from Andreessen Horowitz last year. 

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Aave devs propose freezing Fantom integration, citing lack of traction and potential vulnerability

Aave devs propose freezing Fantom integration, citing lack of traction and potential vulnerability

Uverejnil používateľ | aug 2, 2022 |

On Tuesday, Marc Zeller, integration lead at decentralized finance (DeFi) borrowing and lending protocol Aave, proposed to freeze the platform’s v3 Fantom market. Created in 2018, Fantom is a directed acrylic graph smart contract platform that provides DeFi services and on which Aave is currently bridged. Zeller explained the rationale for removing the Fantom bridge:”After the Harmony bridge event and the recent Nomad bridge exploit, the Aave community should consider the risk/benefits of keeping an active Aave V3 market on Fantom as this network is dependent on any swap (multichain) bridge.”Zeller further explained that the Aave v3 Fantom market did not gain noticeable traction, with a current market size of $9 million and $2.4 million of open borrowing. In comparison, the Aave protocol has a total value locked of $3.48 billion. Meanwhile, the Fantom market on Aave only generates approximately $300 per day for the borrowing-lending protocol, of which $30 goes to the Aave Treasury.If passed, the Aave Improvement Protocol would allow users to repay their debts and withdraw but block further deposits and borrowings in this market. After five days, a community vote will be held to determine the future of Aave v3 Fantom. The Aave team wrote:”The risk of exposing users to potentially losing millions of $ due to causes exterior to intrinsic Aave security is considered not worth the $30 of daily fees accrued by the Aave treasury.”Related: Backlash as Harmony proposes minting 4.97B tokens to reimburse victimsMultichain bridging, while praised by some as a pinnacle of interchain communications, has been criticized by skeptics such as Vitalik Buterin for its supposed fragility. Earlier on Tuesday, the Nomad token bridge was drained for $190 million after hackers discovered a single code exploit that anyone could replicate, leading to a “decentralized robbery” as other users joined in on the initial hacker’s siphoning of funds. 

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CBOE's operating expenses spiked 312% due to underperformance of acquired crypto firm

CBOE's operating expenses spiked 312% due to underperformance of acquired crypto firm

Uverejnil používateľ | aug 1, 2022 |

On Friday, Chicago Board Options Exchange (CBOE), the largest options exchange in the United States, announced its second-quarter earnings results. Of particular interest was its total operating expenses, which soared 685% year-over-year from $160.6 million. CBOE explained:”This was primarily due to the $460 million impairment of goodwill recognized in the Digital reporting unit, driven by negative events and trends in the broader digital asset environment. The said environment has changed dramatically since we closed the ErisX transaction on May 2, which resulted in the accounting adjustment.”ErisX enables self-directed individual retirement accounts, or IRAs, for U.S. residents to invest in crypto assets. This was CBOE’s first venture into the digital assets sector; the company expects ErisX to be a long-term leader in the industry. The terms of the deal were not disclosed in the original acquisition.However, it appears that ErisX’s fortunes worsened due to the cryptocurrency bear market. CBOE says that ErisX currently has a book value of $220 million. But, during Q2, CBOE took a goodwill impairment charge of $460.1 million linked directly to ErisX. Goodwill represents the difference between a firm’s acquisition value and the value of its net assets. Companies can be forced to take substantial goodwill write-offs if they overpaid for acquisitions.Related: SEC extends window to decide on ARK 21Shares spot Bitcoin ETF to AugustNevertheless, the woes of CBOE’s digital segment were counterbalanced by core operations. On an overall basis, the derivatives exchange’s sales grew by 21% year-over-year to $424 million. Simultaneously, after removing the one-time, non-cash, goodwill impairment, its adjusted earnings increased by 21% year-over-year to $1.67 per share.

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