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What Are Smart Contracts? Unpacking Today’s Digital Agreements

In the digital currency realm, smart contracts have enhanced the financial industry through tokenization, decentralized finance (defi) and other agreements in the form of self-executing code. But how exactly do they work? What benefits do they offer? Here’s a concise overview of smart contracts and their profound effect on trust and collaboration in our interconnected society. Smart Contract Origins If you keep up with cryptocurrency news you’ve likely heard of “smart contracts.” Smart contracts, in their current form, are self-executing agreements housed on a blockchain. Fundamentally, the “smart” in smart contracts stems from automation, while the “contract” denotes a binding agreement or function that runs automatically. The idea of smart contracts was first posited by American computer scientist Nick Szabo . Ethereum’s Role & Beyond In the early 1990s, Szabo defined smart contracts as “a set of promises, specified in digital form, including protocols within which the par...

What Are Stablecoins? A Simple Explanation of the Digital Asset Bridging Crypto and Fiat

Stablecoins occupy a unique space within the realm of finance, straddling the worlds of traditional and cryptocurrency finance. These digital assets aim to achieve price stability by tethering their market value to external references such as fiat money. Stablecoins blend the characteristics of cryptocurrencies with the stability of traditional assets like the U.S. dollar or commodities such as gold, resulting in digital tokens with limited volatility. By stabilizing their purchasing power, stablecoins offer a level of reliability currently absent in pure, decentralized cryptocurrencies. Let’s delve into what stablecoins are, the various types available, and their origins. Stablecoins: Bridging Crypto and Fiat for Price Stability Today, the bustling stablecoin ecosystem boasts an impressive total value of $123 billion , encompassing numerous projects. Having been a prominent presence in the financial landscape for nearly a decade, stablecoins have firmly established themselves as pi...

Turkish Crypto Exchange Boss Gets 11,196 Years in Prison

The CEO of collapsed Turkish crypto exchange Thodex has been sentenced to 11,196 years, 10 months, and 15 days in prison. He purportedly absconded with more than $2 billion in cryptocurrency belonging to more than 400,000 customers. The court found his crypto trading platform to be a criminal organization. Thodex Chief Sentenced to 11,196 Years in Prison The CEO of collapsed Turkish cryptocurrency exchange Thodex, Faruk Fatih Özer, was reportedly sentenced to 11,196 years, 10 months and 15 days in prison on Thursday. AFP reported that prosecutors had requested a prison sentence of 40,562 years for the 29-year-old crypto exchange boss. Özer was found guilty of various charges including fraud, leading a criminal organization, and money laundering. The court also found Thodex to be a criminal organization and that Özer acted with fraudulent intent from the beginning. In addition, Özer’s sister Serap and brother Guven were found guilty of the same charges. The Thodex CEO refuted the f...

Fed Official: Digital Dollar Decision Still a Long Way Off

The Federal Reserve’s vice chair for supervision has affirmed that the U.S. central bank is “a long way” from making a decision on whether to issue a central bank digital currency (CBDC). The Fed official also voiced concerns regarding USD stablecoins, emphasizing that they “could pose significant risks to financial stability, monetary policy, and the U.S. payments system.” Fed Official on Digital Dollars and Stablecoins The Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, Michael Barr, talked about the Fed’s central bank digital currency progress on Friday at the Seventh Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia. “As the pace of innovation increases, the payments landscape continues to evolve with the emergence of new programmable payments platforms, including those built on distributed ledger technology and blockchain technology, and new forms of digital assets, such as cryptocurrencies, stablecoins, and centra...

Is Ethereum Outshining Bitcoin in Terms of Fees? Crypto Voices Share Thoughts

Lately, the crypto sphere, with bitcoin aficionados in particular, has been buzzing with chatter about the fees pocketed by BTC miners. They’re pondering if these fees will adequately offset the impending 2024 halving and the accompanying drop in revenue. On the other hand, Ethereum, the runner-up in the crypto world, is raking in significantly higher weekly fees. Here’s an insight into the leading blockchain networks and where users are truly shelling out for block space. Bitcoin Proponents Discuss the 2 Leading Blockchains and Transfer Fees Many of today’s leading blockchain networks come with transfer fees, designed to motivate miners or validators to oversee and validate transactions, fortifying the network. Besides ensuring security, these fees deter spam, prioritize transactions, and cater to distinct economic policies based on each blockchain’s consensus guidelines. In the Bitcoin realm, when miners discover a block, they’re rewarded with the fees associated with that part...

JPMorgan Mulls Blockchain-Based Deposit Token, Report

America’s biggest bank by assets, JPMorgan Chase, is exploring a blockchain-based deposit token for cross-border payments and interbank transfers. If approved by regulators, the banking giant may create the digital asset, which would be different from its existing JPM Coin as it could be used to send money to accounts in other banks. JPMorgan Considers Digital Token for Cross-Border Payments and Settlement JPMorgan is in the early stages of exploring a blockchain-based digital deposit token, Bloomberg reported quoting a person with knowledge of the matter. The token could be used to speed up cross-border payments and settlement. According to the source who chose to remain anonymous, most of the underlying infrastructure that would be necessary to run the new means of payment has been developed. However, the token will not be issued without U.S. regulatory approval. The bank may launch it less than a year after it gets a green light and offer it to corporate clients, the report un...

US Court Orders Collapsed BTC Investment Firm to Pay Over $1.7 Billion in Restitution for Forex Fraud

A United States Federal Court Judge has ordered the collapsed bitcoin investment platform Mirror Trading International to pay over $1.7 billion in restitution. Commodity Futures Trading Commission director of enforcement Ian McGinley said the CFTC will not hesitate to go after fraudsters who target U.S. citizens. The Commission again warned that court rulings are not a guarantee that victims will recover all their funds. Forex Fraud Allegations United States Federal Court Judge David A. Ezra recently ordered the now-defunct South African bitcoin investment platform Mirror Trading International (MTI) to pay over $1.7 billion in restitution. The order, which stems from the Commodity Futures Trading Commission’s (CFTC) June 2022 complaint, was issued after the judge determined that MTI had committed forex fraud. According to the Commission’s Sept. 7 press statement , MTI, which is presently in liquidation, was also found liable for “registration violations and failure to comply with C...

Indonesia Expands De-Dollarization Efforts With National Task Force Formation

Indonesia’s central bank has established a national task force to expand the use of local currency with partner countries. Malaysia, Thailand, Japan, and China are already trading with Indonesia using local currencies. In addition, Singapore and South Korea have signed cooperation agreements to build a local currency transaction framework with Indonesia, according to the central bank. Indonesia’s De-Dollarization Efforts Bank Indonesia (BI), the Indonesian central bank, announced on Tuesday that it has “formed a National Task Force to expand the use of local currency transactions (LCT) in Indonesia with partner countries.” The Memorandum of Understanding (MoU) concerning the National LCT Task Force was signed on the sidelines of this year’s ASEAN Summit in Jakarta on Tuesday. Besides the central bank, the Coordinating Ministry for Economic Affairs, Coordinating Ministry for Maritime Affairs and Investment, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Industry, Mini...

Palau Finishes Distribution Phase of Stablecoin Pilot, Organizes Feedback Survey

Palau is preparing to close the distribution phase of its stablecoin pilot after having extended it for 30 additional days to examine additional use cases and growing popular demand. Palau Ministry of Finance board member Jay Hunter Anson explained that the pilot was a “temporary, research and development pilot,” and that the entity will now compile data to deliver a report to the government. Palau Concludes Stablecoin Pilot Distribution Phase Palau has informed about the completion of the distribution phase of its first stablecoin pilot, prompting users to spend their Palau Stablecoins (PSC) before September 15, when they will be frozen. Jay Hunter Anson, a board member of Palau’s Ministry of Finance, thanked the participants in this first phase and explained the steps the organization will follow. The pilot will officially conclude at the end of the month, and the last 15 days of September will be dedicated to working with merchants as part of the pilot to organize redemptions o...

FBI Traces $41 Million Cryptocurrency Theft From Stake.com to Lazarus Group

The Federal Bureau of Investigation (FBI) says it has confirmed that North Korea’s Lazarus Group was behind the crypto theft of about $41 million from online crypto casino and sports betting platform Stake.com. The FBI has provided a number of Bitcoin, Ethereum, Binance Smart Chain (BSC), and Polygon addresses that received stolen funds from Stake.com. FBI Attributes $41M Crypto Theft to Lazarus Group From DPRK The Federal Bureau of Investigation (FBI) announced Wednesday that it has identified Lazarus Group’s cyber actors as responsible for the theft of approximately $41 million in cryptocurrency from Stake.com. The announcement states: The FBI is issuing this release to warn the public regarding the theft of approximately $41 million in virtual currency from Stake.com, an online casino and betting platform. The FBI has confirmed that this theft took place on or about September 4, 2023, and attributes it to the Lazarus Group (also known as APT38) which is comprised of DPRK cyber...

IMF and FSB Release ‘Policies for Crypto Assets’ at G20 Request

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have published their synthesis paper titled “Policies for Crypto Assets,” which was developed at the request of the Indian G20 Presidency. The global organizations “have set out a roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy response for crypto-assets.” IMF, FSB Release ‘Policies for Crypto Assets’ The International Monetary Fund (IMF) and the Financial Stability Board (FSB) published their joint synthesis paper titled “Policies for Crypto Assets” on Thursday. The report was developed at the request of the Indian G20 Presidency. “This paper’s key objective is to synthesize the work of the IMF and the FSB,” the report details, adding that the two international organizations “have advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.” The paper discusses the i...

Tether Boasts $72.5 Billion US Treasury Exposure as Interest in National Debt Falters

Tether, the largest stablecoin in the cryptocurrency market, discussed how its leverage of U.S. treasury bills creates a steady demand for U.S. national debt as a backup of the USDT issuance. The company has exposure to almost $73 billion in U.S. debt, held directly, indirectly, or as collateral for reverse repo operations. Tether U.S. Treasury Exposure a ‘Call Option’ Tether, the largest stablecoin company in the cryptocurrency market, has recently discussed its exposure to U.S. treasuries and its effects on the entire crypto ecosystem. In a recent article titled “Tether USDT and U.S. Treasury Dynamics,” the organization reported it held almost $73 billion in U.S. debt directly, indirectly, or as collateral in reverse repo operations, making it the number 22 holder of U.S. Treasuries. Tether CTO Paolo Ardoino stated that the company held more U.S. debt than nations like the United Arab Emirates, Mexico, Australia, and Spain. For Tether, this sets a trust precedent in the U.S....

Metamask Wallet Users Can Now Cash Out Crypto to Fiat

The popular Ethereum wallet Metamask has introduced a new feature allowing users to convert crypto to major fiat currencies. The “Sell” option currently supports cashing out ether ( ETH ) and is available to users in the U.S., the United Kingdom, and some European markets. New Feature of Metamask Wallet Allows Users to Sell Ether for Fiat Metamask , a widely used Ethereum wallet, has offered ETH holders an easy way to cash out their cryptocurrency to fiat money. At the moment, the “Sell” feature is available in the U.S. — where certain state restrictions apply — the U.K., and parts of Europe, but the intention is to add more regions, the wallet’s team said on Tuesday. Users can currently cash out to U.S. dollars (USD), British pounds (GBP), and euros (EUR). They can have the fiat amount sent to a bank account or a Paypal balance where these fiat account destinations are available, depending on location. “We’re initially supporting ETH on Ethereum Mainnet, with plans to expand to ...

Binance Executives for Russia and Eastern Europe Leave Top Exchange

Two Binance executives responsible for the crypto giant’s operations in Eastern Europe and the former Soviet space have left the company. The departures come at a time when the leading crypto exchange finds itself under persisting regulatory pressure and is considering leaving sanctioned Russia. Another 2 Managers Quit Crypto Exchange Binance as Executive Exodus Continues Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets. On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States ( CIS ), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange. “Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, ...

Ugandan Fintech Asaak Acquires Mexican Asset Financing Startup Flexclub

The Ugandan mobility fintech Asaak recently spread its tentacles to Latin America after it bought the Mexican asset financing business Flexclub. The fintech’s CEO suggested that his company’s successful and profitable microfinance business partly influenced the decision to acquire the Mexican startup. Asaak’s Profitable Business The Ugandan mobility fintech Asaak recently said it acquired car financing startup Flexclub Mexico for an undisclosed sum. According to one report, Asaak’s acquisition of the Mexican asset financing startup will potentially expose the Uganda-based startup firm to the Mexican microfinance market and the South African car rental market. Flexclub has reportedly pivoted away from the Mexican market. Kaivan Sattar, the co-founder and CEO of the Ugandan fintech, suggested that his company’s successful and profitable microfinance business had partly influenced the decision to acquire the Mexican startup. As explained in a Techcabal report , Asaak’s decision to a...

Duelbits Celebrates the Release of Their All-New Platform With a Rakeback Bonus for the Ages

In several short years, Duelbits have made a name for themselves in the crypto casino niche, becoming one of the de facto leaders in the sphere. With a firm commitment to innovation, they have made it a point to stand out from the crowd. Recently, they have completely revamped their already sleek and stylish platform, presenting a streamlined and intuitive interface elevating the player experience to new heights. The improvements are not solely relegated to the cosmetic aspects of the website, significant investments have been made in the technical department as well, with these upgrades resulting in silky smooth navigation capable of handling the ever-increasing number of gamers that have become Duelbits regulars. Additionally, during the upgrade process, a mobile app has been developed, integrating the platform flawlessly with the mobile world, allowing for a 360-degree gaming experience without any limitations. Hours upon hours of player behavior were tracked and studied, and ...

Kenyan Fintech Startup Kotani Pay Receives $2 Million Pre-Seed Funding

The Kenyan fintech startup Kotani Pay has raised $2 million in a pre-seed funding round which was led by P1 Ventures. The capital raised will be used to fund the startup’s expansion into five African countries. Felix Macharia said his firm is working with central banks, some of whom “are actually getting excited about some of these use cases and are getting involved.” New Capital to Fund Kotani Pay’s Africa Incursion The Kenya-based digital currency on- and off-ramp service provider, Kotani Pay, recently raised a $2 million pre-seed funding round, a report has said. The round was led by the San Francisco-based seed investor P1 Ventures with the participation of Digital Currency Group/Luno and Flori Ventures. According to a Techcrunch report , Kotani Pay will use the capital raised to fund its expansion into five African countries: Ivory Coast, Nigeria, Rwanda, Senegal, and Tanzania. The successful capital raise also enables Kotani Pay to make good on its promise to make cross-borde...

Coinbase Launches Crypto Lending Service for Institutional Investors

Digital asset exchange Coinbase will be offering cryptocurrency loans to institutions in the United States. With the new service, the leading U.S. crypto trading platform seeks to fill the market gap opened by the collapse of companies like Celsius, Genesis, and Blockfi. Crypto Exchange Coinbase Starts Offering Crypto Loans to Institutions Cryptocurrency exchange Coinbase has launched a crypto lending service targeted at large institutional investors in the U.S., Bloomberg reported, noting that the move is aimed at capitalizing on the void left by the bankruptcies of major platforms in this sector. According to a filing with the U.S. Securities and Exchange Commission (SEC), $57 million have been invested already in the lending program by customers of Coinbase Prime, the exchange’s brokerage platform that allows institutional players to execute trades and custody assets. “With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a p...

Ethereum Foundation Issues 18 Grants for Account Abstraction Initiatives

The Ethereum Foundation has announced the completion of its grants program to finance projects related to implementing ERC-4337, the account abstraction standard. 18 projects were selected to be part of this batch of grants, which feature different functionalities, including creating educational material on the issue and software that can design operations based on the requirements of other apps. Ethereum Foundation Announces 18 Grants for Projects Implementing Account Abstraction Features The Ethereum Foundation, a nonprofit organization in charge of funding and expanding the Ethereum ecosystem, has announced that it will issue grants to 18 teams developing projects built around the ERC-4337 standard, also known as account abstraction. The initiative seeks to empower these projects to grow and become a significant part of the Ethereum ecosystem in the future. About the significance of these grants and the projects that received help from them, the Ethereum Foundation stated: Ea...

ECB Official Shares Digital Euro Progress, Concerns Over Paypal’s Stablecoin

European Central Bank (ECB) executive board member Fabio Panetta has warned about stablecoins issued by private providers, such as Paypal. He also provided an update on the progress of the digital euro. “At the ECB, our investigation phase is now in its final stage, preparing the ground for the Governing Council to decide whether to move to the next phase of the project,” he said. ECB Executive Board Member on Digital Euro and Stablecoins Fabio Panetta, member of the executive board of the European Central Bank (ECB), discussed stablecoins and the digital euro on Monday during his introductory statement at the Committee on Economic and Monetary Affairs of the European Parliament. Noting that the ECB officially launched the digital euro investigation phase in October 2021, he said, “We have made considerable progress since then.” Panetta added: At the ECB, our investigation phase is now in its final stage, preparing the ground for the Governing Council to decide whether to move to...

B2BinPay v17 Update – the Next Step for Crypto Payment Solutions

The B2BinPay team has just announced the release of B2BinPay v17, a substantial update that polishes and perfects the crypto payment experience. As one of the industry leaders, B2BinPay has been a global go-to facilitator for crypto transactions. B2BinPay’s crypto solutions are celebrated for their simplicity of integration, allowing businesses worldwide to adopt cutting-edge crypto solutions without hassle. The V17 version of the B2BinPay platform has further innovated on existing functionalities, introducing many new features, quality-of-life updates and fixes to accommodate the diverse requirements of merchants and enterprise clients. Introducing the EUROC and TUSD Settlement Options As the crypto landscape continues to be volatile and unpredictable, stablecoins ensure stability and reliability. Before v17, B2BinPay provided customers with five major settlement options: BTC , USDT , USDC, USD and EUR. However, as the crypto landscape evolves rapidly, the v17 upgrade decided to...
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