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Decentralized Exchange Sushi Ventures Beyond Ethereum by Expanding to Aptos 

The decentralized crypto exchange Sushi is expanding to the Aptos blockchain. The team noted that the move marks Sushi’s first expansion onto a non-EVM blockchain. From Ethereum to Aptos Sushi is a decentralized exchange (dex) and automated market maker (AMM) built on the Ethereum blockchain. It allows users to trade crypto assets and provide liquidity in return for rewards. Launched on August 28, 2020, The dex also has a native governance token called SUSHI. “By leveraging Aptos’s Move programming language, Sushi is initially introducing its v2 Automated Market Maker (AMM), with more integrations to come,” Sushi said in its announcement . The Sushi team believes the Aptos integration will unlock deeper cross-chain liquidity and elevate the trading experience across chains. Aptos is a new layer one (L1) blockchain focused on scalability and claims to provide reliability, security, and usability. Its Move programming language enables developers to build Web3 applications in a diff...

Coinbase Cloud and Kiln ‘Unlock’ Native Ethereum Staking: No More 32 ETH Minimum

Coinbase Cloud and blockchain infrastructure company Kiln are now allowing ethereum ( ETH ) users to stake any amount of ether natively. The new offering removes the previous 32 ETH minimum staking requirement. Staking for All: Coinbase Cloud and Kiln Break Down Minimum Barriers With the integration of Kiln’s onchain staking platform, Coinbase Cloud and its clients can enable partial ETH staking. This allows wallet providers like Coinbase Wallet to give users the ability to earn staking rewards without needing to meet minimums. The press announcement notes that over 99 percent of ether wallets hold less than the 32 ETH previously required to stake on the network. “We are thrilled to have worked with Coinbase Cloud and to welcome them as the first (non-Kiln) node operator leveraging the Kiln Onchain Staking Platform,” said Kiln CEO Laszlo Szabo. The Kiln CEO added: This integration with Coinbase Cloud is unique because it allows them to enable other wallets and services, includ...

India to Finalize Crypto Stance in Coming Months, Economic Affairs Secretary Says

India’s economic affairs secretary says the Indian government will decide on the country’s crypto position “in the coming months.” He explained that the government will consider all the recommendations presented at the G20 summit regarding crypto regulation “very carefully and decide our own policies and thereafter take further action.” Officials Discuss Indian Crypto Regulation India’s Economic Affairs Secretary Ajay Seth talked about how the Indian government will proceed with establishing a crypto framework for India in an interview with CNBC-TV18 on Sunday. India recently hosted the G20 leaders’ summit where crypto regulation was among the key topics of discussion. At the conclusion of the summit, the G20 leaders endorsed high-level recommendations proposed by the Financial Stability Board (FSB) on the regulation of crypto assets and stablecoins. The G20 also welcomed various proposals by the International Monetary Fund (IMF) and other standard-setting bodies. Seth told the ...

Coinbase CEO Discusses US Crypto Regulation — Sees More Institutional Investors Coming In

Coinbase CEO Brian Armstrong has explained that crypto regulation in the U.S. will happen in one of a few ways. He noted that Coinbase is seeing more institutional investors coming in and signing up as they seek “ a flight to quality.” The executive added: “There’s a possibility we’ll just get a different SEC chair in 2024 or beyond.” Brian Armstrong on Crypto Regulation The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, discussed various topics, including crypto regulation and stablecoins, in an interview with Yahoo Finance on Friday. Responding to a question about the timing and nature of crypto regulation in the U.S., the Coinbase boss described: It’ll happen in one of a few ways. So, one way is the courts. The courts can be the one to provide the clarity regardless of the outcome of the case. Creating case law is a way to get there if the regulators aren’t going to provide it. “Another way to do it is through Congress. Congress is very engaged in t...

Study: Weekly Digital Asset Investment Outflows Hit $59M; BTC Sees Largest Drop

In the first week of September, an outflow of $59 million worth of digital assets managed by Digital Asset Funds was recorded, the latest Coinshares data has shown. The latest outflow means the value of digital asset investment products under management has dropped by a total of $294 million or 0.9% in the past four weeks. The Coinshares data shows bitcoin ( BTC ) as the digital asset which had the highest net outflow ($69 million) in the first week of September. Bitcoin Short Inflows the Largest Since March During the first week of September, digital asset investment products saw a net outflow of $59 million in assets under management (AUM), the latest data from the alternative asset manager Coinshare analysis has shown. According to the asset manager’s blog, the latest net outflow figure brings the value of total outflows in the past four weeks to $294 million, or 0.9% of total AUM. As explained in the blog , inflows were also seen in short investment products and this may be an...

#BitgetTurns5 – In Every Era, There Are Those That Look Towards the Stars

Bitget marked its 5th anniversary today, reflecting on a relentless journey of progress. In an open letter, Managing Director Gracy Chen credits the team’s dedication and users’ support for achievements, and shares some insights. Below are some key takeaways from the open letter: – Marathon Runner’s Approach: Bitget prioritizes user-friendly, secure tools, focusing on long-term values and global expansion, serving over 20 million users from 100+ countries. – Comprehensive Trading Ecosystem: Bitget has evolved into a multifaceted ecosystem encompassing various aspects of the blockchain and cryptocurrency industry, including trading, investment, research, decentralized finance (DeFi), media, and more. This expansive ecosystem is supported by Bitget Wallet, Foresight Ventures, Foresight X, and Foresight News to offer users a holistic and diverse range of services and opportunities. – Commitment to the Next Generation: Bitget’s #Blockchain4Youth campaign and “Crypto Experience Day” i...

Latam Insights: El Salvador Launches Pilot to Introduce Bitcoin Content in Schools, Bitso Teams up With Despegar in Argentina

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador launches a pilot to add Bitcoin content to school curriculums, Bitso announces a partnership with Despegar in a cashout program, and Uruguay and Argentina revamp a bilateral local currency-based payment system. El Salvador Launches Pilot to Take Bitcoin Content to School Curriculums The Ministry of Education of El Salvador has partnered with Mi Primer Bitcoin (MPB), a nonprofit dedicated to educating Salvadorans about Bitcoin, to organize a pilot program to introduce Bitcoin courses into school curriculums. The pilot was announced this week when Mi Primer Bitcoin stated that the organization would teach 150 teachers of 75 public schools about Bitcoin. Then, these teachers will return to their schools to impart courses about the virtues and usage of the first cryptocurrency. John Dennehy, the founder of MPB, confirmed that if the pilot ...

What is Monero? A Brief History of the World’s Top Privacy Coin

Monero currently occupies the foremost position among privacy cryptocurrencies in terms of market capitalization. The following Learning and Insights explainer briefly delves into the origins and development of Monero ( XMR ), emphasizing its distinctive features, such as anonymous transactions and untraceable payments, that set it apart from its peers. The Genesis of Monero: A Look at Monero’s Inception Monero (XMR) has emerged as one of the most widely utilized and valuable privacy coins since its inception in 2014. Unlike the multitude of forks derived from Bitcoin’s codebase, Monero was constructed on the Cryptonote protocol , initially implemented by Bytecoin in 2012. While Bytecoin introduced innovative privacy features like ring signatures , it was reported that 80% of its coins were premined. Consequently, in 2014, anonymous developers forked the Bytecoin blockchain to create Bitmonero, which was later renamed Monero. The new Monero blockchain produced a block every two m...

G20 Leaders Endorse FSB Recommendations for Crypto Regulation

The G20 leaders have released their declaration following their summit in New Delhi. They endorsed the Financial Stability Board’s “high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements” and welcomed several reports by standard-setting organizations. The G20 leaders emphasized “the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage.” G20 Releases Leaders’ Declaration The G20 leaders released their declaration on Sunday following a two-day summit in New Delhi. India holds the G20 Presidency this year. The 37-page declaration includes a section on the policy and regulation of crypto assets and central bank digital currency (CBDC). “We continue to closely monitor the risks of the fast-paced developments in the cryptoasset ecosystem,” the declaration states. “We endorse the Financial Stability Board’s (FSB’s) high-lev...

India’s Central Bank Digital Currency Has 1.5M Users, 300K Merchants, Says RBI Chief

Reserve Bank of India (RBI) Governor Shaktikanta Das has revealed that India’s central bank digital currency (CBDC) now has around 1.5 million users. In addition, over 300,000 merchants are currently accepting payments in digital rupees, and the pilot is being operated through 13 banks in 26 cities. RBI Governor’s Digital Rupee Update Reserve Bank of India (RBI) Governor Shaktikanta Das provided an update on the progress of India’s central bank digital currency (CBDC) pilot on Wednesday at this year’s Global Fintech Fest in Mumbai. The Indian central bank began its digital rupee pilot for the wholesale segment in November last year, followed by a pilot in the retail segment in December. The RBI governor revealed that India’s central bank digital currency trial has been rolled out to approximately 1.46 million users. He added that the digital rupee pilot is being operated through 13 banks in 26 cities, and over 300,000 merchants accepted payments in CBDCs as of Aug. 31. Das furth...

Rich Dad Poor Dad Author Robert Kiyosaki: Airbnb to Lead Real Estate Market Crash

Rich Dad Poor Dad author Robert Kiyosaki has warned that Airbnb will lead the incoming real estate market crash. Noting that many people are worried that the “Airbnbust” is finally here, an economist cautioned that “it could get a lot worse between a looming recession and excess savings about to dry up.” Robert Kiyosaki on Airbnb and Real Estate Market Crash The author of Rich Dad Poor Dad, Robert Kiyosaki, warned last week that Airbnb will lead the incoming real estate crash. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author posted on social media platform X that he expects Airbnb “to lead real estate market crash.” Kiyosaki added that the best time to get rich is in a crash, noting that for anyone searching for a new home or rental property, “your happy days a...

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...
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