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Astar Partners With Polygon to Target Japan’s Web3 Boom With New Scaling Solution

At the Token2049 conference in Singapore, Astar Network revealed it is joining forces with Polygon Labs to launch Astar zkEVM, a new Ethereum layer two scaling solution utilizing zero-knowledge proof technology. The collaboration aims to drive greater adoption of Web3 applications in the Japanese market and beyond. Astar and Polygon Launch zkEVM for Japan’s Web3 Rise The announcement details that the partnership combines Astar ‘s experience working with major Japanese companies like Sony and Toyota with Polygon ‘s highly scalable zk-powered infrastructure. Together, the teams plan to create an optimal platform for launching blockchain initiatives in Japan, where government leaders have voiced support for Web3 innovation. “As it stands today, Asia is one of the most forward-thinking regions in the world when it comes to Web3 adoption, and we are delighted to help Japan’s blockchain sector grow even faster via our collaboration with Astar,” said Polygon co-founder Sandeep Nailwal ...

Worldcoin’s Tools for Humanity Claims to Have Invested Nearly $4.8 Million in Kenya

Nearly $4.8 million has been used to fund cryptocurrency and blockchain education efforts in Kenya, the CEO of Tools for Humanity, Alex Blania, recently revealed. Blania also denied allegations that Worldcoin plans to sell users’ biometric data obtained via its eyeball-scanning orbs. More Funding on the Way Tools for Humanity (TFH), the organization supporting the development and growth of Worldcoin’s ecosystem, has so far invested nearly $4.8 million in Kenya, the software company’s CEO Alex Blania recently revealed. Speaking before the East African country’s parliament, Blania claimed that the money was used to fund cryptocurrency and blockchain education efforts. However, according to a report in The Star, TFH did not directly engage in such education-related activities. Instead, it relied on third parties and partners such as Strathmore University, the Blockchain Association of Kenya, the American Chamber of Commerce, and the Africa Blockchain Centre. According to Blania, TFH ...

Deutsche Bank Teams Up With Swiss Crypto Firm to Offer Digital Asset Services

Deutsche Bank, the largest bank in Germany by total assets, is collaborating with Swiss digital asset firm Taurus to provide clients with crypto custody and tokenization services. “As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike,” said Deutsche Bank’s global head of Security Services. Deutsche Bank Entering Crypto Custody and Tokenization Space Financial giant Deutsche Bank is collaborating with digital asset technology provider Taurus to offer crypto custody and tokenization services, Taurus announced on Thursday. The digital asset firm stated in a press release: Deutsche Bank has entered a global agreement with Taurus … Deutsche Bank will leverage Taurus custody and tokenization technology to manage cryptocurrencies, tokenized assets, and digital currencies. A Deutsche Bank representative explained that the partnership means Germany’s largest banking institut...

Report: Binance’s Decision to Airdrop $3 Million to Morocco Earthquake Victims via BNB Token Criticized

Cryptocurrency exchange Binance has been criticized for pledging to help victims of Morocco’s devastating earthquake by airdropping its native crypto token. According to Action on Armed Violence’s Iain Overton, people affected by the earthquake are only interested in getting immediate assistance and not crypto. Binance Accused of Using Devastation to Prop Up Its Image , one of the top cryptocurrency exchanges globally, has been criticized over its decision to donate its crypto token known as BNB to Moroccans in places most affected by the recent earthquake. Some critics accuse Binance of using the devastation caused by the earthquake to boost its image. According to the Red Cross , Morocco’s 6.8 magnitude earthquake has killed more than 2,800 people and affected more than 300,000. In some places, like the isolated Atlas Mountains, entire villages were left almost completely destroyed. In response, well-wishers including Binance have pledged financial assistance. In a statement , ...

Bankman-Fried’s House Arrest Writings Reveal Inner Turmoil, Blame Game in FTX Collapse

According to more than 250 documents sent to the media, the disgraced co-founder of FTX, Sam Bankman-Fried, said he feels like “one of the most hated people in the world.” The former CEO of the now-defunct crypto exchange further noted in his statements that “there will probably never be anything I can do to make my lifetime impact net positive.” Behind the Fall of FTX: Bankman-Fried’s Private Documents Point Fingers While under house arrest, Sam Bankman-Fried shared 250 pages of documents with journalist Tiffany Fong, who then provided some of the materials to The New York Times. In one specific X thread that Bankman-Fried never published, he said, “The truth is that I did what I thought was right,” but he didn’t believe there was any way he could change the public’s perception of him. Fong explained that Bankman-Fried shared the documents with her because she is an independent reporter and doesn’t “work for anyone.” According to The Times’ report, Bankman-Fried places a great d...

Bitcoin Fog Case Challenges Blockchain Analysis; Chainalysis Software Faces Scrutiny in US Court

Since his arrest in April 2021, Roman Sterlingov, the alleged operator of the crypto mixing service Bitcoin Fog, has been defending his claimed innocence for more than two years. Recent court filings indicate Sterlingov’s legal team is challenging the Reactor software from Chainalysis, which was presented as evidence in the case. Sterlingov’s attorney contends that the Reactor’s heuristics have “no known error rates for, no rates of false positives, no rates of false negatives, nor any peer-reviewed paper attesting to their accuracy. Attorney Labels Chainalysis Methods as ‘Junk Science’ in Bitcoin Fog Trial A recent court filing from the lawsuit against Roman Sterlingov, who is accused of operating the crypto mixing application Bitcoin Fog, reveals that his attorneys are challenging the Reactor software from Chainalysis. Attorney Tor Ekeland labeled the Reactor software’s heuristics as “junk science” in court, as reported by Bloomberg. In the court document, Sterlingov’s legal team...

SWIFT CBDC Interlinking Solution Enters Beta Testing

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial payment services, has announced that its central bank digital currency (CBDC) connector has entered beta testing stages. SWIFT reported that three central banks are already testing this interlinking solution, while more than 30 financial institutions are testing its various applications in a sandbox environment. SWIFT CBDC Connector Being Tested by 3 Central Banks The Society for Worldwide Interbank Financial Telecommunication (SWIFT), provider of the de-facto standard for cross-border financial settlements, has announced that three central banks are already testing its central bank digital currency (CBDC) interlinking solution. The connector, developed after the experiences that SWIFT accumulated during the first CBDC sandbox, completed earlier this year, aims to provide an effective solution for interoperability between already-existent fiat currencies and these new tokens. D...

Binance US CEO Quits, Crypto Exchange Cuts Third of Jobs

Chief Executive Officer of Binance US, Brian Shroder, has left the company amid an ongoing regulatory crackdown and more job cuts. Shroder’s departure comes two years after he joined the American subsidiary of the world’s largest cryptocurrency exchange by daily trading volume. Shroder Departs Binance US as Unit Eliminates Over 100 Positions The CEO of Binance US, Brian Shroder, has quit his job and has been replaced on the post by an interim appointment, the exchange’s Chief Legal Officer, Norman Reed, Bloomberg revealed in a report quoting a company spokesperson. Shroder is leaving while the Miami-based entity is reducing its workforce by a third, or more than 100 employees, amid persisting pressure from regulators that has hurt its business. Its monthly trading volume has fallen below early 2020 levels. Binance US’s market share dropped to 1.5% in June, according to digital assets market data provider Kaiko, and currently stands at around 0.6%, down from 2.39% in April of this...

BNB Chain Layer 2 Goes Live

BNB Chain, the Binance-backed decentralized blockchain network, has announced the launch of Opbnb, its expansion layer built using the Optimism OP stack. The new network allows users to enjoy low-fee transactions in a high-throughput, high-speed transactional layer optimized for interactive applications such as games, with the BNB Chain chain serving as a settlement layer. Optimism-Based Opbnb L2 Launches Mainnet Opbnb, BNB Chain’s layer-two (L2) network, has recently announced the launch of its mainnet, focusing on bringing a scalable tool to developers of BNB Chain. The scalability layer, built on the Optimism OP stack, enhances two aspects of applications on the BNB Chain: finality and costs. The new L2 has short block times, allowing developers to move assets and value quickly to and from the network. Also, Opbnb theoretically can manage more than 4,000 transactions per second, with transaction fees as low as $0.005. This means it is designed with applications that handle...

Mila Kunis and Ashton Kutcher’s Stoner Cats NFT Sales Surge by 2,433% After SEC Charges

Following the U.S. Securities and Exchange Commission’s (SEC) charges against Stoner Cats, the NFT project backed by Mila Kunis, the digital collectibles have witnessed a staggering surge in sales, soaring by a significant 2,433% within a mere 24-hour span. On September 14, the Stoner Cats’ floor value experienced a notable uptick, surging to 0.084 ether. SEC Crackdown Boosts Stoner Cats’ Secondary Sales In the wake of the SEC’s actions against the Stoner Cats NFT project, there was a significant boost in both floor value and trade volume for the digital collection. According to data sourced from opensea.io and nftpricefloor.com , the floor value reached a high of 0.084 ETH , which translates to approximately $136. Prior to the SEC’s intervention, the Stoner Cats’ floor value was hovering around 0.0189 ether, equivalent to $30.73 based on the prevailing ETH exchange rates. Stoner Cats is an NFT collection with a cannabis theme, linked to an animated series depicting feline char...

Coinbase CEO Urges Defi Protocols to Challenge Regulatory Crackdowns in Court

The CEO of the cryptocurrency exchange Coinbase has encouraged decentralized finance (defi) protocols to fight regulators in court if they face regulatory crackdowns. He stressed that the Commodity Futures Trading Commission (CFTC) “should not be creating enforcement actions against decentralized (defi) protocols,” emphasizing that they are not financial service businesses. “The only thing this is accomplishing is to push an important industry offshore,” Armstrong cautioned. Brian Armstrong Wants Defi Protocols to Fight Regulators in Court The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has urged decentralized finance (defi) protocols to challenge U.S. regulators in court after the Commodity Futures Trading Commission (CFTC) cracked down on some defi platforms. The executive wrote on social media platform X on Wednesday: “The CFTC should not be creating enforcement actions against decentralized (defi) protocols. These are not financial service business...

NFT-Based Firm Remilia Corporation Sues Independent Contractors Accused of Siphoning $1 Million

Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three independent contractors whom it accuses of siphoning $1 million from the company. Founder Krishna Okhandiar denied claims the three had at any point “sought equity shares in Remilia while negotiating their contracts.” Trio ‘Failed to Perform at an Adequate Level’ Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three individuals accused of illegally taking control of the company’s revenues. In the lawsuit filed with the U.S. District Court of Nevada, Remilia and founder Krishna Okhandiar allege that John Duff, Henry Smith, and Maxwell Roux acted illegally when they allegedly took control of $1 million belonging to the business. Good morning. A developer who worked on Bonkler took steps that allowed him to divert ~$1MM USD in Remilia’s generated fees. The Bonkler reserves, main contract and NFTs are safe; ...

Yellow Card’s Partnership With Moonpay Set to Enhance Nigerian Users’ Crypto Trading Experience

Yellow Card, the Africa-focused crypto exchange, recently said it had joined forces with Moonpay in an arrangement which is expected to help “enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” According to Uzoma James, Yellow Card’s West Africa regional manager, the partnership is expected to “make crypto trading easy, intuitive, and available to all.” Transforming Nigeria’s Crypto Accessibility Landscape The Africa-focused crypto exchange Yellow Card recently said it had established a working arrangement with Moonpay whose objective is to “streamline and enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” Yellow Card and Moonpay believe the partnership will help transform Nigeria’s cryptocurrency accessibility landscape which in turn would make it more user-friendly. After the Central Bank of Nigeria (CBN) directed financial institutions to exclude crypto entities from the banking ecosystem, Nigerian...

Onecoin Co-founder Karl Sebastian Greenwood Sentenced to 20 Years in Prison

One of the founders of the crypto pyramid Onecoin, British and Swedish national Karl Greenwood, has been sentenced to 20 years in prison in the United States. Greenwood was the architect of the scam’s multi-level marketing structure and served as Onecoin’s global master distributor. Cryptoqueen Ruja Ignatova’s Business Partner Gets Lengthy Sentence for Onecoin Role Karl Sebastian Greenwood, one of the key figures in crypto history’s most notorious Ponzi scheme, Onecoin, is going to spend two decades in prison. The sentence, imposed by U.S. District Judge Edgardo Ramos, was announced on Tuesday by United States Attorney for the Southern District of New York, Damian Williams. Greenwood co-founded Onecoin, which was based in Sofia, Bulgaria and started operations in 2014, together with Ruja Ignatova, a Bulgarian-born German national dubbed the “missing Cryptoqueen” as she is still at large. Onecoin marketed and sold a fake cryptocurrency by the same name through a global multi-level m...

Franklin Templeton Seeks to Offer Spot Bitcoin ETF in US

Asset manager Franklin Templeton has joined the race to issue America’s first exchange-traded fund (ETF) that invests directly in bitcoin. The company applied with the U.S. Securities and Exchange Commission (SEC), following in the footsteps of other major investment firms like Fidelity and Blackrock. Franklin Templeton Files for Spot Bitcoin ETF With U.S. SEC California-based financial services firm Franklin Templeton, which manages over $1.4 trillion in assets, has become the latest investments powerhouse to try to obtain approval for a spot bitcoin ETF from the U.S. securities regulator. The company filed its application with the SEC on Tuesday. If it gets the green light from the Commission, Franklin plans to use leading U.S. crypto exchange Coinbase as custodian for the fund’s bitcoin holdings and Bank of New York Mellon for cash, Bloomberg detailed in a report. Interest in bitcoin ETFs from leading asset managers as well as the SEC’s decision to accept for review a number o...

India, Nigeria, Vietnam Lead Chainalysis Global Crypto Adoption Index

Blockchain data analytics firm Chainalysis has finalized its latest Global Crypto Adoption Index. India, Nigeria, and Vietnam hold the top three positions, followed by the U.S., Ukraine, Philippines, and Indonesia. “The Central & Southern Asia and Oceania (CSAO) region dominates the top of the index, with six of the top ten countries located in the region,” Chainalysis noted. Chainalysis Previews Latest Crypto Adoption Index Blockchain analytics firm Chainalysis published an excerpt from its upcoming 2023 Geography of Cryptocurrency report on Tuesday, which featured the firm’s fourth annual Global Crypto Adoption Index. The complete report is scheduled for release next month. “We combine on-chain data and real-world data to measure which countries are leading the world in grassroots crypto adoption,” Chainalysis explained, noting that there were 154 countries with sufficient data for evaluation. “We’ve designed the Global Crypto Adoption Index to identify countries where the mo...

Economist Peter Schiff Warns of ‘Massive Crisis’ and a Rush to Exit US Dollar

Economist Peter Schiff has warned of “a rush” to get out of the U.S. dollar. “There’s going to be a massive crisis,” he predicted, adding that “it’s going to send the economy into a tailspin and people are going to feel the economic pain.” Peter Schiff’s US Dollar Warning Economist and gold bug Peter Schiff reiterated his warning about the impending collapse of the U.S. dollar in an interview with David Rodriguez last week. Replying to a question about whether everyone is escaping the U.S. dollar, Schiff said: “They will be. Right now, it’s just kind of like a trickle.” However, he stressed: It’s gonna be a deluge before too long where it’s a rush to get out of the dollar. Schiff explained that a mass exodus of the U.S. dollar will happen “because we have these deficits — $2 trillion-plus annual budget deficits — not only as far as the eye can see, but the eye can see them getting much bigger than $2 trillion, $3 trillion, $4 trillion.” He exclaimed: “It’s completely unsustaina...

SEC Chair: Crypto Is a Field Rife With Fraud, Abuse, Misconduct — ‘It’s Daunting’

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler testified before the Senate Banking Committee, stating that crypto is “a field which is rife with fraud, abuse, and misconduct.” He also stated that the securities regulator is still reviewing applications for spot bitcoin exchange-traded funds (ETFs). Gary Gensler’s Testimony Before Senate Committee The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, talked about cryptocurrency during his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday. Reiterating his view that most crypto tokens are securities , Gensler told lawmakers: “Without prejudging any one token, the vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well.” The SEC chief stressed: In terms of crypto … I’ve been around fi...

Defining Oracles: Enablers of the Decentralized Finance World

Oracles are entities that enable various functions in blockchain structures by providing access to legacy or offchain information systems, acting as data ports for decentralized finance applications. These oracles act as information providers for tasks that require either the posting of data or require data to complete specific tasks. What Are Oracles? In ancient times, oracles were priests who were thought to offer advice or prophecy to people in need, seeking answers from the gods. The blockchain meaning of the word is not far off, as oracles are entities (smart contracts) that use various means to obtain information from different sources to enable the completion of tasks on top of a blockchain structure. Oracles empower decentralized finance, bringing information from the real world to onchain processes. Without them, each blockchain would only be a silo of information, allowing programs to exclusively access data self-contained on the selected chain. The implementation of ora...

What Is XRP? A Brief History of the Real-Time Gross Settlement System

While Ripple has its critics, there exists a passionate ‘army’ of XRP advocates who firmly believe it represents the future of decentralized finance and cross-border settlement. In this Learning and Insights guide, our objective is to walk you through a brief history of Ripple and its native cryptocurrency XRP , examining its roots, purpose, benefits, criticisms, and key players. Unveiling the Ripple Effect: A Journey Through Ripple’s Origins and Impact The origins of XRP can be traced back to 2004 when developer Ryan Fugger created a payments platform called Ripplepay to facilitate financial transactions. In 2012, Jed McCaleb, Arthur Britto, and David Schwartz built upon Fugger’s ideas to create Opencoin, which would later be renamed Ripple Labs . Ripple.com, once in the possession of a telecommunications company named Ripple Communications , underwent a pivotal shift in late 2012 when Ripple Labs assumed ownership . The goal was to develop a real-time gross settlement system, ...

Former Celsius Boss Alex Mashinsky Seeks Dismissal of FTC Lawsuit

Alex Mashinsky, the former CEO of Celsius Network, has filed a motion to dismiss the Federal Trade Commission (FTC) lawsuit against him. In the motion, Mashinsky argues the FTC has failed to allege he violated any laws or rules. His lawyers say the FTC is not entitled to monetary relief and cannot substantiate Mashinsky is currently violating the law. Mashinsky Fights Back: Former Celsius CEO Challenges FTC Lawsuit, Claims No Legal Violations In a memorandum filed September 11, 2023, Mashinsky’s legal team asserts the FTC complaint does not show he breached the Federal Trade Commission Act. His lawyers claim the FTC cannot seek monetary damages under the Act per a 2021 Supreme Court ruling. “The complaint cannot substantiate a claim that Mashinsky ‘is violating’ or is ‘about to violate’ the law because Mashinsky resigned from his position as CEO of Celsius [on] September 27, 2023,” the court filing reads. The memorandum states the FTC’s allegations fail to support that Mashinsky...

Bitcoin’s Path to Money: Menger’s Theory and the Debate on Medium of Exchange vs. Store of Value

Over the past ten years, fervent supporters of digital currency have engaged in intense debates: Is bitcoin ( BTC ) designed as peer-to-peer electronic cash as illustrated in Satoshi’s groundbreaking white paper, or does it serve as a digital store of value, similar to gold? Additionally, a central question emerges regarding the primary role of money: should its capacity as a medium of exchange take precedence over its value preservation attributes? The following Learning and Insights explainer delves into the Austrian school of economics, shining a spotlight on Carl Menger’s “On the Origins of Money.” From Spontaneous Social Institution to Currency: Menger’s Insight Into Money’s Evolution Rather than debating whether bitcoin (BTC) should function as a medium of exchange (MoE) or a store of value (SoV), this editorial aims to explore the primary consideration when something transitions into a monetary unit. In his book “ On the Origins of Money ,” Carl Menger, the father of Austria...
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