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Ripple Joins Forces With Uphold to Improve Cross-Border Crypto Payments Liquidity

Ripple has partnered with Uphold to improve its cross-border crypto payments infrastructure. Uphold will provide Ripple with “enhanced crypto liquidity capabilities.” Ripple offers services in over 55 countries, with payout capabilities in more than 70 markets, the company said, adding that it has processed $30 billion worth of volume and 20 million transactions. Ripple Partners With Uphold Ripple announced Tuesday that it has formed a new partnership with Uphold, a multi-asset digital currency platform that operates in over 184 countries, offering access to over 200 crypto and fiat currencies. According to the announcement: The partnership will see Uphold provide Ripple with enhanced crypto liquidity capabilities to underpin and enhance its cross-border payments infrastructure. Uphold CEO Simon McLoughlin explained that his company’s platform “features a fully automated, high-frequency trading stack” that is connected to 30 underlying trading venues. This allows Uphold to “offe...

Robert Kiyosaki Shares His Investment Strategy — Says He’s Not Trying to Be Warren Buffett

Rich Dad Poor Dad author Robert Kiyosaki has revealed his investment strategy, emphasizing its divergence from the investment approach adopted by Berkshire Hathaway CEO Warren Buffett. “I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years,” the famous author detailed. Robert Kiyosaki Differentiates His Investment Strategy From Warren Buffett’s The author of Rich Dad Poor Dad, Robert Kiyosaki, has outlined his investment strategy, underscoring its divergence from the approach adopted by investing legend Warren Buffett. 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. Kiyosaki wrote on social media platform X Sunday: Rather than pretend to be Warren Buffett picking bottoms I am an a...

Binance Executives in UK and France Leave Crypto Exchange

Another two executive departures, in the United Kingdom and France, have extended a string of managerial exits at Binance this year. They come as the leading cryptocurrency exchange faces continued regulatory pressure in a number of jurisdictions in Europe and beyond. Binance U.K., Bifinity Top Executive Quits Job Jonathan Farnell, who was at the helm of Binance’s operations in the U.K. and later served as a chief executive of the payments technology firm Bifinity, a subsidiary of the crypto behemoth, has left the company in late September, media reports unveiled this week. According to his Linkedin account, Farnell spent almost two and a half years at Binance. With his background in compliance, including senior positions at social trading company Etoro, he was engaged in Binance’s efforts to meet regulatory requirements in Britain. The news of his departure comes as the U.K.’s Financial Conduct Authority (FCA) is working to impose stricter rules for the advertising of crypto asse...

Nigerian Bank Reportedly Freezes Accounts Belonging to 500 USDT Traders

A Nigerian bank has reportedly blocked bank accounts belonging to some 500 digital asset traders. The affected accounts are said to have received a portion of the more than $10 million that was stolen from Access Bank by hackers between May and June this year. A prominent Nigerian crypto enthusiast and educator has described the alleged freezing of crypto traders’ bank accounts as “a disgrace to Nigeria’s banking infrastructure.” Stolen Funds Used to Buy USDT According to reports on social media, Nigeria’s Access Bank is said to be blocking accounts belonging to some 500 USDT traders. The bank is believed to have taken this step after it obtained a court order which enabled it to put a lien on all the crypto traders’ bank accounts. The bank asserts that the affected traders’ accounts had received part of the funds which were stolen by hackers. As one social media user on X (formerly Twitter) explained , Access Bank is thought to have lost over $10.4 million or 8 billion naira betw...

Mexican Billionaire Advocates Bitcoin for Wealth Protection — ‘People Need to Realize They’re Being Robbed’

Mexican billionaire Ricardo Salinas sees bitcoin as a way to protect against inflation tax because the cryptocurrency cannot be debased. “People’s savings are being taken from them without their permission, without their knowledge,” he stressed, adding that “everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.” Ricardo Salinas on Benefits of Bitcoin Ricardo Salinas, chairman of Grupo Salinas, discussed how bitcoin can affect an economy, particularly in Latin America, in an interview with Bitcoin Magazine, published Friday. “All over the world, not just in Mexico or Latin America, what we’re seeing is this increasing inflation tax, which means that the people’s savings are being taken from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement,” he began, adding: So bitcoin is a way to protect a...

Tesla CEO Elon Musk Calls for ‘Comprehensive Deregulation’ After Predicting SEC Overhaul

Billionaire Elon Musk, the CEO of Tesla and Spacex, has underscored the need for “comprehensive deregulation.” He made this call in response to several actions by the U.S. Securities and Exchange Commission (SEC) that he believes are severely constraining our civilization. This comes after his prediction of a “comprehensive overhaul” of the SEC with 100% probability. Elon Musk: Comprehensive Deregulation Needed Tesla and Spacex CEO Elon Musk has emphasized the need for “comprehensive deregulation.” This followed his prediction that the U.S. Securities and Exchange Commission (SEC) will undergo a “ comprehensive overhaul ” with 100% probability. In a recent post on his social media platform, X, the billionaire stated: “There needs comprehensive deregulation. Period.” Musk’s statement came as the SEC is overreaching in several areas, including crypto . Numerous U.S. lawmakers, regulators, businesses, and individuals have voiced concerns regarding the SEC’s actions. There is even a b...

Argentina Faces Presidential Runoff: Massa and Milei Vie for Leadership Amid Economic Tensions

This past weekend in Argentina, a vote for the country’s next president led to a runoff between Finance Minister Sergio Massa of the Unión por la Patria party and libertarian candidate Javier Milei of the La Libertad Avanza party. In the Sunday vote, Massa received 37% while Milei garnered 30%. Massa, Milei Eye Victory in Tight Runoff In 27 days, the two Argentine presidential candidates will compete in a runoff election for the nation’s top leadership position. This past Sunday, Sergio Massa, the sitting finance minister, secured 37% of the popular vote. His opponent, the self-described anarcho-capitalist and libertarian, Javier Milei , followed with 30%. Patricia Bullrich of the Juntos por el Cambio party, a former Argentine security minister, earned 24% of the votes. Both Massa and Milei are looking to attract Bullrich’s supporters and the undecided in the coming weeks. Observations indicate that Milei’s voter base, although robust initially, has not grown much since August. M...

SEC Ordered to Re-Evaluate Grayscale’s Bitcoin ETF Conversion With Court Mandate

The U.S. Securities and Exchange Commission (SEC) once again holds the reins when it comes to evaluating Grayscale’s spot bitcoin exchange-traded fund (ETF) application. On October 23, 2023, the U.S. Court of Appeals for the D.C. Circuit delivered a directive, compelling the SEC to take another look at the company’s prospectus. Now, the SEC stands at a crossroads: greenlight Grayscale’s proposal or pinpoint alternative reasons for rejection. Court Mandate Urges SEC to Reassess Grayscale’s Bitcoin ETF Application In late August, Grayscale secured a victory at the U.S. Court of Appeals for the D.C. Circuit in its spot bitcoin conversion suit against the SEC. Grayscale labeled the decision as a “monumental step” in its ongoing battle with the regulator. Not becoming complacent, the firm dispatched a letter in September, prodding the securities watchdog to accelerate the approval process. While the SEC could have contested the ruling, they let the opportunity slip by , and insiders c...

Hong Kong Regulators Restrict Retail Investor Access to ‘Complex’ Crypto Products

The securities regulator and the central banking institution of Hong Kong have updated the region’s crypto policy in response to enquiries from the industry. In a circular on the virtual asset-related activities of intermediaries, the authorities introduced additional measures to protect retail investors, restricting their access to what they describe as “complex products.” Hong Kong Updates Regulations for Virtual Asset Service Providers in Light of Market Developments Hong Kong’s initial approach to regulating crypto assets, adopted five years ago, boiled down to limiting various activities in the market to professional investors only. Since then, however, the range of investment products offering exposure to virtual assets has expanded significantly and, for example, regulators allowed crypto trading platforms to serve retail investors. In the light of market developments and in response to an increasing number of enquiries from industry players who want to further expand retail...

Lightning Network Developer Warns About Major Vulnerability, Abandons Security Tasks

Antoine Riard, a Lightning Network (LN) developer, recently disclosed a major vulnerability affecting Bitcoin’s scaling layer. This vulnerability, which was addressed with a series of mitigations, involves a “new transaction-relay jamming attack” that can affect shared funds in channels. Riard abandoned LN-related work after testing the feasibility of these attacks in the open. Lightning Network Major Vulnerability Detected Antoine Riard, security researcher and developer of the Lightning Network (LN), Bitcoin’s L2 scaling solution, has recently revealed a new major vulnerability affecting funds available in channels. The vulnerability involves what Riard calls “ replacement cycling attacks ,” which manipulate the state of Hash Time Lock Contracts (HTLC), a fundamental part of the inner workings of the LN. The researcher introduced mitigations to this kind of attack on October 16, clarifying that he was not sure if these actions would stop malicious actors from taking advantage of...

10 Decentralized Finance Protocols Rule Over 52% of the WBTC in Circulation

Over the span of ten months, since mid-December 2022, the cryptocurrency known as wrapped bitcoin (WBTC) experienced a reduction of nearly 23,000 coins from its circulation. Today, WBTC has 79,839 distinct wallet holders. Notably, a hefty 73.76% of these tokens are concentrated within the top 100 holders. Aave and Compound Emerge as Leading Holders of Wrapped Bitcoin As of October 22, 2023, there are 79,839 individual wallets holding WBTC, a token pegged 1:1 with bitcoin ( BTC ). The circulating WBTC tokens number 163,006, valuing the project at $4.88 billion. From December 17, 2022, there’s been a 12.31% reduction in WBTC’s circulating supply, declining from 185,909 WBTC to the current 163,006 WBTC . The inception of the Wrapped Bitcoin project is credited to a collaboration between Bitgo, Kyber Network, and Ren (previously known as Republic Protocol). It made its debut on the Ethereum blockchain in late January 2019. Minting and redemption processes are facilitated through cust...

Skybridge Boss Scaramucci Predicts Bitcoin’s Value Could Multiply 11-fold With Blackrock’s ETF Approval

Anthony Scaramucci, founder of Skybridge Capital, believes that if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund, the value of bitcoin could surge significantly. Scaramucci also discussed Sam Bankman-Fried, the former head of FTX, and Gary Gensler, the current chair of the SEC. Scaramucci Shares His Bold Bitcoin Prediction, Discusses SEC Chair Gensler and Former FTX Chief Bankman-Fried Scaramucci , who is optimistic about bitcoin, recently spoke with Altcoin Daily about various crypto-related topics. The American financier touched on Blackrock’s Bitcoin ETF, mentioning he was its first external investor. He also addressed the situation with Sam Bankman-Fried , the former FTX chief who owned a 30% stake in Skybridge Capital. Scaramucci said he’s negotiating with the bankruptcy estate and has no plans to testify in Bankman-Fried’s trial. The Skybridge leader stated he spent approximately four hours with the Department of Jus...

Bank of America CEO Discusses Economic Slowdown and Fed Cutting Interest Rates

Bank of America CEO Brian Moynihan expects the U.S. economy to slow down in the middle of next year. The executive also noted that according to his bank’s research, the Federal Reserve will start cutting interest rates in the middle of next year to the latter half of next year. Bank of America Boss Brian Moynihan on U.S. Economy The chairman and CEO of Bank of America, Brian Moynihan, shared insights on the U.S. economy and the potential Federal Reserve interest rate cuts during an interview with Fox Business on Wednesday. Moynihan detailed that according to Bank of America’s research team: The economy slows down in the middle of ’24 to about a half-a-percent annualized growth for the second and third quarter, and then works its way back out. And the Fed will start cutting rates, they believe, in the middle of next year to the latter half of next year. “So that’s the basic thing, what would be called a soft landing,” he added. The Bank of America chief then cautioned that there ...

Economist Peter Schiff Warns of Deep Recession, Inflationary Depression, and Collapse of US Dollar Demand

Economist Peter Schiff has warned of an inflationary depression, noting that inflation will stay higher for longer, leading to a more severe and prolonged recession. He predicted that the rapidly increasing national debt and federal budget deficits should lead to a collapse in demand for U.S. dollars. “Once the dollar starts falling, Treasury yields will rise faster,” the economist said. Peter Schiff on Inflation, Recession, Depression Economist and gold bug Peter Schiff issued warnings about the U.S. economy and the U.S. dollar again this week in a series of posts on social media platform X. “The financial and economic crisis that’s already begun is long overdue and its ultimate arrival has been obvious for years. Yet as it unfolds, the media, government, academia, and the Fed will claim it was impossible to foresee. There’ll be no shortage of private sector scapegoats,” Schiff wrote. “Remember the reason that interest rates will stay higher for longer is that inflation will also...

Robert Kiyosaki Says Bitcoin Headed for $135,000 While Gold Will Soon Take Off

Rich Dad Poor Dad author Robert Kiyosaki expects the price of bitcoin to reach $135,000. He also foresees substantial growth in the price of gold, reaching $3,700 in the near future. In contrast, the renowned author has warned that savers of U.S. dollars, which he calls “fake money,” will be in trouble. Robert Kiyosaki’s Price Predictions for Bitcoin, Gold, Silver The author of Rich Dad Poor Dad, Robert Kiyosaki, shared his expectations on the future prices of gold, silver, and bitcoin in a post on social media platform X on Friday. 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. “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700,” Kiyosaki wrote, adding that he expects the price of silver to increase fr...

Data Protection Bodies Call For ‘Privacy Threshold’ in Digital Euro Transactions

Ensuring low-value digital euro transactions are not traced is one of the recommendations made by two data protection agencies in the EU. The independent bodies have presented their joint opinion on the proposed regulation for the upcoming digital version of Europe’s common fiat currency. Independent EU Regulators Insist on Embedding Data Protection in the Design of the Digital Euro The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) have made several recommendations on how to ensure high-level protection for the personal data and privacy of users of the future digital euro. The stated aim of the eurozone’s central bank digital currency (CBDC) is to provide Europeans with an alternative means to make online and offline payments, complementing cash. The authorities welcomed the idea that users will have a choice and that the proposal for an EU regulation on the establishment of the digital euro addresses many data protection aspects. Howeve...

Roblox to End Remote Work Policies; Metaverse and Digital Workspaces ‘Still Not There’

Roblox, a metaverse gaming company, has recently announced the end of its remote work policies, calling all but a few workers to work from its headquarters in San Mateo, California. Roblox founder and CEO David Baszucki stated that the metaverse and digital workspaces were still not as “engaging, collaborative, and productive as physical spaces.” Roblox Recalls Its Workers to Headquarters, Ends Remote Work Policies Roblox, a gaming and metaverse company, has recently recalled its workers, requesting they work from its headquarters. The company, which had turned into a remote workforce in March 2020 amid the coronavirus pandemic, has required all but a few of its workers to be present in office on a three-day schedule (Tues.-Thurs.) or take a severance package. David Baszucki, founder and CEO of Roblox, said these new policies will begin being applied by July 2024, when all employees called for relocation will start in-office work. Roblox is giving remote employees until January 16...

Crypto Exchange Coinbase Chooses Ireland as EU MiCA Hub

U.S. cryptocurrency exchange Coinbase has selected Ireland as the main regulatory hub for its operations across the European Union. The company hopes to obtain a license in Ireland that will allow it to provide services in EU member states under the pan-European Markets in Crypto Assets (MiCA) law. Coinbase Bets on EU Growth Amid Regulatory Uncertainty and Pressure in US America’s leading crypto exchange, Coinbase, announced it has chosen Ireland as its “MiCA hub” in the European Union. The trading platform said the decision is part of the realization of the second phase of its “Go Broad, Go Deep” strategy for international expansion . Coinbase currently holds an e-money institution license and a virtual asset service provider (VASP) registration in Ireland as well as licenses and registrations in other EU countries. It has also applied for a MiCA license with the Central Bank of Ireland. When it’s granted, the latter will permit the exchange to offer its services across the Unio...

Americans Have Their Say in Constitution for AI

Anthropic has acquired the views of a group of American citizens on the fundamental principles that should govern artificial intelligence (AI). The gathered opinions have formed the basis of a “constitution for AI” as part of an attempt to explore how democratic processes can influence the technology’s development. Anthropic Prepares Constitution for AI Using Public Input AI startup Anthropic, the creator of the Claude chatbot , has secured the help of around 1,000 Americans to draft a constitution for an AI system. The initiative is a joint effort with the Collective Intelligence Project ( CIP ), a non-profit organization that seeks to “direct technological development towards the collective good.” Claude currently relies on a constitution curated by Anthropic employees using Constitutional AI (CAI), a method developed by the company to make general-purpose large language models (LLMs) abide by high-level normative principles. Anthropic’s constitution has been inspired by document...

Binance to Sunset Visa Crypto Card as 2023 Sees Decline in Digital Debit Cards

Several reports have revealed that Binance, which is recognized as the leading crypto exchange by trading volume, intends to discontinue its Visa crypto card on December 20, 2023. The enterprise emphasized that only a “small number of Binance users” would be affected by this development. Binance to Discontinue Visa Offering by Year’s End In 2023, crypto debit cards have been falling out of favor rapidly, triggered in part by a series of bankruptcies that ignited a crypto bear market. Back in March, Bitpay in the U.S. phased out its prepaid Mastercard program, although it assured users of a renewed card service on the horizon. However, this week, holders of the Binance Visa card were informed via email that the card would cease to be functional by the close of the year. The email communicated that the Binance Visa card would become non-operational post-December 20, 2023. The Binance Visa, which was available to users in Europe, was utilized by individuals across various countries ...

Billionaire ‘Bond King’ Jeffrey Gundlach Warns US Dollar’s Reserve Currency Status at Risk Due to Rising National Debt

Renowned billionaire Jeffrey Gundlach, also known as the “Bond King,” has raised concerns over the potential risk to the U.S. dollar’s reserve currency status due to rising national debt. “The future of the U.S. dollar, and possibly out-of-control inflation, depends on getting the budget and spending under control,” Gundlach warned. Jeffrey Gundlach on Future of U.S. Dollar Jeffrey Gundlach, the CEO and chief investment officer of investment management firm Doubleline, has warned that the U.S. dollar’s reserve currency status may be at risk if the United States does not get its spending under control. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. His net worth is currently $2.2 billion, according to Forbes. His firm oversees around $150 billion of assets under management (AUM). Gundlach said in an opinion piece: “Should the Federal Reserve continue to raise rates, which may happen, or should the national debt grow,...
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