ASX shuts down blockchain-based reconstruction project
ASX Ltd (ASX:ASX), the operator of Australia’s stock market, has announced that it will no longer use blockchain-based technology to rebuild its software platform, according to Reuters. After seven years of development, the company stopped rebuilding its trading, settlement and clearing software. While they are considering other options, ASX has said it will use conventional technology to achieve its goals. This marks the end of one of the most prominent use cases for the blockchain concept.
BitDAO merges with Mantle to form the Mantle Ecosystem
BitDAO and Mantle have joined forces to create the Mantle Ecosystem, a web3 ecosystem led by DAO. The merger combines BitDAO’s capabilities under the Mantle.xyz brand, following community approval of proposal BIP-21. BIT tokens (COIN:BITTTUSD) will be converted to Mantle (MNT) and the launch is scheduled for Q3 2023, with security and decentralization improvements. Arjun Kalsy, Head of the Mantle Ecosystem, said: “By embracing the legacy of BitDAO, we will launch Phase Two of the Mantle Network Testnet in May and chart a future filled with an energizing product suite, powerful governance, massive treasury and unrivaled financial transparency of operations.”
Block launches open source toolkit for decentralized Web5 applications
Block’s TBD division (NYSE:SQ) has released an open source toolkit for the Web5 project, making it easier to build decentralized applications for the Internet. Includes Decentralized Identifiers (DIDs), Verified Certificates (VCs) and Decentralized Web Nodes (DWNs). The complete Web5 platform will launch in 2023. A remittance app will be one of the first to launch, using bitcoin and stablecoins as a means of payment. The Web5 project aims to enhance the web with decentralized identity and personal data storage. “We think remittances are probably the closest thing to a short-term killer app for bitcoin and stablecoins. The international shipping market is a mess,” said Mike Brock, general manager of TBD at Block.
Grayscale seeks to launch Bitcoin ETF in the US bypassing regulatory restrictions
Grayscale, manager of the world’s largest cryptocurrency fund, has filed to launch a US-listed ETF that would partially invest in “spot” bitcoin products already available in other countries, according to the Financial Times. The goal is to circumvent SEC restrictions and gain approval for launch. While there is no guarantee of approval, analysts believe there is a chance of success. Demand for bitcoin ETFs has been limited, but investor appetite for cryptocurrencies remains healthy.
Nielsen’s CFO Appointed to Ripple’s Board
Warren Jenson, CFO of Nielsen (NYSE:NLSN), has been appointed to Ripple’s board, bringing his expertise to the company and highlighting the importance of transparency in the cryptocurrency industry. He joins other notable figures such as Rosie Rios and Sandie O’Connor. The appointment comes as Ripple looks to diversify its services and expand globally.
Paraspace NFT protocol saga continues over lost funds
The Paraspace NFT protocol saga took another turn when consultant Jay Yao resigned from the project following accusations of missing funds. Last week, the NFT protocol made headlines about lost funds and a barrage of accusations from chief executives and CEOs against each other. The company denies any embezzlement and claims that Yao and Thomas Schmidt are conspiring to take over ParaSpace illegally. A blockchain analysis report stated that all funds were refunded. The dispute over the 2,909 ETH continues, leading to the resignation of Yao and his team.
Report highlights benefits of blockchain technology for cross-border payments
The Federal Reserve Bank of New York and the Monetary Authority of Singapore have published a report detailing the results of the Cedar x Ubin+ experiment. The study showed that distributed ledger technology can improve cross-border payments and multi-currency settlements. Points related to interoperability, settlement and speed were addressed, demonstrating significant benefits. The report highlights the need for further research and does not indicate imminent central bank digital currency decisions. “Cross-border payments are an important railroad to make the global economy work better,” said Michelle Neal, head of the New York Fed’s Markets Group.
Tether partners to enable USDT payments in Argentina
Tether (COIN:USDTUSD) partnered with the KriptonMarket solution, allowing Argentine companies to accept payments in USDT. This includes the Mercado Central de Buenos Aires, where wholesalers and retailers will be able to pay bills and wages in USDT. The partnership seeks to reduce intermediation costs and combat high inflation in the country. In addition, educational courses on blockchain will be offered in Buenos Aires.
Seedify prepares for launch of Orbofi AI incubation project
Seedify, a leading launch platform focused on Web3 Gaming, NFTs, Metaverse and AI, is gearing up for the highly anticipated launch of its latest incubation project, Orbofi AI. This cutting-edge initiative shows Seedify’s continued commitment to expanding into the field of artificial intelligence in response to overwhelming community support. With notable partnerships and technology highlights, Orbofi AI aims to revolutionize the Web3 space with its multipurpose generative AI platform, offering users the ability to generate high-quality AI assets and monetize their creativity. The Orbofi AI Token (OBI) acts as the utility and governance token, driving the production and distribution of AI-generated content. IDO is scheduled for May 25th, with listing on PancakeSwap on May 29th.
Ledger co-founder expresses sadness over data recovery service controversy
In his post on Reddit, Éric Larchevêque, co-founder of Ledger, expressed his sadness at the controversy surrounding the Recover service. “I am devastated to enter this subreddit, which I created nine years ago, to see images of burning Ledger devices, insults and lots and lots of anger. Honestly, I’m on the verge of tears,” he said. He admitted that the fault was in communication, not technical security, and defended the trust in Ledger to use its products. Larchevêque stated that there are no backdoors or conspiracies, and the recovery code does not allow for arbitrary extraction of the seed. He also mentioned that the security model remains the same, but many people misunderstood how Ledger works. The company has faced public relations issues and data breaches in the past.
Zug increases limit on Tax payments with Bitcoin and Ether
The canton of Zug, known as the “crypto valley” of Switzerland, has raised the threshold for tax payments with Bitcoin and Ether to CHF 1.5 million. The measure aims to boost the adoption of cryptocurrencies and simplify the payment process through QR Codes. Zug has long been a leading center for cryptocurrency integration, and Switzerland as a whole attracts companies in the sector due to its favorable regulatory environment. Other Swiss cities like Zermatt and Chiasso also accept cryptocurrencies for lower tax payments. “The cap increase is an important step towards the digital future,” Zug Chief Financial Officer Heinz Tannler said in a statement on Friday. “As of the second half of 2023, another innovation will be possible — the payment of taxes with cryptocurrencies directly by reading the QR Code on the payment slips issued by the tax administration. This streamlined process makes paying with cryptocurrencies even more attractive.”, he added.
Texas passes bill requiring proof of reserves for cryptocurrency exchanges
The Texas legislature passed a bill requiring cryptocurrency exchanges to provide “proof of reserves” and hold sufficient funds to meet obligations to customers. The bill also prohibits mixing of client funds and requires auditors’ reports and attestations. Texas has been taking steps to strengthen its pro-crypto stance, including recognizing residents’ right to own and use digital currencies. “This bill increases transparency by requiring proof of reservation attestations from providers of digital asset services, think exchanges, while maintaining the light regulatory stance and pro-business environment that Texas has cultivated for many decades”, said Lee Bratcher, chairman of the Texas Blockchain Council, on May 17 in a Twitter video.
BoE rejects Revolut’s banking license for cryptocurrency trading
The Bank of England plans to reject the application for a banking license from Revolut, the UK neobank offering cryptocurrency trading, according to The Telegraph. While its existing services are unaffected, Revolut will not be able to offer mortgages and loans to UK customers, reportedly due to concerns about its balance sheet. Cryptocurrency trading represented a significant portion of Revolut’s revenue in 2021. The Prudential Regulation Authority (PRA), the Bank’s licensing arm, informed the Government in March that it planned to issue a legal warning to Revolut within a few weeks.
Bit Digital expands mining operations to Iceland in partnership with GreenBlocks
Bit Digital, a New York-based digital asset mining company, is expanding its presence into Iceland through an agreement with GreenBlocks. The company has acquired 8.25 MW of hosting capacity at a facility in Reykjanesbaer and plans to deploy around 2,000 S19j Pro+ mining units and 500 S19 units. GreenBlocks, which specializes in renewable energy in bitcoin mining, has been operating in Iceland since 2019. The partnership will allow Bit Digital to take advantage of the country’s abundant renewable energy and further diversify its mining operations. The company will now have mining operations in three countries: the United States, Canada and Iceland. Bit Digital’s CEO highlighted the importance of sustainability and believes that its hosting portfolio will be powered by carbon-free energy sources.
Hashkey Group seeks to raise over $1 Billion to expand Hong Kong cryptocurrency business
Cryptocurrency investment firm Hashkey Group is planning to raise more than $1 billion in a funding round, according to Bloomberg. The company is looking to capitalize on the momentum of digital assets in Hong Kong to attract potential investors. With the Hong Kong government looking to boost the digital asset sector, Hashkey is hoping to expand its customer base. It currently operates one of only two licensed digital currency exchanges in the city. Hong Kong’s new regulatory regime will allow retail trading of major currencies such as Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD).
Coinbase expands offering globally
Coinbase (NASDAQ:COIN) is expanding its offering to other regions amid tight regulation in the US. The exchange has updated its Coinbase One platform and now offers zero trading fees and support for members in the US, UK, Germany and Ireland. The company plans to launch the service in more European countries and has seen a significant increase in subscription and service revenue.
Coin Cafe ordered to refund $4.3 million for hidden fees
New York Attorney General Letitia James ordered the Coin Cafe platform to refund $4.3 million in hidden fees charged to users. “Coin Cafe has defrauded hundreds of New Yorkers of thousands of dollars through its misleading marketing and due to lack of effective regulation,” James said in a statement. The company tricked investors with exorbitant, undisclosed fees, emptying their accounts. New York seeks greater regulation in the cryptocurrency sector to protect investors. “It charged investors a maximum of 7.99% of the account or $99 in Bitcoin per month if an investor did not buy, sell or transfer Bitcoin on the Coin Cafe website within 30 days.” Coin Cafe will have to refund fees to investors over the next 12 months.