Day: July 28, 2020

Proof-of-Stake Chains Team Up to Prove DeFi Is Bigger Than Ethereum

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Liquidity mining is coming to proof-of-stake (PoS) blockchains. Anchor, the new decentralized finance (DeFi) platform from Terra, Cosmos, Web3 Foundation and Solana, is being designed to launch with a governance-token reward. Version 1 is going live in October, according to a Terra co-founder. Anchor is a two-pronged platform for PoS token holders. The system offers savings accounts and a lending platform – the bread and butter that made DeFi on Ethereum a multibillion-dollar enterprise. “We’ve been looking at ways in order to earn passive income on our users, for unused…

Goldman Sachs Warns US Dollar Risks Losing World Reserve Currency Status, Gold and Bitcoin Soar

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Goldman Sachs has warned that the U.S. dollar may lose its status as the world’s reserve currency. The investment bank is bullish on gold as fears over governments debasing their fiat currencies grow and real interest rates are pushed to all-time lows. Goldman Sachs’ Dollar and Gold Predictions American investment bank and financial services company Goldman Sachs warned on Tuesday that the U.S. dollar is at risk of losing its status as the world’s reserve currency. Goldman Sachs’ strategists wrote: Real concerns around the longevity of the U.S. dollar as…

Stablecoin Adoption Skyrockets in Rural South Korean Province

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South Korea’s Buyeo County, located in the rural province of South Chungcheong, has been witnessing strong interest in a local blockchain-powered stablecoin since its creation in early 2019. According to a report published by Donga, most of the county’s population is made up of elderly residents. Census data indicates that around 75,000 people live there in total. In 2019, the county created a local token named “Goodtrae Pay” at a cost of over $267,000. Launched to increase contactless payments As of press time, around $48.5 million in tokens have been…

SIX Swiss Exchange Lists World’s First “Active” Bitcoin ETF

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Swiss cryptocurrency investment management boutique FiCAS has launched the world’s first actively managed bitcoin exchange-traded product (ETP), according to an announcement earlier today. First Actively Managed Crypto ETF The so-called “Bitcoin Capital Active ETP (BTCA)” is now listed on the SIX Swiss Exchange. All holders will be charged with the industry-standard management of 2 percent. BTCA is issued by Bitcoin Capital AG. It will be, in turn, managed by FiCAS, an investment firm led by Bitcoin trader Ali Mizani Oskui, who’s traded BTC and a basket of other cryptocurrencies since…

MIT Lightning Creator Unveils First ‘Demonstration’ of Bitcoin Scaling Tech

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The infrastructure propping up Bitcoin might become easier for anyone to spin up and run. Lightning creator Tadge Dryja has been working on a new design for a lighter weight Bitcoin full node, about which he first wrote a paper in 2019. Last week, he and a team of coders released a first version of the Utreexo software as a part of MIT Digital Currency Initiative (DCI), putting the idea of lighter nodes into working code.  Full Bitcoin nodes act like financial security systems, validating Bitcoin blockchain transactions and protecting…

CFTC Chair: ‘A Large Part’ of Financial System Could End Up in Blockchain Format

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Perfection shouldn’t be the enemy of good when it comes to regulating the cryptocurrency space, said Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert.  The nation’s top commodities regulator, who recently marked his first anniversary at the CFTC, detailed his approach to cryptocurrency in a wide-ranging interview with CoinDesk. Tarbert noted that many of crypto’s unique attributes – namely borderlessness and decentralization —  require a thoughtful approach. “Our entire financial and economic system outside the current system, the non-crypto system basically evolved since, one could argue, the Renaissance in Italy,”…

Blockchain Bites: Bitcoin’s New ETP, Ethereum’s ‘Woodstock Moment’ and Silvergate’s SEN Zen

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A crypto hedge fund is folding, Silvergate Bank’s bitcoin-collateralized loans surged this quarter and bitcoin futures markets record triple-digit growth. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CryptoX’s newsletters here.  Top shelf Bitcoin ETPSwiss crypto manager FiCAS AG announced what could be the first actively managed bitcoin exchange-traded product (ETP). The firm’s Chairman Mattia Rattaggi said the Bitcoin Capital Active ETP’s portfolio could contain up to 15 altcoins as determined by market…

This Key Metric Suggests Bitcoin‘s Rally is Just Getting Started

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Bitcoin’s intense rally throughout the past couple of days has allowed it to fly past multiple crucial resistance levels. Bulls are now attempting to form the $11,000 price level into a strong base of support, but the selling pressure here appears to be ramping up. One positive technical development seen overnight was the potent reaction to the $10,500 level. This previously crucial macro resistance level has now been confirmed as a strong support level, as BTC dipped here overnight before seeing an instant influx of buying pressure that sent it…

Austrian Telecom Giant Enables Bitcoin Payment Support

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Customers of A1 Telekom subsidiary will now be able to make crypto payments based on a recent collaboration with the Austrian crypto payments processor, Salamantex. Bitcoin and Other Cryptocurrencies Accepted on A1 Payment The company made the announcement via a press release on Monday (July 27, 2020). According to the release, the inclusion of cryptocurrencies on the A1 payment platform gives companies more alternatives to conduct payment transactions.  A1 payment’s existing solutions enabled users to carry out payment transactions using mainstream credit cards as well as online operators like China’s…

Bitcoin News Roundup for July 28, 2020

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With bitcoin pulling back a little after Monday’s frenzied rush above $11,000, CoinDesk’s Markets Daily is back with another news roundup. The market for bitcoin futures snapped back to life on Monday as the cryptocurrency’s price surged to an 11-month high. Ethereum miners may have benefited the most from ether’s recent price rise and soaring transaction fees. A new 22-page report from CoinDesk Research explains the technology behind Ethereum’s upcoming overhaul and the potential market impact of Eth 2.0. Disclosure The leader in blockchain news, CoinDesk is a media outlet…