It’s been an extremely poor month for the Ethereum decentralized finance (DeFi) space. Leading coins pertaining to this fledgling space have shed dozens of percent from their all-time highs, set either in August or in early September. Take the example of Yearn.finance (YFI), which has dropped from its all-time high of $44,000 to $14,000 as of this article’s writing. Surprisingly, it actually isn’t the worst-performing DeFi: Curve DAO Token has dropped over 95% from its all-time high. While it fears that the worst is yet to come for some holders,…
Month: October 2020
BitMEX exchange operator shuffles leadership in wake of criminal charges
The operator of crypto derivatives exchange BitMEX has announced a sweep of its top leadership, after United States authorities charged its founders with failing to prevent money laundering and operating an unregistered trading platform illegally. On Oct. 8, BitMEX’s operator, 100x Group, announced that the exchange’s three co-founders, all of whom were charged in the case, will no longer hold executive roles at 100x: Arthur Hayes, Samuel Reed and Ben Delo. Greg Dwyer, the fourth executive to be charged, will take a leave of absence from his role as head of business development. To…
Former Morgan Stanley exec joins Gemini crypto exchange
Major American cryptocurrency exchange Gemini is expanding the company’s business in the Asia-Pacific region with a new high-profile hire. Andy Meehan, a former executive at major American investment bank Morgan Stanley, has joined Gemini as chief compliance officer of the APAC region. Announcing the news on Oct. 7, Gemini executives noted that Meehan will work with regulators to promote smart regulations that drive adoption. Formerly head of legal for Morgan Stanley’s global financial crimes division in the APAC, Meehan will now shape strategy, product and operations of Gemini in the…
KPMG unveils blockchain solution to track climate emissions
International accounting firm KPMG has unveiled its blockchain based Climate Accounting Infrastructure (CAI) solution to help organizations measure, report, and offset their greenhouse gas emissions. CAI uses blockchain to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations. It aims to help companies meet environmental, social, and corporate governance (ESG) targets. The solution integrates an organization’s existing systems, including IoT sensors, with external data sources to establish a verifiable trail of emissions and offsets recorded on blockchain. The accounting giant collaborated…
Analyst Who Predicted Yearn.finance (YFI) Drop to $14k Expects $12k
It’s been a tough past few weeks for the DeFi market, especially for coins like Yearn.finance’s YFI token and the Curve DAO Token. Since setting its all-time high price of $44,000, YFI has corrected by 70%, falling as low as $14,000 earlier today. An analyst that predicted the latest leg of the correction fears that the Ethereum-based crypto asset is primed to move even lower. The market seems to be bullish, though, with the YFI futures markets of Binance, FTX, and other exchanges operating on positive funding rates. Related Reading:…
From blockchain bridges to DeFi transfers
Today, paying for purchases in cryptocurrencies no longer seems like something out of the ordinary. Many online stores accept Bitcoin (BTC) and other coins along with traditional currencies, while in some cafes, cryptocurrency holders can even pay using point-of-sale terminals. However, there is one thing that distinguishes traditional financial systems from cryptocurrencies: advanced interoperability. Thanks to interoperability, cardholders can make payments anywhere in the world without worrying about device compatibility and currency conversion. Crypto interoperability An owner of a crypto wallet can only dream of this, but a sign hanging…
Coincheck exchange to help CryptoKitties go mainstream in Japan
Coincheck, one of the largest cryptocurrency exchanges in Japan, is expanding its push into non-fungible tokens, or NFTs, with a new partnership with the developer of CryptoKitties. According to an Oct. 6 announcement, Coincheck has partnered with Dapper Labs, which developed one of the world’s most popular decentralized applications launched on the Ethereum blockchain. Coincheck said that the new partnership will bring NFTs to a mainstream Japanese audience by providing exposure to millions of its users. Coincheck plans to integrate the CryptoKitties app into its upcoming NFT marketplace. The exchange is also…
Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals
The KuCoin cryptocurrency exchange is partly restoring deposits and withdrawals following a major hack. As KuCoin officially announced on Oct. 7, the platform has completed the wallet security upgrade for major cryptos like Bitcoin (BTC), Ether (ETH), and Tether (USDT). Following the upgrade, KuCoin has resumed the deposit and withdrawal service of BTC, ETH, and ERC-20-based USDT. According to the announcement, USDT running on other blockchains like EOS, Tron, and Omni is not yet available for withdrawals. KuCoin stated: “KuCoin is gradually restoring the deposit and withdrawal services of all…
BMW Korea trials a blockchain-powered rewards program ahead of global launch
Customers of the world-famous car manufacturer will soon be able to claim blockchain tokens as rewards as part of a new membership scheme, called BMW Vantage. The Korea Times reported on Oct. 7 that BMW Korea is the first branch in BMW Group to run a trial of the new scheme and aims to fully launch it in the country by the end of 2020. It successful, the company is planning a global rollout. The points-based rewards program uses blockchain technology to securely allocate and track tokens for participating customers.…
Japanese financial giant SBI acquires TaoTao crypto exchange
Japan’s largest on-line financial conglomerate, SBI Holdings, now owns two licensed cryptocurrency trading platforms with its new acquisition of TaoTao exchange. According to an official announcement on Oct. 7, SBI’s foreign exchange and derivatives arm SBI Liquidity Market has acquired all shares of TaoTao, making it a wholly-owned subsidiary of the company. Formerly 40% owned by internet giant Yahoo! Japan’s YJFX, TaoTao launched its crypto trading service in May 2019. With the new acquisition, SBI now has two crypto trading platforms as the company is already offering crypto trading services…