Day: September 21, 2021

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Remittances to Africa Set to Drop by 5.4 % to $41 Billion — Covid-19 Pandemic and High Sending Costs Blamed – Emerging Markets Bitcoin News

According to findings from the Continental Migration Report 2021, remittances to African countries are projected to decrease from the $44 billion recorded in 2020 to $41 billion. The Covid Effect As expected, the Covid-19 pandemic is identified as one of the main causes of the decline. However, despite this projected 5.4 per cent drop, a report by Africa News explains that remittances are now showing “greater resilience and reliability as a source of capital in Africa than foreign direct investment flows.” Consequently, the Continental Migration Report 2021, which was produced…

MiamiCoin generated $2K every 10 minutes for the city, says mayor

Miami Mayor Francis Suarez has been celebrating the success of a recent initiative to fund municipal projects through the proceeds of a city-specific crypto protocol built atop the Bitcoin (BTC) blockchain. On Sept. 13, Miami’s city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins. The coin is built on Stacks, an open-source network of decentralized apps and smart contracts that use the Bitcoin blockchain as a programmable base layer. Hard-coded into MiamiCoin’s protocol is the requirement that 30% of all…

London-Based Open Banking Startup TrueLayer Raises $130M Led by Tiger Global, Stripe

London-based open banking startup TrueLayer has raised $130 million in funding in a round led by Tiger Global and Stripe. The raise values TrueLayer’s at more than $1 billion, thus giving it “unicorn” status. Open banking, for which TrueLayer provides infrastructure, enables customers to transact with businesses more seamlessly via bank-to-bank payments, circumventing the need for debit and credit cards to make purchases and register with platforms. “People find themselves endlessly typing in the 16 digits of their debit cards, trusting unknown websites to store their card details, deferring to…

Bitcoin Bounces Off 6-Week Low, Tracking Recovery in Stocks

Bitcoin continues to take cues from equity markets amid macro uncertainty, seeming to contradict the popular narrative of the cryptocurrency being a safe haven like gold. The cryptocurrency has bounced to $43,000 from the 1-1/2-month low of $40,200 reached early today, with futures tied to the S&P 500 signaling a risk reset with a 1% gain. Major European stock indices are also trading higher alongside weakness in the safe-haven U.S. dollar despite lingering concerns about China’s property market and its contagion risk for the global economy. Fears that cash-strapped Chinese…

DeFi platform Vee Finance exploited for $35M on Avalanche blockchain

Decentralized finance (DeFi) platform Vee Finance reported $35 million losses in the latest exploit, just a few days after launching the mainnet on the Avalanche network. After pausing services due to suspicious activity on Sept. 20, Vee Finance confirmed that its platform was under an attack resulting in a loss of 8,804 Ether (ETH) and around 214 Bitcoin (BTC). The total amount is worth more than $35 million at the time of writing. According to the official incident announcement, the suspected attacker has collected stolen assets on one address after…

Sorare scores $680M funding led by SoftBank to grow its NFT sport portfolio

Sorare, a marketplace for nonfungible token (NFT) trading cards, has raised $680 million in a Series B funding round led by Japanese fintech giant SoftBank, resulting in a revised valuation of $4.3 billion for the platform. According to the company, the latest funding will help expand Sorare’s portfolio of football player NFTs by partnering with more football leagues and associations. In early September, the French NFT-based trading platform secured its first soccer league partnership with La Liga in addition to having NFT collaborations with PSG, Liverpool and other top-tier soccer…

Pnetwork Protocol Gets Hacked, Loses 277 Bitcoin on Binance Smart Chain – Bitcoin News

Pnetwork, a multi-chain bridging protocol, announced it was hacked yesterday, losing 277 pbtc (its bridged version of bitcoin) on Binance Smart Chain. The protocol acknowledged that an attacker managed to exploit a bug in its codebase to take control of the stolen bitcoin. The bridging contracts are currently working as usual but with extra security measures enabled. Pnetwork Protocol Hacked: 277 Bitcoin Lost Pnetwork, a decentralized finance bridging protocol, informed users it was the victim of a hack, losing 277 bitcoin in the attack. Pnetwork eases mobility of…