Day: October 19, 2021

Kill the BitLicense

The stated purpose of the BitLicense upon its approval in 2015 by the stateโ€™s Department of Financial Services (NYDFS) was to protect consumers and guard against illicit activities like money laundering. However, the BitLicense has gone well beyond ensnaring neโ€™er-do-wells in crypto. By pouring pesticide on the industry, the BitLicense also zaps new shoots, indiscriminately stemming life in the sector such that only giants such as Square and Coinbase, both of which hold BitLicenses, can survive. Source

For $200, You Can Trade Crypto With a Fake ID

For law-abiding cryptocurrency users, getting verified to trade on an exchange is a painstaking process. They must give out a wealth of personal data, including their home addresses, scans of government-issued ID, and photo or video selfies. For criminals, itโ€™s easier. They can pay as little as $150 on the black market for a ready-to-use, verified account in someone elseโ€™s name at Coinbase Pro, Binance.US, Kraken or numerous other exchanges, a CoinDesk investigation found. To be clear: โ€œverifiedโ€ in this context does not mean legitimate. Underground vendors create these accounts…

Bitcoin On-Chain Data Shows Decrease In BTC Outflows, Crash Incoming?

Bitcoin on-chain data shows that the BTC outflows have been gradually heading downwards recently, hinting that a crash could be coming soon. On-Chain Data Shows BTC Outflows Continue To Decrease As pointed out by an Analyst on Twitter, on-chain data reveals Bitcoin outflows have been gradually going down in the past month. The relevant metric here is the BTC netflows. This indicator shows the net amount of coins exiting or entering exchange wallets. Its value is calculated by taking the difference between the inflows and the outflows. When the netflow…

Massive Trading Volume for ProShares Bitcoin Futures ETF as NYAG Targets Crypto Lenders

This episode is sponsored by NYDIG. Download this episode On todayโ€™s episode, NLW catches up on a variety of topics from the past week, including: How the first day of trading the ProShares $BITO bitcoin futures ETF is going (and why it could be headed for record breaking volume). Grayscale formally starting the process to convert GBTC into a bitcoin spot ETF The NYAG goes after Nexo and Celsius around crypto yield products The Treasury trying to get crypto companies on board with a sanctions program Facebookโ€™s Novi launches with a…

Cosmos announces launch of new blockchain, Sagan

The Cosmos cross-chain network is building a new blockchain aimed at allowing developers to experiment with different protocols. In its quarterly keynote report published on Oct. 19, Cosmos said its Sagan blockchain was currently in development. The project teased the release of the blockchain in a video message with a quote from famous astronomer Carl Sagan and a picture of a canary among the stars. The canary imagery may refer to the blockchain being an experimental โ€œcanary network,โ€ the term used by interoperability protocol Polkadot to describe its Kusama test…

US Lawmakers Push Back on Facebookโ€™s Novi Wallet Launch

CryptoX – Cryptocurrency Analysis and News Portal In a Tuesday missive, U.S. Senators Brian Schatz (D-Hawaii), Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.) and Tina Smith (D-Minn.) ordered Facebook CEO Mark Zuckerberg to โ€œimmediately discontinue the companyโ€™s pilot of Noviโ€ and end its work on the Diem stablecoin project. Original Source The post US Lawmakers Push Back on Facebookโ€™s Novi Wallet Launch appeared first on CryptoX. CryptoX Portal

Cryptocurrency Market Scan | Tuesday 24th August (2021)

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DeFi Protocol Element Finance Raises $32M in Series A Round

Element Finance, a decentralized finance (DeFi) fixed rate protocol, closed a $32 million Series A funding round at a $320 million valuation, the DeFi project announced on Tuesday. Polychain Capital led the round. Previous investors Andreessen Horowitz (a16z), Placeholder, A_Capital, and Scalar Capital participated in the round, which also included new investors Republic, Advanced Blockchain, P2P Validator, Rarestone and Ethereal Ventures. Element will use the funds to expand its workforce, especially in the areas of engineering, research, UI, and design, the DeFi project said. โ€œFixed rates are a stepping stone…

Coinbase and NBA Sign Partnership Deal

Coinbase and the National Basketball Association (NBA) are teaming up on a multi-year partnership, the publicly traded crypto exchange said Tuesday. The deal extends to the Womenโ€™s National Basketball Association (WNBA), NBA G League, NBA 2K League and USA Basketball. โ€œAs part of the partnership, we will create interactive experiences to engage with the NBA and WNBAโ€™s incredible community and athletes around the world,โ€ Coinbase CMO Kate Rouch said in a statement. Itโ€™s another step into the crypto universe for the North American basketball league. A partnership deal with Dapper…