Day: December 8, 2022

Australian Central Bank Higlights Pros and Cons of CBDC

The potential benefits of a CBDC in the Australian context include its possibilities to enhance the country’s monetary and payment systems and support competition and efficiency in the payments system while reducing user costs. Australian central bank digital currency (CBDC) pilot has received over 140 use case proposals for members of the financial industry. This unexpected response prompted the Reserve Bank of Australia (RBA) to issue a warning. Following the release of the project’s whitepaper on Aug. 9, over 80 finance firms have proposed use cases that extend to a…

Celsius Network Ordered by Court to Refund $50M to Custody Clients

As we’ve reported earlier, Celsius Network was granted approval for the extension of its exclusivity period in a bid to dig out a more comprehensive avenue to unveil its reorganization plans. Bankrupt digital currency lending firm Celsius Network has been ordered by Judge Glenn Martin who is presiding over its bankruptcy proceedings to refund $50 million worth of assets to clients who utilized its custody services. As reported by Bloomberg, the verdict was made verbally on Wednesday and it applies to a pile of cash that was worth about $44…

What Are Fractionalized NFT’s and How Should You Invest in Them?

boss

Non-fungible tokens (NFTs) are all the rage these days in the crypto world, as everyone who follows it knows that NFT development is lucrative. We’ve talked about this topic before, notably in relation to NFTs that serve as tokens for works of digital art and the best NFT to buy. As digital assets and blockchain technology continue to be pushed to their limits, a new concept has emerged recently that has the potential to further disrupt and transform the digital art market as well as the digital asset market in…

Mobileye Posts Q3 2022 Earnings Report, Beats Out Analysts’ Expectations on Revenue

Mobileye reported that it made $450 million in Q3 2022 and has now forecast fourth-quarter revenue to $527 million-$545 million. Mobileye Global Inc (NASDAQ: MBLY) recently posted its Q3 2022 financial report, which revealed better-than-expected numbers for the Jerusalem-based Intel Corporation (NASDAQ: INTC) spinoff. For the third quarter of this year, Mobileye’s total revenue surged 38% year-over-year (YoY) to $450 million compared to analysts’ expectations of $447 million for the same period. In addition, the Israeli autonomous driving technology developer also saw its share price climb 6.26% to $32.40. Following its substantial Q3 2022…

The all-in-one approach at the foundation of next gen crypto investment platforms

boss

The ongoing FTX saga has injected more uncertainty into an already shaken market. If it was not clear already, even the biggest centralized exchanges can fail. The problem is multi-faceted. On the one hand, just like in traditional finance, centralized institutions are only as good as the people who run them. When investors use services like FTX, they are putting their trust in the people that run the service. Unfortunately, history is rife with examples of powerful people taking advantage of that trust. On the other hand, cryptocurrency is still…

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day – Bitcoin News

boss

In a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period. The new limits, which are in line with the CBN’s cashless policy, are set to become effective on Jan. 9, 2023, the central bank said. Processing Fee to Be Levied on Cash Withdrawals Exceeding New Limits The Central Bank of Nigeria (CBN) recently announced the revised cash withdrawal limits that…

Oil Price Trends 2023: Coinspeaker Advent Calendar

One of the most significant price slumps oil has ever recorded was in 2020 when crude oil slumped to $0 per barrel in the heat of the coronavirus lockdowns. Dear readers, welcome to another episode of the Coinspeaker Advent Calendar where we will look at some definitive forecasts for oil price in 2023. Crude Oil is a very vital natural resource that is almost indispensable for every country. While it does not fall under renewable energy options for powering industries, transportation, and homes, the economics surrounding it has continued to…

PayPal Expands Crypto Service Into Luxembourg

Luxembourg, which hosts PayPal’s EU headquarters, could serve as a gateway for the other 26 countries in the bloc, once the Markets in Crypto Assets (MiCA) regulation comes into effect. This regulatory regime should in theory give firms registered in any single member state a license to offer their services throughout the EU through a process known as passporting. Crypto exchanges Binance and Coinbase have taken this route in recent months. Most recently, Nexo and Gemini registered in Italy. Source

NFTs minted on FTX break, highlighting Web2 hosting flaws

boss

The FTX collapse highlighted many flaws in the crypto industry. Now, the effects of the FTX debacle have broken into the nonfungible token (NFT) space with users unable to view their FTX-hosted NFTs.  In a tweet, Solana engineer jac0xb.sol pointed out how the metadata of FTX-hosted NFTs now points to a restructuring website that gives out information about bankruptcy proceedings. According to jac0xb.sol, the NFTs minted on FTX were hosted using a Web2 application programming interface (API), resulting in images not showing. Example of an NFT hosted by FTX. Source:…