Day: December 13, 2022

Algorand to support bank and insurance guarantees platform in Italy

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Layer-1 blockchain platform Algorand has been chosen as the public blockchain to support an “innovative digital guarantees platform” to be used in Italy’s banking and insurance markets. The Algorand-supported platform is expected to be launched in early 2023. According to Algorand’s Dec. 13 announcement, this is the first time an EU Member State will use blockchain technology for bank and insurance guarantees. A bank guarantee is when a lending institution promises to cover a loss if a borrower defaults on a loan. It’s an alternative to providing a security bond or…

Binance Sees More Than $3,660,311,347 in Net Withdrawals As World’s Largest Crypto Exchange Gets ‘Stress Test’

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The largest crypto exchange by trading volume is undergoing a stress test as reports surface that Binance may be under US investigation. Yesterday, it was reported that Binance and its CEO Changpeng Zhao were under federal investigation for potential money laundering violations. Now, crypto data analyzer Nansen says over $3 billion in net capital has been withdrawn from Binance over the last seven days. “Binance Netflow 7D ($) -3,660,311,347 8,783,380,428 – Outflow 5,123,069,081 – Inflow” Source: Nansen/Twitter According to Binance CEO Changpeng Zhao, the exchange saw over $1 billion in withdrawals leave the…

Why Goldman Sachs Expects This Asset Class To Outperform Bitcoin

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A research note from Goldman Sachs published on Monday has painted a bull case for gold over the price of bitcoin. The bank’s research note comes at a time when the entirety of the crypto market is facing adversity and the price of bitcoin is down more than 70% from its all-time high price at current levels. According to Goldman Sachs, gold actually presents the opportunity that investors seem to be looking for in bitcoin. Gold Is A Better Inflation Hedge In the research note, Goldman Sachs says it expects…

What Goldman Sachs’ CEO misunderstands about private blockchains

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Only one of the following news items is real, but someday, all will sound equally comical. Headline, 1896: The owner of Wagoneer & Sons, a leading horse-drawn carriage maker, has announced the adoption of a new machine called the “internal combustion engine” to improve its manufacturing process. “Gas engines are powerful but dangerous,” the owner said. “We will use them to make better wagons. Headline, 1918: The American Association of Candle Makers has announced a new initiative to electrify its wax-making process. It believes that electricity is too dangerous to…

Judge Approves Sale of Self-Custody Platform to Galaxy Digital in Celsius Bankruptcy

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CFTC Follows SEC by Filing a Lawsuit Against Disgraced FTX Co-Founder Sam Bankman-Fried – Bitcoin News

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On Dec. 13, 2022, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Sam Bankman-Fried (SBF), FTX Trading LTD., and Alameda Research. The CFTC alleges that FTX customer deposits, “throughout the relevant period,” including both fiat currencies and cryptocurrencies, were reportedly “appropriated by Alameda for its own use.” U.S. Commodity Futures Trading Commission: ‘FTX and Alameda Comingled, Mishandled, and Misappropriated FTX Trading Customer Funds’ From Day One The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit (Case 1:22-cv-10503) against SBF and his companies FTX and Alameda…