Month: January 2023

Bank of England to Backtrack on Digital Pound as Digital Euro Receives Major Boost

Several nations trying to adopt CBDCs have maintained that digital currencies should only complement cash rather than outrightly replace them. Andrew Bailey, the Bank of England (BoE) governor, has shared his thoughts on the idea of the countryโ€™s central bank digital currency (CBDC) โ€“ the digital pound. Bailey believes that there might be no need for a wholesale CBDC. According to him, his reason borders on the fact that the country already enjoys a โ€œwholesale central bank money settlement system with a major upgrade.โ€ Digital Pound Is Not a Priority,…

Binance Coin Forms Bearish Pattern, Fundamentals Look Strong

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In the wake of FTXโ€™s collapse, many eyes focused on the now undisputed largest cryptocurrency exchange in the world, Binance. Due to an opaque proof of reserves, the withdrawal of accounting firm Mazars, and a bank run on the exchange, the Binance Coin (BNB) suffered a temporary loss of trust and excessive price losses. Slowly and gradually, however, investors seem to be regaining confidence in Binance. The BNB price has risen 9.3% over the last seven days, reaching $301 at press time. Although there was some positive news from Binance…

Animoca Founder Yat Siu Orchestrates Merger of CryptoSlam and Forcast.News

The combined CryptoSlam and Forkast.news entity will devise creative means to attain profitability. In a bid to further cushion the growing strain in the digital currency ecosystem, Animoca Brands Founder and Chairman, Yat Siu has engineered the merger of CryptoSlam and Forkast.News, two of the companies in its portfolio. As reported by Bloomberg, Yat Siu introduced the founder of CryptoSlam, Randy Wasinger, and Forkast.News founder Angie Lau, and got the discussions for the merger off of the ground. CryptoSlam is a platform that curates data about the Non-Fungible Token (NFT)…

Japan Pushes for Tougher Crypto Regulations

Japan is also using its position on the International Financial Stability Board to push for global regulations of the cryptocurrency industry. Japanese financial regulators have urged their counterparts globally to toughen crypto regulations, according to a Bloomberg report. The call was made by the Deputy Director-General of the Financial Services Agencyโ€™s Strategy Development and Management Bureau, Mamoru Yanase while speaking about FTX Japan. Recall that last week, the Delaware Bankruptcy court handling the FTX Bankruptcy case agreed to the sale of FTX Japan and three other assets. Following this, 41…

Bitcoin DeFi ecosystem explained

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Besides wBTC, Stacks and Rootstock, BadgerDAO, RenVM and Liquid Network promote various use cases of Bitcoin DeFi. BadgerDAO A decentralized autonomous organization (DAO) called BadgerDAO makes it possible for BTC to be utilized as collateral across various DApps. The BadgerDAO uses the Ethereum-based token BADGER for protocol governance and incentive distribution.  Users can earn income on their synthetic BTC assets using Sett Vaults, the first product offered by Badger. Users can lock up their tokenized Bitcoin in SETTs, which are pools of tokens, and let smart contracts manage their holdings…

Binance Launches Off-exchange Settlement Solution Binance Mirror for Institutional Investors

Binance announced it recorded a huge influx of institutional investors interested in digital assets during the fourth quarter of 2022. The Binance cryptocurrency exchange, the world leading digital asset exchange on daily traded volume and global regulations, has announced the launch of its off-exchange settlement solution for institutional investors dubbed Binance Mirror. According to the announcement, digital assets in the Binance Mirror account for more than 60 percent of all assets secured on Binance Custody. As such, the company saw it prudent to provide institutional investors with a secure alternative…

WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later โ€“ Metaverse Bitcoin News

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The World Economic Forum (WEF) has published an article predicting how metaverse tech will evolve and how it will be introduced in different sectors. For the organization, the biggest impact of the implementation of this tech will be observed in industrial environments, where it will contribute to carrying out more tasks and reducing expenses. WEF Believes Metaverse Tech Will Impact Industry First The World Economic Forum (WEF) believes that the metaverse will be first applied in industrial environments, instead of being adopted first by consumers. In an article published on…