Day: February 15, 2023

Bitget’s Native Token Rallies 121% in Less Than a Week As Crypto Exchange Sees Rapid Growth

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Crypto exchange Bitget’s native token BGB is outrunning most of the markets as it prints a new all-time high after parabolic rallies. According to Bitget’s managing director, Gracy Chen, the exchange has hit a number of new milestones in the last several months. Addressing BGB’s big run-up, Chen says that Bitget has been innovating all through the bear market, helping set itself apart from competitors. She references Bitget’s new proof-of-reserve report, which cites a January 31 snapshot that purports a 227% reserve ratio on the exchange’s assets. After the collapse…

Napster Expands Into Web3 Music Space With Acquisition of Mint Songs – Bitcoin News

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On Wednesday, Napster, the music streaming service originally launched in 1999, announced that the company has finalized a deal to acquire the Web3 music startup Mint Songs. Napster’s CEO, Jon Vlassopulos, insists that “we are in an unprecedented era of innovation in the digital music space,” and he believes Web3 innovations can help musicians find new ways to connect with their fans. Napster Ventures Sets Its Sights on Web3 Music Startups After its Hivemind and Algorand acquisition in May 2022, Napster has reignited its focus on the Web3 space by…

EC launches blockchain regulatory sandbox for 20 projects annually through 2026

The European Commission announced the launch of the European Blockchain Regulatory Sandbox on Feb. 15. The sandbox will provide a space for regulatory dialog for 20 projects per year through 2026. The sandbox was first announced in 2020 and is being facilitated by a number of private firms that won tenders in 2022. Funding will come from the Digital Europe Programme. Projects will be chosen by an independent panel of academic experts on a competitive basis from public and private sector use cases of “Blockchain and other Distributed Ledger Technologies.”…

SEC enforcement action creates a silver lining for GMX, Lido (LDO) and Maker (MKR) price

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The United States Securities and Exchange Commission (SEC) has started ramping up its crackdown on the crypto industry and recent enforcement actions had a negative impact on crypto prices last week and at the start of this week.  The SEC is focusing on stablecoin issuers. The most recent SEC stablecoin crackdown was on Feb. 13 through the issuance of a Wells Notice to Paxos Trust Company, the issuer of Binance USD (BUSD). While Paxos denies that BUSD is a security, which would place it outside the SEC’s jurisdiction, some lawyers…

Zipmex says it may resume 100% of Z wallet withdrawals subject to conditions

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According to a new press release on Feb. 15, Thai cryptocurrency exchange Zipmex stated that it sent a new scheme to all firm’s eligible creditors through its scheme manager KordaMentha. As told by Zipmex, the creditors have until Feb. 21, 2023 to vote on the scheme and “will receive 100% of their digital assets in the Z Wallet” if the scheme is approved and the cryptocurrency closes its pending investment deal.  Last July, Zipmex filed for debt relief in Singapore after its counter-party and crypto lending firm Babel Finance halted…

Stanford Research Director, Former Dean Revealed to Be Bankman-Fried’s Bond Signers

District Judge Lewis Kaplan, of the Southern District of New York, originally ruled in favor of news organizations, including CoinDesk, who argued the names of Bankman-Fried’s signers were of public interest, but stated the ruling pending appeal. While Bankman-Fried’s attorneys filed a notice that they would appeal, they did not file the actual appeal, he said in a new ruling Wednesday. Source

Kansas state lawmakers look to cap crypto political donations at $100

Lawmakers in the Kansas House of Representatives have introduced a bill proposing to amend the legislature’s rules on political campaign donations. According to the bill, no person would be allowed to make or accept crypto contributions of more than $100 for any political candidate in the state’s primary or general election. For donations under $100, the receiver would need to “immediately convert” the crypto to U.S. dollars, not use the crypto for expenditures, and not HODL the funds. The proposed bill included provisions that seemed to be aimed at mitigating…

Reversing Censorship on Ethereum | Blockchain News

Since October 11, the proportion of Ethereum blocks that are compliant with orders made by the United States Office of Foreign Asset Control (OFAC) has decreased to its current level of 47%, which is the lowest level since that date. The most recent achievement in the fight against censorship comes about two and a half months and one day after the proportion of OFAC-compliant blocks reached its all-time high of 79% on November 21. OFAC-compliant blocks are ones that do not include any transactions that involve parties who have been…

Why zero-knowledge KYC won’t work

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The emergence of blockchain technology presents an opportunity to reexamine and innovate solutions used in our day-to-day life. Blockchains and, broadly speaking, the digital space fuelled by an artificial intelligence revolution urgently need to establish verifiable human identities to ensure trust, accountability and regulatory compliance. There are a variety of emerging technologies, both on- and off-chain, that could serve as the basis for a functioning trust framework. One solution, in particular, is often referred to as the holy grail of verifications — zero-knowledge Know Your Customer (zkKYC) verification. What are…