Month: February 2023

The IBM–Maersk blockchain effort was doomed to fail from the start

Blockchain projects continue to experience failure rates in excess of 90%, and it seems that with every passing moment, more and more “successful” companies add their underperforming blockchain project to the graveyard. One of the most recent blockchain failure victims was Moller-Maersk, which recently announced the termination of its highly publicized TradeLens offering — a global trade platform built on IBM blockchain technology.  These failures, however, were totally predictable and, in many cases, would be avoidable if companies more closely observed certain lessons in innovation diffusion. Lesson 1: Innovation is…

Decentralized Lending Protocol Centrifuge Accrues $6M Unpaid Debt

Centrifuge’s loan dashboard also shows there are four loans worth $3.3 million late with payment in its REIF pool, which provides capital to finance commercial real estate mortgages. However, REIF Financial Investments, which is an investment company that focuses on commercial real estate acquisitions, said in an email that all loans had an option to extend with an additional 12 months, thus avoiding default. The firm added that it contacted Centrifuge to update the dashboard. Source

Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance – Regulation Bitcoin News

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Following finder.com’s reports on bitcoin and ethereum predictions, the product comparison site polled 56 specialists in the fintech and cryptocurrency industry to gauge their thoughts on future regulation of crypto exchanges. The experts predict that virtual currency trading platforms will be regulated, but not until 2025 or 2030. When regulation does occur, 76% of Finder’s panelists expect the trading platforms to be treated similarly to traditional financial institutions. 87% of Finder’s Fintech and Crypto Experts Believe Exchanges Must Disclose Proof-of-Reserves Audits A recently published report from finder.com, which polled 56…

TZero to Sunset tZero Crypto App Amid Regulatory Challenges

TZero Crypto was launched in 2019 with the idea of creating the first platform where customers could trade cryptocurrencies, blockchain-based securities and traditional stocks with a single app, pending regulatory approval. But those aspirations were complicated by the firm’s run-ins with regulators and other controversies. Source AppChallengesCryptoRegulatorySunsettZERO CryptoX Portal

Sam Bankman-Fried’s holding company files for bankruptcy

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Emergent Fidelity Technologies, a Sam Bankman-Fried holding company based in Antigua and Barbuda, has filed for bankruptcy protection. According to court records filed on Feb. 3, Emergent Fidelity Technologies submitted a voluntary petition to declare bankruptcy under a Chapter 11 filing in United States Bankruptcy Court for the District of Delaware. The company was already the target of a lawsuit filed by crypto lending firm BlockFi in November regarding the status of roughly 55 million shares of Robinhood. The Robinhood shares — worth more than $590 million at the time…

Overstock-funded tZERO Crypto exchange will shut down March 6

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The tZERO Crypto exchange, whose majority owner is Overstock, will shut down on March 6, the company announced via Twitter on Feb. 3. The company says that it will continue to focus on its regulated securities products after the shutdown, as the United States Securities and Exchange Commission (SEC) and other regulators clarify the legal status of crypto assets. Today, tZERO Crypto informed its customers that it will be ceasing operations on March 6, following an orderly withdrawal of assets by the customers, which continue to be held by the…

Options Automated Market Maker Lyra Deploys to Arbitrum Network

Before the upgrade, Lyra’s market maker vaults (MMVs) paid swapping fees for every collateralization and hedging trade. For example, when a trader buys a call option contract on ether (ETH), Lyra’s MMVs would purchase ether from a spot exchange, incurring a fee; once the trader’s position has closed, Lyra’s MMVs would sell back the ETH used for collateral, incurring yet another fee. Source