Month: April 2023

Why You Need to Understand Layer 1 Protocols

It appears regulators don’t care about the functionality or reliability of blockchains, especially as some of the loudest opponents of crypto are in favor of central bank digital currencies – a type of digital currency issued by a central bank. The animosity feels more related to the decentralized nature of crypto – the ability to take fiat currency and exchange it for another asset of value, without the need for a central body (central banks, regulators, politicians, conventional banks, etc.). Source LayerProtocolsUnderstand CryptoX Portal

Web3 Experiential Tokens and Asset Pricing

(i)immature and rapidly developing technology underlying Digital Assets, (ii) security vulnerabilities of this technology, (iii) credit risk of Digital Asset exchanges that may hold an Account’s Digital Assets in custody, (iv) regulatory uncertainty around the rules governing Digital Assets, Digital Asset exchanges and other aspects and parties involved with Digital Asset transactions, (v) high volatility in the value/price of Digital Assets, (vi) unclear acceptance of some or all Digital Assets by users and global marketplaces, and (vii) manipulation or fraud resulting from the pseudo-anonymous manner in which ownership of Digital…

NFTs unlock physical biodegradable vinyl records

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Hype around nonfungible tokens (NFTs) has cooled down, however innovative use cases for these digital assets continue to appear on the scene. Particularly in the music industry, which has been fertile soil for use cases of emerging Web3 tools in recent years.  On April 5th the DJ, producer and eco-warrior BLOND:ISH announced a new NFT project, which once purchased unlocks physical copies of her latest album on vinyl record. Cointelegraph reached out to BLOND:ISH for more details on the usage of NFTs as a gateway to unlocking physical items as…

Cryptocurrency Exchange Hacks and Insurance: Risks, Coverage, and Limitations

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Individuals and institutions are increasingly using cryptocurrency exchanges to purchase, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. However, the rise of cryptocurrency exchanges has also resulted in an increase in security risks and hacks, with several high-profile exchanges falling prey to cyberattacks resulting in the loss of millions of dollars in cryptocurrency. We will look at the risks, coverage, and limitations of cryptocurrency exchange insurance in this piece. The Dangers of Cryptocurrency Exchange Hacks The possibility of cyberattacks and hacks is one of the most serious risks…

Trust Wallet Launches on Ramp with MoonPay and Ramp Network

Launching an on and off-ramp service with MoonPay and Ramp Network is just another direct avenue to push the millions of users that rely on Binance for these services to become largely independent. Decentralized crypto wallet infrastructure and service provider Trust Wallet has inked a new partnership with MoonPay and Ramp Network as it seeks to introduce additional utility for the benefit of its users. According to a CoinDesk report, the partnerships with the two payment services will enable Trust Wallet users to convert their tokens to fiat directly from…

XRP Rebounds on Tuesday, as AVAX Hits 1-Week High – Market Updates Bitcoin News

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Xrp rose for a second consecutive session on Wednesday, as the token continued to move away from a recent price floor. Since hitting an eleven-month high a week ago, the token has mostly consolidated. Avalanche was also in the green, as prices hit a one-week high. XRP, formerly ripple, was a notable gainer in today’s session, as prices continued to move away from a recent support point. Following a low of $0.4972 on Tuesday, XRP/USD raced to an intraday high of $0.5256 earlier in today’s session. This came as bulls…

Dubai regulator demands Binance provide info on ownership, governance: Report

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The Virtual Assets Regulatory Authority (VARA), the entity that oversees crypto activities in Dubai, has asked Binance to provide more information about its business requirements in its efforts to tighten regulatory guardrails in the emirate, Bloomberg reported. Citing three anonymous sources, Bloomberg reported on April 5 that the regulator had asked Binance to submit more information about the exchange’s ownership structure, governance and auditing processes. The people close to the matter said VARA has requested the same details from global crypto players looking to be licensed in Dubai. VARA officials have…