Month: April 2023

US President Joe Biden urges tech firms to address risks of AI

United States President Joe Biden stated on Tuesday that the safety of artificial intelligence (AI) is still uncertain and emphasized that technology firms should ensure that their products are secure before releasing them to the public. During a meeting with science and technology advisors, Biden acknowledged that AI could be beneficial in tackling issues such as disease and climate change. However, he stressed the significance of addressing possible risks to society, national security and the economy. At the beginning of a meeting with the President’s Council of Advisors on Science…

‘Over-Collateralization Can Help Mitigate the Risk of Stablecoin Depegging’ — Pendulum CTO – Interview Bitcoin News

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Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity needed to facilitate efficient trading” is in place. Defi’s Perceived Lack of Regulation a Barrier to Adoption In addition, Stuber, whose firm uses the Polkadot blockchain to bring fiat networks to the decentralized finance ecosystem,…

POG Digital NFTs Coming to Ethereum after Debuting on Solana Year Ago

With the Ethereum ecosystem regarded as the epitome of the decentralized financial ecosystem, POG Digital anticipates attracting more volume than Solana. POG Digital, an authentic 90’s game and collectibles brand, is set to launch on the largest DeFi ecosystem, Ethereum, after a successful debut on the Solana ecosystem last year. According to POG Digital, the minting of NFTs on the Ethereum network will kickstart on April 6 with a supply of 4,444 units. The expected floor price of the POG NFTs on the Ethereum network during tomorrow’s mint is about…

Hong Kong’s crypto rules set a high bar for ‘good reason,’ says SFC advisor

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The standards for Virtual Asset Service Providers (VASPs) in Hong Kong are set “incredibly high” as the Securities and Futures Commission (SFC) is wanting the crypto industry to match the same compliance standards as traditional financial firms. Speaking to Cointelegraph at the Hong Kong WOW Summit, Lucy Gazmararian, the founder of crypto venture firm Token Bay Capital and an SFC Fintech Advisory Group member explained that while “the bar is set high” they’re in place for a “good reason.” “The standards are incredibly high because [the SFCs] approach is to…

Swiss state-owned bank Postfinance to offer Bitcoin trading

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PostFinance, a retail bank fully owned by the Swiss government, is preparing to offer cryptocurrency trading and storage services to its customers. The PostFinance bank has partnered with the local cryptocurrency bank Sygnum to offer its customers a range of regulated digital asset banking services, the firms announced on April 5. The partnership will specifically allow PostFinance customers to buy, store and sell major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). The crypto services are enabled through Sygnum’s institutional business-to-business offering that provides banks with market entry to regulated and…

Ether Breaking Out Ahead of Ethereum’s Shanghai Upgrade: Bernstein

However, as the upgrade approaches there will be an “increased realization” that nearly 70% of staked ether is via liquid staking protocols such as Lido and they allowed investors to sell their stETH regardless, “so liquidity for 70% of staked ETH is now new, they could do it anyway,” the note said. Original Source AheadBernsteinBREAKINGEtherEthereumsShanghaiupgrade CryptoX Portal

Allbridge to first begin repaying stuck bridge users after recouping funds

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Users with funds stuck  on the multi-chain token bridge provided by Allbridge are first in line to receive compensation under a recovery plan posted by the project following a recent exploit.  In an April 5 statement, Allbridge said it has already started a compensation process for users despite only “partly recovering funds” after it was hacked for roughly $573,000 on April 1. “We will start with the bridge users whose transactions got stuck in pending due to the emergency shutdown,” Allbridge said, adding it will then compensate its liquidity providers…