Month: May 2023

UBS Appoints Credit Suisse CEO Ulrich Koerner to Its Board of Directors

The acquisition of Credit Suisse by the bigger bank has been viewed using different lenses by industry observers. Swiss multinational investment banking firm UBS Group AG (SWX: UBSG) has announced that Ulrich Koerner, the CEO of Credit Suisse, will be joining the executive board of the new joint entity. The update comes a few weeks after an emergency purchase of Credit Suisse by UBS was facilitated by regulators. UBS confirmed the announcement according to a news release, emphasizing that Koerner will be in charge of maintaining Credit Suisse’s operational continuity…

In Bitcoin BRC-20 Debate, There’s no Such Thing as ‘High Fees’

Lightning is not a panacea, and it is best suited for high frequency, small granularity payments – which certainly doesn’t satisfy all types of Bitcoin transactional demand. There’s more than just one way to move dollars around – we have wires, ACH, credit and debit networks, Fednow, physical cash, remittances, hawala networks, money orders, and fintech apps, among others. More abstractly, these can be divided into “push” and “pull” approaches, real time versus deferred settlement, and gross versus net settlement models. Each has its own set of tradeoffs, and offers different…

What is explainable AI (XAI)?

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XAI involves designing AI systems that can explain their decision-making process through various techniques. XAI should enable external observers to understand better how the output of an AI system comes about and how reliable it is. This is important because AI may bring about direct and indirect adverse effects that can impact individuals and societies.  Just as explaining what comprehends AI, explaining its results and functioning can also be daunting, especially where deep-learning AI systems come into play. For non-engineers to envision how AI learns and discovers new information, one…

Former Coinbase product manager behind insider trading case sentenced to 2 years in prison

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A federal judge has sentenced Ishan Wahi, the former product manager at Coinbase Global accused of insider trading, to 24 months in prison. In a May 9 hearing in United States District Court for the Southern District of New York, Judge Loretta Preska sentenced Wahi to 2 years in prison for his role in using confidential information he obtained during his time working at Coinbase to profit off new listings of tokens, totaling up to $1.5 million. Preska ordered Wahi to surrender by June 21 at 2:00 PM ET to…

Revolutionary Blockchain Partnership Announced By Microsoft, Goldman Sachs

Blockchain technology is the focus of a new partnership between Microsoft Corp, Goldman Sachs Group, Cboe Global Markets, and Deloitte. Their main objective is to develop a blockchain infrastructure that can connect institutional applications and encourage wider adoption of distributed ledger technology in financial markets. According to a press release from May 9, the Canton Network will be an interoperable blockchain with privacy features designed for the institutional asset management industry. It will make it possible to synchronize different financial markets that were “previously siloed.” Bloomberg calls the new venture…

PayPal’s crypto holdings increased by 56% in Q1 2023 to nearly $1B

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Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly report filing to the Securities and Exchange Commision (SEC).  Claiming a combined total of $943 million in cryptocurrency assets as of March 31, 2023, the filing shows a 56% increase over the company’s previous quarter where PayPal disclosed $604 million. PayPal’s reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% — up more than 10% from 2022’s reported fourth quarter liabilities. Related: PayPal crypto partner Paxos raises $300M According to the report, PayPal…

The Impact of Cryptocurrency in Charitable Giving

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In addition to upending established banking structures, cryptocurrency has also transformed philanthropic giving and philanthropy. The use of digital currencies for charitable purposes has increased as they become more widely accepted. This article examines the expanding practice of using cryptocurrencies for charity purposes and demonstrates their profound influence on charitable donations. For people and organizations, cryptocurrency opens up a new channel for charitable contributions. Cryptocurrencies promote transparency, security, and efficiency in donations by utilizing blockchain technology. Philanthropists may help charities all around the world thanks to this decentralized and borderless…

Scaling Challenges Trigger Intense Debate as Mempool Overflows – Bitcoin News

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This week, the Bitcoin community has been abuzz with discussions about the network’s scaling challenges. As the blockchain’s transfer fees continue to surge, the backlog of transactions stuck in the mempool has hit an unprecedented high. Crypto enthusiasts have been sharing their diverse perspectives on the matter, leading to a flurry of takes across various social media platforms. Bitcoin’s Scaling Challenges Spark Controversy and Diverse Perspectives The recent surge in Ordinals and BRC20 token usage has led to a significant increase in onchain activity, causing the mempool to overflow with…

Hong Kong Warns Crypto Businesses Not to Expect Special Treatment as City Readies Regulation

A high-ranking Hong Kong official has warned crypto exchanges to expect strict regulation and advises those in opposition to go elsewhere.  Hong Kong has stated that its upcoming crypto regulation would not promote a light-touch approach despite the city’s crypto-friendly disposition. The Chinese special administrative region is putting the finishing touches to digital asset licensing rules as it seeks to become a global crypto hub. Speaking at Tuesday’s Bloomberg Wealth Asia Summit, Hong Kong Monetary Authority CEO Eddie Yue Wai-man warned: “Our regulations will be tight.” Yue added that crypto…