Day: June 5, 2023

How regulators are mitigating the risk of extinction from AI: Law Decoded, May 29–June 5

boss

There is no shortage of regulatory efforts to mitigate the negative impacts of artificial intelligence. The lively discussion around artificial intelligence (AI) continues. Last week, dozens of AI experts — including the CEOs of OpenAI, Google DeepMind and Anthropic — signed an open statement with a single sentence: “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.” Despite the ominous statement, there is no shortage of regulatory efforts to mitigate the negative impacts of AI. In China,…

Tether invests in El Salvador’s $1B renewable energy project

boss

Stablecoin issuer Tether (USDT) has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative. The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender some three years ago. The latest is a renewable power generation precinct in Metapán, which aims to harness solar and wind energy which will power and be monetized by Bitcoin mining operations. Tether is among investors in a first round capital raise to…

Blue chip collaterals help stabilize NFT lending: Paraspace

boss

According to a recent report published by nonfungible token (NFT) money market protocol Paraspace and multichain wallet BitKeep, the current amount of NFT borrowing and lending, or NFTFi loans, has surpassed $430 million across 43,521 borrowers. The highest proportion of collateral comprised the most popular NFT collections, such as Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club. Researchers at Paraspace and BitKeep said that NFTFi added $25 million in outstanding loans from January to March. Also contributing was the introduction of a digital collectible lending protocol by…

BNB, CAKE Crypto Prices Plummet Following SEC Crackdown on Binance

CAKE, the token that powers PancakeSwap, the BNB Chain alternative of decentralized exchanges like Uniswap and SushiSwap, is used for liquidity mining rewards and grants holders governance rights over the protocol. The total value locked on Pancake Swap stands at $1.81 billion, a roughly 9% decrease in the past seven days, per DeFi Llama. Source

Crypto Hedge Fund Arca Has Trimmed 30% of Its Staff

“Growth has been hard to predict in this extended bear market and uncertain regulatory environment,” a spokesperson for Arca told CoinDesk. “Our headcount adjustment will allow us to preserve capital and resources giving us a greater chance of success until this sector experiences a shift in sentiment and a clear regulatory picture.” Source

AI-related crypto returns rose up to 41% after ChatGPT launched: Study

boss

A recent study conducted by researchers at the Blockchain Research Lab in Hamburg, Germany, indicates that OpenAI’s launch of ChatGPT represented a rising tide scenario for cryptocurrency assets related to artificial intelligence.  Launched in November of 2022, ChatGPT quickly became one of the fastest-growing web platforms in history, eclipsing one million daily users in just five days and reaching the 100 million monthly users mark by January 2023. As of June 2023, it’s difficult to tell exactly how many monthly users the app now serves — OpenAI hasn’t disclosed any…

Volcano Energy Secures $1B in Commitments, Including From Tether, For 241 MW Bitcoin (BTC) Mine in El Salvador

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CryptoX is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CryptoX is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CryptoX employees, including editorial employees, may receive exposure to DCG equity…

The ever-growing landscape of crypto compliance

boss

It is a goal of many in the crypto industry to evolve the space and bring it into the mainstream, but the industry still faces constant criticism from and continues to be regulated by individuals who may not fully understand how it works. Regulatory bodies worldwide have been increasingly vigilant in addressing potential risks and ensuring compliance within the crypto space.  One notable aspect of this regulatory focus is the imposition of fines and penalties on individuals and companies involved in various crypto-related activities. Here’s how the landscape has transformed…