Day: October 11, 2023

XRP Price Gears Up For Big Squeeze, Which Side Will Prevail?

The XRP price has experienced a lot of volatility in the first two weeks of October, in contrast with previous months. This trend will continue as a critical metric hint at a potential “short squeeze,” a price move set to take liquidity from long or short positions. As of this writing, the XRP price trades at $0.48 with a 2% loss in the last 24 hours. The cryptocurrency recorded a 9% loss in the previous seven days and operated as the worst performer in the top 10 by market cap,…

Startup demos upcoming decentralized GPU infrastructure network to OpenAI, Uber

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A project that started out as an institutional-grade quantitative trading system for cryptocurrencies and stocks has transitioned to become a decentralized network sourcing GPU computing power to serve increasing demand for artificial intelligence (AI) and machine learning (ML) services. Io.net has developed a test network that sources GPU computing power from a variety of data centers, cryptocurrency miners and decentralized storage providers. Aggregating GPU computational power is touted to drastically reduce the cost of renting these sources, which are becoming increasingly expensive as AI and machine learning advance. Speaking exclusively…

Balance of transparency and control

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As the digital landscape evolves, decentralized governance has become an important notion to foster a fair and inclusive ecosystem. In the trend toward transparency and collaborative decision-making, analyzing companies’ roles and responsibilities in this new paradigm is critical as we navigate the exciting realm of decentralized governance in search of the ideal balance of transparency and control. The balance problem The conventional system of centralized control is called into question by decentralized governance. The goal is to equally share power and decision-making authority among participants while encouraging transparency and inclusiveness.…

Bitcoin Lightning Network sees 1,200% surge in 2 years

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Bitcoin’s Lightning Network saw a 1,212% increase in transactions since August 2021, reaching 6.6 million in August 2023, as per a new report by River Financial. Bitcoin’s (BTC) layer-2 scaling solution, the Lightning Network, achieved impressive growth, according to a report published on Oct. 10 by Bitcoin financial services company River Financial. The data reveals that routed transactions on the network surged from 503,115 in August 2021 to a staggering 6,599,553 in August 2023, representing an exponential growth rate of 1,212%. “Nobody is using Lightning” should now be a dead…

USDC issuer partners with Philippines exchange to promote stablecoin

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Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC (USDC), is increasing its presence in the Philippines with a new local partnership. On Oct. 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines. As part of the partnership, Coins.ph and Circle will work jointly to drive awareness of USDC payments and help Filipino people pay less for cross-border money transfers and make faster transactions, the companies said. The average cost of sending a $200 payment to Asia was 5.7% in…

iFinex proposes $150M share buyback from Bitfinex hack victims: Report

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Bitfinex’s parent company, iFinex, has proposed buying back $150 million worth of the company’s shares from users who were offered them as compensation for the $71 million hack on the Bitfinex crypto exchange in 2016, according to Bloomberg. IFinex revealed its plans to buy back $150 million worth of shares in a shareholder letter dated Sept. 22. The digital asset firm offered a price of $10 per share to shareholders for the 15 million shares distributed in the aftermath of the 2016 Bitfinex hack. Bitfinex lost nearly 36% of the user…

JPMorgan Goes Live With First Blockchain-Based Collateral Settlement

Caroline Ellison, former CEO of Alameda Research, testified that she committed fraud at the direction of her ex-boyfriend and former colleague, FTX exchange founder Sam Bankman-Fried. Ellison, 28, is the government’s highly anticipated star witness in the six-week trial of Bankman-Fried. She was the CEO of Alameda Research, the hedge fund prosecutors say stole billions of dollars from customers of its sister company, the cryptocurrency exchange FTX. (Read the government’s indictment here.) Prosecutors began their questioning of Ellison by asking her if she committed crimes and if so, who she…

Regulators in Brazil Accuses Binance of Running Pyramid Scheme

The Congressional Committee of Brazil noted that Binance was running a pyramid scheme and operating while bypassing the regulators. The case is now for the Brazilian police to look after. A congressional committee in Brazil has made allegations against Binance, asserting the platform’s involvement in a fraudulent pyramid scheme. The committee also accuses Changpeng “CZ” Zhao, the CEO of Binance, of having ulterior motives in the establishment of multiple companies in the region. The statement from the committee reads: “BINANCE was one of the companies used in the fraudulent financial…