Tag: Parallel

SEC, CFTC press civil charges against former FTX exec Singh parallel to criminal case

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Civil charges were announced against former FTX director of engineering Nishad Singh on Feb. 28, the same day he entered a guilty plea to three counts of criminal fraud in Manhattan district court. Both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are pressing charges against Singh. Singh pleaded guilty in the U.S. District Court for the Southern District of New York to one count of wire fraud, one count of conspiracy to commit wire fraud on FTX customers and one count of…

Short Term Low For Litecoin As It Breaks Below Parallel Channel

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The Litecoin price has tanked further over the last 24 hours. On their respective charts, the prices of major altcoins reflect the price action of Bitcoin. As BTC slipped close to 3%, LTC also tanked nearly 8% on the daily chart. Recovery for Litecoin seems far-fetched from what the technical outlook suggests. A rise in Bitcoin’s price may help LTC for a while, but the altcoin’s demand must rise in order for the price to reverse. The short-term price thesis for LTC points towards continued lower price action. Since the…

Parallel Markets Looks to Bridge Identity Verification Across Platforms

The company has two offerings. The first is “identity underwriting,” which validates the identity of a potential user by pulling key data about them for AML and KYC (know your customer) requirement compliance. For crypto-native firms, identity can be validated using Parallel’s PID identity token, a full on-chain token that preserves anonymity. The tool also provides sanction monitoring for both individuals and business entities globally. Source

Gap Between Ethiopian Currency’s Official and Parallel Market Exchange Rate Grows to New Record – Africa Bitcoin News

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The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high. Resumption of Fighting Between Ethiopian Government Forces and Tigray Rebels Identified as the Cause The gap between the Ethiopian currency’s official and parallel market exchange rate against the greenback widened to a new record higher after the latter rate plunged…

Parallel Finance Doubles Valuation in $5M Funding Round

Parallel Finance is interested in working with strategic investor Coinbase on its ecosystem expansion and software plans, Ruan said. The protocol also plans to build on StarkWare’s StarkNet, a layer 2 “scaling” product that addresses Ethereum’s issues of slow speed and high transaction fees. Section 32, the venture capital firm, may help bring potential partners to the table as Parallel Finance moves to invest more in Web 3 projects. Source

How Can You Live In Your Own Parallel Universe?

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Supported by extended reality and cryptocurrency technologies, the metaverse is where the physical and digital worlds meet. Unowned and full of potential, it’s not yet clear how the metaverse will evolve. But, one thing is certain: if millions of people are going to be digitally connected, the technologies powering the metaverse have to be scalable – and therein lies the problem. Early generation cryptocurrency architecture isn’t keeping up with increasing scalability demands. This is most evident with Ethereum, which is losing its status as the go-to solution for Metaverse-adjacent spaces…

Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service – Economics Bitcoin News

Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity of the situation,” management said on September 17, 2021. Tracking of Parallel Market Rates ‘Undermining’ Nigerian Economy Abokifx’s decision came shortly after the end of the CBN’s monetary policy committee meeting on the same day. In his remarks to journalists following the meeting, governor Godwin Emefiele accused…

Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto

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The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate. The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does not exceed 5%. He also adds that this market is popular with corrupt individuals because it enables them to facilitate their illegal activities. Parallel Market Tainted Emefiele’s remarks were prompted by reports in late November that the local Naira currency has…