Tag: Parallel

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…

Leah Callon-Butler: Bitcoin, Mescaline and Parallel Worlds

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Leah Callon-Butler, a CoinDesk columnist, is the director of Emfarsis, a consulting firm focused on the role of technology in advancing economic development in Asia. Have you ever asked a fellow Bitcoiner about the time they tumbled down the rabbit hole? If so, you’ll know the trademark twinkle-in-the-eye when they recount the precise moment they departed from everyday reality.  It is a special ceremony that we repeat over and over, reliving the rite of passage that earned us membership to this secret society. Originally coined by Lewis E. Carroll, author…

The Stock Market Is Trading in a Parallel Universe – That’s OK…Until It’s Not

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The stock market rally is, by all measures, completely absurd. Traders have become drunk on stimulus and it’s causing irrational investing. If the free money faucet turns off, the stock market is in for a rude awakening. Is there anyone out there who believes the stock market’s impressive rally is somehow rooted in reality? Civil unrest across the U.S. has further complicated economic reopening plans, unemployment data show many of the job losses are likely permanent, and many of those who managed to hold on to their jobs are seeing…

Govt. Pauses SEC Suit Against $30 Mln ICO Amid Parallel Investigation Concerns

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Prosecutors have paused a United States Securities and Exchange Commission (SEC) lawsuit against the alleged operators of a $30 million fraudulent ICO amid concerns that proceedings may impact the integrity of a parallel investigation into the defendants. The United States attorney’s office for New Jersey intervened in the case on April 2. SEC suit paused amid integrity concerns over the parallel investigation The SEC action against defendants Boaz Manor, Edith Pardo, and the associated companies CG Blockchain Inc and BCT Inc has been halted to maintain the integrity of parallel…