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2023-03-19 00:00:16 The WINNER of the previous GIVEAWEY is
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2023-03-16 12:18:28 THE LATEST CRYPTO NEWS FROM CNS

Federal Reserve confirms July launch for FedNow instant payment service

The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies and stablecoins.

The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks. It does not rely on blockchain technology.

It’s a significant step for the government, as it is controlled by the Federal Reserve. Clearing House’s RTP network, which also offers real-time payments, is operated by a consortium of large banks.

https://cointelegraph.com/news/federal-reserve-confirms-july-launch-for-fednow-instant-payment-service


Formfunction to shutter marketplace amid Solana NFT slump

Formfunction, a Solana-based, nonfungible token (NFT) marketplace, has announced it is closing up shop after only 13 months of operation amid a slump in Solana NFT prices and trading volumes.

On March 15, Formfunction announced it was “shutting down” on March 29, saying it “cannot continue to operate.” The decision was reached after “much discussion and careful consideration, it said.

https://cointelegraph.com/news/formfunction-to-shutter-marketplace-amid-solana-nft-slump


Circle clears ‘substantially all’ minting and redemption backlog for USDC

Stablecoin issuer Circle says it has cleared “substantially all” of the redemption and minting requests for its stablecoin, USD Coin
USDC.

In a March 15 operational update, Circle said between the morning of March 13 to the close of banking business in the United States on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC.

https://cointelegraph.com/news/circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc


OpenAI co-founder’s ‘World ID’ project launches, along with SDK waitlist

Crypto unicorn Worldcoin has launched a waitlist for its “World ID” software development kit (SDK), which will allow websites to verify the uniqueness and humanness of its users without storing their personal information.

The company has also launched the World ID software itself, allowing end users to obtain their “World ID” immediately, according to a March 14 announcement on the Worldcoin website.

Worldcoin is co-founded by Sam Altman, who also co-founded OpenAI.

https://cointelegraph.com/news/openai-co-founder-s-world-id-project-launches-along-with-sdk-waitlist


Gensler suggests staking token operators should ‘seek to come into compliance’

United States Securities and Exchange Commission Chair Gary Gensler has again suggested that proof-of-stake coins may be securities. He expressed his view on March 15 after a commission meeting on cybersecurity issues.

Gensler was asked by reporters about his reaction to statements made by Commodity Futures Trading Commission Chair Rostin Behnam at a Senate Agricultural Committee meeting last week that he felt stablecoin and Ether were “going to be commodities.”

https://cointelegraph.com/news/gensler-suggests-staking-token-operators-should-seek-to-come-into-compliance Open / Comment

2023-03-15 20:08:55

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2023-03-15 13:11:22 THE LATEST CRYPTO NEWS FROM CNS

KuCoin leads $10M funding for Chinese yuan stablecoin issuer

The investment arm of major cryptocurrency exchange KuCoin is moving to support new stablecoin initiatives by backing a Chinese yuan-pegged stablecoin issuer.

KuCoin Ventures has led a $10 million investment into stablecoin issuer and blockchain-based payment service provider known as CNHC.

Announcing the news on March 16, KuCoin Ventures said that the funding round included some prominent industry investors, including KuCoin’s investor IDG Capital and Circle Ventures, the investment arm of the USD Coin issuer, Circle.

https://cointelegraph.com/news/kucoin-leads-10m-funding-for-chinese-yuan-stablecoin-issuer


US officials appeal protections for Voyager execs in Binance.US sale

United States officials want to remove a provision included in bankrupt lender Voyager Digital’s plan to sell its digital assets to crypto exchange Binance.US that would prevent them from legally pursuing anyone involved with the sale.

In a motion filed on March 14 in a New York bankruptcy court, U.S. trustee William Harrington and other government attorneys argued “the court improperly exceeded its statutory authority” in approving the pardoning.

They requested the court’s approval of the sale be delayed for two weeks to allow them to file an appeal.

https://cointelegraph.com/news/us-officials-appeal-protections-for-voyager-execs-in-binance-us-sale


ChatGPT v4 aces the bar, SATs and can identify exploits in ETH contracts

GPT-4, the latest version of the artificial intelligence chatbot ChatGPT, can pass high school tests and law school exams with scores ranking in the 90th percentile and has new processing capabilities that were not possible with the prior version.

The figures from GPT-4’s test scores were shared on March 14 by creator OpenAI, revealing it can also convert image, audio and video inputs to text in addition to handling “much more nuanced instructions” more creatively and reliably.

https://cointelegraph.com/news/chatgpt-v4-aces-the-bar-sats-and-can-identify-exploits-in-eth-contracts


MetaMask addresses privacy concerns with new features for enhanced control

Web3 wallet app MetaMask has introduced a number of new features aimed at enhancing privacy and giving users more control, according to a March 14 blog post by the developer. The new features come after MetaMask had previously been criticized for allegedly intruding on users’ privacy.

https://cointelegraph.com/news/metamask-addresses-privacy-concerns-with-new-features-for-enhanced-control


Euro Parliament approves Data Act that requires kill switches on smart contracts

The European Parliament passed the Data Act on March 14. The comprehensive bill was intended to “boost innovation by removing barriers obstructing access to industrial data.” Among its provisions is an article that would require smart contracts to be alterable.

The legislation established rules for fairly sharing data generated by “connected products or related services,” such as the Internet of Things and “industrial machines.” Eighty percent of industrial data generated is never used, the European Parliament noted in a statement, and this act would encourage greater use of those resources to train algorithms and lower prices for device repairs.

https://cointelegraph.com/news/europarliament-approves-data-act-that-requires-kill-switches-on-smart-contracts Open / Comment

2023-03-13 10:54:34 THE LATEST CRYPTO NEWS FROM CNS

USDC bounces back toward $1 peg after Fed announcement

Circle’s stablecoin USD Coin is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has new banking partners lined up at “banking open tomorrow morning.”

According to CoinGecko data, USDC is up 3.3% over the past 24 hours to sit at $0.99

https://cointelegraph.com/news/usdc-bounces-back-towards-1-peg-after-fed-announcement


Coinbase, Celsius and Paxos disclose funds in Signature Bank

Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto firms with funds reportedly tied up with the now-shuttered Signature Bank.

The crypto-friendly Signature Bank was shut down by New York regulators on March 12 in conjunction with the United States Federal Deposit Insurance Corporation to “protect the U.S. economy,” as they claimed the bank posed a “systemic risk.”

Crypto exchange Coinbase tweeted on March 12 that it had around $240 million in corporate funds at Signature that it expected would be fully recovered.

https://cointelegraph.com/news/coinbase-celsius-and-paxos-disclose-funds-in-signature-bank


Bank of London bids to acquire Silicon Valley Bank’s UK arm

Global clearing institution Bank of London has submitted a formal proposal to acquire the Silicon Valley Bank's subsidiary in the United Kingdom, according to a statement disclosed by Reuters on March 12.

Reuters earlier reported that other U.K. financial institutions were reviewing similar moves, including the SoftBank-owned lender OakNorth Bank. Abu Dhabi Investment vehicle ADQ was also interested in the SVB’s arm.

https://cointelegraph.com/news/bank-of-london-bids-to-acquire-silicon-valley-bank-s-uk-arm


Signature Bank closed by New York regulators, citing 'systemic risk'

New York-based Signature Bank, another crypto-friendly bank, has officially closed down and is being taken over by the New York Department of Financial Services (NYDFS).

The news was announced by Superintendent Adrienne A. Harris in a Mar. 12 statement. The New York regulator took possession of Signature Bank pursuant to Section 606 of New York Banking Law and appointed the U.S. Federal Deposit Insurance Corporation to handle the insurance process.

The Federal Reserve explained in a Mar. 12 statement that the decision to close the bank was made with the United States Federal Deposit Insurance Corporation (FDIC) to protect the U.S. economy and strengthen public confidence in the banking system.

https://cointelegraph.com/news/signature-bank-closed-by-new-york-banking-authorities


US Fed announces $25B in funding to backstop banks

Hot on the heels of several United States bank collapses, the Federal Reserve Board has announced $25 billion worth of funding aimed at backstopping banks and other depository firms.

The funds would ensure that eligible banks would have enough liquidity to cover the needs of their customers during times of turmoil.

https://cointelegraph.com/news/us-fed-announces-25b-in-funding-to-backstop-banks Open / Comment

2023-02-23 14:07:46 THE LATEST CRYPTO NEWS FROM CNS

SEC files objection to Binance US bid for Voyager assets

The United States Securities and Exchange Commission (SEC) has objected to Binance.US’ move to acquire over $1 billion of assets belonging to the defunct cryptocurrency lending firm Voyager Digital.

According to a Feb. 22 filing submitted to the U.S. Bankruptcy Court in the Southern District of New York, the SEC believes that certain elements of the asset restructuring plan of Binance.US’ acquisition could breach Securities Laws.

https://cointelegraph.com/news/sec-files-objection-to-binance-us-bid-for-voyager-assets


Frax Finance to retire algorithmic backing amid stablecoin crackdown

The community of decentralized finance stablecoin protocol Frax Finance has voted to fully collateralize its native stablecoin Frax (FRAX), marking an end to the algorithmic backing of the protocol.

The FIP-188 governance proposal — which would change the collateralization model of FRAX — initially posted on Feb. 15 has now reached a quorum with 98% voting in favor, according to a snapshot on Feb. 23 .

“The time has come for Frax to gradually remove the algorithmic backing of the protocol,” the proposal read.

https://cointelegraph.com/news/frax-finance-to-retire-algorithmic-backing-amid-stablecoin-crackdown


Gate.io to enter Hong Kong following city’s $6.4M budget allocation to Web3

Cryptocurrency exchange Gate.io is gearing up to launch a presence in Hong Kong following the local government’s planned 50 million Hong Kong dollar ($6.4 million) cash injection into Web3 under the city’s 2023-24 budget.

Gate Group said on Feb. 22 that it will apply for a crypto license in Hong Kong allowing it to launch “Gate HK.” The firm's local company, Hippo Financial Services, gained a license in August 2022 to provide virtual asset custodial services.

https://cointelegraph.com/news/gate-io-to-enter-hong-kong-following-city-s-6-4m-budget-allocation-to-web3


Google Cloud partners with Tezos blockchain to develop Web3 tech

Google’s cloud computing arm has added another string to its Web3 bow, with a new partnership to see it becoming a network validator on the Tezos blockchain.

On Feb. 22, the Tezos Foundation, a Swiss nonprofit foundation supporting the Tezos blockchain, announced it had teamed up with Google Cloud to allow customers of the cloud computing business to deploy Tezos nodes and build Web3 applications on the blockchain.

Tezos is a blockchain-based smart contract platform used to power decentralized applications, similar to Ethereum, Cardano and others. Corporates that have used Tezos include gaming giant Ubisoft and the California Department of Motor Vehicles.

https://cointelegraph.com/news/google-cloud-partners-with-tezos-blockchain-to-develop-web3-tech Open / Comment