Crypto Mountains

2023-03-14 22:30:00 ​Tassat blockchain to join FedNow service with B2B onramp as pilot prepares for launch.

The New York-based fintech said it will provide an API to allow clients to access the new Federal Reserve real-time payment service when it premiers.

Blockchain operator Tassat announced March 14 that it will provide access to the United States Federal Reserve’s FedNow payment system. FedNow, which will launch as a pilot project later this year, will provide real-time, round-the-clock payment service.

Tassat will serve as a business-to-business onramp for FedNow through a client-facing application programming interface (API), CEO Kevin Greene told Cointelegraph. Both the company’s interbank and intrabank services will provide FedNow access.

The FedNow pilot is expected to begin in June or July with a small number of banks. The system will offer real-time gross settlement by funneling commercial bank money from a sender through a Fed credit account to its recipient. It is often seen as a non-blockchain alternative to central bank digital currency (CBDC) and to stablecoin.

FedNow will initially be available only for domestic transfer, which suited Greene. “We have a lot of work to do here in America,” he said. He referred to the U.S. financial infrastructure as “antiquated.”

Tassat has a pipeline of six banks, which include the recently-shuttered Signature Bank. Greene said of the recent bank closures:

"Recent events have illuminated the existential crisis that small, mid-sized and regional banks face, particularly being squeezed out by the mega banks.”

Blockchain adoption is progressing rapidly in the banking system, according to Greene. “Sixteen months ago, most bank CEOs didn’t know much about blockchain at all,” he said, “and today the feeling is they have to have some kind of blockchain strategy.” Greene Added that Tassat had doubled its number of employees to 90 in the past 12 months.

Greene began as an investor and board member at the company when it was founded in 2017, then moved into the CEO and chairman positions. Open / Comment

2023-03-11 23:00:01 ​Aavegotchi bonding curve closes on exact day of DAI depeg.

The price of GHST was supported by that of DAI stablecoin for over two years.

According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi on Mar. 11, the entity closed the bonding curve defining the exchange rate between its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The same day, the DAI stablecoin depegged as part of the ongoing USD Coin destabilization, which was, in turn, caused by $3.3 billion in stuck stablecoin collateral deposits owed to its issuer Circle by now-defunct Silicon Valley Bank.

GHST is described as an "entry ticket" into Aavegotchi, where users can use the token to purchase NFT portals, wearables, consumables within the Aavegotchi game, stake to farm rewards, or participate in DAO governance. The Aavegotchi bonding curve was created on Sept. 14, 2020, with an opening price of 0.2 DAI per GHST.

When users purchase GHST via DAI, the bonding curve smart contract, powered by Aragon, ensures new GHST tokens are minted and vice versa. However, when a GHST token is purchased, each subsequent buyer will have to pay a slightly higher price for each token, leading to GHST having a higher market cap than its DAI reserve.

In what was essentially a multi-year token sale, the protocol has received a total of 30.3 million DAI. Developers first proposed in January that the DAI funds should be distributed for protocol liquidity, the Aavegotchi DAO, and its parent Pixelcraft Studios on a 20/40/40 basis.

With the bond curve now removed, the exchange rate of GHST is now free floating and no longer determined by DAI. At the time of publication, the token's value has plunged by 18.09% in the past 24 hours to $1.12 apiece. Meanwhile, the price of DAI stablecoin has fallen 6.76% in the past 24 hours to $0.9314 apiece. Though no longer linked, the proceeds received from the token sale suffered a material loss due to the DAI depegging event. Cointelegraph has reached out to Aavegotchi but did not receive a response by press time. Open / Comment

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2023-03-10 19:00:19 Cryptomatch.app, evaluated at $10 M, sets a $1 M goal for the seed round

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2023-03-10 18:00:23 ​S Korean Regulator Launches Crypto Trading Platform Probe

South Korea’s top financial regulator, the Financial Services Commission (FSC), has begun a “comprehensive inspection” of the nation’s crypto exchanges.

Per Decenter, Financial Services Commission (FSC) specifically wants to probe the 20 trading platforms that do not have licenses to trade fiat KRW. The media outlet noted that this is “the first time” the FSC has conducted a “comprehensive inspection” of exchanges that do not operate in the fiat markets.

The outlet said it expected that the inspection will focus on anti-money laundering protocols.

Under South Korean law, exchanges can offer crypto-to-crypto trading services, provided they meet certain criteria. To obtain fiat-trading licenses, however, they must form partnerships with commercial banks.

These banks must provide all exchange users with real name-, social security number-verified accounts linked to their crypto wallets. Open / Comment

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2023-03-08 23:00:01 ​SEC Takes Swift Action Against BKCoin and Kevin Kang for Alleged Involvement in $100 Million Crypto Fraud

The Securities and Exchange Commission (SEC) has announced it is taking “emergency action” against crypto hedge fund BKCoin and its co-founder Kevin Kang for “Ponzi-like conduct.”

According to a press release from the SEC, Kang’s fund raised approximately $100 million from 55 investors between October 2018 and September 2022. The investors were promised that the money would go towards buying crypto, but Kang instead used some of the money for personal expenses and to make “Ponzi-like payments,” the SEC said.

The SEC has now obtained permission to freeze the fund’s assets and take other emergency measures against the fund, which is registered in Miami, Florida.

The SEC’s complaint was originally filed on February 23, and unsealed this week. Open / Comment

2023-03-08 17:00:17 Polaron Is Announcing Its Public Presale Event NO2 Of The POLAR Token

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2023-03-05 22:00:05 ​​The crypto industry has ‘already started’ moving outside US, says Ripple CEO.

Ripple’s CEO Brad Garlinghouse said the SEC’s lawsuit against Ripple is the regulator playing “offense” and “attacking” the industry as a whole.

The United States Securities and Exchange Commission’s (SEC) regulation through “enforcement” is not a “healthy way” to regulate an industry, and may result in the U.S. being a less attractive location for crypto firms, suggests Ripple’s CEO.

In a March 3 Bloomberg interview, Brad Garlinghouse, CEO of blockchain-based digital payment network Ripple, suggested that the SEC’s regulation approach puts the U.S. at “severe risk” of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.

Garlinghouse noted that the SEC’s case against Ripple is the SEC simply playing “offense” and “attacking” the industry as a whole, adding that if the SEC is “able to prevail,” there will be “a lot of other cases.”

He suggested that the crypto industry has “already started moving outside” of the U.S., given its crypto regulation process is “behind” other countries like “Australia, the United Kingdom, Japan, Singapore and Switzerland.”

He commended these countries for taking “the time and thoughtfulness” to create “clear rules of the road,” adding that the approach taken by the U.S. is not a “healthy way to regulate an industry.”

Garlinghouse recalled when he “first got into the tech industry in the late 90s,” there were proposals to ban the internet due to “illicit activity,” but the government refuted the idea and decided to “create a framework.”

He emphasized “the benefits” this early adoption brought on a “geopolitical basis,” to have the “Amazon’s and Google’s” based in the U.S., suggesting that the same opportunity is currently on the table with creating a framework for crypto.

Garlinghouse believes the framework process should begin with outlining “clear protections for consumers.”

He added that consumers are suffering from the “lag,” as they lack the “same protection” that regulatory frameworks “can provide.“

Garlinghouse believes that a decision should come this year in the SEC’s case against Ripple. Open / Comment