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BlackRock (NYSE:BLK) is close to applying for a bitcoin ETF, using offline storage solution Coinbase Custody and market data from the cryptocurrency exchange, according to CoinDesk. This decision comes amid regulatory investigations into the cryptocurrency industry in the US.
CoinEx, a Hong Kong-based cryptocurrency exchange, was banned from operating in New York and had more than $1.7 million in funds seized for allegedly failing to register as a securities and commodities broker. The company has agreed to repay more than $1.1 million to New York investors and pay fines of more than $600,000 to the state. Furthermore, CoinEx must implement measures to block access to New York users and is prohibited from creating new accounts for US customers. “ Today’s settlement should serve as a warning to cryptocurrency companies that there are heavy consequences for ignoring New York laws. My office will continue to crack down on cryptocurrency companies that blatantly flout the law, mislead investors, and put New Yorkers at risk ,” noted Attorney General Letitia James.
Coinbase (NASDAQ:COIN) will redeem $64.5 million worth of 0.50% convertible senior notes at a 29% discount. The transaction, led by Chief Financial Officer Alesia Haas, is seen as opportunistic. Investors have concerns after SEC allegations for operating an unregistered exchange and selling unregistered securities. “ The buybacks are expected to close on or around June 20, 2023, subject to satisfaction of customary closing conditions. Following these closings, principal amount of approximately $1.373 billion of the Notes will remain outstanding”, wrote the exchange. In other news, Coinbase has announced a partnership with self-custodial bitcoin wallet app Bitkey, allowing customers to easily buy bitcoin and keep control of their private keys. The feature will be available to users in the US, Canada, UK, Brazil and Australia, with a public launch expected later this year. “ Partners play a key role in bringing self-custody to a wider group of people around the world, and we are incredibly proud to have partnered with leading companies like Coinbase to make self-custody safe and easy to use,” said the Bitkey business lead Lindsey Grossman in the statement.
Startup ResearchHub, led by Coinbase CEO Brian Armstrong, has raised $5 million in Series A funding. The platform allows users to be rewarded with cryptocurrencies for contributing scientific knowledge. They seek to create a credible, evidence-based reward system to drive forward scientific research. “ Over time, we hope to iterate toward a ResearchCoin reward structure that funnels resources to the best and brightest minds at ResearchHub in a reliable, evidence-based way ”, said a ResearchHub blog post.
Is blockchain technology ready for high storage applications? Web3, the third generation of the internet, is a decentralized and distributed version that uses blockchain and other decentralized technologies to offer greater user control, privacy and data ownership. It redefines the way we interact with digital services, moving from centralized models to decentralized peer-to-peer networks. Web3 brings features such as interoperability, distributed file systems, smart contracts, and tokenization, enabling high storage applications. However, blockchain technology needs to address challenges of scalability, storage efficiency, data availability, privacy and security to be ready for these applications. The adoption of solutions such as sharding, Layer 2 protocols, distributed file systems, and strong cryptographic techniques is critical to the success of Web3 in high storage applications.
The EU securities agency ESMA will consult in July on new rules for crypto companies. The European Securities and Markets Authority will present proposals next month on MiCA rules. Future consultations will address environmental disclosures, transparency and market abuse. MiCA will allow cryptocurrency exchanges to operate across the EU with a single license from 2024. Further rules will be set by the European Banking Authority.
Ripple confirmed partnership with the Central Bank of Colombia for pioneering blockchain initiatives. A pilot program by the end of 2023 will be conducted to evaluate high-value payments using Ripple’s CBDC platform. The partnership aims to improve payment systems and data management, boosting secure and transparent transactions. Ripple’s CBDC platform is an end-to-end solution based on XRPL, allowing central banks to issue their own central bank digital currencies. Using the XRP token (COIN:XRPUSD) as a bridge currency is optional, giving customers flexibility. “ This partnership demonstrates our commitment to driving innovation and efficiency, empowering public entities to unlock the full potential of secure and transparent transactions “, said Vice President of Central Bank Engagements and CBDCs at Ripple, James Wallis.
Twitter founder Jack Dorsey has committed to investing around $5 million in non-profit organization Brink, which supports independent Bitcoin developers (COIN:BTCUSD). Funds will be donated in five installments of $1 million from Dorsey’s Start Small funding initiative. Brink strengthens the Bitcoin network through research and development, offering grants and mentorship to developers. The organization is funded solely by individual and corporate donations. “ As a Brink Fellow, you will spend a year working alongside our engineering team and the other Brink Fellows. You will learn about all aspects of the Bitcoin Core system, including consensus, peer-to-peer networking, wallets, and cryptography. You will become an effective open source contributor and start making contributions to the project from day one ”, the nonprofit organization says on its website.
The Celsius Network is allowing the exchange of altcoins for bitcoin and ether. Debtors seek approval to convert all currencies except bitcoin and ether (COIN:ETHUSD) starting July 1. The conversion will not affect creditor claims, and payments will be made primarily in bitcoin and ether, with limited exceptions. Conversions will be reported in monthly reports.
According to Chainalysis, ransomware criminals are increasingly using mining pools to launder illicit money. This sophisticated tactic allows you to funnel funds and avoid compliance alarms on exchanges. While the use of mining pools for money laundering has outpaced peer-to-peer exchanges, the revenue generated by ransomware attacks has declined due to victims’ increasing refusal to pay ransoms. Chainalysis suggests stricter wallet screening measures by mining pools and hashing services, as well as KYC, to combat the use of cryptocurrencies from illicit sources. “ The first and most important fix would be for mining pools and hashing services to adopt more strenuous wallet screening measures beyond KYC, using blockchain analysis to verify the origins of users’ funds and reject cryptocurrencies coming from illicit addresses”, said the Chainalysis report.
Polkadot has simplified its governance with Polkadot OpenGov, enabling community-controlled simultaneous polls. The new model replaces the Polkadot Board and Technical Committee with an elected body called the Polkadot Fellowship, with no power over the network. Multiple voting proposals can occur at the same time, solving previous bottlenecks. After six months of testing in Kusama, OpenGov is implemented in Polkadot. “ The previous governance system could only take one referendum at a time with the default that each one lasted 28 days, so you could only get 12 or 13 of them over the course of a year. That pace makes sense for sensitive things like system updates, but not for when someone wants to make a treasury proposal or start a new option for a parachain”, explained Joe Petrowski, System Parachains team lead at the Web3 Foundation.
Polygon Labs has launched “The Value Prop”, an open database highlighting positive blockchain use cases around the world. With over 300 applications and 39 use cases to date, the project is compared to a “Wikipedia for use cases”. The initiative aims to provide concrete examples for regulators and demystify the association between blockchain and cryptocurrencies. “ This is just the beginning. It’s not like this is a stagnant site. It’s going to grow as people see it and say, ‘Oh, we want more apps that are on Solana to be listed here. Please put them on the website‘”, said Rebecca Rettig, director of policy at Polygon Labs. The platform also features testimonials from people positively impacted by technology.
OKX, the second largest cryptocurrency exchange in the world, has obtained an MVP preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA) for its subsidiary OKX Middle East. The company is expanding its operations in the Middle East, opening an office in Dubai and hiring local staff. The license will allow OKX Middle East to offer regulated virtual asset services, including spot trading, derivatives and custody. VARA is recognized as a world leader in crypto regulation. “ Dubai and VARA are world leaders in crypto regulation, establishing the most timely, comprehensive and built from the ground up framework for virtual assets and web3. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy, in the current uncertain market environment”, said OKX Global Head of Government Relations Tim Byun.
The Hong Kong Monetary Authority (HKMA) is encouraging banks to accept cryptocurrency exchanges as clients, aiming to turn Hong Kong into a global crypto hub. While there are no restrictions, banks fear regulatory scrutiny and are wary after the FTX implosion. Banks seek to balance the regulatory incentive with concerns about money laundering and customer knowledge issues. “ Everything has been done by the government to encourage these banks to facilitate the opening of banking services to the sector ”, said Niel Tan, president of the FinTech Association of Hong Kong.
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