CryptoUK, a United Kingdom-based lobby group, is calling for a crypto safelist to enable banks to know the registered crypto firms. Thus, the banking sector won’t shut off their services to all crypto firms based on the assumption that they are not registered. This call comes after the US banking sector made the headlines following…
Leading Bitcoin ATM manufacturer General Bytes reportedly encountered a security breach and the loss of BTC tokens worth $1.5 million stolen from several ATM outlets. Accordingly, the firm has reportedly shut down its cloud services due to concerns over the platform’s vulnerability after the latest exploits. The Exploit According to a recent blog post, the…
The crypto industry saw a landmark event as the supply of the second-largest crypto asset, Ethereum, experienced a significant drop of 65,000 ETH at the start of the year, as revealed by IntoTheBlock. Per the report, this comes from the September 2022 Merge that signaled Ethereum’s transition to the proof-of-stake (PoS) consensus algorithm from the…
The central bank digital currency (CBDC) has continued to enjoy wide use in China as residents and companies in the Fujian Province reportedly processed nearly $22 billion in digital Yuan (e-CNY) transactions from last year to date. The Fujian Province was one of several districts added to the country’s CBDC pilot phase last year. Fujian…
Starting March 31, the DEX operating on Solana—Orca will prevent users located in the US from conducting trades on its web platform. The plan was revealed in an official announcement published on its website. On-chain platform DefiLlama disclosed that the exchange currently holds a total value of over $46 million locked in smart contracts of…
The biggest news in the DeFi space is the attack on Euler Finance, which resulted in a staggering $197 million exploit. However, recent developments suggest the situation may not be as dire as initially thought. According to reports, the hacker, whose identity is still unknown, might be having a change of heart and contemplating returning…
Circle has developed “enhanced relationships” with various banking partners, including BNY Mellon, to aid in the redemption of USDC. Bank of New York Mellon currently offers custody services to Circle’s reserves. It was a tumultuous weekend as Circle’s USDC stablecoin deviated from its peg to the US dollar. However, a sequence of actions taken by…
The cryptocurrency industry is no stranger to volatility. Still, Huobi’s recent flash crash of its Huobi Token (HT) sent shockwaves through the market. The crash caused the token’s price to drop an astounding 90%, catching many crypto traders off guard. In response, Huobi has set up a $100M liquidity fund to help stabilize the market…
Lego, the renowned Danish toy manufacturer known for its vibrant plastic building bricks, aims to broaden its entertainment offerings and focus on the metaverse. In collaboration with Epic Games, Lego is gearing up to launch a virtual world to penetrate new digital markets and sustain its growth momentum while expanding its market share. Lego Doubles…
Senator Elizabeth Warren recently spoke out against “sham audits” of cryptocurrency exchanges. Her comments come as Silicon Valley Bank (SVB) declares bankruptcy. Her words echo the sentiment of many crypto community members who have been watching the collapse of the FDIC-insured institution with growing concern. Senator Warren’s comments focused on the importance of rigorous and…
What is a Crypto Mining Rig? A crypto mining rig is a computer system specifically designed and optimized for the purpose of mining cryptocurrency. Mining involves using computational power to solve complex mathematical equations in order to verify and process transactions on a blockchain network. Mining rigs typically consist of multiple high-performance graphics processing units…
Before looking at what are Decentralized Exchanges (DEXs), we shall discuss what an “Exchange” and “Decentralized Finance (DeFi)” are. What is an Exchange? An exchange is a platform or marketplace where individuals, businesses, or institutions can buy and sell various assets, such as stocks, bonds, currencies, commodities, and cryptocurrencies. The purpose of an exchange is…
Nubank, a leading neobank in Brazil backed by Warren Buffett, made headlines a couple of years ago when it became the first bank in the country to offer crypto trading options on its platform. Now, the company has taken the next big step in its crypto journey with the launch of Nucoin. This new cryptocurrency…
Undoubtedly, Ethereum and Bitcoin are two famous cryptocurrencies that have gained great traction over the past few years. Consider these two cryptocurrencies and Pepsi and coca cola of the crypto world. Although many believe these two assets are competitors, the truth must be clarified. In 2009 Bitcoin laid its step in the cryptosystem and has…