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Ryan Salame, the former co-CEO of FTX Digital Markets, has reached a plea agreement in a criminal case. As part of the agreement, Salame has agreed to transfer his $5.9 million Bahamas house to FTX Digital Markets Ltd. instead of paying $5.6 million in restitution in cash. (Read More)
Microsoft and OpenAI have decided to revisit their equity deal in order to ensure that both parties remain aligned in their goals. The original agreement, which was established back in 2019, granted Microsoft exclusive rights to license GPT-3, OpenAI’s powerful language model. This renegotiation reflects the evolution of both companies’ strategies and objectives. OpenAI has [...]
The White House has asserted that significant advancements have been made in negotiations with China regarding a potential trade agreement. This development comes amidst ongoing discussions aimed at resolving trade disputes and establishing a fair and equitable trade relationship between the two countries. In recent statements, US officials have described the progress in the negotiations [...]
Stellar (XLM)'s Proof-of-Agreement consensus mechanism emphasizes trust and social reputation, enhancing security and decentralization compared to traditional Proof-of-Stake systems. (Read More)
El Salvador’s recent purchase of 13 BTC in the last week has garnered attention, especially in light of its ongoing negotiations with the IMF. Despite the deal being struck with the International Monetary Fund, the Central American nation has shown its commitment to embracing cryptocurrencies. The move to acquire Bitcoin demonstrates El Salvador’s forward-thinking approach [...]
The post El Salvador Increases Bitcoin Holdings Despite IMF Agreement appeared first on Crypto Breaking News.
Bitcoin mining company U.S. Bitcoin Corp (USBTC) has announced its intention to employ the mining assets of Celsius, the defunct crypto lender. The development follows the acquisition of application-specific integrated circuit (ASIC) machines from the bankrupt company by the Fahrenheit coalition, of which USBTC is a member. USBTC said it aims to revive the fleet [...]
The post US Bitcoin Corp to Operate Restructured Mining Division of Celsius, Boosting Hashrate by 12.2 EH/s appeared first on Crypto Breaking News.
Bankrupt crypto exchange FTX is seeking to recover $460 million of allegedly misappropriated customer funds from venture capital (VC) firm Modulo Capital, which received a sizeable investment from Alameda Research last year. As previously reported, FTX’s sister trading firm, Alameda Research was understood to have invested around $400 million in Modulo in 2022 — one [...]
The post FTX seeks to claw back $460M from Bankman-Fried-backed VC firm appeared first on Crypto Breaking News.
The two jurisdictions want to strengthen relations to harness the potential of Bitcoin cryptocurrency for the benefit of both regions and neighboring states and countries. (Read More)
The new German coalition is aiming to make the “European financial market supervisory law” fit for crypto-assets and businesses.
Digital Asset Provision: the letter comes just a day after the bill was signed into law. We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers. pic.twitter.com/xu1Dj2GAqD — Rep. Darren Soto (@RepDarrenSoto) November 16, 2021 On late […]
The post Breaking: Ten Senators Urge Speaker Pelosi To Reverse “Crippling” Digital Asset Provision appeared first on CryptosRus.
Digital Asset Provision: the letter comes just a day after the bill was signed into law. We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers. pic.twitter.com/xu1Dj2GAqD — Rep. Darren Soto (@RepDarrenSoto) November 16, 2021 On late […]
The post Breaking: Ten Members Of Congress Urge Speaker Pelosi To Reverse “Crippling” Digital Asset Provision appeared first on CryptosRus.
This project is an enigma. On the one hand, Stellar is not for profit, it doesn’t have owners or shareholders, and strives to be somewhat decentralized. On the other, Stellar is a compliance-focused protocol, and its directors often meet with shadowy organizations like the World Economic Forum. According to their website, the protocol seeks “to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.” Fine, but, at what cost? Related Reading | Stellar To Power VISA’s New Partnership, XLM Begins Breakout According to the legend, Stellar is a Ripple fork. However, as you’ll see below, that’s not exactly true. Founder of the infamous Mt. Gox cryptocurrency exchange and co-founder of Ripple, Jed McCaleb, launched Stellar in 2014. Stripe financed the initial operation. Joyce Kim, a lawyer, is his partner in the venture. The native currency of the whole ecosystem is called Lumen or XLM. Stellar’s Mission And Approach Securities.io interviewed the recently appointed CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon. “The vision is big: Stellar and SDF hope to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered,” she told them. On its website, the organization justifies its existence. “The way the global financial establishment is structured today, people are born into an economy just like they’re born into a political system. Stellar is a way out: it lets people participate in a worldwide, stable, financial network regardless of where they live.” The controversial aspect is Stellar’s approach. It’s completely opposed to the cryptocurrency ethos. The company wants to build a bridge between the traditional banking system and the cryptocurrency space, but by following the traditional banking system’s rusty rules. “The software has always been intended to enhance rather than undermine or replace the existing financial system.” In other words, Stellar aims to provide a platform with which all financial actors can interact without any friction. All financial actors that are properly identified and approved by the legacy system, that is. What Is The Stellar Consensus Protocol? As a consensus mechanism, Stellar doesn’t use Proof-Of-Work or Proof-Of-Stake. It uses its own Stellar Consensus Protocol (SCP.) For a formal definition, let’s quote the paper that Stellar presented at the Symposium on Operating Systems Principles. “With SCP, each institution specifies other institutions with which to remain in agreement; through the global interconnectedness of the financial system, the whole network then agrees on atomic transactions spanning arbitrary institutions, with no solvency or exchange-rate risk from intermediary asset issuers or market makers.” And, what does the Stellar Consensus Protocol accomplish exactly? “SCP lets Stellar atomically commit irreversible transactions across arbitrary participants who don’t know about or trust each other. That in turn guarantees new entrants access to the same markets as established players, makes it secure to get the best available exchange rates even from untrusted market makers, and dramatically reduces payment latency.” For the system to function, Stellar relies on Federated Byzantine Agreements. For a description of what those do, let’s quote Bit2meAcademy: “For the FBAs to function properly, participants must wait for the majority to reach a consensus. In this way, participants know which transactions are most relevant before starting to settle them. So when the majority of the network takes a position, the network accepts the transaction and makes it unfeasible to roll it back for an attacker. In other words, the Stellar Consensus Protocol tends towards centralization and just ignores most of the problems that Proof-Of-Work solves. It does use significantly less energy, though. XLM price chart for 09/04/2021 on Bitfinex | Source: XLM/USD on TradingView.com Key Characteristics Of The Stellar Blockchain Almost all of the Stellar validators are corporate entities of some sort. Or are maintained by the Stellar Development Foundation. However, “anyone can install the Stellar software and join the consensus process.” Each Stellar Lumen account must have a minimum of XLM in them. This minimum balance protects the network from spam accounts. The Stellar Lumen’s mission is to pay for gas to conduct operations inside the Stellar ecosystem. The Stellar ecosystem was not designed for direct payments. The idea is to provide a platform that serves as an intermediary in currency exchange. The system “doesn’t privilege any particular currency.” The code is open source and auditable by anyone. “The Foundation helps maintain Stellar’s codebase, supports the technical and business communities around Stellar,” great! “And is a speaking partner to regulators and institutions,” ow. Stellar recently signed a partnership with “crypto-asset risk management solutions” firm Elliptic. That means, “Elliptic’s monitoring, compliance, and analysis software now incorporates support for XLM, the native asset of Stellar.” Ow. With the recent protocol 13 update, Stellar allows “fine-grained control of asset authorization.” This means the issuer of an asset can deauthorize accounts and don’t let them use the asset. This means, more control and permissions. The Lumens had an inflation rate of 1% per year. In September 2019, Stellar removed inflation of Lumens. Also, the Stellar Development Foundation burned 55B of their Lumens. So, Is Stellar a Ripple Fork? In its FAQ, the organization goes back to its origins: “The old Stellar network launched in July 2014. The node software (stellard) was a modified fork of the Ripple node software (rippled). The ledger was completely new and contained no history from Ripple’s network.” Related Reading | Stellar To Introduce AMM Functionality, What This Means For Its Ecosystem So, the software was originally based on Ripple’s, but the ledger was brand new. Nevertheless, in 2015, when they released the Stellar Consensus Protocol, they re-wrote the software from scratch. From that point onwards, Stellar doesn’t share any code with Ripple. Featured Image by Nicole Avagliano on Unsplash - Charts by TradingView
In a compelling turn of events this Saturday, India and the United Arab Emirates (UAE) inked a landmark agreement facilitating trade transactions to be settled in their native currencies, rupees and dirhams, instead of relying on the U.S. dollar. India’s prime minister Narendra Modi visited the UAE, where the countries announced the linking of the [...]
The post India and UAE Break Away From US Dollar: Landmark Agreement Enables Trade Settlements in Rupees and Dirhams appeared first on Crypto Breaking News.
According to data from Market.US, the virtual power purchase agreement market was valued at roughly $16.7 billion in 2023.
Exchange operator Cboe Global Markets has amended five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications to include a surveillance-sharing agreement (SSA) with Coinbase. On July 11, Cboe amended filings with the United States Securities and Exchange Commission (SEC) for the ETFs from Invesco, VanEck, WisdomTree, Fidelity and the joint fund by ARK Invest and 21Shares. [...]
The post Cboe refiles 5 Bitcoin ETFs to include Coinbase surveillance agreements appeared first on Crypto Breaking News.
Canaan Inc. has finalized a securities purchase agreement to bolster its digital mining operations and equipment production in North America, securing investment from a key institutional partner. (Read More)
During the initial half of 2023, Coinbase shares experienced a significant surge, rocketing over 30% this week as Nasdaq and Cboe refiled spot bitcoin exchange-traded fund (ETF) applications on behalf of numerous fund managers. The revisions highlighted that, upon ETF approval, Coinbase has been asked to serve as a surveillance-sharing agreement (SSA) collaborator. Coinbase Stock [...]
The post Coinbase Shares Skyrocket Over 30% After Nasdaq and Cboe Amend Bitcoin ETF Applications appeared first on Crypto Breaking News.
In response to reports suggesting that the recent wave of spot bitcoin exchange-traded funds (ETFs) filed in recent weeks did not meet the U.S. Securities and Exchange Commission’s (SEC) standards, the Chicago Board Options Exchange (Cboe) has resubmitted four 19b-4 filings for these ETFs. Notably, Cboe’s amended filings now include Coinbase as a partner in [...]
The post Cboe Resubmits Spot Bitcoin ETF Filings With Coinbase as Surveillance-Sharing Partner Amid SEC Dissatisfaction appeared first on Crypto Breaking News.
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