#Stablecoin Development on XDC Network

[ailtrahq]

In the rapidly evolving world of blockchain technology, the XDC Network has emerged as a promising player, gaining widespread recognition and support from regulatory bodies and corporations alike. This wave of endorsement comes on the heels of a significant partnership between Fluent Finance, a leading blockchain and fintech development firm, and Impel, a company specializing in financial messaging and blockchain integration. The collaboration has set the stage for a new era of enterprise-focused blockchain solutions. The XDC Network, tailored for enterprise-grade financial services, has garnered attention for its innovative approach and commitment to security and transparency. The network’s regulatory-forward stance provides an ideal environment for the integration of blockchain technology, particularly in the realm of stablecoins. The crux of the partnership between Fluent Finance and Impel revolves around the introduction of the US+ stablecoin to the XDC Network. Known for its regulator-friendly design, US+ is set to make a profound impact on the digital currency landscape. It maintains a 1:1 ratio with the U.S. Dollar, offers real-time audits and boasts backing by vetted federated banking partners. This unique approach addresses a critical challenge in the world of stablecoins, eliminating counter-party risk and creating a more secure and regulated ecosystem for digital currencies. The partnership also signifies a major shift in how businesses conduct transactions. Fluent Finance’s federation of banks will play a pivotal role in minting and redeeming US+ on and off the XDC Network. This initiative is set to open doors for cross-border payments, international trade, and instant settlement, all underpinned by blockchain technology’s security and transparency. The successful deployment of US+ smart contracts on the XDC Network serves as a proof of concept for this partnership. It underscores the collaborative spirit and smooth integration between Fluent Finance and Impel, promising a bright future for the stablecoin ecosystem. Troy S. Wood, CEO and Founder of Impel is equally enthusiastic about the partnership, citing Fluent’s strong management team and regulatory soundness as key factors contributing to its success. The XDC Network, designed specifically for enterprise-grade trade finance and payments, aligns perfectly with Impel’s mission to provide secure, stable, and efficient financial solutions. The ISO 20022 financial messaging API and the R3 Corda | XDC Network Bridge, which forms part of Impel’s offerings, provide innovative solutions for settling debt obligations on the blockchain, disrupting traditional methods. 1/ Fluent is pleased to announce our activity in the UAE Ministry of Economy’s NextGen FDI programme, per @Zawya.We are as excited to develop and implement deposit token infrastructure in the UAE as we are grateful for the support of @ThaniAlZeyoudi.https://t.co/RPOPPZG0cV— Fluent Finance (@FluentDAO) October 11, 2023 Fluent Finance has shared exciting news as they join the UAE Ministry of Economy’s NextGen FDI program. This strategic move underscores Fluent’s commitment to advancing deposit token infrastructure in the UAE, a region known for its forward-looking approach to financial technology. The company expresses deep gratitude for the support received from His Excellency Dr. Thani Al Zeyoudi, recognizing the UAE’s vital role in fostering innovation and growth in the fintech sector. This marks a promising step toward realizing their vision for a more efficient and secure financial ecosystem in the UAE and beyond.In addition to the blockchain and fintech industry, Fluent Finance’s inclusion in the UAE’s NextGen FDI program marks an important step in the broader adoption of blockchain technology. The company’s innovative approach to cross-border trade, facilitated by bank-issued cryptocurrencies and stablecoins, aligns with the UAE’s vision to embrace advanced technology tools in global supply chains.

It also complements the UAE’s Comprehensive Economic Partnership Agreement program, aimed at achieving frictionless trade between the UAE and an increasing number of nations across the world. In summary, the partnership between Fluent Finance and Impel, the adoption of the US+ stablecoin on the XDC Network, and Fluent’s inclusion in the UAE’s NextGen FDI program signify a bright future for enterprise-focused blockchain networks. This collaboration showcases the potential of blockchain technology to revolutionize the fintech and enterprise sectors, offering enhanced security, transparency, and efficiency, ultimately shaping the future of finance in the digital age.

[coinprojects]

New Post has been published on https://coinprojects.net/u-s-congress-submits-18-crypto-bills-in-2021-visa-buys-150k-cryptopunk-microstrategy-snaps-up-more-btc-hodlers-digest-aug-22-28/

U.S. Congress submits 18 crypto bills in 2021, Visa buys $150K CryptoPunk, MicroStrategy snaps up more BTC: Hodler’s Digest, Aug. 22-28

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Congress has put forward 18 bills on digital assets in 2021 so far

The U.S. Congress has been ramping up its efforts to provide a regulatory framework for crypto in 2021 and has put forward 18 bills concerning digital assets and blockchain tech so far this year.   

According to an Aug. 22 analysis from former Federal Deposit Insurance Corporation regulator Jason Brett, the current 117th Congress differs from its predecessor in that it has been focusing on regulation concerning decentralized assets as opposed to private stablecoins. 

It was also reported this week that the contentious $1 trillion infrastructure bill will see a vote in the House of Representatives by Sept. 27 — without any amendments to the controversial crypto tax provisions.

  Visa invests $150,000 in NFT CryptoPunk asset

This week Visa, Visa spent $150,000 on a tokenized JPEG of a pixel art punk, better known as a CryptoPunk NFT. The firm announced the news in an Aug. 23 blog post, with Cuy Sheffield, the head of crypto at Visa, teasing that the firm may be looking at a prolonged stay in the sector.

“To help our clients and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store and leverage an NFT,” he said. 

Visa purchased CryptoPunk 7610 — a female figure with a mohawk, green clown makeup eyes and lipstick. Obtaining an “understanding of the infrastructure requirements” in purchasing an NFT mustn’t have taken long, as all you need to do is buy it and store it in your wallet. It’s not rocket science. 

Budweiser also joined in the action by purchasing a fan art NFT for 8 Ether (ETH), worth roughly $25,000. The NFT depicted a Budweiser-branded rocket that would take five minutes to whip up on Adobe Illustrator. The beer producer also spent 30 ETH, or $94,000, on the domain name Beer.eth through Ethereum Name Service on OpenSea.

  PayPal launches crypto services for UK customers

Global payments provider PayPal announced the rollout of its crypto services for customers in the United Kingdom this week. 

PayPal first launched its crypto services less than a year ago, and this is the first time it has expanded crypto support beyond U.S. shores. 

The firm will initially allow customers to buy, sell and hold crypto assets including Bitcoin (BTC), Ether, Litecoin (LTC) and Bitcoin Cash (BCH). However, crypto transactions for PayPal business accounts aren’t supported yet.

  MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC

MicroStrategy, led by Bitcoin apostle Michael Saylor, has snapped up another $177 million worth of digital gold. The latest purchase takes the firm’s tally up to 108,992 BTC, which cost a mere $2,918 billion overall. 

The average purchasing price for its BTC sits at approximately $26,769 per coin. With the price of BTC sitting at $47,584 at the time of writing, MicroStrategy’s holdings are valued at $5.1 billion.

It is a foregone conclusion that Saylor is “all in” on BTC at this stage. However, it is yet to be seen if he will respond to crypto skeptic Peter Schiff’s call out for a debate. Schiff faced off against Anthony Scaramucci this week over whether gold or BTC is a better store of value. After he won, he stated in jest: 

“I just gotta say one thing: Michael Saylor, stop ducking me, I know you’re out there.”

  Binance denies allegations of market manipulation

Major crypto exchange Binance came out swinging this week as it pushed back against allegations of market manipulation and trading against its users. 

The firm is currently facing regulatory scrutiny and, in an Aug. 23 Twitter thread, Binance seemingly laid the blame of assertions of market manipulation on publications spreading FUD, along with people impersonating Binance employees. 

The firm stated that, while it works on its compliance targets with regulators, it expects “fewer FUD-peddlers and individuals with malicious intent,” and went on to warn: 

“Binance reserves the right to take legal action to protect its interests and welcomes responsible whistle-blowing that protects the trust of our community.”

    Winners and Losers

    At the end of the week, Bitcoin is at $48,373, Ether at $3,233 and XRP at $1.14. The total market cap is at $2.08 trillion, according to CoinMarketCap. 

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Tezos (XTZ) at 46.33%, Avalanche (AVAX) at 33.86% and Celo (CELO) at 31.97%. 

The top three altcoin losers of the week are Audius (AUDIO) at -21.08%, XinFin Network (XDC) at -13.99% and SushiSwap (SUSHI) at -12.76%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Most Memorable Quotations

  “As long as the statute says that software developers, miners, stakers must do the impossible, there is no lawyer who would advise them to risk operating in violation of laws whose penalties for non-compliance would easily bankrupt them.”

Lawrence Zlatkin, Coinbase global vice president of tax

  “In the last year, we’ve seen a significant shift in how the global financial ecosystem is thinking about new business models fueled by digital assets, and how this is playing a meaningful role in financial infrastructure.”

Linda Pawczuk, principal at Deloitte Consulting

  “We will want to wait for all the regulatory things. Of course, crypto is an area which is extremely interesting, and is the biggest buzzword and is doing exceptionally well. But we would want to understand more on the regulation side.”

Manu Jain, managing director of Xiaomi India

  “A trading platform that offers derivatives on digital assets to U.S. persons without registering, or in violation of CFTC trading rules, is subject to the CFTC’s enforcement authority.”

Dawn Stump, commissioner at the U.S. Commodity Futures Trading Commission

  “When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.”

David Marcus, head of Facebook Financial and co-creator of Diem

  “Be wary of investment opportunities with low risk and high returns. If something sounds too good to be true, it probably is.”

Delia Rickard, deputy chair of the Australian Competition and Consumer Commission 

  “Binance has never traded against our users nor manipulated the market, and we never will.”

Binance

  “With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”

Cuy Sheffield, head of crypto at Visa

  “I think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. It’s more portable, it’s impregnable in terms of the transaction over the blockchain […] and it’s being adopted quite rapidly.”

Anthony Scaramucci, Skybridge founder

Prediction of the Week 

  Bitcoin bullish cross on weekly chart paints $225K BTC price target if history repeats

Bitcoin regained the $50,000 price level this week, although the asset subsequently fell several thousand dollars as part of a price correction, fluctuating between $45,000 and $50,000 for most of the week. 

During the month of August, the moving average convergence/divergence (MACD) indicator on Bitcoin’s weekly price chart formed and continued through a cross of the indicator’s two lines, and jumped to green on its histogram (the bar part at the bottom of the indicator). 

What does it mean? Well, nothing is certain, but according to reporting from Cointelegraph’s William Suberg, the last time Bitcoin’s MACD indicator acted similarly (last fall), the asset’s price grew by more than five times in value in the following half dozen months. BTC could potentially rise above $200,000 if things play out comparably, according to Suberg.

FUD of the Week 

  Google bans 8 ‘deceptive’ crypto apps from Play Store

Google, the Silicon Valley-based tech overlords, took down eight fraudulent crypto apps from its Google Play Store this week. 

Fraudulent crypto-themed mobile apps have been popping up more frequently over the past 12 months, and they usually operate under the false pretext of offering cloud mining services. 

According to a recent report from Trend Micro, the apps were charging around $15 a month for their fake services and extra for “increased mining capabilities” — all while duping users into watching paid ads.  

The reportedly fake crypto apps included mining services such as BitFunds, Bitcoin Miner, Daily Bitcoin Rewards, Crypto Holic and MineBit Pro, to name a few.

  Poll shows Brits concerned over the prospect of a digital pound

According to a survey conducted by Redfield & Wilton Strategies on behalf of Politico, 30% of British adults hold concerns over a Bank of England-issued central bank digital currency, or CBDC.  

For some reason, the notion of having a programmable government-backed CBDC that can track all of their spending habits doesn’t sound appealing to them. If they think that’s bad, just wait until they hear about the insatiable appetite for personal data that Apple, Google or Facebook has. 

There were 2,500 British adults surveyed in the study during early August, with 24% believing that it could be beneficial, while 46% were undecided.

  Coinbase users angry with customer support after funds disappear from accounts

Top U.S. crypto exchange Coinbase was facing backlash this week for terrible customer service in relation to users reporting hacks and being drained of funds.  

According to an Aug. 24 investigation from CNBC, thousands of disgruntled customers across the U.S. have lodged complaints against the company, and are unhappy with the lack of response from Coinbase when dealing with hacks and stolen funds.  

“Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry,” CNBC stated.

  Best Cointelegraph Features

Blockchain is as revolutionary as electricity: Big Ideas with Jason Potts

“This is completing the revolution that was started with the internet.”

London’s impact: Ethereum 2.0’s staking contract becomes largest ETH holder

The aftereffects of the London upgrade begin to emerge as the Eth2 staking contract becomes the single largest Ether holder.

The new episode of crypto regulation: The Empire Strikes Back

A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.

Source link By Cointelegraph By Editorial Staff

#Altcoin #Binance #Bitcoin #BlockChain #BlockchainNews #BNB #Crypto #CryptoExchange #ETH #Etherium #RippleNetwork #XRP

[coinprojects]

New Post has been published on https://coinprojects.net/infrastructure-bill-passes-coinbase-posts-1-6-billion-in-q2-profit-600-million-stolen-in-defi-hack-hodlers-digest-aug-8-14/

Infrastructure bill passes, Coinbase posts $1.6 billion in Q2 profit, $600 million stolen in DeFi hack: Hodler’s Digest, Aug.8-14

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

  Infrastructure bill passes US Senate — without clarification on crypto

On Tuesday, the controversial infrastructure bill passed in the U.S. senate In a 69-30 vote.

The bipartisan bill proposes roughly $1 trillion of funding into transportation and electricity infrastructure projects. The bill also puts forward more stringent rules for firms handling crypto assets while expanding reporting requirements for brokers, who will be required to report digital asset transactions worth more than $10,000 to the IRS. 

Six senators, including Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden, proposed an amendment to the buzz-kill bill on Monday that would exempt software developers, transaction validators and node operators as brokers, while proposing that tax reporting requirements “only apply to the intermediaries.” 

Their efforts didn’t bear fruit, however, with further clarification on crypto not provided.  Senator Toomey flamed the bill in the aftermath, noting that the legislation was “too expensive, too expansive, too unpaid for and too threatening to the innovative cryptocurrency economy.”

  Poloniex settles charges with SEC for operating unregistered exchange

The United States Securities and Exchange Commission, or SEC, announced a $10 million settlement with cryptocurrency exchange Poloniex on Aug. 9. 

Poloniex was charged with facilitating trades in unregistered securities between July 2017 and November 2019. According to the indictment, the SEC also asserted that Poloniex employees were misbehaving, as they actively sought to circumvent securities regulation in a plot to increase the company’s market share. 

On the same day, SEC commissioner Hester Peirce — known colloquially as “Crypto Mom” due to her regular pushback against SEC crypto enforcement — slammed the regulators’ actions in a public statement. 

Crypto Mom questioned the regulators’ opaque regulatory framework that crypto firms must navigate in the U.S. while asserting that, even if Poloniex had tried to register with the SEC, 

they “likely would have waited…and waited…and waited some more” for a verdict.

  Coinbase’s Q2 profits top $1.6B as ETH volume surpasses BTC’s for the first time

Coinbase, the crypto exchange led by media-shy co-founder and CEO Brian Armstrong, posted Q2 profits of $1.6 billion this week. 

The firm released its Q2 report on Tuesday, and its net profit of $1.6 billion marked a mammoth increase of 4,900% compared to the $32 million recorded in the same period of 2020. Coinbase’s total revenue for the quarter was $2.23 billion, beating out analysts’ predictions of $1.78 billion in expected revenue. 

Interestingly, for the first time since Coinbase was founded nine years ago, Ethereum (ETH) had a higher trading volume than Bitcoin (BTC), with the assets representing 26% and 24% of total volume, respectively.

  55% of the world’s top 100 banks reportedly have crypto and blockchain exposure

Despite banks often taking time out of their busy schedules to slam crypto, a new research report found that 55 out of the top 100 banks by assets under management have some form of blockchain or crypto exposure.  

According to research by Blockdata, the banks and their subsidiaries have direct and indirect investments in crypto and decentralized ledger technology firms.

Notable banking giants named and shamed included Barclays, Citigroup and Goldman Sachs, who were reported as the most active backers of crypto and blockchain firms, while  JPMorgan Chase and BNP Paribas were also identified as serial investors in the sector.

    Winners and Losers

    At the end of the week, Bitcoin is at $46,262, Ether at $3,189 and XRP at $1.01. The total market cap is at $1.92 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are IoTeX (IOTX) at 314.69%, XinFin Network (XDC) at 71.34%, and Ravencoin (RVN) at 71.23%. 

The top three altcoin losers of the week are THORChain (RUNE) at -12.02%, Quant (QNT) at -5.71%, and THETA (THETA) at -2.58%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Most Memorable Quotations

  “If #Bitcoin were to catch up to #Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000.”

Mike McGlone, senior commodity strategist for Bloomberg Intelligence

  “Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didn’t understand what they would ever amount to.”

Mark Cuban, billionaire investor

  “If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly. That’s the equivalent of burying a bar of gold in your backyard.”

Nic Carter, co-founder of Coin Metrics

  “This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation.”

Pat Toomey, U.S. Senator

  “I think we’re already past the stage of crypto early adoption.”

Stephen Stonberg, Bittrex Global CEO

  “We are living in a time where everything is going digital, including traditional assets.”

Austin Woodward, CEO of TaxBit

  “Given how slow we have been in determining how regulated entities can interact with crypto, market participants may understandably be surprised to see us come onto the scene now with our enforcement guns blazing and argue that Poloniex was not registered or operating under an exemption as it should have been.”

Hester Peirce, commissioner of the U.S. Securities and Exchange Commission

  “Bitcoin’s journey to becoming Gold 2.0 has been beautiful.”

Dan Held, Kraken director of growth marketing

Prediction of the Week 

  Bitcoin Technicals: Why BTC price breaking $48K resistance is the key to new all-time highs

Bitcoin has recovered a notable amount of ground in recent weeks. The asset hit its all-time high of almost $65,000 back in April but subsequently fell in the days and weeks after, finding its way down to around $30,000. On multiple occasions, the asset briefly fell below $30,000. 

Recent weeks, however, have shown bullish price movement for Bitcoin, as the asset has posted chart action seemingly indicative of a reversal, based on analysis from Cointelegraph’s Michaël van de Poppe. 

The $48,000 price range on Bitcoin’s chart sits as notable resistance. A move past the price zone of $47,500 to $49,000 could signal a possible further move up to eventual fresh all-time highs, although van de Poppe noted $55,000 as a nearer-term target following a break of the mentioned resistance zone. Alternatively, should Bitcoin’s price break down, a number of levels of price support exist, with $37,500 as an important level to hold.

FUD of the Week 

  Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin

Earlier this week Coinbase tweaked its description of number-two stablecoin USD Coin (USDC) to paint a picture of a slightly less-than-stable coin. 

Coinbase made the change following an audit showing that USDC’s reserves weren’t all held in cash. The previous statement read: “Each USDC is backed by one dollar held in a bank account.” 

The new statement reads: “Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions.”

While this might be a blow to USDC owners Circle, the firm’s stablecoin cash reserves are likely larger than Tether’s and its USDT.

  Alex Saunders sued for $350K by Nuggets News follower

Alex Saunders, the Aussie behind popular crypto YouTube channel Nuggets News, is being sued by a disgruntled investor for almost 479,270 Australian dollars, worth roughly $353,027. 

Plaintiff Ziv Himmelfarb filed a formal written order demanding that the YouTuber pay the amount in losses and damages for unpaid loans and allegedly bogus investments. 

Himmelfarb stated that it was a “no-brainer” to trust Saunders when he was asked for loans and offered investment opportunities by the crypto influencer, as he had been following him since 2017 and found him to be a reputable figure in the space. 

“When he told me he had temporary liquidity issues in May, I was glad to help with a short-term loan, but couldn’t get any of my money back since then. Hopefully I can get repaid,” Himmelfarb said in regard to his alleged 30 ETH loan to Saunders.

  DAO Maker crowdfunding platform loses $7M in latest DeFi exploit

DAO Maker, a crowdfunding platform focused on raising money for crypto projects, was exploited by hackers who stole $7 million worth of USDC out of 5,251 user accounts. 

According to DAO Maker CEO Christoph Zaknun, the hackers were able to syphon around $7 million worth of USDC.

“One of the reasons why this did happen is probably that the amount of deposits within the [Strong Holder Offering] contract really exceeded our expectations,” said Zaknun in an AMA on Twitch. “Initially, we never expected more than $2.5 million to be deposited in there, but over time, the SHOs became very popular.”

Cointelegraph didn’t reach out to the hackers to provide comments, as nobody knows who they are.

  Best Cointelegraph Features

Large hodlers accumulate Bitcoin below $50K as BTC transactions over $1M soar

The dominance of Bitcoin transaction values above $1 million has doubled year-over-year, hinting at a rising institutional involvement in the cryptocurrency space.

Is the cryptocurrency epicenter moving away from East Asia?

East Asia has experienced a major decline in crypto adoption over the past year when compared with other regions.

Measuring success: Offsetting crypto carbon emissions necessary for adoption?

Crypto companies are doing their best to go green by offsetting Bitcoin carbon emissions, but how accurate are their estimates?

Source link By Cointelegraph By Editorial Staff

#AltcoinNews #Bitcoin #BitcoinNews #BlockchainNews #Coinbase #CoinbaseNews #CryptoNews #WeeklyUpdate