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Coinbase would rather shut down staking than enable on-chain censorship — Brian Armstrong.
With the ban on Tornado Cash, many DeFi proponents are worried that crypto exchanges, which are also the key validators of Ethereum, will succumb to pressure and impose protocol-level censorship.
In light of the recent ban on crypto mixing tool Tornado Cash and the subsequent arrest of the Tornado Cash developer, there has been a growing debate over whether crypto services providers would choose decentralization or censorship as form of compliance.
The question has become more prominent as Ethereum is moving from its current proof-of-work (PoW) blockchain to a proof-of-stake (PoS) mining consensus. With the transition less than a month away, a user pointed out that more than 66% of validators on the Beacon Chain (Ethereum PoS chain) will adhere to the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) regulations.
When asked whether Coinbase and others would choose to adhere to compliance requests and impose protocol-level censorship or shut down staking services, Brain Armstrong, the CEO of Coinbase, chose the latter. Armstrong said:
“It's a hypothetical we hopefully won't face. But if we did we'd go with B I think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.”
There was growing speculation about the actions of Coinbase, Kraken and other prominent crypto exchanges that are also key ETH validators on the Beacon Chain.
Many believed that centralized crypto exchanges would take the easy way out and impose protocol-level censorship rather than block individual transactions from banned crypto mixers such as Tornado Cash.
The current dilemma comes from the OFAC sanctions that have deemed all Tornado Cash transactions illegal. However, decentralized finance (DeFi) experts believe it has complicated the issue. Instead of sanctioning a particular address or country, the regulators have decided to ban the protocol.
Experts believe a decision to ban would discourage many protocols and exchange operators from engaging with anything related to Tornado Cash, including ETH transacted through the mixer, which could lead to unnecessary censorship.
With the ban on Tornado Cash, many DeFi proponents are worried that crypto exchanges, which are also the key validators of Ethereum, will succumb to pressure and impose protocol-level censorship.
In light of the recent ban on crypto mixing tool Tornado Cash and the subsequent arrest of the Tornado Cash developer, there has been a growing debate over whether crypto services providers would choose decentralization or censorship as form of compliance.
The question has become more prominent as Ethereum is moving from its current proof-of-work (PoW) blockchain to a proof-of-stake (PoS) mining consensus. With the transition less than a month away, a user pointed out that more than 66% of validators on the Beacon Chain (Ethereum PoS chain) will adhere to the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) regulations.
When asked whether Coinbase and others would choose to adhere to compliance requests and impose protocol-level censorship or shut down staking services, Brain Armstrong, the CEO of Coinbase, chose the latter. Armstrong said:
“It's a hypothetical we hopefully won't face. But if we did we'd go with B I think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.”
There was growing speculation about the actions of Coinbase, Kraken and other prominent crypto exchanges that are also key ETH validators on the Beacon Chain.
Many believed that centralized crypto exchanges would take the easy way out and impose protocol-level censorship rather than block individual transactions from banned crypto mixers such as Tornado Cash.
The current dilemma comes from the OFAC sanctions that have deemed all Tornado Cash transactions illegal. However, decentralized finance (DeFi) experts believe it has complicated the issue. Instead of sanctioning a particular address or country, the regulators have decided to ban the protocol.
Experts believe a decision to ban would discourage many protocols and exchange operators from engaging with anything related to Tornado Cash, including ETH transacted through the mixer, which could lead to unnecessary censorship.
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The sale will take place starting August 26, 2022 on the game’s website. The initial sale will be only for roughly 15% of the total city acreage. The land pieces differ on their level of uniqueness, varying from common to rare, epic, legendary and unique, priced from 0.1 ETH for a common land to 10 ETH for the unique one.
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The game is based on the Take My Muffin animation show by the Toonbox studios, which is available for free on YouTube. The game allows building your own startups in a metaverse, and the end-goal of the game is to build the most powerful startup, represented as a unicorn.
The sale will take place starting August 26, 2022 on the game’s website. The initial sale will be only for roughly 15% of the total city acreage. The land pieces differ on their level of uniqueness, varying from common to rare, epic, legendary and unique, priced from 0.1 ETH for a common land to 10 ETH for the unique one.
Hetzner anti-crypto policies: A wake-up call for Ethereum’s future.
The terms of services, laid down by Ethereum's second-biggest host Hetzner, prohibits customers from running nodes, mining and farming, plotting, storage of blockchain data and trading.
Just when the Ethereum ecosystem reached its final stages in preparing for the much-anticipated upgrade, The Merge, german cloud provider Hetzner, reiterated its stance against allowing mining operations for both proof-of-stake (PoS) and proof-of-work (PoW) applications.
Hetzner, a private, centralized cloud provider, stepped in on a discussion around running blockchain nodes, highlighting its terms of services that prohibit customers from using the services for crypto activities. However, the Ethereum community perceived the revelation as a threat to the ecosystem as Hetzner’s cloud services host nearly 16% of the Ethereum nodes, as shown below.
In crypto, the reliance on centralized service providers has been historically perceived as a negative trait when it comes to long-term sustenance — and for a good reason. Redditor u/Supermann- questioned the anti-crypto policies laid down by the second biggest Ethereum Mainnet host, Hetzner. Clarifying the doubts and legal implications associated with using its services for crypto activities, Hetzner stated:
“Using our products for any application related to mining, even remotely related, is not permitted. This includes Ethereum.”
The company also stated that the non-allowance extends to running nodes, mining and farming, plotting, storage of blockchain data and trading. While acknowledging the extensive use of its services for powering Ethereum, Hetzner revealed that “we have been internally discussing how we can best address this issue.” As a fair warning to the community, Hetzner added:
“If you, or any other potential customers are unsure about whether your use case will violate our ToS, please reach out to us.”
The latest revelation from german cloud provider Hetzner showcases the impact of the decision made by centralized entities on thriving crypto ecosystems.
The majority of the Ethereum ecosystem currently runs on Amazon, which hosts 54% of the total Ethereum nodes. Some of the mainstream cloud providers that currently host Ethereum nodes include Oracle Cloud (4.1%), Alibaba (2.8%) and Google Cloud (2.7%).
The terms of services, laid down by Ethereum's second-biggest host Hetzner, prohibits customers from running nodes, mining and farming, plotting, storage of blockchain data and trading.
Just when the Ethereum ecosystem reached its final stages in preparing for the much-anticipated upgrade, The Merge, german cloud provider Hetzner, reiterated its stance against allowing mining operations for both proof-of-stake (PoS) and proof-of-work (PoW) applications.
Hetzner, a private, centralized cloud provider, stepped in on a discussion around running blockchain nodes, highlighting its terms of services that prohibit customers from using the services for crypto activities. However, the Ethereum community perceived the revelation as a threat to the ecosystem as Hetzner’s cloud services host nearly 16% of the Ethereum nodes, as shown below.
In crypto, the reliance on centralized service providers has been historically perceived as a negative trait when it comes to long-term sustenance — and for a good reason. Redditor u/Supermann- questioned the anti-crypto policies laid down by the second biggest Ethereum Mainnet host, Hetzner. Clarifying the doubts and legal implications associated with using its services for crypto activities, Hetzner stated:
“Using our products for any application related to mining, even remotely related, is not permitted. This includes Ethereum.”
The company also stated that the non-allowance extends to running nodes, mining and farming, plotting, storage of blockchain data and trading. While acknowledging the extensive use of its services for powering Ethereum, Hetzner revealed that “we have been internally discussing how we can best address this issue.” As a fair warning to the community, Hetzner added:
“If you, or any other potential customers are unsure about whether your use case will violate our ToS, please reach out to us.”
The latest revelation from german cloud provider Hetzner showcases the impact of the decision made by centralized entities on thriving crypto ecosystems.
The majority of the Ethereum ecosystem currently runs on Amazon, which hosts 54% of the total Ethereum nodes. Some of the mainstream cloud providers that currently host Ethereum nodes include Oracle Cloud (4.1%), Alibaba (2.8%) and Google Cloud (2.7%).
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Vermont’s financial regulator alleges Celsius and its CEO made ‘false and misleading claims’.
According to the regulator, Celsius “lacked sufficient assets to repay its obligations” despite suggesting it had enough funds in its reserves to mitigate the risk of insolvency.
The Vermont Department of Financial Regulation, or DFR, alleged crypto lending platform Celsius Network and CEO Alex Mashinsky misled state regulators about the firm’s financial health and its compliance with securities laws.
In a Wednesday filing with the United States Bankruptcy Court in the Southern District of New York, Vermont’s financial regulator said Celsius and Mashinsky “made false and misleading claims to investors,” which allegedly downplayed concerns about volatility in the crypto market and encouraged retail investors to leave their funds on the platform or make new investments. According to the state regulator, Celsius and its CEO “lacked sufficient assets to repay its obligations” despite claiming the firm had enough funds in its reserves to mitigate the risk of insolvency.
The DFR cited company blog posts and tweets from Mashinsky starting in 2021, suggesting that the platform was “profitable or financially healthy” at a time when it was experiencing “catastrophic losses” and “failed to earn sufficient revenue to support returns.” In addition, the regulator said it had learned of credible claims that Celsius and its management team “engaged in the improper manipulation of the price of the CEL token,” using investor funds to purchase additional tokens and payout many to depositors as interest.
“By increasing its Net Position in CEL by hundreds of millions of dollars, Celsius increased and propped up the market price of CEL, thereby artificially inflating the company’s CEL holdings on its balance sheet and financial statements,” said DFR assistant general counsel Ethan McLaughlin. “Excluding the Company’s Net Position in CEL, liabilities would have exceeded its assets since at least February 28, 2019. These practices may also have enriched Celsius insiders, at the expense of retail investors.”
According to the regulator, Celsius “lacked sufficient assets to repay its obligations” despite suggesting it had enough funds in its reserves to mitigate the risk of insolvency.
The Vermont Department of Financial Regulation, or DFR, alleged crypto lending platform Celsius Network and CEO Alex Mashinsky misled state regulators about the firm’s financial health and its compliance with securities laws.
In a Wednesday filing with the United States Bankruptcy Court in the Southern District of New York, Vermont’s financial regulator said Celsius and Mashinsky “made false and misleading claims to investors,” which allegedly downplayed concerns about volatility in the crypto market and encouraged retail investors to leave their funds on the platform or make new investments. According to the state regulator, Celsius and its CEO “lacked sufficient assets to repay its obligations” despite claiming the firm had enough funds in its reserves to mitigate the risk of insolvency.
The DFR cited company blog posts and tweets from Mashinsky starting in 2021, suggesting that the platform was “profitable or financially healthy” at a time when it was experiencing “catastrophic losses” and “failed to earn sufficient revenue to support returns.” In addition, the regulator said it had learned of credible claims that Celsius and its management team “engaged in the improper manipulation of the price of the CEL token,” using investor funds to purchase additional tokens and payout many to depositors as interest.
“By increasing its Net Position in CEL by hundreds of millions of dollars, Celsius increased and propped up the market price of CEL, thereby artificially inflating the company’s CEL holdings on its balance sheet and financial statements,” said DFR assistant general counsel Ethan McLaughlin. “Excluding the Company’s Net Position in CEL, liabilities would have exceeded its assets since at least February 28, 2019. These practices may also have enriched Celsius insiders, at the expense of retail investors.”
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While the banks were closed, Bitcoin reached 5,000 days online.
Bitcoin celebrates a milestone of 5,000 days online on Sept. 12, 2022, as miners continue to solve valid blocks on average every 10 minutes.
The world's largest cryptocurrency reached a milestone on Monday, Sept. 12 — Bitcoin (BTC) celebrated 5,000 days of uptime. The network has functioned almost without a hiccup for 13.69 years.
In Bitcoin speak, the blockchain has been online, confirming a valid block of transactions every 10 minutes, on average, for 753,782 blocks (5,000 days). Plus, 3,464 days have passed since the last downtime incident.
The first Bitcoin block was mined by Satoshi Nakamoto on Jan. 3, 2009. Bitcoin spent 99.9% of the year online, confirming valid blocks on average every 10 minutes until what is known as the Value Overflow Incident. The incident refers to the creation of a “strange block,” block 74,638, which resulted in the creation of billions more Bitcoin. Five hours later, during block 74,691, the blockchain was soft-forked, and nodes reached consensus.
In 2013, Bitcoin software split, and the chain forked into two. The blockchain was down for 6 hours and 20 minutes causing a price drop of more than 23%, hitting lows of $37. Combining the downtime of the Bitcoin network between 2010 and 2013 creates roughly 0.01% of the total time.
Bitcoin influencers (Bitfluencers?) were quick to honor the occasion with celebratory boating accidents, events in which Bitcoiners lose their private keys. Others expressed their gratitude for the anonymous creator of the protocol:
Popular cryptocurrencies such as Solana (SOL) or Ether (ETH) cannot currently compete with the uptime nor decentralization for which Bitcoin is known. Solana regularly experiences outages, labeled a "curse" to the network by its cofounder, while Ethereum’s creation was the result of a hard fork.
Vitalik Buterin, Ethereum’s cofounder, boasted in 2020 that “You can be net profitable with as little as 60% uptime.” Nonetheless, Bitcoin is still some way from reaching Nakamoto’s promise of a peer-to-peer cash system that removes third parties: Scaling payments on layer-2 are an uphill battle.
Bitcoin celebrates a milestone of 5,000 days online on Sept. 12, 2022, as miners continue to solve valid blocks on average every 10 minutes.
The world's largest cryptocurrency reached a milestone on Monday, Sept. 12 — Bitcoin (BTC) celebrated 5,000 days of uptime. The network has functioned almost without a hiccup for 13.69 years.
In Bitcoin speak, the blockchain has been online, confirming a valid block of transactions every 10 minutes, on average, for 753,782 blocks (5,000 days). Plus, 3,464 days have passed since the last downtime incident.
The first Bitcoin block was mined by Satoshi Nakamoto on Jan. 3, 2009. Bitcoin spent 99.9% of the year online, confirming valid blocks on average every 10 minutes until what is known as the Value Overflow Incident. The incident refers to the creation of a “strange block,” block 74,638, which resulted in the creation of billions more Bitcoin. Five hours later, during block 74,691, the blockchain was soft-forked, and nodes reached consensus.
In 2013, Bitcoin software split, and the chain forked into two. The blockchain was down for 6 hours and 20 minutes causing a price drop of more than 23%, hitting lows of $37. Combining the downtime of the Bitcoin network between 2010 and 2013 creates roughly 0.01% of the total time.
Bitcoin influencers (Bitfluencers?) were quick to honor the occasion with celebratory boating accidents, events in which Bitcoiners lose their private keys. Others expressed their gratitude for the anonymous creator of the protocol:
Popular cryptocurrencies such as Solana (SOL) or Ether (ETH) cannot currently compete with the uptime nor decentralization for which Bitcoin is known. Solana regularly experiences outages, labeled a "curse" to the network by its cofounder, while Ethereum’s creation was the result of a hard fork.
Vitalik Buterin, Ethereum’s cofounder, boasted in 2020 that “You can be net profitable with as little as 60% uptime.” Nonetheless, Bitcoin is still some way from reaching Nakamoto’s promise of a peer-to-peer cash system that removes third parties: Scaling payments on layer-2 are an uphill battle.
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Blockchain venture capital funding fell to a 12-month low in August.
The crypto market downturn continues to impact private funding, but one fund is bullish about the future of Web3.
Data from Cointelegraph Research reveals that in August 2022, the blockchain industry saw $1.36 billion of venture capital invested in the blockchain industry — a 12-month low and the fourth consecutive month-on-month decline in capital inflows. August’s inflows represent a 31.3% drop from July’s $1.98 billion, and the 101 deals closed in August had an average capital investment of $14.3 million — a 10.1% decline from July. The data was drawn from the Cointelegraph Research Terminal’s Venture Capital Database, which contains comprehensive information on deals, mergers and acquisition activity, investors, crypto companies, and funds.
August’s three most popular investment categories were Web3, infrastructure and nonfungible tokens (NFTs), drawing more than $1.16 billion, or 85.4%, of the total capital. Some of the biggest deals include the following: Web3 game developer Limit Break raised $200 million. Barca Studios, FC Barcelona’s Web3 arm, raised $100 million from Chiliz, the owner of blockchain-based fan rewards platform Socios. Ready Player Me, a platform that allows people to create metaverse avatars, raised $56 million in a Series B funding round led by Andreessen Horowitz. Inworld AI, a developer platform for creating AI-driven virtual characters, raised $50 million in a Series A round led by Section 32 and Intel Capital.
Venture capital firms have been raising funds too. Web3 and crypto-focused venture capital firm CoinFund launched a new $300 million fund to back early-stage startups, emphasizing its bullish belief that Web3 will “continue to progress through all market cycles.” Orange DAO raised $80 million from the Algorand Foundation and Near and looks set to continue growing as an investment-focused decentralized autonomous organization backing crypto startups. Meanwhile, Shima Capital launched a $200 million debut capital fund to support emerging digital asset companies.
The crypto market downturn continues to impact private funding, but one fund is bullish about the future of Web3.
Data from Cointelegraph Research reveals that in August 2022, the blockchain industry saw $1.36 billion of venture capital invested in the blockchain industry — a 12-month low and the fourth consecutive month-on-month decline in capital inflows. August’s inflows represent a 31.3% drop from July’s $1.98 billion, and the 101 deals closed in August had an average capital investment of $14.3 million — a 10.1% decline from July. The data was drawn from the Cointelegraph Research Terminal’s Venture Capital Database, which contains comprehensive information on deals, mergers and acquisition activity, investors, crypto companies, and funds.
August’s three most popular investment categories were Web3, infrastructure and nonfungible tokens (NFTs), drawing more than $1.16 billion, or 85.4%, of the total capital. Some of the biggest deals include the following: Web3 game developer Limit Break raised $200 million. Barca Studios, FC Barcelona’s Web3 arm, raised $100 million from Chiliz, the owner of blockchain-based fan rewards platform Socios. Ready Player Me, a platform that allows people to create metaverse avatars, raised $56 million in a Series B funding round led by Andreessen Horowitz. Inworld AI, a developer platform for creating AI-driven virtual characters, raised $50 million in a Series A round led by Section 32 and Intel Capital.
Venture capital firms have been raising funds too. Web3 and crypto-focused venture capital firm CoinFund launched a new $300 million fund to back early-stage startups, emphasizing its bullish belief that Web3 will “continue to progress through all market cycles.” Orange DAO raised $80 million from the Algorand Foundation and Near and looks set to continue growing as an investment-focused decentralized autonomous organization backing crypto startups. Meanwhile, Shima Capital launched a $200 million debut capital fund to support emerging digital asset companies.
Moscow Exchange drafting bill on digital financial assets and securities trading.
Russia's stock exchange expects to become a registered digital asset exchange and begin trading both digital financial assets and digital asset-based securities.
The Moscow Exchange (MOEX) is drafting a bill to allow trading in digital financial assets (DFAs) and securities based on them, according to a report in the Russian press. The stock exchange is writing the bill on the behalf of the Russian Central Bank, which does not have the power to introduce legislation, Vedomosti newspaper reported on Thursday.
Speaking at a banking conference, MOEX supervisory board chair Sergei Shvetsov said the bill in preparation foresees trading in both DFAs and DFA certificates that would trade like securities. “The exchange and its subsidiaries will apply to the regulator and I hope that they will receive the status of exchange operators” to trade in DFAs, Shvetsov said. He added:
“We want the market to make its own choice between blockchain accounting and depositary accounting, and if the law is passed, Russian depositories will be able to hold DFAs in their accounts on the blockchain — as soon as the client needs the underlying asset, they redeem the certificate and receive the asset in their account on the blockchain.”
Lack of familiarity is an impediment to distributed ledger technology in Russia, according to Shvetsov. “When you don’t know who to call and who to sue, many people don’t want to participate,” he said, but “It’s a blank sheet that we can draw whatever we want on, according to the needs of the economy and investors.”
Shvetsov said that the bill is currently under review by the Russian Central Bank. State Duma finance committee chair and head of the Russian Banking Association Anatoly Aksakov suggested in July that MOEX become a crypto exchange, following the examples of the Toronto Stock Exchange and the Deutsche Boerse.
A MOEX spokesman said in August that the exchange expects to be permitted to trade DFAs. “It’s in the interests of our clients,” MOEX International managing director of strategy Artem Zheleznov said.
Russia's stock exchange expects to become a registered digital asset exchange and begin trading both digital financial assets and digital asset-based securities.
The Moscow Exchange (MOEX) is drafting a bill to allow trading in digital financial assets (DFAs) and securities based on them, according to a report in the Russian press. The stock exchange is writing the bill on the behalf of the Russian Central Bank, which does not have the power to introduce legislation, Vedomosti newspaper reported on Thursday.
Speaking at a banking conference, MOEX supervisory board chair Sergei Shvetsov said the bill in preparation foresees trading in both DFAs and DFA certificates that would trade like securities. “The exchange and its subsidiaries will apply to the regulator and I hope that they will receive the status of exchange operators” to trade in DFAs, Shvetsov said. He added:
“We want the market to make its own choice between blockchain accounting and depositary accounting, and if the law is passed, Russian depositories will be able to hold DFAs in their accounts on the blockchain — as soon as the client needs the underlying asset, they redeem the certificate and receive the asset in their account on the blockchain.”
Lack of familiarity is an impediment to distributed ledger technology in Russia, according to Shvetsov. “When you don’t know who to call and who to sue, many people don’t want to participate,” he said, but “It’s a blank sheet that we can draw whatever we want on, according to the needs of the economy and investors.”
Shvetsov said that the bill is currently under review by the Russian Central Bank. State Duma finance committee chair and head of the Russian Banking Association Anatoly Aksakov suggested in July that MOEX become a crypto exchange, following the examples of the Toronto Stock Exchange and the Deutsche Boerse.
A MOEX spokesman said in August that the exchange expects to be permitted to trade DFAs. “It’s in the interests of our clients,” MOEX International managing director of strategy Artem Zheleznov said.
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We all love collecting unique NFTs with a positive purpose!🔥💯
✨Reforesta is a forestry design & conservation initiative with 13 years experience in sustainable teak and eucalyptus tree production.
✨Reforesta is minting 7777 unique “Totem Guards” NFTs to raise money to reforest the Amazon Forest with Teak and Eucalyptus trees! 🌲
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Help restore the lungs of the Earth by purchasing one of their NFTs!
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✅ Discord: discord.gg/JubWfQ4vKu
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✨Reforesta is a forestry design & conservation initiative with 13 years experience in sustainable teak and eucalyptus tree production.
✨Reforesta is minting 7777 unique “Totem Guards” NFTs to raise money to reforest the Amazon Forest with Teak and Eucalyptus trees! 🌲
❤️They need your support.
Help restore the lungs of the Earth by purchasing one of their NFTs!
✅ Website: reforestaperu.com.pe
✅ Discord: discord.gg/JubWfQ4vKu
✅ Twitter: https://twitter.com/reforesta_offic
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🔥1xBit has added a new cryptocurrency to its incredible portfolio of supported crypto assets. Now you can use Polygon on the platform🔥
✨Polygon is a decentralized platform for Web3 applications and dApps meant to better some of Ethereum’s most significant shortcomings. It improves scalability, user-friendliness, and Ethereum’s high transaction fees✨
🚀Thanks to 1xBit and Polygon, gambling with cryptocurrency is faster and easier than ever🚀
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MetaMask adopts custodial features for NFT-hungry institutional investors.
The MetaMask Institutional wallet added Cobo NFT management to its growing list of custodial services for institutional investors.
Institutional investment is pouring into the crypto world, notably the nonfungible token (NFT) scene. In a reaction to the influx, MetaMask Institutional announced another addition to its custodial services offerings for institutional-level clients.
MetaMask’s partnership with NFT management and storage service Cobo aims to create a “one-stop platform” for large corporations dealing with digital assets.
Although MetaMask is a non-custodial wallet at its average user level, the institutional branch of the wallet has been adopting custodial partnerships in various countries around the world.
Tavia Wong, the director of marketing and business development for Cobo, told Cointelegraph that not only does custodianship provide asset protection, but for institutions specifically, custodianship becomes useful on an administrative level.
“Because of the high levels of users and different clearance levels, institutions require additional features to avoid internal failures and the consequences of negligence."
While wallets like MetaMask have been deemed not as “user friendly” in the past, this addition to custodial offerings prioritizes usability for big investors.
The new integration allows institutional clients to designate roles the company alongside internal collaboration tools. According to Wong, this enables user limits on buying, trading and selling as permitted by the administrator.
“With multisig access, it ensures that no single entity will be able to control all assets, removing any single point of failure."
Nonetheless, the debate between noncustodial and custodial wallets still rages on.
With many in the space touting the slogan “not your keys; not your coins,” noncustodial wallets are often looked to for more security and financial autonomy.
However, as mainstream users without atechnical backgrounds continue to enter the space, custodial wallets often offer a more user-friendly environment. Some users even refute the aforementioned slogan in favor of greater accessibility for easy adoption:
The MetaMask Institutional wallet added Cobo NFT management to its growing list of custodial services for institutional investors.
Institutional investment is pouring into the crypto world, notably the nonfungible token (NFT) scene. In a reaction to the influx, MetaMask Institutional announced another addition to its custodial services offerings for institutional-level clients.
MetaMask’s partnership with NFT management and storage service Cobo aims to create a “one-stop platform” for large corporations dealing with digital assets.
Although MetaMask is a non-custodial wallet at its average user level, the institutional branch of the wallet has been adopting custodial partnerships in various countries around the world.
Tavia Wong, the director of marketing and business development for Cobo, told Cointelegraph that not only does custodianship provide asset protection, but for institutions specifically, custodianship becomes useful on an administrative level.
“Because of the high levels of users and different clearance levels, institutions require additional features to avoid internal failures and the consequences of negligence."
While wallets like MetaMask have been deemed not as “user friendly” in the past, this addition to custodial offerings prioritizes usability for big investors.
The new integration allows institutional clients to designate roles the company alongside internal collaboration tools. According to Wong, this enables user limits on buying, trading and selling as permitted by the administrator.
“With multisig access, it ensures that no single entity will be able to control all assets, removing any single point of failure."
Nonetheless, the debate between noncustodial and custodial wallets still rages on.
With many in the space touting the slogan “not your keys; not your coins,” noncustodial wallets are often looked to for more security and financial autonomy.
However, as mainstream users without atechnical backgrounds continue to enter the space, custodial wallets often offer a more user-friendly environment. Some users even refute the aforementioned slogan in favor of greater accessibility for easy adoption:
Latin Grammy Awards signs 3-year contract for award show NFTs.
The Latin Grammy Awards is stepping into Web3 through its first NFT collection in collaboration with the OneOf Web3 music platform.
This year’s 64th Latin Grammy Awards will have its first-ever nonfungible token collection after the Latin Recording Academy signed a three-year contract for award show-related NFTs.
The aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each collection, which will lead up to that year’s award show, will include drops highlighting Latin music.
According to Manuel Abud, CEO of the Latin Recording Academy, this is a new form of musical innovation and a way for fans to “own a piece of the Latin GRAMMYs”:
“The Latin Recording Academy is committed to exploring innovative, new ways to celebrate excellence in Latin music and to connect music to other art forms in our culture, including visual and digital arts.”
The Latin Grammy Awards NFTs will drop throughout October in the lead-up to the award show on Nov. 18.
This comes after OneOf’s partnership with the Grammy Awards, in which it also planned a three-year NFT release plan. The first collection was released coinciding with the 64th Grammys, for which Binance was the official crypto exchange partner.
The Grammys is not the first major award show with Web3 integrations. Earlier this year, the MTV Video Music Awards announced its newest award category of “Best Metaverse Performance.”
Additionally, music industry giants have been rapidly adopting Web3 technologies to upgrade their businesses. Sony Music filed a trademark application for NFT-authenticated music on Aug. 30.
Musicians have been utilizing the technology to release NFT singles or to improve music rights and licensing. Moreover, NFTs officially became recognized as a chart-eligible format, with musicians such as Muse taking advantage of the development.
The Latin Grammy Awards is stepping into Web3 through its first NFT collection in collaboration with the OneOf Web3 music platform.
This year’s 64th Latin Grammy Awards will have its first-ever nonfungible token collection after the Latin Recording Academy signed a three-year contract for award show-related NFTs.
The aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each collection, which will lead up to that year’s award show, will include drops highlighting Latin music.
According to Manuel Abud, CEO of the Latin Recording Academy, this is a new form of musical innovation and a way for fans to “own a piece of the Latin GRAMMYs”:
“The Latin Recording Academy is committed to exploring innovative, new ways to celebrate excellence in Latin music and to connect music to other art forms in our culture, including visual and digital arts.”
The Latin Grammy Awards NFTs will drop throughout October in the lead-up to the award show on Nov. 18.
This comes after OneOf’s partnership with the Grammy Awards, in which it also planned a three-year NFT release plan. The first collection was released coinciding with the 64th Grammys, for which Binance was the official crypto exchange partner.
The Grammys is not the first major award show with Web3 integrations. Earlier this year, the MTV Video Music Awards announced its newest award category of “Best Metaverse Performance.”
Additionally, music industry giants have been rapidly adopting Web3 technologies to upgrade their businesses. Sony Music filed a trademark application for NFT-authenticated music on Aug. 30.
Musicians have been utilizing the technology to release NFT singles or to improve music rights and licensing. Moreover, NFTs officially became recognized as a chart-eligible format, with musicians such as Muse taking advantage of the development.
BNB Chain Resumes Operations After $100M in Crypto Was Drained by ‘Potential Exploit’
In response to what it termed a “possible exploit,” BNB Chain has been back in action as of 07:00 Coordinated Universal Time (UTC) following a forced halt on Thursday due to on-chain data showing it might have targeted hundreds of millions in cryptocurrency.
Read more 👉 https://www.thecryptoupdates.com/bnb-chain-resumes-operations-after-100m-in-crypto-was-drained-by-potential-exploit/
In response to what it termed a “possible exploit,” BNB Chain has been back in action as of 07:00 Coordinated Universal Time (UTC) following a forced halt on Thursday due to on-chain data showing it might have targeted hundreds of millions in cryptocurrency.
Read more 👉 https://www.thecryptoupdates.com/bnb-chain-resumes-operations-after-100m-in-crypto-was-drained-by-potential-exploit/
India's Central Bank Plans to Launch Digital Rupee CBDC.
The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC).
The country's central bank announced the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the RBI said the pilot program will help create awareness around the planned features of the digital rupee.
“It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain the Reserve Bank’s approach towards the introduction of the CBDC,” the central bank reportedly said.
The RBI has also released a concept note for the digital rupee, which talks about key aspects of the CBDC, including its technology and design, potential use cases of the digital rupee, issuance mechanisms, and more. In addition, it explores how the introduction of a CBDC would impact the banking system, monetary policy, financial stability, and privacy issues.
“As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e₹, from time to time,” the RBI said.
The country's Finance Minister Nirmala Sitharaman had previously announced the launch of the digital rupee in her 2022-23 budget speech earlier this year. The announcement marked another clear indication that the Indian government is determined to launch a CBDC.
The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC).
The country's central bank announced the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the RBI said the pilot program will help create awareness around the planned features of the digital rupee.
“It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain the Reserve Bank’s approach towards the introduction of the CBDC,” the central bank reportedly said.
The RBI has also released a concept note for the digital rupee, which talks about key aspects of the CBDC, including its technology and design, potential use cases of the digital rupee, issuance mechanisms, and more. In addition, it explores how the introduction of a CBDC would impact the banking system, monetary policy, financial stability, and privacy issues.
“As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e₹, from time to time,” the RBI said.
The country's Finance Minister Nirmala Sitharaman had previously announced the launch of the digital rupee in her 2022-23 budget speech earlier this year. The announcement marked another clear indication that the Indian government is determined to launch a CBDC.
