Day: April 13, 2023

Twitter to Add Cryptocurrency Trading

by Blockchain News

Twitter is set to expand its offerings by launching a new feature that will allow users to trade cryptocurrencies and stocks, according to a report by CNBC. The social media giant has partnered with fintech firm eToro to bring the new financial features to its platform. This is the first notable deal for Twitter since Elon Musk took over as CEO in 2020, after acquiring the social media network for $44 billion.

The new feature can be accessed through a “view on eToro” tab, which will take users directly to eToro’s trading platform. The fintech company, which was founded in 2007, introduced cryptocurrency trading features and a crypto wallet in 2019. With this new partnership, eToro hopes to bring a new audience to the Twitter platform, while Twitter aims to offer more financial services to its users.

Yoni Assia, the CEO of eToro, has called the partnership a perfect match. He believes that Twitter has become an important part of the retail investing community, with many users accessing financial news and acquiring knowledge on the platform. Assia added that “cashtags” searches have grown into the millions, indicating a growing interest in financial discussions on Twitter.

The partnership comes at a time when financial Twitter has become a trend, and was key to the retail trading boom in 2021. This new feature is expected to play a central role in this conversation and is already gaining a lot of traction. Assia also noted that this partnership is a significant opportunity for eToro to expand its customer base and reach more users who are interested in trading cryptocurrencies and stocks.

Meanwhile, Elon Musk has expressed his ambition to turn Twitter into “the biggest financial institution in the world.” In a recent interview, he floated the idea of turning Twitter into a “super app,” offering users access to several online services in one place. This concept is quite popular in China, where super apps function as a gateway to everything a consumer needs in their day-to-day life. WeChat, for example, offers instant messaging, social media, travel and hotel booking, banking and more.

In conclusion, the partnership between Twitter and eToro is a significant step towards offering more financial services to Twitter users. It also provides an opportunity for eToro to reach a wider audience interested in trading cryptocurrencies and stocks. The move also aligns with Musk’s ambition to turn Twitter into a super app, offering users access to various online services. It remains to be seen how successful this new feature will be and whether it will attract a significant number of users to the platform.

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Italy’s Garante Sets Mandates for OpenAI’s ChatGPT Service

by Blockchain News

Italy’s data protection agency, Garante, has issued a set of mandates for OpenAI’s ChatGPT service following concerns raised about possible privacy violations and failure to verify the age of users. The watchdog had suspected the artificial intelligence chatbot service of violating the European Union’s General Data Protection Regulation (GDPR) and had mandated the United States-based firm to halt the processing of data belonging to individuals residing in the country.

In a press release, Garante outlined the actions that OpenAI must take to revoke the order imposed on ChatGPT. The mandates require OpenAI to increase its transparency and issue an information notice comprehensively outlining its data processing practices. The statement also requires OpenAI to implement age-gating measures immediately to prevent minors from accessing its technology and adopt more stringent age verification methods.

OpenAI must specify the legal grounds it relies upon for processing individuals’ data to train its AI, and it cannot rely on contract performance. This means that OpenAI must choose between obtaining user consent or relying on legitimate interests. Currently, OpenAI’s privacy policy references three legal bases but appears to give more weight to the performance of a contract when providing services such as ChatGPT.

Furthermore, OpenAI must enable users and non-users to exercise their rights regarding their personal data, including requesting corrections for any misinformation generated by ChatGPT or deleting their data. The regulatory agency mandated that OpenAI allow users to object to processing their data to train its algorithms. OpenAI is also required to conduct an awareness campaign in Italy to inform individuals that their information is being processed to train its AIs.

Garante has set a deadline of April 30 for OpenAI to complete most of these tasks. OpenAI has been granted additional time to comply with the extra demand of migrating from the existing, age-gating child safety technology to a more resilient age verification system. Specifically, OpenAI has until May 31 to submit a plan outlining the implementation of age verification technology that screens out users under 13 years old (and those aged 13 to 18 who have not obtained parental consent). The deadline for deploying this more robust system is set for Sept. 30.

In response to the mandates, OpenAI has taken ChatGPT offline in Italy. The company has been granted additional time to comply with the age verification technology demands, but must still ensure that it meets the April 30 deadline for other compliance requirements.

OpenAI’s ChatGPT service has gained significant attention for its ability to generate natural language responses that can mimic human conversation. However, concerns have been raised about the impact of such technology on privacy and the potential for misuse, particularly with regards to minors.

This is not the first time that OpenAI has faced regulatory scrutiny. In 2019, the company announced that it would not release a powerful language-generating AI model due to concerns about its potential misuse. The company has since released similar models with additional safeguards in place.

In conclusion, Garante’s mandates for OpenAI’s ChatGPT service aim to ensure compliance with GDPR and protect the privacy of individuals, particularly minors. While OpenAI has been granted additional time to comply with the mandates, the company must take steps to ensure

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Universal Music Group Calls for AI Music Copyright Protection

by Blockchain News

The rise of AI-generated music has sparked concerns over copyright infringement, with Universal Music Group (UMG) calling on streaming services to block AI services from harvesting melodies and lyrics from copyrighted songs. According to a report from the Financial Times on April 13, UMG has been sending requests to take down AI-generated songs “left and right,” as they have been popping up on streaming services with increased frequency.

AI bots have had access to music catalogs on streaming platforms, which developers have used to train the technology. However, UMG has become “increasingly concerned” about AI bots using intellectual property to produce music identical to actual artists. A source close to the situation said that this next generation of technology currently emerging poses “significant issues.”

Until now, developers have used music catalogs on streaming platforms to train AI models. However, this practice could be problematic because AI-generated music could potentially infringe on the intellectual property rights of the original artists. For instance, AI could compose a song that resembles Taylor Swift’s lyrics, but with vocals and themes of other popular artists like Bruno Mars and Harry Styles. The output would be due to the fact that the AI has been trained on those artists’ intellectual property.

One Twitter user posted an example of an AI-generated song that features an AI-version of the famous rapper Jay-Z, which is almost indistinguishable from the real Jay-Z. The user said that as a fan of Jay-Z, he “enjoyed” the track but doesn’t know if he should feel “good or ashamed” for liking AI-generated music.

The issue could only be the beginning of what could be in store for the music industry in its fight against AI technology taking advantage of intellectual property rights. Along with AI-generated music on Twitter and popular streaming platforms, entire YouTube pages are popping up, remaking well-known music via AI technology.

In response to the issue, UMG has taken an artist-first stance, writing in emails to the streaming services that “we will not hesitate to take steps to protect our rights and those of our artists.” The same Twitter user also tweeted a clip of an AI model of Kanye West singing along to the tracks of rapper Drake’s song “Hold On.” Examples like this touch on the exact fears UMG is currently raising about streaming services.

Google has also announced its own machine-learning music apparatus called MusicLM, which will be able to generate “high-fidelity music from text descriptions.” The application has yet to be released; however, Google has released an entire page on GitHub of sample music generated with insights about how it was generated.

In conclusion, the emergence of AI-generated music has raised concerns over copyright infringement and intellectual property rights in the music industry. As AI technology continues to advance, it will be increasingly important to protect the rights of artists and ensure that their work is not being replicated without their consent.

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Montana Passes Crypto Miner Rights Bill

by Blockchain News

Montana’s House of Representatives passed a landmark bill that seeks to enshrine the rights of crypto miners and prohibit local authorities from obstructing crypto mining operations. The bill, numbered 178, was passed during its third reading by a vote of 64 to 35 on April 12, and it will become law once Governor Greg Gianforte signs it.

The legislation establishes a “digital asset mining right” for crypto miners and forbids any discriminatory electricity rates charged to them. Additionally, it seeks to safeguard mining operations that take place “at home” and remove the authority of local governments to use zoning laws to impede crypto-mining activities. The bill also bars any extra taxes on using cryptocurrency as a means of payment, and it categorizes “digital assets,” including cryptocurrencies, stablecoins, and nonfungible tokens, as “personal property.“

The legislation’s main aim is to provide a clear framework for crypto miners to operate in Montana, removing any ambiguity and hindrances that local governments might impose. It also limits the power of local authorities by restricting them from imposing different requirements on mining centers compared to those on data centers. Additionally, authorities cannot prevent crypto mining in industrial areas and private homes. The revised version of the bill is much more concise, with section three significantly shortened from its previous length, which was nearly three full pages and included several articles unrelated to crypto mining.

The bill’s sponsor, state Senator Daniel Zolnikov, is a member of the Republican Party, as is Governor Gianforte. Therefore, it is unlikely that Gianforte will veto the bill. Upon signing, Montana will join the ranks of other states in the US, such as Wyoming and Texas, that have passed legislation to promote crypto mining.

The passing of this bill comes at a time when crypto mining is facing increased scrutiny from environmentalists and governments alike. Critics argue that the energy-intensive nature of crypto mining contributes to carbon emissions, which exacerbates climate change. However, supporters of crypto mining argue that it provides economic benefits and job opportunities in areas where traditional industries have declined.

The passing of this bill could boost Montana’s economy, especially in areas where traditional industries have struggled. It will provide clarity to crypto miners and could attract more businesses and investors to the state. Furthermore, the legislation could inspire other states to follow suit and develop a clear framework for crypto mining, ensuring that the US remains competitive in the global crypto market.

In early April, a similar bill protecting crypto miners from discriminatory regulations and taxes passed through the Arizona House of Representatives and Senate and now awaits Governor Doug Ducey’s decision. The passing of these bills highlights a growing trend in the US, where states are taking proactive steps to attract crypto businesses and investors, providing clarity and protection for this burgeoning industry.

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DeFi Hackers Mint $11.6M in Stablecoins

by Blockchain News

A recent hack in the decentralized finance (DeFi) space allowed an attacker to mint over 1 quadrillion Yearn Tether (yUSDT) from a mere $10,000, according to blockchain security firm PeckShield. The attacker then exchanged the yUSDT for other stablecoins, taking hold of $11.6 million in the process. The stablecoins included 61,000 Pax Dollar (USDP), 1.5 million TrueUSD (TUSD), 1.79 million Binance USD (BUSD), 1.2 million Tether (USDT), 2.58 million USD Coin (USDC), and 3 million Dai (DAI).

PeckShield reported that the hacker has already transferred 1,000 Ether (ETH) to Tornado Cash, a sanctioned cryptocurrency mixer. The blockchain security firm also informed DeFi protocols Aave and Yearn.finance of the situation.

Yearn.finance released a statement after conducting an initial investigation, stating that the issue was limited to iearn, an outdated contract before vaults v1 and v2. The DeFi protocol assured its users that its current contracts and protocols are not affected by the exploit.

Similarly, Aave also confirmed that it is aware of the transaction. The liquidity protocol clarified that the hack did not impact Aave v1, v2 or v3.

While hacks still plague the DeFi space in 2023, the amount of money lost to these incidents has decreased compared with previous years. According to a quarterly report by blockchain security firm CertiK, over $320 million were lost to hacks in the first quarter of 2023. Although this amount is still substantial, it is much lower compared to the first quarter of 2022 when $1.3 billion was lost, and the fourth quarter of 2022 when $950 million was lost to hacks.

Despite the decrease in the amount lost to DeFi hacks, these incidents still serve as a reminder of the importance of security measures in the space. PeckShield’s quick detection of the recent hack and Aave and Yearn.finance’s prompt action in addressing the issue demonstrate that the DeFi space is continuously improving its security measures.

As the DeFi space grows, it is likely that there will be more attempts to exploit vulnerabilities in the system. However, with increased awareness and investment in security measures, the space can continue to thrive and offer innovative solutions to traditional finance.

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Fonbnk and Tanda Partner to Launch Airtime Trading Marketplace in East Africa

by Blockchain News

Web3 technology has brought about significant transformations in Africa, particularly in the realm of finance. Blockchain technology and cryptocurrency have facilitated greater transparency and control over finances, leading to the growth of the Web3 economy in Africa. The trend continues to gain traction with the emergence of decentralized finance-based financial inclusion. One of the prominent players in this space is Fonbnk, which operates as a Web3 on-ramp, allowing Africans to obtain cryptocurrency assets by exchanging their airtime credits.

Fonbnk has recently partnered with Tanda, a merchant network platform in East Africa, to launch an airtime trading marketplace across Tanda’s network of agents. The partnership is expected to increase liquidity in the marketplace through the buying and selling of prepaid airtime for profit. The collaboration between Tanda agents and vendors in East Africa is expected to create more earning opportunities for micro-entrepreneurs while allowing them to store their profits in dollarized stablecoins.

The partnership between Fonbnk and Tanda creates a growth flywheel effect through improved liquidity and marketplace efficiency. It builds trust and generates even more liquidity, creating a cycle that enhances marketplace efficiency. Additionally, the partnership enables more African users to participate in the Web3 economy, even without bank accounts or cards, by using only their airtime credits.

Although Fonbnk operates throughout Africa, its partnership with Tanda is concentrated in East Africa. The company plans to expand earning opportunities for African micro-entrepreneurs and bring decentralized finance-based financial inclusion to the masses across Africa. The partnership is expected to provide more earning opportunities for micro-entrepreneurs, thereby creating a growth flywheel effect through improved liquidity and marketplace efficiency.

The Web3 technology can facilitate an intra-African exchange economy, and it can be used for purchases and transportation between African nations thanks to its ability to be used across borders. Web3 technology can help Africans generate more economic value in the wider market, thereby contributing to Africa’s economic growth.

According to BitcoinAfrica.io, the top five African countries that have embraced Web3 and cryptocurrency are South Africa, Nigeria, Zimbabwe, Kenya, and Ghana. These countries have witnessed increased demand for digital currency, and they have the most active local cryptocurrency communities.

The partnership between Fonbnk and Tanda is expected to create significant opportunities for micro-entrepreneurs in East Africa. It will increase liquidity in the marketplace, allowing for the buying and selling of prepaid airtime for profit. Additionally, it will provide more earning opportunities for micro-entrepreneurs while enabling them to store their profits in dollarized stablecoins. The partnership is also expected to create a growth flywheel effect through improved liquidity and marketplace efficiency, building trust and generating even more liquidity. Fonbnk plans to expand its reach to other parts of Africa, thereby increasing earning opportunities for micro-entrepreneurs and promoting decentralized finance-based financial inclusion across the continent.

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DWF Labs Invests $60 Million in EOS Network

by Blockchain News

DWF Labs, a digital asset market maker and investment firm, has made its largest investment to date through an alliance with the EOS Network Foundation (ENF), a move that entails an investment deal worth over $60 million. The EOS Network is a Layer-1 network designed for developers seeking to build blockchain-based games (GameFi) and deploy decentralized applications (dApps).

As part of the partnership, DWF Labs is boosting the EOS Network through a $45 million EOS token purchase agreement and a $15 million pledge to invest in businesses and projects based on EOS. The investment is aimed at accelerating the expansion and acceptance of the EOS Network, particularly with the launch of its enterprise-grade EOS Ethereum Virtual Machine (EVM) on April 14.

The ENF is a crucial component in the EOS network’s development, coordinating support, creating feedback loops for innovation, promoting community involvement, allocating funding, and facilitating the growth of the EOS ecosystem. This collaboration with DWF Labs is well-timed, as the EOS Network is poised to unveil its enterprise-grade EOS Ethereum Virtual Machine (EVM) on April 14, featuring more swaps per second than Polygon, BSC, and Avalanche combined.

The partnership between DWF Labs and the EOS Network has the potential to unlock possibilities in the blockchain ecosystem and the world of web3. The collaboration combines the strengths and resources of both parties, ensuring a bright future for the EOS Network.

DWF Labs has become an active investor during the crypto bear market, with recent investments including a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai. By investing in the EOS Network, DWF Labs is diversifying its portfolio and expanding its presence in the digital asset market.

In conclusion, the investment deal between DWF Labs and the EOS Network Foundation marks a significant milestone for both parties. It demonstrates a strong commitment to the growth and development of the EOS Network and its ecosystem. With the EOS Ethereum Virtual Machine set to launch soon, this partnership is expected to drive innovation and adoption, benefiting the blockchain community as a whole.

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Ethereum’s Shapella Upgrade Complete

by Blockchain News

The Ethereum mainnet has completed its Shapella upgrade, allowing validators to finally withdraw their staked Ether on the Beacon chain. This successful execution is a significant step for Ethereum, as it enables validators to access their staked funds and provides an opportunity for ETH holders to move assets into Ethereum staking pools.

At the time of writing, a total of 126,955.07 ETH had been withdrawn by validators. Of the 559,549 active validators, about 44% of them, or 248,043 validators, have the ability to request a partial or full withdrawal. The majority of withdrawals currently vary between 2.8-3.2 ETH, indicating that most validators are only withdrawing their staking rewards.

The average price of staked ETH is $3,149, which could be a reason why validators are not withdrawing the whole amount. Additionally, the ETH price is currently trading just under $2,000, with the price acting as a key resistance. However, major crypto exchanges have announced their support for ETH unstaking, with several already processing withdrawal requests.

Coinbase, the world’s first publicly listed crypto exchange, has announced that ETH unstaking is now live on their platform. BitGo’s Chief Operating Officer Chen Fang also took to Twitter to announce that the exchange has successfully upgraded to Shapella, and ETH withdrawals are now live on the platform.

Kraken, on the other hand, began withdrawing validators for their United States customers on April 11th and began processing withdrawals of ETH after the completion of the Shapella upgrade. This early withdrawal of validators by the exchange was caused by the U.S. Securities and Exchange Commission action brought against Kraken’s Ethereum staking product back in February.

Binance, the leading crypto exchange by trading volume, has announced its support for the Shapella upgrade and will begin processing withdrawal requests starting from April 19th. The exchange has also added that the withdrawal request can take up to 15 days to process due to processing limitations.

Bitfinex, one of the leading crypto exchanges, congratulated the Ethereum community on the successful upgrade and announced that the ETH withdrawal details would be shared soon.

This unlocking event may create conditions for an exodus from the staking protocol, but the ability to freely stake and unstake in accordance with bonding periods specified by the protocol could equally attract many ETH holders. The move to unstaking could see a massive movement of assets into Ethereum staking pools.

Overall, the successful completion of the Shapella upgrade is a significant milestone for Ethereum, as it provides validators and ETH holders the opportunity to access their staked funds and move assets into Ethereum staking pools. With major exchanges supporting ETH unstaking and processing withdrawal requests, it will be interesting to see how many ETH holders take advantage of this opportunity in the coming days and weeks.

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ETH Price Surpasses $2,000 Despite New Supply After Shapella Update

by Blockchain News

The much anticipated Shapella update for Ethereum (ETH) has finally arrived, allowing staked ETH withdrawals for users who previously had no way to take back their funds after staking. While there were concerns of a potential dump due to a new supply of Ether hitting the markets, the price of ETH still managed to hit $2,000 and currently maintains the level at the time of writing.

According to crypto analytics firm Glassnode, only around 1% of staked ETH may hit the market after Shapella goes live. The firm expressed confidence that the newest update on the network will not have a “dramatic” effect on the price of Ether. Glassnode reported that only 253 depositors have signed up to withdraw their staked ETH positions.

After the hard fork was seamlessly executed on the Ethereum mainnet, a total of 12,859 ETH, worth almost $26 million at the time of writing, were unlocked in 4,333 withdrawals just within the first hour after withdrawals were enabled. This suggests that there is still a significant amount of staked ETH that is being held.

The community celebrated the new milestone with various sentiments. Ethereum co-founder Vitalik Buterin said in a live stream that Ethereum is currently in a “really good place.” Buterin highlighted that there is a lot more to be done but those can be done at a slower pace.

Crypto exchanges have also expressed their support for ETH unstaking. Coinbase and BitGo have already enabled withdrawals on their exchange. Binance said that it will support withdrawals on April 19. Meanwhile, Kraken started withdrawing validators for United States users on April 11 and started processing as soon as the Shapella upgrade was implemented.

It is worth noting that the Shapella update is just one part of the larger Ethereum 2.0 upgrade, which aims to move the network from a proof-of-work to a proof-of-stake consensus mechanism. The upgrade is expected to bring significant improvements to the scalability, security, and energy efficiency of the network.

The successful execution of the Shapella update and the support from crypto exchanges suggest a positive outlook for the future of Ethereum. While the new supply of Ether hitting the markets may have initially caused concerns, the market seems to have absorbed it without a significant impact on the price of ETH. As the Ethereum 2.0 upgrade continues to roll out, it will be interesting to see how it affects the overall performance of the network and the price of ETH in the long term.

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Mastercard Launches NFT-Gated Artist Accelerator Program

by Blockchain News

Mastercard, a legacy company rooted in traditional finance, has been actively involved in Web3 initiatives in recent years. On April 12, the company announced its latest venture, a new artist accelerator program. However, this time, it added a Web3 twist. The program is nonfungible token (NFT)-gated and therefore only accessible to holders of its Mastercard Music Pass NFT.

According to the announcement, the NFT is limited-edition and free until the end of the month for both musicians and fans. Mastercard has collaborated with Polygon to offer free access to educational materials, unique artificial intelligence (AI) tools, and other experiences as part of the program. The company has already selected five artists from different genres worldwide to participate in the program.

Raja Rajamannar, chief marketing and communications officer of Mastercard, said that the program is designed to help users “better understand and trust how blockchain and digital assets are used.” He added that “Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”

Mastercard has been a long-time supporter and early adopter of Web3 technologies to bring fans and creators more opportunities to create “exclusive, inclusive and scalable experiences.” In addition to Web3 technologies, the artists participating in the program will be exposed to a new AI-driven music studio.

This announcement from Mastercard comes less than two months after it and Visa revealed that they would be holding back on all new crypto and blockchain partnerships. The financial service providers said that all new launches would be postponed until improved market conditions are visible, along with a clearer, more established regulatory framework.

It is clear that Mastercard is committed to exploring the possibilities that Web3 technology and blockchain can offer, despite some uncertainties surrounding the regulatory landscape. By launching this NFT-gated artist accelerator program, the company is providing a unique opportunity for musicians and fans to learn about and engage with the latest innovations in the industry. It remains to be seen how successful the program will be, but it is certainly an exciting development for those interested in the intersection of music and technology.

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Bitcoin (BTC) $ 27,556.38 1.58%
Ethereum (ETH) $ 1,665.85 3.57%
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Bitcoin Cash (BCH) $ 250.23 2.51%