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KPMG and Microsoft Launch Multibillion-Dollar AI Partnership, Unlocking Over US$12 Billion Growth Opportunity

by Blockchain NewsJuly 14, 2023

In a landmark agreement announced on July 11, 2023, KPMG and Microsoft have pledged to reshape the landscape of professional services by placing Artificial Intelligence (AI) at the forefront of their operations. This significant expansion of their global relationship aims to modernize the workforce, ensure safe and secure development, and broaden the use of AI solutions across industries and society.

The collaboration involves a multibillion-dollar commitment from KPMG in Microsoft cloud and AI services over the next five years. This strategic investment is projected to unlock an incremental growth opportunity for KPMG exceeding US$12 billion, marking a significant milestone in the AI and professional services sector.

Microsoft’s cloud and Azure OpenAI Service capabilities will be leveraged to empower KPMG’s global workforce of 265,000. The aim is to enhance the speed of analysis and allow more time for strategic advice, helping over 2,500 joint clients of KPMG and Microsoft navigate the rapidly evolving AI landscape.

As part of the alliance, KPMG professionals will pilot Microsoft 365 Copilot and Azure OpenAI Service technologies with select business groups. This initiative is expected to accelerate digital solution development and enhance client engagements.

The collaboration will also infuse data analytics, AI, and Azure Cognitive Services into KPMG’s audit process, enabling its 85,000 audit professionals to focus more on higher-risk areas of the audit, sector-specific risks, and challenges. In the tax sector, the integration of Azure OpenAI Service and Microsoft Fabric into KPMG Digital Gateway will provide clients with more integrated and transparent access to their data.

This landmark agreement between KPMG and Microsoft signifies a major step forward in the integration of AI in professional services, promising to deliver innovative solutions and drive sustainable growth in the sector.

Microsoft’s AI Strategy

Microsoft’s AI strategy has been evolving since 2017 when the company shifted its vision from being mobile-first to AI-first, while maintaining its cloud-first approach. Since then, Microsoft has accelerated the integration of AI into its products and invested heavily in AI companies.

AI is now one of the hottest industries, with Bill Gates’ dream of “a computer on every desk” shifting to “everyone has an AI assistant”. According to a study by Grandview Research, the global AI market could grow by an average of 37% annually through 2030, becoming a $1.8 trillion market at the end of the decade.

The AI buzz seems to have been triggered by ChatGPT. Microsoft first invested $1 billion into ChatGPT owner OpenAI on July 22, 2019. This year, on January 24, Microsoft invested $10 billion in ChatGPT maker OpenAI. In addition, on May 11, 2023, Microsoft made a strategic investment into Builder.ai, and on June 29, Microsoft-backed AI startup Inflection raised $1.3 billion from Nvidia and others.

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Tagged : Ai / Azure / CHATGPT / Kpmg / Microsoft / News / Openai

Haru Invest Continues Asset Recovery Efforts

by Blockchain NewsJuly 14, 2023

Haru Invest, the troubled crypto investment platform, has provided an update on its ongoing efforts to recover assets and address issues arising from the investigation into B&S Holdings. In an announcement on July 14, 2023, the company stated it is actively communicating with asset managing partners both domestically and internationally to recover assets under management. The firm is also considering the sale of company assets to minimize the loss of value.

The company is in the process of organizing a database to clarify the credits and debts of its users. Once the size of the losses is confirmed and the asset distribution plan is finalized, Haru Invest plans to distribute the assets in phases. However, due to limited information on the exact amount of losses, the firm has not provided a specific timeline for this distribution.

Haru Invest has been fully cooperating with investigative authorities, although no specific details about the progress of the investigation have been disclosed yet. The company has committed to providing weekly updates to its members, even if there are no major updates on the current situation.

On June 13, 2023, Haru Invest announced a temporary suspension of new deposits and investment features in response to the challenges and uncertainties prevailing in the crypto market.

Just two days later, on June 15, 2023, Haru Invest announced that it was pursuing legal action against B&S Holdings for allegations of fraud, embezzlement, and related offenses. The company was gathering facts to determine the full extent of the damage and planned to share information with members as the fact-finding process progressed.

On June 20, 2023, Haru Invest’s CEO, Hugo Lee, extended a sincere apology for the concerns arising from the recent incident and acknowledged the need for prompt communication. He expressed his deepest regret for the inconvenience caused to investors and affirmed the company’s commitment to improving the situation. He emphasized the company’s commitment to transparently sharing the current situation and progress with members through continuous communication channels.

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Tagged : B & S HOLDINGS / HARU INVEST / HUGO LEE / News

领先的加密资产管理公司Bitwise宣布其加密行业创新者ETF资产管理规模突破1亿美元

by Blockchain NewsJuly 14, 2023

全球领先的加密资产管理公司Bitwise Asset Management宣布，其加密行业创新产品ETF（纽约证券交易所代码：BITQ）最近的资产管理规模超过了1亿美元。这一里程碑出现在加密领域的转折点，整个2023年，这个领域都见证了积极的行业发展，强劲的市场表现，以及投资者兴趣的增长。 (Read More)

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Tagged : BITQ / Bitwise / BITWISE ASSET MANAGEMENT / Etf / News / 加密资产管理公司

Bitwise ETF BITQ Surpasses $100M in Cypto Assets Under Management

by Blockchain NewsJuly 14, 2023

Bitwise Asset Management, a leading crypto asset manager, has announced that its Crypto Industry Innovators ETF (NYSE: BITQ) recently surpassed $100 million in assets under management. This milestone comes amid a turning point for the crypto sector, which has seen positive industry developments, strong market performance, and growing investor interest throughout 2023.

As of June 30, bitcoin had risen more than 83% year-to-date, while BITQ was up more than 135% over the same period. Since the fund’s inception in 2021, investors have utilized BITQ for its potential impact on portfolio diversification and as a way to access an emerging growth sector through a traditional equity ETF vehicle.

The BITQ ETF seeks to track an index designed by Bitwise that consists of leading companies driving the fast-growing crypto economy. At each rebalancing, at least 85% of BITQ’s holdings are “pure-play” firms, which derive more than three-quarters of their revenue from crypto-related businesses, while up to 15% of holdings are reserved for more diversified companies making meaningful investments in the space.

Bitwise has also been in the news recently for its refiling of a spot Bitcoin ETF application with the SEC, which was officially acknowledged by the regulatory body. Bitwise first filed for a spot Bitcoin ETF in October 2021, but amended and refiled their application on June 28 of this year. This move followed a host of institutional applications, fueled by BlackRock’s June 15 spot Bitcoin ETF application.

Bitwise’s Chief Investment Officer, Matthew Hougan, emphasized the importance of BlackRock’s move, stating, “You have to listen when Blackrock comes to the market, because they’re the largest ETF issuer in the world, they are very careful and connected.”

Founded in 2017, Bitwise manages a broad suite of 18 professional investment solutions, including ETFs, publicly traded trusts, SMA strategies, multi-strategy solutions, and private funds. Today, over 1,800 wealth teams, RIAs, family offices, and institutional investors leverage Bitwise to understand and access crypto markets strategically.

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Tagged : Bitcoin Etf / BITQ / Bitwise / CYPTO ASSETS / Etf / News

Multichain CEO’s Arrest Triggers Operational Freeze

by Blockchain NewsJuly 14, 2023

In a series of unfortunate events, the Multichain protocol, a cross-chain router protocol, has been left in a state of uncertainty following the arrest of its CEO, Zhaojun, on May 21, 2023. The arrest led to a series of operational disruptions, including the revocation of operational access keys to the Multichain’s MPC node servers, which were under Zhaojun’s personal control.

The Multichain team lost access to the servers and all operational funds, as they were under Zhaojun’s control. Despite the challenges, the team managed to maintain project operations to the best of their abilities through the remaining access on some non-MPC servers that hadn’t been revoked yet.

On May 30, the team informed the community about Zhaojun’s disappearance and the technical issues they were facing. However, the situation worsened when user assets locked on the MPC addresses were transferred to unknown addresses abnormally on July 7. Zhaojun’s sister, who had gained access to the cloud server platform, transferred the remaining user assets in the router pool to EOA addresses controlled by her on July 9.

However, on July 13, Zhaojun’s sister was taken into custody by the police, leaving the status of the preserved assets uncertain. As a result, the Multichain team has been forced to cease operations due to the lack of alternative sources of information and operational funds.

In response to the large, unauthorized withdrawals from Multichain on July 6, stablecoin issuers Circle and Tether froze over $65 million in assets tied to the suspected exploit of Multichain on July 8.

Blockchain security and analytics firm Chainalysis described the July 6 withdrawals as a possible rug pull, suggesting it could have been an inside job. Despite these measures, the future of Multichain remains uncertain, with the team urging users not to use the Multichain service anymore.

On July 10, a report revealed that the Multichain Executor address had been draining anyToken addresses across many chains, leading to the loss of over $263,524.33 worth of tokens.

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Tagged : Chainalysis / Multichain / News / Stablecoin / ZHAOJUN

OpenAI’s CEO Expresses Disappointment Over FTC’s Leak, Affirms Confidence in Protecting User Privacy

by Blockchain NewsJuly 14, 2023

OpenAI’s CEO Sam Altman has publicly responded to the U.S. Federal Trade Commission’s (FTC) investigation into the company’s AI chatbot, ChatGPT. The FTC’s probe was examining whether OpenAI has breached consumer protection laws, potentially putting users’ personal data and reputations at risk.

In a series of tweets,Sam expressed disappointment over the FTC’s approach, “It is very disappointing to see the FTC’s request start with a leak and does not help build trust.” Despite this, he affirmed OpenAI’s commitment to cooperate with the FTC, emphasizing the company’s dedication to ensuring their technology is safe, pro-consumer, and compliant with the law.

The FTC’s investigation into OpenAI includes a review of a security incident disclosed by the company in March 2023. A bug in OpenAI’s system had allowed some users to view others’ payment-related information and chat history. The FTC has issued a 20-page demand for records, seeking more information about OpenAI’s handling of potential issues related to their AI models.

OpenAI’s CEO highlighted the company’s rigorous safety measures, stating that GPT-4, their latest AI model, was built on years of safety research. He noted that OpenAI spent over six months after the initial training of GPT-4 to enhance its safety and alignment before its release. The CEO also assured that OpenAI prioritizes user privacy and designs its systems to learn about the world, not private individuals.

The CEO further emphasized OpenAI’s transparency about the limitations of their technology, especially when they fall short. He pointed out that their capped-profits structure means they aren’t incentivized to make unlimited returns.

The FTC’s investigation follows a request from the Center for AI and Digital Policy (CAIDP) in March 2023 to investigate OpenAI for alleged violations of consumer protection rules. The CAIDP raised concerns that the rollout of AI text generation tools has been “biased, deceptive, and a risk to public safety,” as reported by The Verge.

The FTC’s investigation into OpenAI marks a significant development in the agency’s ongoing interest in regulating AI tools. It has previously warned that biased AI systems could draw enforcement action. This investigation of OpenAI, a leading player in the generative AI field, signifies a major escalation in the FTC’s efforts.

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Tagged : CAIDP / CHATGPT / Ftc / News / Openai / SAM ALTMAN

OpenAI’s CEO Expresses Disappointment Over FTC’s Leak, Affirms Confidence in Protecting User Privacy

by Blockchain NewsJuly 14, 2023

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Tagged : CAIDP / CHATGPT / Ftc / News / Openai / SAM ALTMAN

Congressman Torres Calls for Investigation into SEC’s Approach to Crypto Licensing

by Blockchain NewsJuly 14, 2023

The U.S. Securities Exchange Commission (SEC) has been the subject of two separate, independent investigations at the request of Representative Ritchie Torres (D-NY) over its handling of digital assets.

Torres has expressed concern about the SEC’s choice to grant Prometheum Ember ATS a special purpose broker-dealer (SPBD) license. This platform has a license to act as a cryptocurrency exchange, but it is not currently engaged in this activity and may not be able to do so in accordance with current regulations.

The Congressman has questioned whether the issuance of Prometheum’s SPBD license was a political move by the SEC rather than a genuine effort to integrate digital assets into the existing regulatory framework. He criticized the SEC’s decision, calling it a “dubious decision” and an attempt by Chair Gary Gensler to politicize the registration process.

In addition to this, Torres has called for an investigation into the SEC’s failure to create a rigorous but workable process for registering real-world digital assets platforms. He plans to send the requests to the SEC’s Office of the Inspector General and to the Government Accountability Office.

The issuance of Prometheum’s license has become a contentious issue in the crypto industry in recent weeks. The SEC and Prometheum’s co-CEO Aaron Kaplan argue that this permit proves that no new regulations or laws are necessary for digital assets such as bitcoin, ether, and thousands of other tokens.

However, a common criticism of Kaplan and his firm is that while it has a license and operates an alternative trading system (ATS) that can trade digital asset securities, it does not currently list any tokens and it is unclear how or when it would be able to do so.

Torres’ letters follow a request made on July 10, 2023, by Senator Tommy Tuberville (R-Ala.) and five other congressional Republicans for Attorney General Merrick Garland and the SEC’s Gensler to investigate Prometheum over ties to Chinese entities Shanghai Wanxiang Blockchain Inc. and HashKey and their alleged ties to the Chinese Communist Party.

Despite the anger, no hard evidence of impropriety has been produced, and there may ultimately be none. The industry is waiting for answers and urging for an investigation to either uncover any impropriety or confirm that these inferences bear no weight.

Torres likened the SEC to “an overzealous traffic agent who arbitrarily tickets drivers for speeding while keeping everyone endlessly guessing about the speeding limit,” adding that “regulation by enforcement is no way to regulate.”

This development marks a significant moment in the ongoing debate around cryptocurrency regulation, with the outcome of these investigations likely to have far-reaching implications for the industry.

Image source: Shutterstock

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Tagged : Crypto / Gary Gensler / News / SEC / SPBD

Court Ruling Sparks Surge in Ripple’s XRP Price and Market Cap

by Blockchain NewsJuly 14, 2023

Ripple Labs achieved a partial victory in its case with the U.S. Securities and Exchange Commission (SEC) on July 13, 2023.

The U.S. District Court for the Southern District of New York ruled that the offer and sale of Ripple’s XRP token on digital asset exchanges and through algorithms did not amount to offers and sales of investment contracts, ruling that XRP is not a security.

However, the court also determined that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test. The court found that Ripple first sold around $728.9 million worth of XRP directly to institutional buyers, hedge funds, and other parties. These “institutional sales” constituted the unregistered offer and sale of investment contracts in violation of federal securities law.

The SEC could not conclusively state that speculative investors had a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others, which led the court to the conclusion that programmatic sales of XRP did not qualify as the sale of securities.

After the court’s decision, Ripple’s XRP experienced a significant surge in both its market capitalization and price. The price of XRP skyrocketed, increasing by nearly 100% and reaching a peak of $0.938. Although it has since experienced a slight dip, at the time of writing, XRP is still maintaining strong performance, hovering around $0.8.

XRP is now the fourth-largest cryptocurrency by market capitalization after seeing a market cap surge of over $21 billion in only three hours to hit a new annual high of $46.1 billion.

The decision led to a rush of buying activity for XRP, causing U.S. crypto exchange Uphold to temporarily go down due to a spike in volume. Uphold was one of the few larger U.S.-based cryptocurrency exchanges that had continued to offer sales of XRP.

The ruling also sparked a wave of re-listing activity from U.S. exchanges, with Coinbase, Kraken, and iTrustCapital making XRP available for trading on their platforms. Gemini, a crypto exchange owned by the Winklevoss twins, hinted that it too will look to re-list XRP in the near future.

The SEC’s lawsuit against Ripple Labs began in December 2020, with the SEC alleging that Ripple was offering an unregistered security. The case has seen several dramatic turns over the past three years, including the release of the “Hinman Documents” and ongoing defiance from Ripple’s chief executives, Brad Garlinghouse and Chris Larsen.

The ruling has sparked commentary from key figures in the crypto community. Twitter KOL ricenbeats0x commented, “If listing XRP on exchanges doesn’t make it a security, the SEC’s case against Coinbase is toast.” Similarly, adamscochran.eth noted, “XRP was probably the easiest coin that the SEC could have used in the Coinbase case.”

Despite the ruling, legal experts suggest that it does not fully settle the question of whether and under what circumstances a digital asset meets the definition of a security under U.S. law. The crypto industry will be watching closely for further developments in this ongoing legal saga.

Image source: Shutterstock

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Tagged : #XRP / News / Ripple / SEC / Surge

UK lawmakers propose metaverse-specific online safety bill

by Blockchain NewsJuly 14, 2023

Members of the House of Lords are of the opinion that activities taking place in the metaverse need to be included into any law that is written in the United Kingdom with the goal of regulating certain internet services.

On the 12th of July, members of the upper house of the British Parliament debated the question of whether or not the Online Safety Bill would include “certain harmful content users may encounter in services, for example in the metaverse”. The debate took place in the course of a sitting of the Parliament of the United Kingdom.

Several members of the legislative branch conducted research on the ways in which laws may address the ghastly stuff that children could find online. Illora Finlay, a lawmaker from Llandaff in Wales, was quoted as saying “whether there is a gap between provider-generated content and user-generated content and whether provider-generated content could lead to a whole lot of ghastly stuff on the metaverse without any way of tackling it because it is deemed to have fallen outside the scope of the Bill.”

The fact that the regulation would be applicable to anything communicated by means of an internet service constituted the central tenet of the argument that was offered by a number of members of the United Kingdom Parliament.

Stephen Parkinson, a user from Whitley Bay, England, suggested that this scope may include not just the text and photographs given by other users, but also any virtual things or avatars that they create. He made this suggestion in response to another user’s suggestion that this scope may not include virtual goods or avatars.

On July 17, it is anticipated that members of the House of Lords will resume their discussion of the United Kingdom Online Safety Bill.

A final reading in the House of Representatives is required to take place before the bill can be voted on to become a law and before any modifications can be made to the text.

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Tagged : BRITISH PARLIAMENT / Metaverse / News