EDX Markets Partners with Solidus Labs to Monitor $16 Trillion in Crypto Trading with HALO Platform

EDX Markets, a pioneering crypto exchange backed by a consortium of major Wall Street firms including Citadel, Fidelity, Schwab, Virtu, Sequoia, Paradigm, and others, announced a partnership with Solidus Labs on August 10, 2023, to enhance transaction monitoring across EDX’s platform. The collaboration aims to provide customers with seamless end-to-end transactional risk management capabilities, reflecting key institutional best practices and maintaining the highest compliance standards in the cryptocurrency industry.

EDX Markets is designed to meet the needs of both crypto-native firms and the world’s largest financial institutions, enabling safer, faster, and more efficient trading and settlement of digital assets. Products listed for trading on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

EDX has chosen Solidus Labs’ HALO platform, a leading crypto market integrity hub, as a central tool to manage and assess risk, prevent financial crime, and comply with evolving regulatory requirements. Solidus Labs is known as the category-definer for crypto-native market integrity solutions, including trade surveillance, transaction monitoring, and threat intelligence. Their mission is to enable safe crypto trading across all centralized and DeFi markets.

HALO currently monitors over 250 million events and $16 trillion in on- and off-chain trading volume per day across more than 150 markets, protecting over 25 million individual and institutional investors. EDX will leverage Solidus Labs’ machine learning-powered detection models and Universal Client Risk Profile capability to identify unusual or suspicious activity on its platform and coordinate the appropriate risk response.

Chris Tyrrell, Chief Compliance Officer of EDX, stated, “Solidus’ transaction monitoring solution is a powerful addition to EDX’s suite of compliance measures. We are focused on bringing the best of traditional finance to cryptocurrency markets and are committed to ensuring safe and compliant trading. As an industry-leading provider of AML solutions for detection of money laundering and financial crime activities in crypto markets, Solidus will help us protect the integrity of our platform while meeting regulatory expectations and Wall Street-grade best practices.”

Asaf Meir, Solidus Labs’ Founder and Chief Executive, added, “We are proud to support EDX’s vision and meet the demand for a safe and compliant cryptocurrency market. Bridging traditional and digital finance through crypto-native risk mitigation tools is core to our mission, and we look forward to working together with EDX to continually increase the standards for safe and integrity-driven crypto trading.”

By leveraging Solidus Labs’ expertise in transaction monitoring, EDX aims to enhance the safety and integrity of its platform, aligning with the growing demand for compliance and risk management in the cryptocurrency space.

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What is Helium Mining?

Helium mining is the process of providing wireless coverage for the Helium Network, a decentralized network designed to support Internet of Things (IoT) devices. Participants, known as helium miners, deploy helium mining hotspots to contribute to the network’s coverage and are rewarded with tokens. Helium is “a global, distributed network of Hotspots that create public, long-range wireless coverage for LoRaWAN-enabled IoT devices and cellular devices”.

The Helium Network and Helium Mining Hotspots

Launch Date: 2019

Mission: To create a decentralized, open-source, accessible, and secure wireless network.

Coverage: Helium miners have deployed almost one million Hotspots in over 77,000 towns and cities across 192 countries.

Helium Mining Hotspots: Devices like the bobcat miner, linxdot, rak miner, and nebra helium miner are popular helium hotspot miners used to mine HNT tokens.

How to Mine Helium (HNT)

1. Choose a Helium Miner (Hotspot)

Full Hotspots: Capable of receiving all rewards for participation, including proof-of-coverage activities.

Light Hotspots: Software-based hotspots that perform similar functions to full hotspots.

Data-Only Hotspots: Focus on transferring data and receive rewards only for data transfer.

Helium 5G Hotspot: For mining MOBILE tokens, you’ll need a Helium 5G Hotspot and compatible CBRS Small Cell Radio.

Since the Helium community approved HIP 19, users can buy devices provided by third-party manufacturers and vendors which producing and supplying “hotspots that mine Helium tokens for providing wireless connectivity.” Typical venders include Atom, Bobcat, Atom, ClodPi, COTX Networks, Dragino, FreedomFi, Nebra, among others.

Connect the Helium Console and Wallet:

2. Helium Console: Manages the data transfer from IoT devices to the Helium Network.

Helium Wallet: Accumulates the HNT tokens that you receive. Wallet options include the Helium Hotspot App, Command Line Interface wallet, and Helium ledger wallet.

3. Physical Installation of the Device:

Connect the Antenna: Ensure that the antenna is connected to the antenna port.

Power Up and Connect: Turn on your hotspot and connect it via your phone using Bluetooth.

Register the Hotspot: Follow the instructions in the Helium app to register the hotspot.

Wait for Syncing: Allow one or two days for the information to complete syncing before you can start mining HNT.

4. Optimize Your Helium Miner:

Height: Mount your antennas higher to improve mining performance.

Antenna: Choose the right gain and shielding for your antenna.

Proximity: Consider the distance from other hotspots to avoid competition or isolation.

5. Earn HNT Tokens:

Transferring Data: Earn HNT through transferring data to other devices in the network.

Proof of Coverage (PoC): Participate in PoC challenges to prove the quality of the coverage.

5G Mining (MOBILE Tokens): By setting up a Helium 5G Hotspot, you can earn MOBILE tokens for providing Helium 5G coverage.

Tokens and Economics in Helium Mining

HNT Token: The native token of the Helium Network, mined by HNT miners or HNT token miners.

Data Credits (DCs): Used to pay for data transfer, network-related fees, and data transfer on IoT and Mobile networks.

IoT Token: A token associated with the Helium IoT Network.

Mobile Token: A token associated with the Helium Mobile Network.

SOL Token: Used for transaction fees on the network after migration to Solana blockchain.

Migration to Solana (SOL) Blockchain

Date of Migration Completion: April 19, 2023

Reason for Migration: Enhancing scalability, expansion, and reliability for helium miners.

Community Involvement: The Helium community voted for the migration.

Benefits for Helium Miners and Users: Smart contract functionality, new feature possibilities, lower costs, access to DeFi, network efficiency, SPL compatibility.

Impact on Tokens and Helium Mining Hotspots: Changes to HNT mining, governance, and foundation funding.

Integration with Existing Solana Programs: New tools, services, and features for the Helium Network.

Roaming Integration and Helium Hotspot Miners

Extended Coverage: Helium hotspots communicate with other networks, extending reach and connectivity.

Interoperability with Other Networks: Interaction with other LoRaWAN networks through roaming agreements.

Enhanced Functionality for IoT Devices: Continuous connectivity for IoT devices across different network coverage areas.

Economic and Strategic Benefits: Expansion of coverage without significant investment in new infrastructure.

User Perspective: Seamless experience as devices move between different network coverage areas.

Reason for Roaming Integration: The explosive growth of the Helium Network has led to the creation of roaming integration, enabling the network to offer both public and private LoRaWAN networks access to its coverage. This integration allows for faster deployment of applications in more markets at a lower cost and with less hassle, contributing to the network’s expansion and accessibility.

Enterprise Solutions and Helium Mining

Helium offers carrier-class multi-provider and multi-band IoT networks for various sectors, including cities, industries, ports, ships, and seas.

Helium Mining Hotspots: Devices such as the bobcat miner are instrumental in building these networks.

Summary

Helium mining, through the deployment of helium mining hotspots like the bobcat miner, linxdot, rak miner, and nebra helium miner, has created a decentralized wireless network that supports IoT devices. The process of mining involves purchasing and setting up specialized hardware, providing network coverage, earning rewards, and staying informed about network developments and opportunities.

Roaming integration is a significant aspect of the Helium Network, enhancing its reach, functionality, and value, facilitated by helium hotspot miners. The migration to the Solana blockchain has been a pivotal moment, enhancing the network’s scalability, efficiency, and utility. With its innovative approach, Helium continues to redefine wireless connectivity, making it accessible and secure for all.

The Helium Network’s growth and the continued development of helium miners and helium mining hotspots position it as a leading force in decentralized wireless technology.

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Maple Finance Opens Cash Management Solution to U.S. Investors, Backed by U.S. Treasury Bills

On August 9, 2023, Maple Finance announced the opening of its Cash Management Solution to U.S. domiciled Accredited Investors and Entities, operating with a Reg D exemption. This development allows these investors to access a conservative yield backed by U.S. Treasury bills on-chain.

Since the pool’s initial launch to non-U.S. customers in April, over $27 million USDC has been deposited into the Cash Management USDC pool, returning an average yield of 4.67% to lenders. The pool targets a net APY of the current 1-month U.S. Treasury bill rate, less fees totaling 0.5% annualized.

The Cash Management Pool is designed to serve as a highly liquid treasury management solution for Web3 treasuries, digital asset funds, and DAOs. It offers direct access to U.S. Treasury Bill rates on-chain, without ETF liquidity or depeg risks, and no inbound or outbound fees. This has led to nearly 60% of lenders increasing their positions, with an average position increase of approximately 360%.

Relm Insurance, a licensed and regulated insurance firm, has praised the daily liquidity of the pool, emphasizing that their “top priority is ensuring capital is safe and accessible to meet potential claims.” Since launching, daily liquidity on U.S. banking days has been maintained, with more than $6 million in withdrawals serviced within one business day.

Key features of the Cash Management USDC Pool include:

1. Confidence with compliance: The pool operates with a Reg D exemption.

2. No in or outbound fees: Fees of 50bps are annualized and paid on interest earned.

3. Immediate interest and next-day withdrawals: No lock-up period, and withdrawals are serviced the next U.S. banking day.

4. Established, transparent infrastructure: Maple’s smart contract infrastructure provides constant, verifiable, on-chain information.

5. Direct access and recourse to Treasury Bills: Treasury bills are backed by the full faith of the U.S. Government.

6. Managed with leading 3rd parties: Room40 Capital, an institutional crypto hedge fund, is the sole borrower from the pool.

Maple’s commitment to providing access to financial products on-chain continues with this expansion, offering diverse yield opportunities to suit the risk, liquidity, and compliance needs of various investors.

The onboarding process for an Accredited Investor is described as a 3-step process that should take approximately 10 minutes for an individual and 15 minutes for an entity.

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AFP and Other Media Giants Call for Global AI Regulation to Protect Integrity

Several top global news and publishing organizations, including Agence France-Presse (AFP), European Pressphoto Agency, Getty Images, and others, have signed an open letter addressing policymakers and industry leaders. They are urging the establishment of a regulatory framework for generative AI models to preserve public trust in media and protect the integrity of content.

The letter, entitled “PRESERVING PUBLIC TRUST IN MEDIA THROUGH UNIFIED AI REGULATION AND PRACTICES,” outlines specific principles for the responsible growth of AI models and raises concerns about the potential risks if appropriate regulations are not implemented swiftly.

Proposed Regulations

Among the proposed principles for regulation, the letter emphasizes:

Transparency: The disclosure of training sets used in the creation of generative AI models, enabling scrutiny of potential biases or misinformation.

Intellectual Property Protection: Safeguarding the rights of content creators, whose work is often utilized without compensation in training AI models.

Collective Negotiation: Allowing media companies to collectively negotiate with AI model developers over the use of proprietary intellectual property.

Identification of AI-Generated Content: Mandating clear, specific, and consistent labeling of AI-generated outputs and interactions.

Misinformation Control: Implementing measures to restrict bias, misinformation, and abuse of AI services.

Concerns and Risks

The letter details potential hazards if regulations are not promptly put in place. These include erosion of public trust in media, violations of intellectual property rights, and the undermining of traditional media business models.

Generative AI models are capable of producing and distributing synthetic content on a scale previously unseen, potentially leading to the distortion of facts and the propagation of biases. Additionally, the letter highlights the financial impact on media companies, which may see their content disseminated without attribution or remuneration, threatening the sustainability of the industry.

A Call for Global Standards

The signatories are not only seeking immediate regulatory and industry action but also expressing support for consistent global standards applicable to AI development and deployment. While recognizing the potential benefits of generative AI technology, the letter emphasizes the necessity of responsible growth to protect democratic values and media diversity.

Though the letter applauds some efforts made within the AI community and various governments to address these concerns, there is a collective call to further the dialogue and advance regulations. The signatories express eagerness to be part of the solution, ensuring that AI applications continue to thrive while respecting the rights of media companies and individual journalists.

U.S. Government’s Recent Initiatives in AI Regulation

Global concerns regarding AI regulation, encompassing privacy, security, copyright, and misuse, have been met with recent initiatives by U.S. governmental bodies.

On July 13, 2023, the U.S. Federal Trade Commission (FTC) began a thorough check into ChatGPT over consumer protection concerns. OpenAI, the company behind ChatGPT, received a 20-page demand for records from the FTC, which is particularly investigating whether OpenAI’s handling of AI models has been unfair or misleading, possibly causing damage to people’s reputations.

On July 26, 2023, the SEC proposed new rules to prevent potential conflicts of interest arising from investment advisers and broker-dealers using predictive data analytics and AI. The SEC chairman Gary Gensler has even expressed concerns that AI may lead to the next financial crisis.

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INX to renew Share and Token Repurchase Programs

The INX Digital Company, Inc. (NEO: INXD, INXATS: INX, OTCQB: INXDF), a regulated digital asset trading platform owner, announced on August 9, 2023, its intention to renew its normal course issuer bid (NCIB) program to repurchase common shares of the company. Alongside this, INX’s subsidiary, INX Limited, intends to renew its INX Token repurchase program.

NCIB Program Details

The NCIB, accepted by the Neo Exchange Inc., operating as Cboe Canada, allows the company to purchase up to 12,713,823 Common Shares, approximately 10% of the public float as of July 28, 2023. The aggregate purchase price for any Common Shares acquired under the NCIB and INX Tokens acquired under the token repurchase program must not exceed US$5 million.

Purchases under the NCIB may be made through open market transactions on the NEO Exchange and/or Canadian alternative trading systems. Daily purchases cannot exceed 31,348 Common Shares, 25% of the average daily trading volume on the NEO Exchange, measured from January 26, 2023, to July 26, 2023. Any Common Shares purchased will be canceled.

INX Limited Token Repurchase Program

Under this program, repurchases can be made using various methods, including open market purchases, in compliance with U.S. SEC rules and other legal requirements. The repurchase program does not obligate the company to acquire any specific number of tokens, and it may be suspended or discontinued at INX Limited’s discretion. INX Tokens purchased will be retired.

Timing and Conditions

The period during which purchases under the NCIB and token repurchase program will commence on August 11, 2023, and end at the earliest of August 10, 2024, or when the aggregate maximum number of Common Shares are purchased, or when the aggregate purchase price reaches US$5 million.

Under its prior NCIB that commenced on March 23, 2022, and expired on March 23, 2023, INX purchased 96,500 Common Shares and did not repurchase any INX Tokens.

Broker Appointment

The company has appointed PI Financial Corp. as the broker to conduct purchases under the NCIB, in accordance with the policies of the NEO Exchange.

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