Bitcoin News and Price | Bitcoin.News

Coinbase Report: New York Emerges as a Hub for Crypto Innovation and Adoption

by Blockchain NewsAugust 9, 2023

Coinbase, a leading crypto exchange, published a report titled ‘United States of Crypto: New York’ on August 8, 2023. According to the report, the swift adoption of crypto and web3 technologies in the state, with nearly one-fifth of New Yorkers owning cryptocurrency, signals a promising future for crypto in New York.

New York, known as the epicenter of technological innovation, art, and fashion, is rapidly embracing cryptocurrency and blockchain technology. According to a recent Morning Consult study commissioned by Coinbase, 19% of New York residents own crypto, and approximately one-third agree that cryptocurrency makes the financial system more equitable and represents a worthwhile future investment.

Crypto Adoption and Innovation in New York

New York state is home to 692 blockchain organizations and over 800 founders. Since the start of 2020, 52% of the Fortune 100 companies have pursued initiatives in crypto, blockchain, or web3. Most of these initiatives (around 75%) are concentrated in the tech, financial services, and retail sectors, with many residing in New York.

Famous crypto and blockchain companies that have a significant presence or operations in New York include Gemini, OpenSea, Coinbase, Chainalysis, Ripple, Fireblocks, Paxos, and NYDIG, among others.

Fashion Meets Blockchain

The state’s vibrant culture is not limited to traditional industries. Morphew, a New York-based fashion, art, and lifestyle brand, has ingeniously blended antique fashions with futuristic trends and technology. Bridgette Morphew, Founder and CEO of Morphew, expressed her desire to leverage blockchain technology to archive one-of-a-kind fashion collectibles.

Morphew partnered with Arx, a hardware technology company, to launch their NFT collection. Arx’s chips can be embedded in any item to pair physical garments with a blockchain-based digital version. Morphew’s Genesis NFT collection, stored on-chain, allows for the digital authentication and exhibition of fashion through photorealistic 3D renderings. The collection was launched at Art Basel Miami.

New York’s Role in Crypto’s Future

New York’s deep history as a home to major fashion brands and cutting-edge innovation makes it a natural base for companies like Morphew. The number of crypto VCs in New York also encourages venture capital investment in the region.

“New York is the center of the fashion industry. Morphew highlights and preserves the past while creating the future of digital fashion archival. Crypto is paving the way for artists to create and authenticate their work, that’s why we’re encouraging artists and small businesses alike to Stand with Crypto. Together, we can fuel the future of fashion,” says Bridgette Morphew.

Image source: Shutterstock

Source

Blockchain Fights Climate Change

by Blockchain NewsApril 26, 2023

According to a recent white paper published by the World Economic Forum (WEF), the use of blockchain technology has quickly become one of the most important weapons in the battle against climate change. The report explains how blockchain technology may offer the essential infrastructure to combat climate change “at speed and scale” by increasing market transparency, building trust and ambition within climate discussions, democratizing access to climate action, and funneling more funding to project developers. Brynly Llyr, who is in charge of blockchain and digital assets at the Crypto Impact and Sustainability Accelerator (CISA) of the World Economic Forum, emphasized how important it is to investigate new technologies in order to combat climate change. She said that “global climate infrastructure, tools, and coordination technologies can all help us keep pace with our changing planetary ecosystem.” In situations like these, technology like blockchain and shared infrastructure may be of great assistance.

In its white paper, the World Economic Forum (WEF) emphasized the need of supportive legislation in order to foster digital climate innovation. According to Dana Gibber, CEO of the blockchain climate project Flowcarbon, industry experts have come to the conclusion that governments should take into consideration the different uses of blockchain technology that go beyond cryptocurrencies. Gibber stressed the significance of policymakers understanding the potential of blockchain technology by adding that “this goes beyond cryptocurrencies and encompasses what you can build on blockchain.” In doing so, Gibber drew attention to the fact that it is important for politicians to recognize the potential of blockchain technology.

In the meanwhile, the prominent cryptocurrency exchange Coinbase is also lobbying for further regulatory clarity in the digital asset industry in the United States. On April 25, Coinbase initiated legal action in an effort to push the Securities and Exchange Commission to take action on its rulemaking petition, which has been outstanding since July of last year. The court action was launched in an effort to force the SEC to act. Additionally, the exchange has initiated a campaign for nonfungible tokens that advocates for crypto regulations that are more rational.

The promise of blockchain technology to tackle climate change is gaining greater recognition among business leaders; nevertheless, this potential cannot be realized without supportive and constructive regulation from politicians. As the world continues to struggle with the critical problem of climate change, the use of blockchain technology is expected to become an increasingly important part of the initiatives under way to build a more sustainable future.

Source

Tagged : Blockchain / CLIMATE CHANGE / Innovation / News / Regulation / WEF

US Crypto Crackdown Could Stifle Innovation and Weaken Dollar

by Blockchain NewsMarch 24, 2023

The US government’s ongoing crackdown on cryptocurrencies and crypto firms is causing concerns among industry experts, who argue that it could have a negative impact on innovation and weaken the dollar’s global position. The recent Wells notice issued to Coinbase by the SEC is just one example of the legal threats that crypto firms are facing in the US, and many believe that there could be more to come.

According to Mati Greenspan, the chief of crypto research firm Quantum Economics, US regulators have been unfriendly to crypto “since the beginning.” Some suggest that the recent collapses of crypto and startup-friendly banks, such as Silvergate, Silicon Valley Bank, and Signature Bank, are part of a larger scheme by regulators to “un-bank” the crypto sector, which has been dubbed “Operation Choke Point 2.0.”

Meanwhile, a March 20 economic report from the White House was highly critical of the merits of crypto assets, spending almost an entire chapter debunking their “touted” benefits. However, as more people begin to use crypto for cross-border remittances globally, there are concerns that a crackdown on crypto in the US could actually have the opposite effect on the dollar. By isolating the US further, it could weaken the dollar’s position as the global reserve currency.

Greenspan suggests that the White House should instead review the practices in the banking industry, rather than targeting the crypto sector. The recent action against Coinbase has been described as part of an “adversarial environment for the crypto industry” in the US, which could drive jobs, investment, and future innovation offshore to countries like Singapore, Hong Kong, and Australia.

Despite the concerns raised by industry experts, the exact reasons for the SEC’s targeting of Coinbase remain unclear. The SEC has declined to comment on the matter, leaving many in the crypto community uncertain about what the future holds for the industry in the US.

Source

Tagged : Cryptocurrency / Innovation / News / SEC / US REGULATORS / WELLS NOTICE

Ethics of Web3 Discussed at Paris Blockchain Week

by Blockchain NewsMarch 23, 2023

Web3 technology is becoming increasingly pervasive in mainstream industries, raising important questions about the ethics needed to operate in the space. During the second day of Paris Blockchain Week 2023, a panel of professionals from the Web3 ecosystem took to the Venus de Milo stage to discuss the “Ethics of Web3.”

The panel was moderated by Moojan Ashghari, co-founder of Thousand Faces Web3 investment club. Ashghari opened the discussion by stating that the ethical framework or standard of technology will always lag behind the introduction of the technology. He emphasized that the biggest challenge of ethics is determining the right questions to ask in order to ensure that the technology does not harm us in the near or far future.

The panelists unanimously agreed that innovation typically comes before any ethical standard is implemented. Margaux Frisque, co-founder of and legal adviser to the Women in Web3 Association, highlighted the upcoming Markets in Crypto-Assets (MiCA) framework in the European Union as an example of turning ethics into law to protect people and innovation.

Frisque explained that the MiCA framework was inspired by feedback from past operations and will soon oblige businesses to segregate the funds of their clients from other bank accounts. She praised this as an example of good behavior that has been turned into hard law to protect people and innovation.

Paris Blockchain Week also hosted an entire panel discussion on the upcoming MiCA regulations, during which industry experts and regulators discussed the implications of European lawmakers’ proposals. While the proposal has faced several delays, it is set for a final vote in April 2023.

Loic Brotons, CEO of Galeon, echoed the sentiment that behavior influences ethics. He pointed out that “mixing innovation and ethics is a bit complicated” and that innovation typically comes first. He used the FTX scandal as an example, where the lack of verification led to problems. He stated that exchanges are now providing proof-of-reserves so that people can follow the money and verify their trust.

In conclusion, the Ethics of Web3 panel at Paris Blockchain Week highlighted the importance of implementing ethical frameworks in the Web3 ecosystem to protect people and innovation. The MiCA framework in the European Union was cited as an example of turning ethics into law to achieve this goal. As the Web3 ecosystem continues to grow and evolve, it is crucial to consider the ethical implications of new technologies to ensure their responsible and sustainable use.

Source

Tagged : Ethics / European Union / Innovation / MARKETS IN CRYPTO-ASSETS / News / Technology / Web3

US Federal Reserve to Create Cryptocurrency Team Amid Concerns Over Unregulated Stablecoins

by Blockchain NewsMarch 10, 2023

The US Federal Reserve is taking steps to address the fast-evolving cryptocurrency industry. The central bank has announced that it is creating a specialized team of experts to monitor developments in the cryptocurrency sector, with a particular focus on stablecoins. The move comes amid concerns that unregulated stablecoins could put households, businesses, and the broader economy at risk.

Speaking at the Peterson Institute for International Economics in Washington on March 9, Vice Chair for Supervision Michael Barr acknowledged the transformative potential of cryptocurrencies but also warned that the benefits of innovation can only be realized if appropriate guardrails are in place. The new crypto team will help the Federal Reserve “learn from new developments and make sure we’re up to date on innovation in this sector.”

The Federal Reserve’s stance is not surprising, given its mandate to promote stability and public confidence in the financial system. However, the move to create a specialized crypto team marks a significant step forward in the central bank’s approach to cryptocurrencies. It highlights the growing recognition of the importance of cryptocurrencies in the financial system and the need for appropriate regulatory frameworks to manage their risks and harness their potential.

Barr emphasized that regulation needs to be a “deliberative process” to ensure that a balance is reached between over-regulation that “will stifle innovation” and under-regulation that “will allow for substantial harm to households and the financial system.” He cautioned that any widespread adoption of stablecoins that are not regulated by the Fed could put households, businesses, and the broader economy at risk.

Stablecoins are cryptocurrencies that are pegged to a stable asset, such as the US dollar. They are designed to reduce the volatility associated with traditional cryptocurrencies, making them attractive to investors and merchants. However, stablecoins are not immune to risks, and there are concerns that the assets backing many stablecoins in circulation are illiquid. This means that it can be difficult to liquidate them for cash when needed, potentially leading to a “classic bank run.”

Barr’s comments on stablecoins echo similar concerns raised by other regulators, including the Securities and Exchange Commission (SEC) and the Financial Stability Oversight Council (FSOC). In December 2020, the FSOC, which is chaired by Treasury Secretary Janet Yellen, issued a report warning that stablecoins could pose a risk to financial stability if they become widely adopted without appropriate regulatory safeguards.

The move by the Federal Reserve to create a specialized crypto team is a positive development for the cryptocurrency industry. It demonstrates that the US central bank is taking a proactive approach to managing the risks and harnessing the potential of cryptocurrencies. The crypto team will be responsible for monitoring developments in the sector, advising the Fed on appropriate regulatory frameworks, and working with other regulators to ensure a coordinated approach.

The creation of the crypto team also highlights the growing importance of cryptocurrencies in the financial system. As more individuals and businesses adopt cryptocurrencies, it is essential that regulators keep up with the pace of innovation to ensure that appropriate regulatory frameworks are in place. This will help to promote stability and public confidence in the financial system while also enabling the benefits of innovation to be realized.

Source

Tagged : Cryptocurrency / Federal Reserve / Innovation / News / Regulation / Stablecoins

Transform Ventures Co-Invests in Alpha Transform Holdings to Accelerate Blockchain Investment

by Blockchain NewsMarch 8, 2023

Alpha Transform Holdings (ATH) is a newly formed holding company that has been formed as a result of a partnership between Transform Ventures and the parent company of Alpha Sigma Capital. The primary objective of this new holding company is to quicken the pace of investment and innovation within the blockchain ecosystem. The merger will result in the combination of certain assets held by both firms, leading to the formation of two new funds with a combined asset base of one hundred million dollars.

According to Enzo Villani, CEO and Chief Investment Officer of Alpha Transform Holdings, the vision of ATH is to usher in a new era of financial and technological innovation by leveraging decentralization, blockchain technology, and Web3 infrastructure. This will be accomplished by bringing in a new era of financial and technological innovation.

ATH received an investment of $2.65 million in cash, Bitcoin (BTC), and Ether (ETH) from Transform Ventures, which was created by cryptocurrency investor Michael Terpin. The company also retained the option to invest an additional $2.9 million. Terpin had earlier filed a lawsuit against a New York teenager, demanding $71.4 million in damages for the alleged theft of bitcoin from the defendant’s phone.

Alpha Transform Holdings is primarily concerned with the delivery of product suites that fall under the asset management umbrella, the development of Alpha Transform products, and the execution of Alpha Transform strategies. ATH’s dedication to fostering blockchain innovation is shown by the company’s emphasis on the delivery of a wide variety of goods and strategies relating to blockchain technology.

Although if blockchain innovation continues to attract large investors and venture capitalists, there has been a rise in the number of investors expressing a negative emotion about the technology, which has led to an increase in the amount of money leaving the market. The introduction of Alpha Transform Holdings, which has a considerable amount of assets under management, is a good step for the blockchain ecosystem. Its launch should offer a boost to blockchain investment as well as blockchain innovation.

Source

Tagged : ALPHA TRANSFORM HOLDINGS / Blockchain Investment / Funds / Innovation / News / TRANSFORM VENTURES

Crypto Staking in South Korea: Balancing Innovation and Regulation

by Blockchain NewsMarch 2, 2023

The examination into crypto staking services supplied by South Korean exchanges that was conducted by the Financial Supervisory Service (FSS) has brought to light the difficulty of striking a balance between innovation and regulation in the quickly developing cryptocurrency market. Even while staking has become a popular method for investors to make passive income on their cryptocurrency holdings, authorities are worried about the possible threats that might be posed to consumers as well as the stability of the market.

The question of whether or not “staking” may be legally understood as a type of trading in “securities” is one of the most important questions for regulators to answer. Domestic exchanges have asserted that they do not use customer funds to pay out staking earnings and that they keep exchanges’ own tokens separate from those belonging to customers. However, regulators want to make sure that customers are fully informed about the risks that are involved in using domestic exchanges.

On the other hand, there is a possibility that restrictions that are too onerous would hinder innovation and cause enterprises that are tied to cryptocurrencies to leave South Korea. The nation is home to a burgeoning cryptocurrency economy, as seen by the presence of a number of cryptocurrency exchanges and blockchain firms. These businesses have been essential in South Korea’s job creation and economic expansion, and government authorities will need to carefully evaluate the effects that any new restrictions would have on this industry before imposing such regulations.

The creation of a regulatory sandbox for crypto staking, which would allow for the testing of new goods and services by businesses in a regulated setting, is one of the possible solutions to this problem. This would make it possible for authorities to monitor the risks involved with staking, making it possible for them to safeguard consumers while still encouraging innovation in the area.

The continuing expansion and prosperity of South Korea’s cryptocurrency economy will ultimately depend on the country’s ability to strike the appropriate balance between decentralized innovation and government oversight. In this fast developing industry, it is essential to foster an environment conducive to entrepreneurial endeavors as well as innovation. This goes hand in hand with the need to safeguard consumers and preserve market equilibrium.

Source

Tagged : Crypto Staking / FINANCIAL SUPERVISORY SERVICE / Innovation / News / Regulation / South Korea

South Korea Regulator Probes Crypto Staking Services

by Blockchain NewsMarch 2, 2023

The Financial Supervisory Service (FSS) of South Korea has begun an inquiry into the cryptocurrency staking services provided by local exchanges such as Upbit, Bithumb, Korbit, and Coinone. The regulator has sought data from these exchanges that is connected to staking, which has led to worries over the possibility of new laws that are related to staking. On the other hand, a spokeswoman for the FSS has indicated that there are not presently any plans to completely prohibit domestic stakestaking.

Following a similar step by US authorities, which only recently initiated a legal fight against stake providers, the FSS has opened an investigation into the matter. The Chief Executive Officer of Coinbase, Brian Armstrong, has made the assertion that the Securities and Exchange Commission of the United States (SEC) is attempting to “get rid of crypto staking in the US.” The Financial Stability Service (FSS) has responded to this by stating that it wants to make certain that domestic staking providers adhere to the letter of the legislation.

Despite the fact that South Korean exchanges have asserted that they do not use customer funds to pay out staking earnings and that they store the exchanges’ own tokens in a separate location from the tokens that belong to customers, South Korean regulators are interested in finding an answer to the question of whether or not staking services can be legally construed as a form of “security” trading.

The result of legal disputes in South Korea might be affected by further developments in the United States over the question of whether or not some cryptocurrencies can be considered securities. The latest action taken by the SEC against Terraform Labs and its CEO Do Kwon is being hailed as a “good step” by the prosecuting authorities in South Korea. The SEC has leveled allegations of “securities” breaches against Kwon and other corporate leaders, and the agency is now waiting for a response from the US judicial system.

Source

Tagged : Crypto Staking / FINANCIAL SUPERVISORY SERVICE / Innovation / News / Regulation / South Korea

Demand for Blockchain and AI Expected to Push Market Value to $980.7M by 2030: Report

by Blockchain NewsNovember 4, 2022

Since blockchain and artificial intelligence (AI) are among the greatest technological innovations, their demand is expected to make the market value soar to $980.7 million by 2030, according to Spherical Insights & Consulting.

The market data intelligence company suggested that the global blockchain AI market is anticipated to record a compound annual growth rate (CAGR) of 24.06%. Per the report:

“Both combined are able to provide robust outcomes, and become highly beneficial to various applications such as financial security, supply chain logistics, creating diverse datasets and many others.”

Since digitization is emerging as a critical driver of transformational change across different industries, AI and blockchain can prompt high-efficiency levels, with the United States already setting the digitizing ball rolling.

Spherical Insights pointed out:

“The blockchain AI accelerates and also connects the ecosystem of artificially intelligent bots and software. The combination of both delivers universal registration, identity validation, bot audit, and compliance capabilities.”

Based on the technical complexity presented by blockchain and AI, experts anticipate that these cutting-edge technologies will have profound business implications soon. For instance, the AICoin project was aimed at enabling investors to harness the power of tokenization by combining the strengths of AI and blockchain.

Spherical Insights added:

“In this project, the developers developed artificial intelligence models that learn to identify and trade patterns that are hidden in the dozen or so most liquid cryptocurrency markets.”

The report also noted that this market can be a game-changer for business leaders, given that it can be deployed in investment management platforms, crowdsourced predictive models for hedge funds, and AI marketplaces.

Spherical Insights also highlighted that cloud-based blockchain AI solutions could play an instrumental role in SMEs because they enhance scalability and are highly applicable.

Meanwhile, Research and Markets disclosed that enhanced blockchain as a service (BaaS) adoption would boost the blockchain in the healthcare market, Blockchain.News reported.

Image source: Shutterstock

Source

Tagged : ARTIFICIAL INTELLIGENCE / Blockchain / Industry / Innovation / Research / Technology

Demand for Blockchain and AI Expected to Push Market Value to $980.7M by 2030: Spherical Insights

by Blockchain NewsNovember 4, 2022

The market data intelligence company suggested that the global blockchain AI market is anticipated to record a compound annual growth rate (CAGR) of 24.06%. Per the report:

“Both combined are able to provide robust outcomes, and become highly beneficial to various applications such as financial security, supply chain logistics, creating diverse datasets and many others.”

Spherical Insights pointed out:

“The blockchain AI accelerates and also connects the ecosystem of artificially intelligent bots and software. The combination of both delivers universal registration, identity validation, bot audit, and compliance capabilities.”

Spherical Insights added:

“In this project, the developers developed artificial intelligence models that learn to identify and trade patterns that are hidden in the dozen or so most liquid cryptocurrency markets.”

Spherical Insights also highlighted that cloud-based blockchain AI solutions could play an instrumental role in SMEs because they enhance scalability and are highly applicable.

Meanwhile, Research and Markets disclosed that enhanced blockchain as a service (BaaS) adoption would boost the blockchain in the healthcare market, Blockchain.News reported.

Image source: Shutterstock

Source

Tagged : ARTIFICIAL INTELLIGENCE / Blockchain / Industry / Innovation / Research / Technology