Binance has created a $1 billion insurance fund, created as a buffer in case of potential hacks.
The exchange has been saving the funds since 2018.
In addition, Binance has publicly released the insurance fund wallet addresses. Founder and CEO Changpeng Zhao believes this will increase transparency and build trust in the exchange.
“We encourage all centralized exchanges to do the same, as it will benefit the entire ecosystem and demonstrate to governments, regulators and important stakeholders our collective commitment to maintaining trust, integrity and transparency in the cryptoecosystem,” he said.
The “Phantom” cryptocurrency wallet is now valued at $1.2 billion.
According to CEO Brandon Millman, venture capital firm Paradigm led the $109 million funding round.
Andreessen Horowitz, Variant Fund, Jump Capital, DeFi Alliance and Solana Ventures also participated in the round.
The funds will go toward expanding the project. Phantom also announced that they will release an Android app in the first half of 2022. The iOS version of the app launched on January 31.
Shopify CEO and founder Tobias Lütke has joined the board of directors of cryptocurrency exchange Coinbase.
According to a statement from the exchange, Lütke will help Coinbase implement the company’s international expansion strategy.
“We hope to unlock the potential of cryptocurrency to increase economic freedom just as Shopify has democratized online commerce,” said Coinbase CEO Brian Armstrong.
Lütke was one of the first to integrate cryptocurrency into his business. Through the partnership with Coinbase Commerce, users can make cryptocurrency payments on Shopify. The platform serves millions of merchants in more than 175 countries.
“The concepts of decentralized finance and entrepreneurship illustrate a Web 3 perspective where opportunities exist for everyone. Coinbase and Shopify share this vision and I am pleased to join the board to support the future that Brian and the Coinbase team are building,” Lütke said in a statement
Meta (formerly Facebook) has joined the Crypto Open Patent Alliance (COPA). COPA is a consortium of technology and cryptocurrency companies led by Jack Dorsey’s payment company Block (formerly Square).
Thus, Meta will give away all of its patents that are related to blockchain. They will be stored in the COPA library. The goal of the alliance is to provide open access to patented technologies in the field of blockchain and cryptocurrencies and to promote the free implementation of innovative technologies and the creation of new and improved products
This development comes after Meta began winding down Project Diem. Previously, it was reported that the company sold its $200 million worth of assets to cryptocurrency bank Silvergate Bank.
According to COPA general manager Max Sills, Meta is now the largest patent holder to join the organization.
Dmitry Medvedev believes that if cryptocurrencies are banned, it will have a negative impact on the ecosystem. He added that the Central Bank has its own motivation for the ban.
“I now have a rather favorable position in this sense: I believe that the representatives of the Central Bank and the government of the Russian Federation will successfully deal with this. Although, I will say bluntly, when they try to ban something, very often it leads to the opposite result. But of course, the position of the Central Bank has its reasons, which are also known to everyone,” he said.
Earlier the Central Bank published a report in which it proposed to ban the issue, mining and circulation of cryptocurrencies.
El Salvador’s President Naib Buquele made another bullish prediction about bitcoin shortly after the International Monetary Fund called on the country’s government to revoke bitcoin’s status as legal tender.
“There are more than 50 million millionaires in the world. Imagine when each of them decides they should own at least ONE bitcoin. However, there can only be 21 million BTC in circulation. Not even half of them will be enough. It’s only a matter of time before prices skyrocket,” he wrote.
The International Monetary Fund (IMF) recently called on El Salvador to revoke bitcoin’s legal status because of risks related to financial stability and consumer protection.
There is nothing unusual about a 50% drop in bitcoin from its November record high and the correction is within historical norms, Morgan Stanley said in a research note.
The report also said that it is difficult to estimate the fair value of cryptocurrencies because they are traded speculatively. Speculation is facilitated by the availability of U.S. dollars and central bank liquidity.
“Until bitcoin is widely used as a transaction currency, it is difficult to value based on fundamental demand,” said Morgan Stanley.
According to the note, if bitcoin trades below $28,000, the market can expect further declines, as those price points are last year’s low. The report also says that the key area now is the $45,000 level.
The bank noted that bitcoin has had 15 bear markets since its inception in 2009, and the correction seen in recent months is within the norm.
According to the report, increased leverage in the market will contribute to bitcoin’s reversal as central bank liquidity is significantly reduced.
The United Nations Children’s Fund has called for child protection measures to be included in initiatives to protect children online, citing the financial and exploitative threats posed by the unregulated cryptocurrency market.
UNICEF’s 2022 Perspectives for Children report predicts further massive adoption of cryptocurrencies.
The report shows that by the end of 2021, digital currencies have generated widespread interest in 87 countries, with most jurisdictions already experimenting with their own versions of central bank digital currency (CBDC). UNICEF expects a similar growth trajectory in 2022.
The push for mass adoption of cryptocurrency is also fueled by the economic pressures of the COVID-19 pandemic. According to UNICEF, economic recovery in high-income countries will slow down.
UNICEF also expects governments, major banks and investment firms to begin partnering with cryptocurrency/blockchain companies.
“These developments will eventually require national and international regulatory frameworks,” the report said.
UNICEF recognizes that cryptocurrencies bring financial accessibility and “seamless remittances, as well as fast, transparent and effective social assistance programs.”
However, the agency warns of the threats that unregulated markets pose to the well-being of children.
While calling for new child protection reforms, the report also highlights some of the possible negative consequences of unregulated operations that promote child trafficking, sexual exploitation, and the sale and purchase of content depicting child abuse.
“It’s time to include cryptocurrencies and digital currencies in initiatives to protect children online,” the report concludes.
Singapore-based medical company Zuellig Pharma is using blockchain to check vaccines from COVID-19.
The company has implemented a new “eZTracker” management system that helps prevent the use of improperly stored or counterfeit vaccines. The system allows customers to instantly check the origin and authenticity of vaccines through a mobile app.
eZTracker uses SAP blockchain to collect and track data. In order to check the vaccine, you need to scan the QR code on the package.
Patients end up with key information about the product: expiration date, temperature and origin of the drug.
The decentralized exchange (DEX) ADAX was launched on the blockchain Cardano.
According to the team, the exchange is “a fully decentralized, non-custodial and automated liquidity protocol that facilitates trading in the Cardano ecosystem.”
The developers of the exchange have created their own PAB solution using Plutus Smart Contracts, which will provide a fully decentralized platform.
DEX will work for both institutional investors and retail traders.
The exchange now supports the Nami Wallet, in the coming days GeroWallet and CCVault will be integrated.
In addition, ADAX is launching a partnership with a market sentiment monitoring platform StockgeistAI, which will enable DEX to track early signs of changing trader sentiment.
Importantly, ADAX and COTI have also announced a partnership that will result in Djed (the algorithmic stackcoin for Cardano issued by COTI) being integrated into ADAX.