Monat: Februar 2023

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SEC could scrap crypto staking, Coinbase CEO reveals

  • Coinbase CEO Brian Armstrong tweeted saying The SEC could ban crypto staking
  • Armstrong however said that crypto staking is an essential innovation in crypto.
  • The revelation was met with criticism from Charles Hoskinson who said Ethereum staking is problematic.

The co-founder and CEO of Coinbase Brian Armstrong earlier today tweeted revealed that he is hearing rumours that the SEC intends to “get rid” of crypto staking in the US for retail customers.

According to Armstrong, staking is an important innovation in the crypto space since it allows crypto users to participate directly in running decentralized blockchain networks. In his follow-up tweets, he said that crypto staking has brought many positive improvements in the crypto industry including increasing security and scalability and also helping in reducing carbon footprints.

For those new to crypto staking, it is when users lock up their crypto assets for a certain amount of time to help support certain functions of a blockchain including governance and verifying transactions and get some staking rewards in return.

Armstrong’s revelation met with scorn

While some hold the same views as Brian Armstrong, some responded with memes and derision. Charles Hoskinson, the founder of Input Output Global weighed in on the matter saying that “Ethereum staking is problematic.”

Hoskinson argues that giving up assets temporarily to someone else in return for rewards resembles regulated products. He said:

“Slashing and bonds [are] not so good. Non-custodial liquid staking on the other hand is like the mining pools we’ve used for 13 years… It’s sad that all proof of stake protocols might get lumped together due to a fundamental misunderstanding about the actual facts of operation and design.”

The post SEC could scrap crypto staking, Coinbase CEO reveals appeared first on CoinJournal.

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Hut 8 just announced a merger with US Bitcoin: here’s what we know

  • Hut 8 to merge with US Bitcoin to diversify revenue streams.
  • Mining potential of the combined company will be 5.6 EH/s.
  • Hut 8 Mining Corp stock ended slightly down on Wednesday.

Hut 8 Mining Corp ended slightly in the red on Wednesday after revealing plans to merge with US Bitcoin Corp.

What’s in it for the two companies?

The said merger is expected to help diversify revenue streams and lower costs related to mining. It will create a larger publicly listed company that will operate under the name Hut 8 Corp.

Both companies have already secured unanimous approval for the agreement from their respective boards. In the press release, Jaime Leverton, who will continue to lead the joint company said:

Bringing together Hut 8 and US Bitcoin accelerates our diversified strategy, positions us for near-term growth, and establishes us as a strong player that’s ready and able to seize additional opportunities as they rise.

For the year, the Canadian digital asset mining company is currently up more than 150%.

Hut 8 to see a boost to mining potential

Bill Tai will also keep his role as Chairman of the Board while Asher Ganoot will remain the President of the combined firm. The press release named Michael Ho its Chief Strategy Officer and Shenif Visram its CFO.

The new Hut 8 Corp will manage in total 680 MW of infrastructure operations and note an increase in mining potential to 5.6 EH/s. According to Michael Ho – the co-Founder of US Bitcoin:

We’ve been searching for the right partner to join us on our ambitious growth journey for some time and are confident that Hut 8 is the perfect fit.

Last year, Hut 8 mined 3,568 bitcoin that increased its reserve to 9,086 BTC – up 65% year-on-year. Wall Street currently has a consensus “overweight” rating on this Toronto-headquartered firm.

The post Hut 8 just announced a merger with US Bitcoin: here’s what we know appeared first on CoinJournal.

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Deutsche Bank eyes investment in 2 German crypto firms: report

  • German bank Deutsche Bank AG is said to be negotiating minority stakes in Deutsche Digital Assets and Tradias.
  • A Bloomberg report on Wednesday claimed the deals are being led by Deutsche Bank’s asset management division.
  • DWS Group has previously pointed out the benefits of blockchain to the bank.

Deutsche Bank AG, one of the world’s leading banking and financial services providers, has reportedly set its eyes on two German-based cryptocurrency companies.

A report by Bloomberg on Wednesday 8 February, 2023 revealed that Deutsche Bank’s asset management unit DWS Group is looking to acquire minority stakes in crypto-traded products firm Deutsche Digital Assets and crypto trading platform Tradias.

Bankhaus Scheich, one of the top securities trading providers in Germany’s banking sector, owns Tradias.

Sources say the DWS Group is currently negotiating deals with the two digital asset platforms and has previously sought collaboration with Mike Novogratz’s Digital Galaxy.

Deutsche Bank keen on blockchain technology

According to the Bloomberg report, the reported investments are part of Deutsche Bank’s crypto strategy, which includes plans to snap up a chunk of the crypto products trading market amid growing interest from clients.

Stefan Hoops, CEO of DWS Group noted during the bank’s recent earnings call that the crypto winter had probably created an interesting window of opportunities, particularly with crypto prices hitting levels seen in late 2022.

Hoops, who has previously talked about Deutsche Bank’s plans to utilise the blockchain for its products, hinted at a further push towards an overall crypto strategy. Indeed, the bank released a report in March 2021 noting that Bitcoin could be an important asset given the interest from institutional investors.

Deutsche Bank reported a profit of € 5.6 billion (just over $6 billion) in the financial year 2022, a 65% jump in profit before tax. It is the bank’s highest annual profit in 15 years, with the last time it reported such profits being in 2007.

Per the results, net profit rose to € 5.7 billion (about $6.11 billion) year-on-year, more than double the previous cycle. However, profits from asset management fell 27% to € 598 million (about $641 million).

The post Deutsche Bank eyes investment in 2 German crypto firms: report appeared first on CoinJournal.

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TRON DAO establishes $100 million AI development fund

  • TRON DAO is looking to support blockchain technology projects blending AI.
  • The $100 million fund will focus on four key areas, including infused oracles and AI-generated content.
  • TRON’s Justin Sun recently revealed a decentralized AI-oriented payments system for OpenAI and ChatGPT.

TRON news today is bullish on artificial intelligence (AI). This is because TRON DAO, the decentralized autonomous organization that targets decentralization of the internet via the blockchain technology, has announced a new development fund focused on AI-oriented blockchain projects.

AI is currently one of the biggest innovation trends in the world, with the bursting onto the scene of OpenAI’s ChatGPT pulling tech giant Google into an AI race. And indeed, as CoinJournal recently revealed, some of the top tokens in the market today are AI-focused.

As the AI technology attracts greater attention and growth, including across the crypto industry, TRON DAO wants to help accelerate this trend with its new $100 million fund.

TRON’s fund to focus on 4 major AI areas

According to TRON DAO, the AI Development Fund was conceptualized with the goal of bolstering its blending with blockchain innovation. As such, TRON DAO said in a press release on Wednesday, the fund will focus on projects in four key areas – AI service payments, infused oracles, informed investment management services, and AI generated content.

Nonetheless, the fund will be open to applications from innovators and developers who come up with other imaginative use cases.

There are benefits to blending blockchain-based projects with AI services, TRON DAO noted in the press release, including the fact that AI could potentially help supercharge a decentralized financial future.

AI tools are also going to change user access and experience across DeFi, NFTs, and Web3 commerce, with seamless transactions, storage and verification among areas to significantly grow with AI infusion.

Justin Sun, the founder of TRON (TRX) recently signaled the blockchain’s commitment to AI growth with an announcement that TRON would help OpenAI and ChatGPT reach its goals with an AI-oriented decentralized payments network.

The framework will cover an on-chain smart contract system, payment layer protocol, calling SDK, and an AI payment gateway, Sun noted. ChatGPT will leverage a smart contracts system to store user prompts and questions as well as AI results on BitTorrent, a decentralized file storage system.

The post TRON DAO establishes $100 million AI development fund appeared first on CoinJournal.

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Algorand targets Web3 adoption in India with major partnerships

  • The Algorand Foundation has partnered T-Hub and  Self Employed Women’s Association (SEWA) in India.
  • The partnerships form part of Algorand’s blockchain and Web3 investment goals in the country and globally.
  • Algorand is looking to support local projects focused on high-impact blockchain solutions.

Algorand Foundation is looking to boost growth across Web3 in India, one of the countries with the largest cryptocurrency communities in the world.

In a press release seen by CoinJournal, the foundation that’s helping to grow the Algorand blockchain says they have sealed several major partnerships across India. 

Algorand’s Web3 goals for India’s growing population

The partnerships are part of Algorand’s blockchain investment roadmap amid the growing adoption of Web3 products, the Algorand Foundation noted, revealing one of the partnerships is with top India-based innovation hub T-Hub.

The goal, according to the announcement, is to tap into blockchain technology to help offer employment and other solutions to India as it moves towards becoming the most populous country in the world.

As noted, T-Hub counts over 600 corporate partners, a brand magnate that includes names such as Intel, Meta, AWS and Microsoft among others. Algorand hopes to leverage the partnership to support projects looking to build high-impact and scalable blockchain solutions.

“The partnerships we are formalizing this week with India’s most respected institutions and organizations are reflective of the reliability, scalability and real world utility of Algorand’s blockchain technology,” said Anil Kakani, the India Country Head at the Algorand Foundation.

Algorand’s mission in India and around the world is to enhance sustainability, Kakani added, with the focus being on improving access to key services. These include education, financial services and health care – goals that can be greatly advanced through critical applications across Web3.

Other partnerships Algorand Foundation announced are with the Jawaharlal Nehru Technological University Hyderabad, Self Employed Women’s Association (SEWA), the Indian School of Business and the Clinton Global Initiative. 

Notably, Algorand is now the technology partner of the Global Resilience Fund, a $50 million fund from the Clinton Foundation.

The post Algorand targets Web3 adoption in India with major partnerships appeared first on CoinJournal.