Schlagwort: crypto business

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US Senator asks DOJ to consider criminal charges against Binance and Tether

  • US Senator Cynthia Lummis asks the Department of Justice (DOJ) to criminally charge crypto exchange Binance and USDT issuer Tether.
  • Lummis cites the two companies’ role in aiding illicit fundraising for terror.
  • Blockchain security and analytics firm Elliptic says a WSJ report “misrepresented” data.

The US Department of Justice should finish its investigation and consider criminal charges against crypto exchange Binance and USDT stablecoin issuer Tether, US Senator Cynthia Lummis says.

Senator Cynthia Lummis (R-WY), notes in a post on X today that she had sent a letter to the DOJ with a view of having the Justice Department charge the two crypto companies for being “intermediaries” in reported illicit financing of Hamas.

The letter, co-signed by Representative French Hill, Chair Subcommittee, House Financial Services, is part of a wider reaction to a recent Wall Street Journal report. The allegations in the report saw several lawmakers believe Hamas had raised millions of dollars in crypto funding before its attacks on Israel earlier this month.

But as blockchain analytics firm Elliptic noted in a blog post published on October 25, “there is no evidence to suggest that crypto fundraising” had resulted in the more than $130 million raised cited in the Wall Street Journal article.

Elliptic said its data and that from other platforms “has been misinterpreted.”

Tether wants mainstream media fact-checked

In an announcement published this afternoon, Tether said its stance against use of crypto in terrorism financing remains strong. However, it has urged the government to “fact-check” mainstream media misrepresentations about the topic.

The news release cited the stablecoin issuers cooperation with law enforcement, including Israel’s to freeze funds suspected to be meant for illicit activities.

“Crypto used by malicious actors accounts for a small drop in the huge ocean of illicit activity passing through the (willingly or poorly equipped) traditional financial industry. WSJ deceitful article tricked good actors with false information,” said Tether CEO Paolo Ardoino.

Nic Carter, partner at Castle Island Ventures, says crypto needs to stand up for itself in the wake of the latest regulatory developments. He shared on X:

Brian Armstrong, co-founder and CEO of Coinbase, shares similar sentiments and believes one of the steps to getting it right here is for the WSJ to issue a retraction or correction.

The post US Senator asks DOJ to consider criminal charges against Binance and Tether appeared first on CoinJournal.

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WINR Protocol price jumps 37%- here are the key network developments

  • WINR Protocol taps double-digit gains today, up 22% at the time of writing.
  • Gains of nearly 60% in the past month have come amid key network developments.
  • The protocol recently burned 70 million WINR tokens and launched the first on-chain 1000x Bitcoin (BTC) and Ethereum (ETH) futures.

WINR Protocol, a decentralised iGaming infrastructure platform powered by the WINR token, has seen significant market traction in the past week. Today, the price of the protocol’s native token jumped more than 22% in 24 hours to hit its highest price level since August.

WINR was trading around $0.05 at the time of writing, up 37% this past week and nearly +60% in the past 30 days. The token was however 57% down since its all-time high above $0.11 reached on March 21 this year.

The recent gains have come amid a series of major developments for the platform. Is this why WINR price has been rising? Let’s have a look.

Why is WINR Protocol price rising?

Cryptocurrencies saw a massive spike in volatility early this week, with mega cap altcoins catapulted to key levels after Bitcoin’s increase to $35,000. This outlook could have aided WINR bulls.

However, the altcoin appears to have been boosted by the platform’s several development milestones. Earlier this month, the protocol burned 70 million WINR tokens, permanently removing 7% of its maximum supply from circulation. 

Last week, the Arbitrum community voted to allow the Arbitrum Foundation grant WINR 462,000 ARB to incentivize developer activity.

These were then followed by this week’s release of the first on-chain 1000x Bitcoin (BTC) and Ethereum (ETH) futures.  The WINR Chain also announced on October 26 that its team was looking at becoming the “go-to execution layer for decentralized iGaming.”

“With the WINR Game Engine, game providers can build their game logic on smart contracts and seamlessly integrate data with existing UIs,” the platform wrote in an announcement on X.

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Crypto.com offers Aston Martin F1 merch pack ahead of Mexico GP

  • Crypto exchange Crypto.com is giving away an Aston Martin F1 merchandise package to celebrate its partnership with the team.
  • 10 participants stand to win a merchandise pack ahead of Mexico GP.

Crypto.com has announced an Aston Martin F1 giveaway as it celebrates its partnership with the Formula One team. The merch pack is available via a campaign period between October 25 and October 29, the crypto exchange noted in a blog post.

“We’re buzzing with anticipation about the upcoming Formula 1 Gran Premio de la Ciudad de México 2023, and are celebrating the event — and the Aston Martin Aramco Cognizant Formula One team’s efforts in the constructor championship — with a giveaway!”

According to the exchange, ten lucky people stand a chance to win a co-branded merchandise package. To win, one has to correctly predict the performance of Lance Stroll and Fernando Alonso at the Mexico Grand Prix. 

Participation is optional and is accessible on X (formerly Twitter), with interested users not asked to make any purchases. Crypto.com says it will randomly select winners, and inform them directly via X on 31 October.

Cronos (CRO) and Aston Martin Cognizant Fan Token (AM)

A look at the Crypto.com market shows the native token Cronos (CRO) traded around $0.059 on Thursday morning, about 3.5% up in the past 24 hours and 16% higher in the past week. 

Meanwhile, the price of Aston Martin Cognizant Fan Token was $0.58, with a 24-hour price gain of -0.5% and 7-day change of +5%.

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Deutsche Bank and Standard Chartered pilot SWIFT alternative for digital currencies

  • Deutsche Bank and Standard Chartered test Universal Digital Payments Network (UDPN) for digital currency transactions.
  • UDPN connects blockchain networks, facilitating seamless transactions between stablecoins and CBDCs.
  • UDPN, with 25 participating organizations, aims to enhance digital currency transactions.

Global banks Deutsche Bank and Standard Chartered are pioneering a groundbreaking solution that could revolutionize cross-border transactions in the realm of digital currencies.

These financial giants are currently engaged in testing a network known as the Universal Digital Payments Network (UDPN), which has the potential to be a game-changer in the world of blockchain-based transactions.

How the UDPN works

UDPN, conceived as a permissioned blockchain system, is a brainchild of tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network (BSN). The system is designed to facilitate seamless transactions between a wide spectrum of digital assets, ranging from stablecoins on public blockchains to central bank digital currencies (CBDCs).

In a cross-border currency transfer scenario, the sending institution converts the value into a token, which is then transferred into a smart contract managed by UDPN. This smart contract, in turn, releases the intended target currency without the need for a centralized messaging system like SWIFT.

Crucially, the Universal Digital Payments Network does not merely operate in isolation. It serves as an interoperability bridge between disparate blockchain networks, offering an essential link that is often missing in the blockchain and digital currency ecosystem. Additionally, it applies established decentralized digital identity standards (DIDs) to participants, ensuring that transactions take place within a secure and regulated environment.

Organizations participating in the UDPN pilot

Deutsche Bank and Standard Chartered are not alone in this endeavor.

The UDPN currently boasts around 25 participating organizations, including banks from the United States, Australia, Latin America, and Europe. These entities are actively involved in conducting roughly ten proof-of-concept tests concurrently.

This initiative marks another significant stride in the financial industry’s efforts to streamline and standardize the management of blockchain-based transactions in private settings. By focusing on interoperability and decentralized identity standards, UDPN may provide a compelling solution for digital currencies to communicate effectively and securely, ultimately paving the way for more efficient cross-border transactions.

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Circle, BitoGroup, and Taiwan FamilyMart launch ‘Points-to-Crypto’ service

  • Circle, BitoGroup, and Taiwan FamilyMart join forces to launch a ‘Points-to-Crypto’ service in Taiwan.
  • ‘Points-to-Crypto’ service allows for the conversion of FamilyMart’s FamiPoints into digital currencies like USDC.
  • The partnership empowers the Taiwanese community to embrace digital fintech innovations.

A groundbreaking partnership between Circle Internet Financial, BitoGroup, and Taiwan FamilyMart is set to transform the loyalty points economy in Taiwan, making it more accessible and valuable for consumers while advancing the adoption of cryptocurrencies.

In Taiwan, the loyalty points ecosystem has become an integral part of daily life, particularly in the context of the nation’s high-density convenience stores. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, loyalty points’ accumulation and redemption are highly valued by consumers. In 2021, 87% of users engaged in points accumulation, with 99% of them frequently redeeming points for products. This underscores the importance of loyalty points in the Taiwanese market.

Points-to-Crypto Service and the loyalty points industry

To enhance the value and accessibility of loyalty points, Circle Internet Financial, a global fintech company, has partnered with BitoGroup, Taiwan’s leading cryptocurrency market leader, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.

This partnership introduces a new ‘Points-to-Crypto’ service on the Taiwan FamilyMart App and the BitoPro Exchange. Customers can now convert their FamilyMart loyalty points, known as FamiPoints, into digital currencies like USDC, a stablecoin issued by Circle. Notably, this conversion process eliminates the loss of value that loyalty points can experience over time and comes with zero transaction fees, making it easier and more cost-effective for consumers to venture into the world of cryptocurrencies.

The collaboration’s primary goal is to empower the Taiwanese community to seamlessly participate in the digital economy and embrace digital fintech innovations. By integrating USDC into the ‘Points-to-Crypto’ service, this partnership aims to offer convenience and utility to the Taiwanese market.

BitoGroup, a company with nearly 800,000 members and a dominant market share, operates a range of services, including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform). This partnership not only signifies a transition from physical to online experiences but also reinforces Taiwan’s position as a leader in the digital economy, advancing the Web3 era.

Taiwan FamilyMart, with over 17 million members, is committed to continually enhancing the value of FamiPoints and offering more diverse and convenient avenues for loyalty point utilization. This collaborative effort introduces a wider range of virtual currencies that FamiPoints can be exchanged for, positively impacting the loyalty points economy in Taiwan.

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