Compound Rolls Out Cross-Chain DeFi Platform, ‘Gateway’ on Testnet

Decentralized finance (DeFi) protocol Compound has announced its latest addition to the blockchain network called Gateway on testnet. The new blockchain is built on a Substrate blockchain, and it would enable users to access cross-chain interest rates and collateralized markets.

Gateway Built On Substrate Blockchain

Initially announced in a Dec. 18 whitepaper, Compound had revealed that its latest upgrade would come with a multi-asset platform that enables the transfer of value and liquidity between peer ledgers.

Decentralized protocols have varying asset value on their platform, making it difficult for DeFi to really grow.

Compound aims to address this issue with its Gateway launch. Gateway would allow users to borrow assets native to one network with collateral from another. That means borrow Ether, provide collateral in CELO.

Gateway is said to run on a more modern programming language called Rust. This will see the multi-paradigm programming language increase performance and safety of the blockchain.

The substrate blockchain will also eliminate the consensus algorithms which has plagued older generation blockchains like Bitcoin. Instead, the team settled on building its own application code, enabling it to bring to developers only features that matter the most.

Compound says Gateway is fully upgradeable, which will enable governance token holders to vote on code upgrades without worrying about forks or downtimes.

Gateway would be powered by a dollar-pegged stablecoin called CASH, which would be used to settle interest payments on collateralized deposits.

Network validators (nodes) have also been considered in the upgrade. Compound says validators will earn a portion of all interest in every market in addition to transaction fees.

Gateway is currently running a testnet on Ethereum’s Ropsten testnet and will go live in the coming months.

Compound Reaching For The Stars

Compound says its goal does not end with Gateway. The DeFi platform could evolve into the backbone of a global interest rate market with the capacity to support any asset, including future currencies, assets, and tokens.

In the coming months, it has set clear goalposts for the Gateway project. Stress tests will be conducted before the mainnet launch. Gateway would also be integrated into its Compound protocol currently running on Ethereum’s blockchain network. Compound Finance is a big player in the DeFi space with around $5 billion in locked funds, according to DeFi Pulse.

Compound’s token rallied 15% following the announcement. This surge has seen it climb one step higher to rank as the 40th most valuable crypto by market cap, according to coinmarketcap. It currently trades at $510 at press time; the asset has come a long way from its ATH of $535 on Feb.13. The crypto-asset now has over $2.3 billion market valuation and is projected to rise further before the year runs out.

Read Original/a>
Author: Jimmy Aki

ConsenSys Quorum, an Ethereum-backed Ledger Protocol, Teams Up With China’s BSN

Situated in New York, and renowned as Ethereum’s globally-known ledger protocol, ConsenSys has announced that it will be partnering with the China-based Blockchain Service Network (BSN), bringing the enterprise ledger, Quorum, to China.

What sets this partnership apart from others is down to i. As part of this partnership, Quorum will be made available across 80 different cities within China; all of which operate as public city nodes of BSN’s network. Quorum was previously developed as an open-source protocol layer for enterprise applications. Quorum was also used early on by the investment giant JP Morgan.

Charles d’Haussy, ConsenSys’ Director of Strategic Initiatives, cited China’s rapid growth in importance as a hub for strategic innovation and enterprise blockchain technology:

“China is a great example of where enterprise blockchain is a strong play… What Ethereum is doing with ConsenSys Quorum is connecting people who are essentially migrating from the permissioned chain to the global chain.”

For Quorum, the announcement represents an interesting change in fortunes. From being designed as a high-security, privacy-centric blockchain solution by JP Morgan, it fell into relative obscurity for some time, before being re-housed by ConsenSys. Even now, Quorum is a name that is synonymous with the bank and investment entity, even in d’Haussy’s mind.

“Quorum was very much associated with JPMorgan, but there was also this open-source software which was available to many developers. It may not have been apparent, but there was this large audience of enterprise users, and we are now bringing to this ecosystem other products and applications from ConsenSys.”

In contrast, Blockchain Service Network (BSN) was a relatively new initiative; having been established by Red Date Technology, a blockchain-based software company, along with China’s UnionPay, China Mobile, back in April 2020. Comprised of UnionPay and China mobile, BSN consists of a number of cloud environments and portals within China. What makes BSN such a valuable initiative comes from its connections to the Chinese government; being backed through the National Development and Reform Commission.

Simply put, BSN has been rapidly positioned as a major blockchain initiative within the country’s ‘Digital Silk Road,’ with BSN has deployed over 108 public city nodes in China. Over 88 cities and public cities are connected to this ecosystem as nodes across the world.

For BSN, this partnership would enable it to “substantially accelerate” its rollout to more cities worldwide, according to Red Date Technology CEO and Executive Director of the BSN Development Association,

“After the launch, BSN will include Quorum in BSN’s training programs in 2021 to substantially accelerate the enterprise adoption of blockchain technology and Ethereum-based solutions in China.”

In order to ensure global application, Red Date’s CEO added that the partnership would include longer-standing interoperability between the two blockchain protocols. Permissioned blockchain solutions, d’Haussy explained, represented the best start to any technical journey including large firms, but that it would very much be a long-term undertaking.

But d’Haussy continued on to say that small and larger-scale suppliers lack the connection they once did, and are more receptive to blockchain technology as a means of re-establishing that same connection.

“China’s industries, which are a global network of large and small suppliers, are not integrated as they were in the past… They are jumping on coordination tools such as blockchain.”

Read Original/a>
Author: James Fox

Here’s Why Coinbase Exchange IPO is ‘Huge’ News for the Crypto Market

The largest cryptocurrency exchange in the US, Coinbase, announced Thursday that it had filed confidentially with regulators to go public. It did not specify whether the exchange plans to go with an initial public offering (IPO) or other listing routes.

The day Coinbase divulged the information, the Bitcoin price also hit a new record of $23,800.

As per the official announcement, Coinbase Global, Inc. has confidentially submitted a draft regeneration statement on Form S-1 with the Securities and Exchange Commission (SEC), which is currently under the process of review.

The news of the San Francisco-based exchange going public is significant for the cryptocurrency market. Coinbase has long been rumored for a public listing for one of the best-known companies in the industry. Jake Chervinsky, the General Counsel at Compound Finance, said,

“If it wasn’t obvious, this is huge news.”

“Sure, there are other publicly-traded companies in the USA with a stake in crypto, but none remotely like Coinbase. The fact that a crypto exchange is suitable for public listing sends a massive signal of legitimacy to the finance world.”

Founded in 2012, Coinbase has been slowly growing its suite of tools, catering to both the retail and institutional investors.

The company is “spiritually” built to go public via an offering that involves digital tokens on a blockchain, said Coinbase co-founder Fred Ehsram in a recent interview with Fortune.

During the company’s last fundraising round for $300 million in 2018, Coinbase was valued at nearly $8 billion, which in the current hot crypto market, has now swelled to $28 billion on the back of an estimated 13,000 retail customers a day and custodying $25 billion of customer funds across 35 million customers. Mira Christanto of crypto data provider Messari noted,

“Following Coinbase’s IPO announcement, we value the company at $28 billion. Coinbase is one of the most prominent exchanges with $1 billion daily volume in Dec-20.”

This IPO will be an opportunity to cash out not only for the early shareholders, including CEO Brian Armstrong and the backers, venture firm Andreessen Horowitz, Y Combinator, and Greylock Partners but also for the employees the means to start their startups. MacroScope, involved in institutional trading and asset management, said,

“Getting major flashbacks right now to Amazon’s IPO in the 1990s, when I was a trader on a big sell-side desk. Feels very similar in several ways including industry backdrop and public sentiment, the latter of which included a huge amount of skepticism and scorn.”

Besides legitimizing the crypto industry, the Coinbase IPO is expected to present another opportunity to jump on the cryptocurrency bandwagon. Some feel this “watershed moment” may even clear how the SEC can approve a Bitcoin ETF.

However, the crypto market wants Coinbase to go public early in the bull run and not run the risk of the top the market.

Read Original/a>
Author: AnTy

Crypto is the Only Way to Pay for Pornhub After Mastercard & Visa Drops Adult Platform

Last week, Mastercard and Visa announced that they would no longer allow their cards to be used on the popular adult website Pornhub.com. The decision came after the payment processors’ review of the website found unlawful content. Mastercard said in a statement,

“Our investigation over the past several days has confirmed violations of our standards prohibiting unlawful content on their site.”

“We instructed the financial institutions that connect the site to our network to terminate acceptance.”

Both the companies started the investigation after a New York Times column accused Pornhub of videos depicting child abuse and non-consensual violence, which the company said to be untrue.

In response, this week, Pornhub enacted safeguards including banning unverified uploaders from posting new content and eliminated downloads and partnered with non-profit organizations to combat illegal content. The company’s latest update reads,

“It is clear that Pornhub is being targeted not because of our policies and how we compare to our peers, but because we are an adult content platform.”

Regarding Mastercard and Visa severing its ties with the company, Pornhub said the move was “exceptionally disappointing,” adding that it affects hundreds of thousands of models who rely on the platform for their livelihoods.

Now, the website exclusively supports cryptocurrency as it has become the default payment method.

Currently, the supported digital currencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dash, Monero (XMR), Ripple (XRP), NEM (XEM), Tron (TRX), Tether (USDT), Verge (XVG), Waves, and Zcash (ZEC).

This development is expected to help digital currencies gain further adoption as Nic Carter of Coin Metrics states, “financial infrastructure is already thoroughly politicized, from top to bottom.”

Pornhub attracts 3.5 billion visits a month, which is more than Amazon, Netflix, or Yahoo. Venture capitalist Paul Graham, co-founder of startup accelerator Y Combinator tweeted,

“Possible future scenario: Credit card companies become increasingly picky about who they’ll process transactions for, and this becomes the thing that tips the general public into using cryptocurrency in transactions, ultimately killing credit cards.”

Read Original/a>
Author: AnTy

ConsenSys Rolls Out MetaMask for Institutions to Bring DeFi to Crypto Funds & Custodians

Ethereum software company ConsenSys has announced a new offering of MetaMask that allows institutions, including crypto funds, custodians, and professional traders, to access decentralized finance (DeFi).

MetaMask is a popular Ethereum wallet with over 1 million monthly active users who recently introduced a token swap feature and increased privacy level.

With DeFi space exploding in 2020, growing to over $14 billion, “Custody providers increasingly seek exposure and access to the diverse, decentralized finance opportunities,” noted ConsesnSys.

According to the firm, professional trading firms’ current process to use the attractive DeFi protocols is inefficient; they are introducing an institutional-grade version of MetaMask.

ConsenSys is working with the digital asset security provider Curv which also announced Curv DeFi for institutions that will integrate MetaMask. Curv Co-Founder and CEO Itay Malinger said,

“Since there is no reliable and secure institutional solution for DeFi, organizations are reverting to retail-level use of MetaMask or custom integrations with individual apps as a workaround.”

“We believe by combining our unique multi-party computation (MPC)-based security infrastructure with MetaMask we will be able to play a significant role in the institutional adoption of DeFi.”

Curv is ConsesnSys’s first launch partner, and it will be collaborating with other custodians and professional trading firms.

Scams Promoted via Google Paid Ads

In other news, MetaMask informed its users about the new scam targeting crypto users – rotter seed phrase attack. These malicious pre-phishing scams are being promoted via paid ads on Google linked to fake versions of wallet websites.

In this attack, a malicious website mimics the original wallet’s website and imitates its onboarding flow. Toward the end of the fake onboarding process on the fake website, the user is instructed to backup their seed phrase previously generated by the scammer.

The user is then taken to the wallet’s real website, where they are instructed to install the wallet and import the rotten seed phrase whose access is with the scammer who waits for the user to add funds to their wallet and then drains the accounts.

Read Original/a>
Author: AnTy

3iQ’s Ether Fund is Now Trading on Toronto Stock Exchange; The First ETH-Based ETF

On Thursday, the Canadian investment fund manager announced that 3iQ’s Ether Fund had completed its initial public offering (IPO) of 7,240,000 shares for $76.5 million. It has started trading on the Toronto Stock Exchange under the symbol QETH.U.

The trading started a couple of hours late due to a delay in closing the IPO prospectus. On resumption, the fund recorded a high of $11.48 and a low of $10.80 before ending the day at $11.02, with 345,331 shares traded across the day.

The Fund provides its holders’ exposure to the second-largest digital currency and an opportunity for “long-term capital appreciation.” Tyler Winklevoss, the co-founder and CEO of crypto exchange Gemini which will provide its custody services to the company, tweeted,

“Huge news for Ethereans. The Ether Fund by @3iq_corp will list on the Toronto Stock Exchange ($QETH).”

Ether’s price has been choppy for the past few weeks, going down to $535 today.

However, as we reported, institutional investors have been taking this dip as an opportunity to scoop more and more ETH through Grayscale’s ETHE product.

While nearly 3 million ETH are locked in ETHE, more than 1% of ETH’s circulating supply is deposited in ETH 2.0, and 6.1% of it is locked in DeFi protocols.

Read Original/a>
Author: AnTy

NEM In Final Stage of Testing of its Enterprise Blockchain ‘Symbol’ Before Mainnet Launch

NEM has announced that its enterprise-focused blockchain innovation dubbed ‘Symbol’ is set for a debut early next year. The announcement, which was made on Tuesday, highlighted that Symbol is in the last preparation phase before its Mainnet launch.

The NEM team is currently carrying out tests, having frozen Symbol’s iteration; this innovation is expected to introduce a hybrid blockchain infrastructure that features private and public architecture. NEM Group CIO, Dave Hodgson, commented on the value proposition in this enterprise-focused blockchain,

“Created for enterprise use, Symbol is purpose-built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more.”

Symbol’s scheduled Mainnet launch on January 14 will mark version 1 of the enterprise blockchain. Once it officially debuts, the platform will open up for use by businesses, token holders, and other stakeholders looking to leverage hybrid blockchain ecosystems. NEM Software CTO, Kristy-Leigh Minehan, emphasized that,

“As a hybrid network, Symbol offers a ‘best of both worlds’ scenario and more flexibility to businesses in how they manage and share data.”

According to NEM, the hybrid approach allows businesses to enjoy private and public blockchains’ benefits. These are fundamentals, such as the transparent nature of public blockchains and encryption measures/data restrictions embedded in private networks.

NEM’s Symbol hybrid infrastructure could be deployed in multiple business environments, including logistics or supply chains. As earlier reported by BEG, the team looked to tap into wine supply chain management as one of the debut niches.

Read Original/a>
Author: Edwin Munyui

German Conglomerate, Bertelsmann, Invests In BaFin Regulated Crypto Fund for Web 3.0

German private multinational conglomerate and publishing firm Bertelsmann announced an investment in a Berlin-based regulated crypto fund, Greenfield One.

Reports from Berlin confirm that Greenfield One, an institutional-focused crypto fund, has successfully completed its second crypto fund, including an investment from Bertelsmann, a Germany-based conglomerate owning top publishing firm Penguin Random House LLC., RTL Group, Arvato, and music publishers BMG Rights Management.

The crypto fund is regulated under the country’s top financial regulator, the Federal Financial Supervisory Authority (BaFin), allowing institutional investors to take positions in the crypto market. According to a statement from Sebastian Blum, one of Greenfield’s founders, having a regulated digital asset fund provides “regulatory clarity and a safe haven” for institutions investing in it. Blum said,

“We have deliberately decided to structure all of our funds as an on-shore product to provide a high level of clarity and comfort for investors with no exposure to crypto yet.”

“This caused additional scrutiny and complexity in fund formation on our end, but we believe that this turns out to be helpful in the long-run.”

The company is yet to disclose the value of the crypto fund and the value of investment made by Bertelsmann and other investors participating in the fund, including a major European family office known as Lennertz & Co.

The company used the first crypto fund to invest in promising blockchain solutions, including Multis, Dapper Labs, Vega Protocol, Near Protocol, Celo, and Spacemash. The second fund is yet to be invested with no comment or reply from Greenfield One on how they plan to spend the funds.

However, according to a circular distributed earlier in the year, the crypto fund will be invested in assorted blockchain projects with no specific market mentioned.

“The fund focuses on crypto networks and developer teams that use blockchain-based technology to create the infrastructure for Web 3.0 as a fundamental asset layer on the internet,” the circular read.

Read Original/a>
Author: Lujan Odera

Australian Payments Firm, Novatti Launches Partnership With Ripple to Leverage RippleNet

Novatti Group Limited, a digital banking and payments company, announced an innovative partnership with Ripple Inc. this last Monday. The partnership aims to foster the integration of RippleNET, Ripple’s global financial network, in Novatti’s platform to enhance the transfer of funds across South East Asia and the world.

According to the statement obtained by BEG, Novatti becomes one of the major partners of Ripple, allowing the company to “gain access to the RippleNET framework, its capabilities, and the hundreds of financial institutions and clients” Ripple is already working with. The digital payments firm will benefit from the distributed technology network RippleNET provides, including instant settlement transfers and other features such as bi-directional messaging, liquidity management, and credit lines.

The partnership further aims to “increase Novatti’s competitiveness” while offering users better and more efficient payment solutions [especially in Australia and Southeast Asia], managing director of Novatti, Peter Cook, said.

Cook further praised Ripple’s partnership with his sights on integrating the innovative blockchain and decentralized solutions RippleNET offers. He further said,

“In particular, we look forward to working with Ripple to provide our customers with access to their exciting alternative financing solutions so that our customers can free-up capital to focus on growing their businesses.”

At launch, the services will only target cross-border transfers across Australia and South East Asia region customers with a plan to strengthen its hold in the Australian market. This is expected to grow Novatti’s potential revenue and customer base in its core payments business, the report further states.

The company recorded its highest quarterly revenue in data collected in September – a total of $3.65 million – representing a 46% year-on-year growth. Moreover, the company welcomed the partnership of UnionPay, Samsung Pay, Google Pay, VISA, and Alipay recently. Cook concluded,

“This partnership will fast-track Novatti’s international expansion, particularly in South-East Asia. In doing so, we aim to deliver increased transaction volumes and revenue growth for Novatti’s core payment processing business.”

Read Original/a>
Author: Lujan Odera

Tesla, Amazon, Netflix, & Pfizer Now Tradeable on Bittrex Against USD, USDT, & BTC

Cryptocurrency exchange Bittrex announced on Monday that it will now allow its users to trade popular stocks.

After derivatives platform FTX, Bittrex is the latest one to list the tokenized stocks on its exchange. This is made possible through its partnership with Digital Assets.AG.

Digital Assets.AG is a Swiss-based company that facilitates the tokenization of traditional financial assets. This will allow investors and traders to directly access the listed companies without an external broker or additional fees.

The popular stocks available to purchase and trade on Bittrex include Tesla (TSLA), Alibaba (BABA), SPDR S&P 500 ETF (SPY), Beyond Meat Inc (BYND), Pfizer (PFE), Apple (AAPL), BioNTech (BNTX), Google (GOOGL), Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Bilibili (BILI).

These stocks will be tradeable against US dollars (USD), Tether (USDT), and Bitcoin (BTC).

“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading,” said Tom Albright, the chief executive of Bittrex Global adding that the decade-old inefficient, complex, and expensive infrastructure is “totally unnecessary.” He said,

“Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago.”

Unlike the traditional stock market, Bittrex will allow people to trade twenty-four hours a day, seven days a week. Additionally, users can purchase a fraction of stock instead of entire shares. Even the countries where access to US stocks though traditional finance is not possible will now be able to trade them.

This is just the beginning as the exchange plans to “quickly increase their offerings by giving its customers exposure to ETFs, indices, and additional asset classes.”

Read Original/a>
Author: AnTy