Permissioned Aave Arc Is “Simply A Gateway Into Permissionless DeFi,” Says Aave Founder

Permissioned Aave Arc Is “Simply A Gateway Into Permissionless DeFi,” Says Aave Founder On Adding Fireblocks As A Whitelister

While the Aave community is clear on onboarding institutions, with 89.67% votes in Fireblocks favor, others find it a “bad precedent.”

Aave’s institutional-focused product, the permissioned DeFi lending platform Aave Arc is inching closer to its release.

As a significant step towards this, a new proposal to “Add Fireblocks as a whitelister on Aave Arc” has been made to the Aave’s governance forum.

With more than 600 customers and over $1.25 trillion in digital assets, Fireblocks says it is on a mission to bring more institutional participants into DeFi. Fireblocks R&D, compliance, and legal teams have already developed a new whitelister framework for permissioned DeFi.

Fireblocks LLC is a registered “money services business” licensed to offer money transmission services in the United States.

According to the proposal, the institutional custody firm wanted to become a “whitelister” that would allow it to onboard institutions to the platform. The “permissioned” version of Aave protocol actually adds a smart contract layer to only allow “whitelisted” or “permissioned” users to engage with Aave Arc.

“Each Aave Arc deployment will launch with one or more whitelister,” says the proposal. As a whitelister, the regulated entity will conduct KYC/KYB checks in accordance with FATF guidelines on the user, onboard users with appropriate disclosures, terms, and conditions, and grant permissions to borrow, supply, and liquidity to the Ethereum wallet address(es) provided by the user.

Through this proposal, the Aave community is being asked to evaluate and vote on whether Fireblocks should be approved as a whitelister and begin the process of whitelisting users of an Aave Arc deployment.

While Aave believes Fireblocks “satisfies all the qualification requirements to be a whitelister,” not everyone in the crypto community is happy with this move, and Yearn Finance core developer Banteg is one of them.

As Jake Chervinsky, general counsel at Compound, believes, “this will just be a stepping stone for risk-averse institutions to ease their way into real DeFi,” Banteg also sees this to be the “optimal outcome” but said this would then be applied to other projects which will be asked to add KYC contracts as it has done by one DeFi protocol.

Chervinsky also agrees with this being a “bad precedent,” saying while there is institutional demand for these products, “I’d rather we work on convincing them to use DeFi.”

“Let someone else build walled gardens, or at least don’t call it “permissioned DeFi,” an oxymoron if I’ve ever heard one.”

According to Stani Kulechov, “It’s a private pool for institutions that are still practicing before aping into DeFi,” and on Wednesday this week, he tried to assuage some concerns.

“Aave Protocol is permissionless anyways, I don’t think there is a way to rely on permissioned DeFi long term – anything permissioned build on top is simply a gateway into permissionless DeFi sooner or later.”

Aave community, however, is leaning towards making Fireblocks a “whiteliser,” with 89.67% votes in its favor. The voting for the proposal ends on Oct. 2.

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Author: AnTy

Morning Brew Replaces Gold with Bitcoin Because Simply Put It’s “Noteworthy”

Morning Brew Replaces Gold with Bitcoin Because Simply Put It’s “Noteworthy”

“We think our Markets section will be more relevant with bitcoin in it,” says the daily newsletter with over 2.5 million traffic.

“The time has come,” announces Morning Brew as it adds Bitcoin to its markets section and removes gold.

The daily newsletter website with over 2.5 million visitors gives its subscribers a stock market recap every morning, a few short briefs on the most important business news of the day, and a small section with lifestyle content.

On Tuesday, the company announced that they have “finally” added Bitcoin because “Simply put: Its price is noteworthy.”

It then goes on to note how the flagship cryptocurrency has grown tremendously as an asset over the last decade. During this time, it has been “earning wider acceptance among Fortune 500 companies, institutional financial firms, and individual investors alike,” it says.

“We think our Markets section will be more relevant with bitcoin in it.”

This makes sense given that the price of Bitcoin has risen about 14.5x from the March 2020 low, surging to a new ATH of nearly $62,000 this month. Up more than 100% YTD, BTC is currently trading around $58.7k.

On the other hand, gold is down 9.56% this year so far, currently at $1,685 per ounce.

The precious metal along with oil has been removed from their market’s section to make space for Bitcoin and a “flex” spot which any stock can take, it could either be a tech stock or “Dogecoin (DOGE),” whichever asset made a notable move the day before.

Morning Brew has also put Bitcoin in its bio and clarifies that this in no way is an endorsement of BTC rather simply recognition that finance is changing just like anything else, and they want their newsletter to reflect that.

“All these changes were made to make the market data you read in the morning, more relevant, more timely, and more useful Now go ahead and party on bitcoin bulls, the day is yours,” it concluded.

In other news, Chipotle is also promoting Bitcoin, putting it in its bio and tweeting “bitcoin anyone?” which apparently is part of their “Burritos Or Bitcoin” giveaway of $200,000 to celebrate National Burrito Day, making Chipotle the first U.S. restaurant brand to offer a cryptocurrency giveaway to consumers. Or it could be an elaborate April Fools day prank since the contest takes place on April 1st. But either way, it is drawing a lot of attention to Bitcoin.

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Author: AnTy

Finco Services Sues Facebook and Calibra For Libra Logo Trademark Infringement

The problems that Facebook has related to its upcoming Libra stablecoin simply do not stop. Finco Services of Delaware has filed a lawsuit against the popular social media company and it’s subsidiary Calibra in New York, related to the logo of the Libra project.

According to the reports, Facebook is being sued for reusing a design that already belonged to another party. Finco Services affirms that Facebook infringed trademark rules, and has engaged in unfair competition and used the logo illegally.

Basically, in 2016 a company called Character SF was hired by Finco Services to design a logo for a brand. The logo that was designed was basically the same one that is being used by Libra right now.

While it is unclear why Facebook is using the same logo as the company, Finco affirms that it’s logo is registered with the U. S. Patent and Trademark Office and that it can prove that it had the logo way before Facebook ever thought about creating it’s crypto asset.

As soon as the people at Finco discovered that the logo was nearly identical, they contacted Calibra, which simply ignored them. Now, they are trying to convince the court that their logo was copied.

The case could go either way as the two logos are very similar, but not necessarily identical. Because of this, it is still way too early to speculate on which company is going to win in court. The only certainty is that Facebook is having a lot of problems recently.

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Author: Silvia A

Tom Lee Says This Bitcoin Crash Solidifies His ‘Unpopular’ Opinion About BTC

  • BTC followed the risk-off sell-off in equities – Tom Lee
  • BTC crash was simply driven by stops.
  • Upper 7000s is first ideal spot for longs – Alex Kruger

Since Bitcoin first started sliding down from $10,000 hitting $8,025 on Sept. 24, Bitcoin price has been stuck around $8,300. Though yesterday it went up yet again to $8,640, today, BTC has crashed yet again, dropping to almost $7,730.

At the time of writing, BTC was trading at $7,936 with 24 hours loss of 4.62%, as per Coincodex.

This crash Bitcoin bull and Fundstrat’s Tom Lee says “followed the risk-off sell-off in equities,” reinforcing his ‘unpopular’ opinion that Bitcoin doesn’t do well in a trendless macro environment. For BTC to blast off, new highs are needed in S&P 500, he said, adding, “crypto is retail and thus, risk on.”

Bitcoin Misery Index is saying “risk-off”

A couple of weeks back, Lee first shared this idea stating that Bitcoin won’t make a new high until the stock market makes a new high. Since 2019, he notes, the best years of Bitcoin has been when the S&P 500 was up over 15%.

The reason for the leading cryptocurrency being range-bound was because of macro trendless. This he further said is confirmed by the Bitcoin Misery Index.

Even currently, the index is saying “risk-off” that has been the case since July. The index needs it all to 40-53 reading to see better risk/reward and start surging.

BTC crash was simply driven by stops

However, economist and trader Alex Kruger begs to differ as he explains the reason behind Bitcoin’s plunge.

Larger time frame consolidation with stops consolidating at the edges of the range and range awaiting resolution to see who wins drove this fall.

Then, Bakkt disappointment acted as a trigger to a move lower. Once the momentum starts kicking in, large sellers come in at 9300, prior higher low, going for the break. Then, the bottom of the range at 9080/9000 breaks running the stops over in the process and all leveraged positions getting liquidated.

As such the liquidity vanishes and price first tanks to 8500, then to 8000, fast which he says was “expected.” Bitcoin price is plunging for a number of reasons but has nothing to do with stocks crash that responded to US President Donal Trump UN speech about China and impeachment news.

BTC crash was simply driven by stops. As for what’s next, according to him, bears will be in control until either price moves higher and sets in a bear trap, starting at $9,300 but no later than $9,500, or next flush is lower.

“Upper 7000s is first ideal spot for longs (all the 7000s for larger time frame longs),” he added.

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Author: AnTy

The Month of May In The Financial World: Bitcoin’s Gain Shines As Wall Street Posts Loses

The Month of May In The Financial World: Bitcoin's Gain Shines As Wall Street Posts Loses

May was a winning month for Bitcoin, there is simply no doubts about that. During the month, the cryptocurrency rose its price in over $3,000 USD and decoupled from the traditional markets, which were not even close to matching all the success the largest cryptocurrency had this month.

At the moment, BTC can be traded at $8,450 USD and it is set to have its fourth month in a row rising in value, this time with gains of 60%, which is a considerable improvement to have right now. This is the longest winning streak that the token had ever since August 2017, so there are plenty of reasons to be excited for the future of Bitcoin right now.

It is also important to see how Bitcoin is heading up despite some Wall Street investments losing their edge in the market. The S&P 500 index, for instance, finished the month 6% down. Other assets which are sensitive to economic growth are also not having the best results right now. For instance, brent oil and copper are down 11% and 9%, respectively. Even the Chinese Yuan is down by 3%.

The bad month is happening because the U. S.-China Trade War is starting to ignite again and several investors are afraid that this might end up leading to a new economic recession, which would be bad for the global markets. Bitcoin, however, would not be affected by this and, in fact, its prices might even be positively correlated with the economy becoming worse.

This made “safe haven assets” such as gold and now Bitcoin goes up. The price of gold was up 1% and the U. S. 10-year treasury yield was down 13% (as the price is higher, the yield is lower). However, these gains obviously appear to be somewhat lackluster when you consider that Bitcoin rose 60% in a single month.

Why invest in gold when you can just use digital gold instead, which is much more valuable and goes up a lot faster? This year, the price of BTC is already 127% up.

While last year the prices of BTC mimicked the difficulties of the equity markets and went down together with it, this year it looks like BTC has decoupled and it is ready to get massive profits again. The year is just beginning, so it is obvious that there is still a lot of road for growth.

This was an important month. It helped to solidify Bitcoin’s leadership as the new digital gold and has made the bull run finally be accepted by almost anyone in the market. Will the next month be even better? We can only hope.

Bitcoin’s price is $8,572.52 BTC/USD exchange rate today. The real-time BTC market cap of $152.02 Billion currently ranks #1 with a chart dominance at 55.80%, daily trading volume of $7.24 Billion and live coin value change of BTC 3.47 in the last 24 hours.

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Author: Gabriel M