Coinbase Custody Exploring 39 Crypto’s Including DeFi Tokens for Listing

Coinbase continues to take its altcoins and DeFi listing spree one step further every other day. Today, the San Francisco-based exchange announced a slew of other tokens its exploring to add support for.

After adding FTX (FTT) and Serum (SRM), Coinbase Custody that offers features such as staking, governance, and decentralized finance (DeFi) and serves institutional clients across the Asia-Pacific region, announced a total of 39 new digital assets that are up for listing.

Coinbase’s crypto custodian has released the latest list of all the digital assets that it is exploring for listing, including some known DeFi tokens and some unknown ones that are heard for the time here only.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), and Wrapped Bitcoin (WBTC).

Some of these tokens like WBTC have already been supported on Coinbase’s other platform Coinbase Pro.

According to Coinbase, support for any digital asset is subject to its “significant technical and compliance review,” which in some cases may also be subject to regulatory approval in some jurisdictions.

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Author: AnTy

New Messaging Standard Pushes Crypto Industry Closer to FATF ‘Travel Rule’ Compliance

Crypto firms have made a step towards FATF compliance following the release of a messaging data standard for the Virtual Asset Service Providers (VASPs).

The initiative has been dubbed ‘IVMS101’ and was pioneered by the Joint Working Group on InterVASP messaging standards (JWG).

This milestone is set to revolutionize how crypto firms will be sharing data with regulators like FCA, FinCEN, MAS, JFSA, and the FATF.

According to the IVSMS101 whitepaper, adopting this standard will facilitate the exchange of KYC/AML information by VASPs in a harmonized manner.

Notably, the project is a product of three key stakeholders with interests in VASPs: International Digital Asset Exchange Association, Global Digital Finance, and the Chamber of Digital Commerce.

Sian Jones, the convener of JWG, has since confirmed that the team’s vision of a standard data model is now a reality:

“I’m pleased to confirm that the working group approved the final text and that the IVSMS101 data model standard now exists,”

InterVASP Messaging Standard, IVSMS101

With this tech in place, all VASPs will be required to integrate the IVSMS101 standard for interoperability and efficient communication.

Basically, the IVSMS101 pegs its underlying design on a universal language that will simplify the process of decoding information shared by ecosystem participants. The paper notes that such an approach, not only enhances regulation but also minimizes the cost of sharing information.

The International Digital Asset Exchange Association (IDAXA) said through an email to Coindesk that the launch of a common standard is a step in the right way since the Virtual Asset guidelines were published by FATF back in June 2019,

“Coming up with the Intervasp Messaging Standard 101 (IVMS101) as a common standard is definitely the first step in the right direction.”

As we approach FATF’s one-year progress review, the IVSMS101 standard will be a key topic. Sian Jones has been commended by the Chamber of Digital Commerce for steering and delivering on the project in good time:

“Our members have worked hard to create this standard and achieve consensus in advance of FATF timelines – a real achievement in such a complex area.”

Currently, the standard has already gained traction amongst crypto industry stakeholders with notable firms like TRISA and Sygna Bridge backing the initiative.

Despite the strong value proposition, IVSMS101 has yet to clear the air on how entities in regulated jurisdictions will communicate with those in less strict environments. What is, however, evident is the shift towards the sunrise phase where the industry is seeing more execution based on the plans and designs laid out earlier on.

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Author: Edwin Munyui

OKEx Launches New C2C Loan Feature; Use BTC As Collateral To Get USDT for Trading

OKEx made a step into the DeFi world and launched its new consumer to consumer (C2C) loan feature that aims to match the demand and supply of idle capital transparently and openly.

The times when crypto exchanges were scrambling to have listings of the most active tokens are long gone. Nowadays, the competition takes place on completely new terrains like the ones of cloud services and IEOs, so OKEx wants to provide a peer-to-peer (P2P) loan service and launched its new C2C loan feature.

Users Will Transact Directly

The exchange says on its blog that the new C2C feature is going to allow direct transactions, whereas the demands for loans and investment will surely be met. Users can use the C2C loan button once they update their OKEx app. In order to buy money from peers, they will have to put Bitcoin (BTC) as collateral, after which they’ll get paid in USDT. More assets are to be supported soon, said OKEx. Some interesting features like choosing the rates for payments and the duration of the loan are also available for them.

What Happens If a Debt Isn’t Paid?

Just like with any other type of loan, there are risks involved with the C2C feature too. For instance, if the borrower is unable to pay the debt, OKEx employs its system especially built for such a situation. In case the collateral declines under the prewarning limit, the borrower is sent a warning message to increase it. If this isn’t done, the platform closes the position as soon as the price gets to the closing line. Borrowers will be in the position of losing their BTC, while lenders will be sure to not be left without their money.

OKEx is expanding more and more, trying to offer better tools and options to a variety of customers. Now it’s no longer a derivatives and spot trading service, but also a precursor of the DeFi’s development.

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Author: Oana Ularu

Cardano Successfully Tests Ouroboros BFT on the Bryon Testnet, Ready for Deployment

  • Cardano reaches the “important” step of OBFT update as it moves towards the Shelley era
  • This protocol update is the bridge for the currently in use Ouroboros Classic to Ouroboros Genesis, which will power the Shelley era
  • Network fundamentals on a steady rise, the number of daily active addresses reaches a peak of 9.76K

On Feb. 20th, Ouroboros will be updated on the Byron mainnet to Ouroboros BFT, stated IOHK while sharing the latest developments. It’s been more than 18 months since the IOHK has been building a new architectural foundation for the Shelley era on the mainnet.

As the network moves towards the Shelley era, they have reached a “really important” step that is the OBFT update, Ouroboros Byzantine Fault Tolerance. This hard fork will basically act as a bridge between Ouroboros Classic, which is currently in use on the Byron mainnet, to Ouroboros Genesis, which will power the Shelley era.

Exciting Months Ahead

Ouroboros is the consensus protocol, “the algorithm that sits behind Cardano’s capability as a decentralized proof-of-stake platform.” Ouroboros BFT has been implemented as a bridge by the developers as a “stepping stone in compatibility (…) to enable the evolution of Cardano on the Byron era, with its federated blockchain, to the decentralized Shelley era.”

Ouroboros BFT has been successfully tested on the Byron testnet and the team has announced that it’s time to deploy on the Byron mainnet. The deployment will be on Feb. 20th which the team says is “a really positive next step in the development of the Cardano platform.”

For the ADA holders, they don’t need to do anything as the update will happen behind the scenes and there will be no change to the coin, wallet, or exchange account or even if you have been involved with a Shelley incentivized Testnet, you won’t’ be affected in any way, shared the team on Wednesday.

The next few months will be “exciting” ones for the Cardano community as the network continues to evolve.

Fundamentals on the Rise

In other news, the fundamentals of the Cardano network are also on the rise. The network activity has been seeing a rise with the number of daily active addresses reaching its all-time high (ATH) at nearly 10,000 on Feb. 12. This has been an increase of over 300% since January 1st, 2020.

The active address ratio has surged 231% from the beginning of the year, up from 0.58% on Jan.1 to 1.93% earlier this week.

Additionally, the number of transactions on the network has also seen a spike, recording an average of just above 3600 transactions daily. At the beginning of the year, the transactions were down at 1,000 but it has now jumped above 4,200.

In terms of price, ADA is currently trading at $0.0624, up 85% in 2020 so far.

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Author: AnTy

Jack Dorsey is Building an Open Source and Decentralized Twitter

  • Twitter is funding an independent team of 5 called Bluesky
  • A decentralized step towards supporting and fostering the values of a free and open Internet

Twitter and Square CEO Jack Dorsey has taken another step towards building a decentralized standard for social media.

Bitcoin believer took to Twitter to announce his plans for an open-source Twitter for which the social media giant is funding a small independent team of up to five architects, engineers, and designers dubbed Bluesky.

A Decentralized Standard for Social Media

Dorsey reminiscences about the time when Twitter started which was so open that “many saw its potential to be a decentralized internet standard.”

Due to a variety of reasons, Twitter took the “centralized” path but now such solutions are struggling to meet the new challenges the company is facing.

He further notes that the value of social media is shifting away from content hosting and towards “recommendation algorithm.”

Also, the fact that content and conversation that sparks outrage and controversy have become the center of attention instead of those that “informs and promotes health” is another issue pushing Dorsey towards building a decentralized platform. New technologies meanwhile have made a decentralized approach “more viable.” Dorsey said,

“Blockchain points to a series of decentralized solutions for open and durable hosting, governance, and even monetization. Much work to be done, but the fundamentals are there.”

Dorsey has already taken a step towards decentralization with Square, which is doing the same for Bitcoin with Square Crypto.

Now, for a decentralized Twitter, the company has yet to make a decision if they want to go with an existing decentralized standard or create one from scratch.

However, it won’t be happening overnight rather will take many years to develop “a sound, scalable, and usable decentralized standard” that will allow the company to be more innovative and build an open recommendation algorithm for healthy conversations.

Also, it will have its own share of challenges and as such, it won’t be owned by a single corporation, “furthering the open & decentralized principles of the internet.”

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Author: AnTy

Former ConsenSys Strategy Chief Planning to Launch Aligned Capital Venture Fund

Sam Cassatt, the chief strategy officer at ConsenSys has indicated that he plans to step down from his post to concentrate on launching his venture fund. The venture fund referred to as Aligned Capital has already received backing from Joe Lubin, the ConsenSys founder. According to a statement from ConsenSys, the chief strategy officer will remain part of the company and will hold an advisory capacity.

TransTech Conference

On Friday, Cassatt was speaking at the TransTech conference held in San Francisco where he pointed out that his venture fund was interested in raising at least $50 million in its first round of funding.

According to a statement released by Cassatt, the venture fund is expected to primarily focus on new technologies such as artificial intelligence, blockchain, cryptocurrency, and healthcare. He added that the venture fund was “designed to anticipate civilization-scale, evolutionary changes in human behavior.”

Andrew Keys, managing partner at DARMA Capital, and another former executive at ConsenSys is also backing Aligned. It was, however, not disclosed the amount of money or capital that Keys and Lubin would be injected into the new venture fund.

While Aligned is a completely separate entity from ConsenSys, during a phone interview, Cassatt pointed out that he would continue to apply the same principles as those of his former employer.

He added that Aligned was still in its formative stages, but that it was looking into how it would tackle issues affecting society today such as mental health and the use of artificial intelligence in today’s digital age.

Nichol Bradford is expected to join Aligned Capital as an advisor. Nichol is currently an executive working with Transformative Tech Lab, which was responsible for organizing the event held in San Francisco on Friday. Nicholas Paul Brysiewicz has also been named as an advisor, with Seth Goldstein coming in as a venture partner.

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Author: Daniel W

Tether (USDt) Strikes on an Unpublished Report on Manipulating Crypto Market

Tether has taken the first step and made the move on an unpublished report that allegedly accuses the USDT stablecoin issuer of manipulating the cryptocurrency market.

However, this won’t be the first time such allegations have been made against the stablecoin.

Recently, researcher TokenAnalsyt reported on Twitter that on days that new USDT tokens are issued, BTC price increases 70% of the time.

Following the issuance of Tethers on the Ethereum blockchain, the price of BTC moves up 70% of the time while on Omni, it moves 50% of the time, the researcher found.

“I think the discrepancies are appearing recently primarily because Tether on ERC-20 is just much easier than Tether on Omni to use as a means of transferring value quickly,” Sid Shekhar, co-founder of TokenAnalyst told Bloomberg.

“Ethereum is a speedier chain than Bitcoin. As Tether is primarily used as a way to realize gains and get in and out of volatile crypto-asset positions in times of market movement, the speed of transferring into/out of it is critical.”

Tether has been at the center of the controversy since it first entered the market. In April, New York’s attorney general accused the company behind Tether, Bitfinex for being engaged in a cover-up for hiding losses.

Now, Tether has taken to clarify one such “unpublished and non-peer reviewed paper,” for false reporting based on

“flawed assumptions, incomplete and cherry-picked data, and faulty methodology.”

“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit, which may have been the true motive of the paper all along,”

Tether added.

Further providing the explanation, Tether said,

“Tether and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. All Tether tokens are fully backed by reserves and are issued pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets.”

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Author: Hank Klinger

Brazilian State Of Bahia Launches Online Bid Solution (SOL) Blockchain To Track Govt. Contract Bids

The-Brazilian-State-Of-Bahia-Launches-Blockchain-Platform-To-Track-Government-Contract-Bids

Brazil has been embracing Blockchain technology recently and has taken another step in that direction. They have launched Online Bid Solution (SOL) which is a blockchain based platform to track the process of public bidding on government contracts.

The system was developed by a firm named Cayenne Technology and Design, and the application uses the technology blockchain, to save the information on the purchases, with code available for other states to use it. All bidding data becomes available and stored in a digital environment, making the process secure and transparent.

The government of Bahia that the primary target is the country’s agricultural sector. Presumably, the plan is to make sure every part of the industry is connected via a streamlined platform. The press release states:

“The application, already available in the Play Store and the Apple Store, will be used by about 1,100 agricultural associations and cooperatives in the states of Bahia and the Rio Grande do Norte, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank.”

This is the second big blockchain news coming out of Brazil in the past few days. Earlier Bitcoin Exchange Guide had reported that the coffee industry in Brazil is embracing the new technologies as Minasul, one of the leading cooperatives for coffee farmers adopts blockchain technology and announces the launch of a digital coin in the next month. The digital coin is expected to be fully backed by the coffee produce and will be traded on a decentralized marketplace for goods related to coffee production.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu Sinha