A researcher with the Korean Institute of Finance has warned South Korea against introducing spot cryptocurrency exchange-traded funds (ETFs) because these may pose risks to financial stability. The introduction of spot crypto ETFs could exacerbate the inefficient allocation of resources. Spot Crypto ETFs Cause Inefficient Allocation of Resources Bo-mi Lee, a researcher with the Korean […]
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Pantera Capital Calls Solana the ‘Mac OS of Blockchains,’ Highlights Architecture Benefits and Growing Adoption
Pantera Capital, an institutional asset manager focused on blockchain technology, has called Solana the “Mac OS of blockchains” in its latest blockchain letter. The firm details that the rise of Solana over Ethereum is reminiscent of what Microsoft experienced when Apple entered the market, highlighting Solana’s growing retail adoption and architectural advantages. Pantera Capital States […]
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Ethereum Rollups Start Reaping Dencun Benefits: 99% Fee Drops Reported in Some Cases
Ethereum rollups, the layer 2 scaling structures, have started reaping the benefits of the recently applied Dencun upgrade. The update, which included EIP-4844, also known as Proto-Danksharding, has allowed transaction fees to decrease by 99% in some cases, with Arbitrum, Base, Optimism, and Starknet becoming cheaper across the board. Ethereum Dencun Upgrade Reduced Rollup Fees […]
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Grayscale Aims to Launch Mini Bitcoin Trust for Lower Fees and Tax Benefits
Grayscale has revealed the submission of an S-1 form to the U.S. Securities and Exchange Commission (SEC) for the launch of a new, smaller version of its popular Grayscale Bitcoin Trust (GBTC). This initiative is designed to provide shareholders with exposure to bitcoin, reduced fees and potential tax benefits. Grayscale Unveils Bitcoin Mini Trust With […]
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Kraken Notifies XRP Holders Of Potential Benefits From Zakinov Case
Crypto exchange Kraken started notifying affected XRP holders about the potential monetary benefits they could receive from the class action lawsuit against Ripple.
The exchange recently emerged victorious in the Zakinov v. Ripple Case. The exchange successfully intervened to protect its customers’ data from being shared without their consent.
Kraken Begins The Notification Process
Kraken, one of the largest crypto exchanges in the world, intervened in the Zakinov v. Ripple lawsuit, seeking to protect its customer’s privacy and data. The court ruling allowed Kraken to inform the affected users about the class action against Ripple, ultimately giving the customers the option to decide whether to participate in the lawsuit.
Kraken has now begun to notify eligible customers about the potential monetary benefits from the Zakinov v. Ripple lawsuit. The notification is aimed at Kraken users who purchased XRP during the previously established period, as the email stated:
Our records indicate that you have purchased XRP on Kraken between July 2, 2017 and June 30, 2023, which means that it might be within your rights to receive money or benefits that come from the lawsuit, depending on the outcome.
Yassin Mobarak, Dizer Capital Founder, was among the recipients, and he shared part of the email on X (formerly known as Twitter), expressing his surprise about the notification and the possibility of earning a profit from his XRP holdings through the class action lawsuit.
I always thought I would make money from my $XRP holdings, but not like this
PS. First I thought this was a scam email, but now I think it's real. pic.twitter.com/4jhLuUSqEt
— Yassin Mobarak
(@Dizer_YM) February 9, 2024
Mobarak expressed his initial disbelief in the email’s legitimacy, as recent phishing attacks exploited official email accounts of actors in the Web3 industry and exposed users to a massive and sophisticated phishing campaign.
The legitimacy of the emails was doubted by several Kraken customers who sought confirmation from the exchange’s official X account. Kraken’s support team confirmed the email as safe and authorized by the exchange.
Next Steps For XRP Holders
Following the notification, Kraken has updated its support page to provide customers with further details about the class action lawsuit.
The exchange addressed doubts such as who the affected parties are, clarifying that it “only applies to class members who purchased XRP within the United States during the relevant class period” and offering further information about the lawsuit:
The lawsuit also claims that persons or entities who purchased XRP during the class period (July 3, 2017, to June 30, 2023) have the right to recover (a) the consideration paid for the XRP, with interest, if they retained the XRP, less the current price of the XRP or upon tendering the XRP, or (b) damages if they sold the XRP at a loss.
Lastly, the exchange presented two options for the affected customers: do nothing or ask for an exclusion from the lawsuit.
As mentioned in the email you received, you have the option to either do nothing or exclude yourself. For more details, please visit the support article linked below.
Best,Kraken Support
— Kraken Support (@krakensupport) February 8, 2024
If the customer decides to do nothing, they will keep the possibility of getting the money or benefits from the lawsuit’s resolution. However, they automatically give up on any rights to sue Ripple separately in the future.
If they decide to be excluded from the class action and the potential benefits, XRP holders maintain the right to sue the defendant and must send a signed “Exclusion Request” statement by April 5, 2024.
LBank Labs’ Strategic Expansion into Morocco’s Casablanca Finance City: A Visionary Move with Enhanced Employee Benefits and Global Partnerships
PRESS RELEASE. In the challenging global financial climate of 2023, LBank Labs, a 0 million fund and Fund of Funds, has made a strategic move by establishing its presence in Morocco. This decision, led by El Bachir Essamari and robustly supported by the leadership team, represents a significant step forward. Culminating in the prestigious Casablanca Finance City (CFC) certification, this move not only underscores Morocco’s role as a pivotal hub connecting the US, Europe, MENA, and African markets but also brings significant benefits and partnerships.
Morocco: A Strategic Hub for Global Business
Morocco’s strategic location serves as a bridge between major global markets, offering a key gateway for international trade and investment. Its political stability is a beacon in a region often marked by turmoil, attracting foreign investors seeking a secure environment. The country’s commitment to renewable energy and technological innovation makes it a dynamic and forward-thinking business landscape.
LBank Labs: Pioneering Innovation Under Esteemed Leadership
Under the leadership of El Bachir Essamari, LBank Labs has made significant strides in the Moroccan financial ecosystem. The organization of Morocco’s largest blockchain conference is a testament to their dedication to technological progress in the region.
The CFC Certification: A Milestone Achievement
Obtaining the CFC certification places LBank Labs in Africa’s leading financial hub, alongside over 200 esteemed members from 70 countries. This membership is not just a strategic position but also opens doors to networking opportunities, market insights, and regional expansion.
Enhanced Employee Benefits: Express Visa and Employment Flexibility
A key aspect of this strategic partnership with CFC is the significant benefit it grants to LBank Labs’ employees. The agreement includes express visa processing, allowing for Business Visas to be obtained within 24 hours. Additionally, the process for foreign employment contracts is expedited to 48 hours, and residence permits can be secured in just two weeks. This streamlined process ensures that LBank Labs can efficiently mobilize international talent, enhancing its operational capabilities and global reach.
Expanding Global Partnerships
LBank Labs’ partnership with CFC extends beyond Morocco, with 15 partnerships with international financial centers. These include prominent financial hubs like Luxembourg, Paris, Abu Dhabi, Hong Kong, Shanghai, Singapore, London, Toronto… These partnerships offer LBank Labs a global platform for collaboration, knowledge exchange, and expansion, further solidifying its position as a leader in the financial and technological sectors.
A Vision for Sustainable and Inclusive Growth
LBank Labs’ expansion into Morocco is not just a business move; it’s a commitment to sustainable and inclusive growth. By tapping into Morocco’s rich cultural heritage and diverse talent pool, LBank Labs is set to foster an environment of innovation and creativity. This approach aligns with Morocco’s own vision of becoming a green economy leader, leveraging renewable energy sources and sustainable practices.
Empowering Local Communities and Talent
A significant part of LBank Labs’ strategy involves empowering local communities and nurturing talent. By offering training programs, workshops, and collaborative projects, LBank Labs aims to build a strong foundation of skilled professionals in Morocco. This initiative not only benefits the local workforce but also contributes to the overall growth and development of the region’s financial and technological sectors.
Conclusion
In 2023, LBank Labs’ strategic investment in Morocco, marked by the CFC certification and led by a visionary team, is a story of resilience, strategic foresight, and commitment to regional development. The added benefits of express visa processing for employees, partnerships with international financial centers, and a focus on sustainable and inclusive growth position LBank Labs not only as a leader in web3 investments but also as a forward-thinking, globally integrated player in African and global finance.
For media inquiries, please contact:
Eddy Wang
PR Manager, LBank
Email: eddy.wang@lbank.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Finance Professor Blasts SEC’s Potential Cash-Only Rule for Spot Bitcoin ETFs Citing Benefits of In-Kind Model
A finance professor at Georgetown University has urged the U.S. Securities and Exchange Commission (SEC) to avoid micromanaging the creation/redemption process for spot bitcoin exchange-traded funds (ETFs). While the SEC proposed the cash creation method, applicants like Blackrock and Fidelity have advocated for the in-kind creation method. “Now that the Commission has seemingly become comfortable with allowing spot bitcoin ETFs to trade in the U.S., it should not squander this positive development by forcing a suboptimal product (cash-only creation/redemption) to come to market,” said the professor.
Georgetown Professor Urges SEC to Let Spot Bitcoin ETFs Use In-Kind Creation Method
James Angel, an Associate Professor of Finance at Georgetown University, penned a letter to the U.S. Securities and Exchange Commission (SEC) on Tuesday regarding all proposals for spot bitcoin exchange-traded funds (ETFs) that the regulator has received. Professor Angel specializes in the market structure and regulation of global financial markets.
He told the securities watchdog:
Media reports indicate that the long overdue approval of a spot bitcoin ETF is imminent. Getting this done quickly and properly will free up SEC resources to do the other more important things in furtherance of the SEC’s important mission.
However, the professor raised concerns in his letter: “I’ve noticed some reports that the SEC is considering allowing only cash creation/redemption. If the media reports are accurate, that would be a big mistake. Issuers and APs [authorized participants] would not have the freedom to choose whether to create/redeem in-kind. This would impose costly frictions on the create/redeem process, resulting in wider bid-ask spreads and mispricing of an ETF relative to the spot price. This will result in higher costs and mispricing risk to investors.”
Angel explained:
In-kind creation/redemption eliminates trading costs and execution risks for the ETF. With cash creation/redemption, the ETF (and thus the shareholders) suffers the transaction costs of buying and selling bitcoin.
“These costs include the bid-ask spread along with the operational costs from the labor and overhead involved in calculating, executing, monitoring, and accounting for transactions in the various bitcoin markets,” he described. “Costs to ETF shareholders will be lower if the ETF does not have to pay to build a competent trading capacity in bitcoin. Furthermore, there are timing costs involved in the risk that the bitcoin price moves between the time when the NAV is established for a creation/redemption and the time when the bitcoin is traded. Given the high volatility of bitcoin, this is a real risk. There is no reason to force the shareholders to bear this execution risk when it is not necessary.”
Emphasizing that “The SEC should listen to the ETF sponsors that have decades of daily hands-on experience with creating and redeeming ETFs,” the professor stressed:
ETF sponsors should have the freedom to accept bitcoin directly. The SEC should resist the urge to micromanage how ETF sponsors do the creation/redemption process. It should be left to the professional judgment of the ETF sponsors.
Citing Blackrock, the world’s largest asset manager, and financial services giant Fidelity, the professor stated: “Blackrock has pointed out how an in-kind model offers lower transaction costs, superior resistance to market manipulation, reduction in risks of operating events, and simplicity. Fidelity has also pointed out the advantages of the in-kind model.” The world’s largest asset manager has proposed a revised in-kind model for its spot bitcoin ETF.
The professor concluded: “Now that the Commission has seemingly become comfortable with allowing spot bitcoin ETFs to trade in the U.S., it should not squander this positive development by forcing a suboptimal product (cash-only creation/redemption) to come to market.”
Do you agree with the professor? Let us know in the comments section below.
Bondex: Changing the Recruitment Landscape for Users Benefits
PRESS RELEASE. London, United Kingdom, 29th November, 2023. Bondex, the groundbreaking decentralized professional talent network, is proud to announce the launch of its innovative Job Portal, marking a paradigm shift in the recruitment landscape. In partnership with some of the biggest names in the space for their first external marketing campaigns, including names like Coinlist and Chainlink, Bondex will be able to become the leading talent platform in Web 3.
The platform introduces an innovative referral reward system, democratizing the hiring process and creating a symbiotic ecosystem where talent, employers, and recruiters converge for mutual benefit and potential financial gains that offers users a new means of gaining passive income. The ongoing campaign with Coinlist for the next three months will give users the potential to boost their airdrop eligibility, giving them the opportunity to receive more financial rewards.
The Bondex platform and app, available on GooglePlay, and the Appstore, has over three million downloads, four million registered users, and a thriving million monthly active users. As a gamified decentralized token-based professional talent network, Bondex incentivizes user participation for career advancement, talent referrals, networking, and skill development. The platform shares the resulting economic value with its participants, creating a decentralized professional network where reputation dictates user participation.
Through an open referral rewards system, Bondex’s Job Portal redefines traditional recruitment by providing users with incentives to become recruiters. By leveraging their professional networks, users can profit from hiring companies’ bounties. By utilising the combined reach of user networks, this crowdsourced method guarantees the best possible matches between employers and candidates, differentiating Bondex from outdated Web 2 leaders.
About Bondex
Bondex is a decentralized professional talent network and job portal that empowers users to become recruiters, connecting talent with employers through a unique referral rewards system. With a gamified approach and over three million downloads, and four million registered users, Bondex disrupts traditional recruitment models, fostering a symbiotic ecosystem for mutual benefit.
For media inquiries, please contact:
Dina Mattar, CEO of DVerse
dina@dverse.xyz
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
BIS Chief Touts Benefits of CBDCs, Says Crypto Reveals ‘Poorly Designed and Poorly Supervised Financial Systems’
In a Wednesday speech in Basel, Switzerland, Bank for International Settlements (BIS) chief Agustín Carstens argued that central bank digital currencies (CBDCs) will “sit at the core of the future financial system,” bringing innovation and meeting public expectations.
While Challenges Remain, BIS Boss Agustín Carstens Insists CBDCs Will ‘Secure the Future Monetary System’
In February, Agustín Carstens expressed skepticism about stablecoins, a sentiment he has echoed repeatedly regarding public crypto assets. Carstens holds a conviction that central bank digital currencies (CBDCs) will emerge as major innovators in the cryptocurrency domain. During a discussion focused on “securing the future monetary system,” Carstens took the opportunity to share his insights on CBDCs.
Carstens stated in the speech that CBDCs, whether for wholesale or retail use, will need to be secure and seen as such by the public to maintain trust. He acknowledged that cybersecurity and new technology like quantum computing pose challenges. Flexibility in design will be key so security measures can rapidly adapt. Carstens stated:
Maintaining an appropriate level of privacy, for example, will be crucial to ensuring public acceptance of retail CBDCs.
The BIS general manager emphasized that CBDCs must balance security with privacy. He said the BIS Innovation Hub has completed projects on integrating quantum-resistant cryptography into CBDC systems and ensuring offline resilience.
According to Carstens, CBDCs can enable efficient, sophisticated financial services. He suggested central banks have a duty to lead digital innovation for the public good. Carstens added that public crypto assets have demonstrated how easily hackers can exploit poorly designed systems, so CBDCs require robust security.
“The crypto universe has provided us with several case studies of how easy it is for hackers to infiltrate poorly designed and poorly supervised financial systems,” Carstens stressed.
Nonetheless, many privacy advocates and U.S. politicians worry that CBDCs will enable unprecedented government surveillance and control. The ability to track all transactions could lead to a major loss of financial privacy. Critics also cite risks of government overreach, and financial exclusion if CBDCs replace cash, and many have valid cybersecurity concerns.
While Carstens touted the promise of CBDCs, he conceded new digital forms of central bank money face “formidable” security challenges. “But it is an unavoidable one if central banks are to fulfill their mandate of providing money in a form that meets the public’s needs and expectations,” Carstens concluded. He added that the BIS stands ready to help central banks achieve these goals.
What do you think about the BIS chief’s commentary regarding CBDCs? Share your thoughts and opinions about this subject in the comments section below.
Aurus: The Future of Precious Metals and Blockchain – Exclusive Hypergrowth Benefits
Aurus brings precious metals to crypto, enabling users to easily buy, trade, spend and earn gold, silver & platinum via blockchain technology. Join the community hypergrowth and benefit today.
Imagine a world where gold can be exchanged as effortlessly as sending a tweet, and silver can be used for everyday purchases, such as paying for groceries. Aurus emerges as a revolutionary solution striving to make this vision a reality, unlocking the true potential of precious metals using blockchain technology. Step into a world where the age-old allure of precious metals meets the cutting-edge technology of blockchain.
Unlocking the True Potential of Precious Metals
Founded in 2019, Aurus is taking the lead in revolutionizing the precious metals market through the power of tokenization. With a firm commitment to efficiency and inclusivity, Aurus is on a mission to democratize access to these valuable assets. Now, Aurus is taking its vision to new heights with a Hypergrowth Funding Raise, an initiative that will propel the company into its next phase of groundbreaking innovation and global expansion while offering exclusive benefits and opportunities to earn gold, silver, and platinum.
The benefits of Tokenized Gold, Silver and Platinum
Although impractical in today’s digital economy, precious metals have provided stability to civilizations for thousands of years for their unmatched ability to preserve wealth. Through its innovative decentralized approach to tokenization, Aurus strives to bring precious metals to the modern era to democratize access and enhance the usability of the most reliable form of wealth.
Aurus Tokenized precious metals, tGOLD, tSILVER, and tPLATINUM are 1:1 backed and redeemable for 1 gram of physical LBMA-accredited gold, silver, and platinum respectively. Aurus offers a convenient and cost-effective alternative to traditional physical bullions and coins, with the additional benefits of instant settlements, 24/7 real-time trading, and reduced intermediaries.
Hypergrowth Phase: Join now for unique benefits
Today, the company stands as a pioneering force in the industry, boasting an impressive inventory of over million worth of metals, collaborations with 26 esteemed partners, and a growing user base of 30k mobile app downloads worldwide. Led by a team of precious metal and crypto industry veterans, Aurus embarks on its next stage to accelerate its expansion plans and solidify its position as an industry leader: hypergrowth.
The Aurus Hypergrowth offers investors exclusive benefits as part of the tiered community raise. Phase 1 participants receive a 30% bonus in tGOLD, tSILVER & tPLATINUM among other benefits. Additionally, Aurus will launch various major developments upon the closing of each phase including, DEX pool deployment, an Aurus Mastercard payment card, and MultiversX (layer-1) interoperability.
This strategic move poses an exciting opportunity for early adopters to contribute to Aurus’ growth objectives and vision while benefiting from passive rewards in precious metals. Participation in the Hypergrowth consists of a purchase in AurusX, the Aurus ecosystem token, which grants holders passive rewards in tGOLD, tSILVER and tPLATINUM.
Join the Aurus Hypergrowth for exclusive benefits
AurusX: Passive Rewards in Gold, Silver & Platinum
AurusX (AX) is the Aurus ecosystem token that earns its holders passive rewards in tGOLD, tSILVER, and tPLATINUM. Rewards are generated from token transactions, minting, and burning fees, which can be claimed by AurusX token holders. AurusX poses as a unique portfolio diversifier, providing passive rewards regardless of the direction of the market. As ecosystem activity grows, so do the rewards generated.
AurusX derives its value from the transactional volume of precious metals. Specifically, every time a tGOLD token is transferred or traded, a transaction fee of 0.18% is evenly distributed among the holders of AurusX. Users claim their rewards monthly on the Aurus mobile app. In the future, AurusX will also offer its holders the right of governance voting, enabling the Aurus community to create and vote on ecosystem proposals.
The ecosystem’s foundations are designed to align the interests of all its participants. In addition to AurusX holders, providers of precious metals to the Aurus ecosystem also receive a proportional share of the ecosystem rewards for their contribution. The fee distribution model works as follows:
AurusX plays a crucial role within the Aurus ecosystem, ensuring its scalability and self-sufficiency. It provides an opportunity for individuals to reap the benefits of Aurus’ growth and receive a share of the rewards, fostering organic motivation for ecosystem participants whilst promoting further decentralization of the system.
The Future Potential of Tokenized Precious Metals
It is clear that, from a macro perspective, the innovation of combining precious metals and blockchain technology unlocks a huge market of untapped potential. By making gold and silver easily accessible, instantly transferable, and convenient to use, tokenization massively reduces barriers to ownership, especially among the younger generation.
Aurus is on a mission to unleash the full potential of precious metals and enhance their use cases. Through collaboration with ingenious companies, new use cases will enter the sphere of payments, DeFi, gaming, and NFTs. Aurus’ revolutionary potential is undeniable since, in perspective, the traditional physical gold bar gathering dust can now be tokenized to become a versatile asset and productive yield-bearing digital asset in DeFi when used as DEX exchange liquidity.
Another massively exciting use case for tokenized precious metals is payments. Aurus is set to launch Aurus Vault Card V2 soon, which will allow users to spend gold, silver, and platinum via the Mastercard network as effortlessly as fiat currency. This implementation is especially interesting in today’s economic climate with the influx of inflation on the horizon.
Aurus’ ultimate ambition is to establish itself as a Decentralized Autonomous Organization (DAO), as outlined in the Aurus Roadmap, to become the most decentralized asset tokenization platform in the world. Other notable initiatives include:
- Gold-backed NFTs: NFT minting platform. Users can mint and burn their own NFTs backed by tGOLD & tSILVER.
- Gold in Gaming (P2E): tGOLD and tSILVER as in-game currencies; gaming publisher partnership
- Auto-Accumulation: A Precious Metals auto-invest scheme powered by OnRamper.
- Aurus Vault Card V2: Metal Mastercard payment card linked to Uniswap DEX Pools
Additionally, as Aurus continues to forge ahead, global expansion remains a key focus. With specific attention on Latin America, the UK, Cambodia, Azerbaijan, Turkey, and other regions, Aurus aims to establish itself as a transformative force, offering individuals and businesses the opportunity to participate in the digital precious metals market and benefit from its inherent value.
Aurus’ Unique Strength: Decentralized Robust Infrastructure
Aurus’ transparency and its fully decentralized system set the company apart from any competition. Unlike centralized gold-backed tokens, Aurus’ decentralization eliminates the risk of single points of failure, ensuring a transparent and dependable platform.
The company has developed a robust infrastructure that guarantees the integrity of its tokenized metals. The precious metal reserves supporting tGOLD, tSILVER, and tPLATINUM are securely stored in globally distributed vaults operated by reputable entities like Brinks, Loomis, and Malca-Amit. These vaults undergo regular third-party audits to verify their holdings, and tri-party agreements between the precious metals provider, vault, and Aurus ensure a 1:1 backing for the tokens.
Aurus is also collaborating with Chainlink Oracle to implement Proof-of-Reserves (PoR), a real-time auditing system that verifies asset reserves and token supply consistency. The Chainlink Proof of Reserve seal is one of the most recognized certifications a stablecoin can acquire, serving as an additional layer of transparency.
Global Sustainability & Positive Impact
Aurus also addresses environmental challenges while striving to provide a secure environment for your precious metal investments. That is because the company actively reduces CO2 emissions by minimizing the need for the transportation of physical gold. Additionally, Aurus only partners with LBMA-accredited companies that ensure that gold is mined and processed in adherence to stringent environmental and social standards. By supporting LBMA bullion standards, Aurus stands for sustainability, transparency, and fair labor practices in the gold industry.
Joining Aurus’ community extends beyond personal benefits, as users have the opportunity to create a positive impact on Web 3.0 and the world. Involvement in this ecosystem promotes responsible and ethical practices, contributes to democratizing access to real-world assets, and empowers individuals to take control of their finances and achieve financial sovereignty.
Join The Future of Precious Metals
Be part of the revolution that’s reshaping the world of digital precious metals into a realm that’s fair, accessible, and sustainable. Aurus is not just sculpting the future – it’s goldsmithing it, hand in hand with a community. Join now to benefit from the future success of Aurus and start earning passive rewards in gold, silver & platinum.
Join the Aurus Hypergrowth for exclusive benefits
Learn more at Aurus.io
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