Issuers of USD Coin (USDC) have announced that they will soon deploy their stablecoin on five additional networks, including Polkadot, Optimism, NEAR, Arbitrum, and Cosmos.. The company first broke the news at the Converge22 event on September 28, noting that support for most of these blockchains will be rolled out by the end of 2023.while USDC on Cosmos will go live in early 2023. In a September 28 statement, Circle’s VP of Product, Joao Reginatto highlighted that the expansion of USDC will provide “greater liquidity and interoperability within the crypto economy”, in particular the commercial sector.. “Expanding multi-chain support for…
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Caroline Phamof the Commodity Futures Trading Commission (CFTC), has proposed the creation of an “Office of the Consumer Advocate”, with the aim of expanding the CFTC’s consumer protection mandate. Pham referred to the bureau as a “voice for the people” in a speech delivered at an event hosted by the Corda blockchain project on Sept. 27, suggesting that recent developments in the crypto space have made protecting retailers an issue. most urgent matterpointing out: “The cryptocurrency crash, risk management failures, and substantial retail losses add urgency to the need to balance innovation with retailer protection and proper regulation.” Pham has…
The interbank messaging system SWIFT has partnered with price oracle provider Chainlink (LINK) to work on a proof-of-concept (POC) project that would give traditional financial firms the ability to transact over blockchain networks.. Chainlink co-founder, Sergey Nazarov, announced the project at his SmartCon 2022 conference held in New York on September 28, together with SWIFT Chief Strategy Officer Jonathan Ehrenfeld Solé. SWIFT is using the Cross-Chain Interoperability Protocol (CCIP) in an initial proof of concept.CCIP will enable SWIFT messages to instruct on-chain token transfers, helping the SWIFT network become interoperable across all blockchain environments.https://t.co/8GOBNhzwCk pic.twitter.com/Pvm0Cex45e— Chainlink (@chainlink) September 28, 2022…
The next Bitcoin (BTC) bull run will have to be very different from historical cryptocurrency rallies in terms of history and utility, Galaxy Digital CEO Mike Novogratz believes. Compared to previous bull runs, Bitcoin’s next rally will have to focus more on utility and less on history, Novogratz predicted in a panel at the Token2049 cryptocurrency event on Wednesday. One of the biggest historical rallies, the 2017 Bitcoin bull run, was mostly about history, the CEO said, referring to the cryptocurrency rallying from around $1,000 to $20,000 in a year. According to Novagratz, the 2017 bull run was mostly about…
The Bank for International Settlements (BIS) has called a multi-jurisdictional central bank digital currency (CBDC) pilot program “successful”.for its acronym in English) following a month-long test phase that facilitated $22 million worth of cross-border real-value transactions. The central banks of Hong Kong, Thailand, China and the United Arab Emirates participated in the pilot program along with 20 commercial banks from those regions.. More than 12 million dollars were issued on the test platformwhich facilitated 164 cross-border foreign exchange transactions and payments between participating companies worth a total of more than $22 million, according to a BIS post published Tuesday on…
Last week in Spain Four new cryptocurrency service providers registered with the Bank of Spain to operate under license within Spanish territory. According to the Europapress news agency, Prosegur Crypto, Bots, Rand Protocol, Coin Direct and JBH Financial Group were the companies that were registered in the register of cryptocurrency providers of the Bank of Spain. These companies dedicated to the custody of electronic purses, and to the exchange service of virtual currency for fiduciary currency have had to comply with adequate procedures and bodies for the prevention of money laundering and financing of terrorism, as well as compliance with…
Bitcoin (BTC) is in a “desperate situation” when it comes to its adoption, but there is already a silver liningaccording to new research. In the latest edition of its weekly newsletter, Week On-Chain, cryptocurrency analytics firm Glassnode said that Bitcoin was undergoing a “major detox.” Bitcoin adoption returns to March 2020 The current BTC price action is putting pressure on everyone from long-term holders (LTH) to miners, and relief is hard to find. Macro turmoil and resistance at $20,000 are keeping the BTC/USD pair at levels seen only once since 2020. With this week’s push above $20,000 accompanied by significant…
Solana ecosystem developer Coral has closed a $20 million investment round backed by some of the biggest cryptocurrency venture funds, laying the groundwork for the launch of its new interactive wallet later this month. The investment round was co-led by FTX Ventures and Jump Capital, with additional participation from Multicoin Capital, Anagram, K5 Global and other investors, Coral announced on Wednesday. Coral said he would use the funds to build internal capacity and launch his flagship product, Backpack. Backpack is said to be an interactive wallet that offers “crypto-native experiences” through so-called executable non-fungible tokens, or xNFTs. Coral describes xNFTs…
At Converge22 in San Francisco, Jeremy Allaire, CEO of stablecoin issuer Circle, says the world is finally moving from the speculative value phase of crypto to the utility phase. Drawing a parallel to the early days of the Internet, he said: “The Internet was founded many decades ago on the idea of open networks, open standards and protocols that interoperably connect entities, devices and people in a globally interlocking world of decentralized systems. That is now our mission as we develop the blockchain space.” According to Allaire, there are currently on-chain mechanisms that guarantee secure and reliable interactions between cryptocurrency…