What Happens if All Stablecoin Users Have to Be Identified?

Imagine the following scenario: Sometime in 2021, financial regulators declare that all stablecoin owners must be verified. What would happen to the cryptocurrency ecosystem? Right now, a large chunk of stablecoin usage is pseudonymous. That is, you or I can hold $20,000 worth of tether or USD coin stablecoins in an unhosted wallet (i.e., not on an exchange) without having to provide our identities to either Tether or Circle, the managers of these stablecoin platforms. We can send this $20,000 along to other users, who can transfer the coins on,…

Libra Co-Creator’s VC Firm Co-Leads $12M Round in ‘Decentralized GitHub’

In retrospect, it was inevitable: A team of blockchain developers has forked GitHub and come up with a system for collaborating on open source software. There’s even a decentralized finance (DeFi) twist. Announced Thursday, Radicle, a fully decentralized code repository, has raised $12 million in funding, integrated its peer-to-peer network with Ethereum and launched the RAD governance token.  The funding round was led by NFX and Galaxy, with participation from Placeholder, Electric Capital and ParaFi Capital; Naval Ravikant, Balaji Srinivasan and Meltem Demirors were also involved. Notably, it’s the first…

‘Evil VASP’ Simulation Preps Crypto Exchanges for FATF Travel Rule

Getting crypto exchanges across the world to plug into each other and share sensitive customer data is proving to be a complex problem.  Nonetheless, firms have to show real progress on this by June of this year, according to new anti-money laundering (AML) rules from global AML watchdog the Financial Action Task Force (FATF). Announced Thursday, the Travel Rule Information Sharing Alliance (TRISA), one of the better-known solutions being proposed, is launching a testnet that includes a directory of virtual asset service providers (VASPs) and scenario testing for inevitable contact…

Chinese Retailer Goes From Bubble Tea to Crypto Mining in Unlikely Pivot

A retailer of specialty teas and baked goods based in Hunan, China is expanding its business into cryptocurrency mining. According to a press release on Thursday, Urban Tea Inc. has hired two new executives ahead of its strategic expansion into its new cryptocurrency venture. Fengdan Zhou has been hired as the company’s new chief operating officer (COO), while Yunfei Song has signed on as an independent director. Zhou, who will lead the company’s implementation of its “blockchain and bitcoin business plan,” brings a wealth of experience in building and managing…

Bitcoin Taproot Upgrade Expected to Begin Activation in July

A release date and activation timeline are set for Bitcoin’s Taproot upgrade, but developers and other stakeholders are still debating the best method to coordinate Bitcoin’s biggest upgrade since SegWit. Per a public IRC chat discussion, the code for the fully primed-and-ready Taproot upgrade will be deployed sometime between March 17 and March 31 (or April if necessary), but the actual signaling that kick-starts the activation process probably won’t start until July. If everything goes as planned, then Bitcoin’s “economic majority” (miners and node operators who run Bitcoin’s code) could…

Ajit Tripathi: How to Bring Off-Chain Assets to DeFi

The recent GameStop short squeeze has brought decentralized finance (DeFi) into mainstream public consciousness. Well-known crypto influencers such as Caitlin Long have espoused decentralized exchanges as an alternative to traditional clearing and settlement infrastructure. Others, including me, have suggested that decentralized credit markets can reduce systemic risk by enhancing financial market transparency.  Ajit Tripathi, a CoinDesk columnist, is the Head of Institutional Business at Aave. Previously, he served as a fintech partner at ConsenSys and was a co-founder of PwC’s U.K. Blockchain Practice. In this article we examine some of…

Bitcoin News Roundup for Feb. 17, 2021

With BTC surpassing $51K and analysts remaining bullish on the price, CoinDesk’s Market Daily is back with the latest news roundup. Add Markets Daily to your Alexa Flash Briefing here. This episode is sponsored by Nexo.io. Analysts are still mostly bullish on the cryptocurrency’s price, even at lofty levels compared with those just a few months ago. Source link