Republic of Palau and Cryptic Labs launch digital residency program

The Republic of Palau and blockchain development firm Cryptic Labs announced the launch of the Root Name System (RNS), a digital residency program on Tuesday. To inaugurate the partnership between Palau, Cryptic Labs and the sovereign-backed digital residency program, Palau’s President Surangel S. Whipps Jr. signed an agreement to grant “all global users” digital residency through the RNS under the country’s Digital Residency Act. The Republic of Palau is located in the western Pacific Ocean and consists of about 340 islands inhabited by 18,221 residents. President Whipps said: “Our Digital Residency…

Key on-chain metric shows Bitcoin miners in ‘massive’ BTC accumulation mode

New data shows that Bitcoin (BTC) miners are hoarding more coins than at any time in the past five months, which could be a fresh signal that the current prices are not for selling. Analyzing its miner net position change indicator on Jan. 11, on-chain analytics firm Glassnode revealed what popular Twitter account Bitcoin Archive described as “massive” accumulation by miners. Miners show no desire to sell Bitcoin price may be disappointing spot traders this year, but long-time market participants are anything but concerned. In addition to strong hands or…

Coinbase announces ‘nearly the entire company will shut down’ for four weeklong breaks in 2022 to allow workers to recharge

Major U.S. crypto exchange Coinbase will be giving its employees one week off each quarter in 2022 to recharge after “long days and long weeks” of intense work. In a Monday blog post, Coinbase chief people officer L.J. Brock said “nearly the entire company will shut down” for four separate weeks this year as part of an experiment in allowing workers to recuperate after completing intense workloads. Brock said the exchange’s employees aren’t necessarily limited to 40-hour work weeks and may have to “pivot at a moment’s notice,” seemingly creating…

eToro rolls out smart portfolios for new metaverse investors

Brokerage firm eToro introduced MetaverseLife, a new smart portfolio covering stocks and crypto-assets from within the growing metaverse industry, on Tuesday. The company stated that its goal is to offer a diverse range of investments made for long-term exposure.  Currently included in the portfolio are Meta Platforms, the new parent company behind Facebook, Roblox and other blockchain-based metaverse developments like Decentraland, The Sandbox and Enjin. There are also a few companies listed in this portfolio that aren’t exclusively blockchain-based but have still contributed to metaverse adoption and development. These include…

Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price

Bitcoin (BTC) price made a quick pop above $43,100 in the U.S. trading session but uncertainty is still the dominant sentiment among traders on Jan. 11 and bulls and bears are split on whether this week’s drop to $39,650 was BTC’s bottom.  Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has traded tightly around the $42,000 level as the global financial markets digested U.S. Federal Reserve Chair Jerome Powell’s statements on the upcoming fiscal policy changes. BTC/USDT 1-day chart. Source: TradingView Powell indicated that the central bank is prepared…

Ramp expands presence in US with FinCEN regulation

On Tuesday, crypto-fiat gateway payments platform Ramp announced that its U.S. subsidiary Ramp Swaps LLC had received its registration as a Money Service Business with the Department of Treasury’s Financial Crimes Enforcement Network. The regulatory greenlight enables Ramp to do business in 38 states across the United States. Besides the development, Ramp also has regulatory clearance with the United Kingdom’s Financial Conduct Authority and Poland’s Financial Supervision Authority. Ramp allows users to buy crypto directly in their wallets and decentralized applications, or DApps. Last year, the company grew its transaction…

Zero-knowledge scaling tech Plonky goes live on Polygon

On Monday, Polygon (MATIC), a layer two Ethereum (ETH) scaling solution known for its fast transaction times and negligible gas fees, announced the launch of Plonky2, a zero-knowledge scaling technology claimed to be the fastest in the world. Zero-knowledge algorithms ensure everything is correctly computed on layer two and return the succinct proof to Ethereum without sending the entire data. Instead of every miner, or staker, verifying every posted transaction, zero-knowledge allows the verification of simplified rolled-up proofs, thereby significantly speeding up the overall network. 1/2 We are proud to…

Ethereum futures and options data reflects traders’ mixed emotions on $3.2K ETH price

Ether (ETH) has been an emotional rollercoaster over the past three months primarily because its price rallied twice. First, it peaked at $4,870 on Nov. 10 and at $4,780 on Dec. 1. However, the double top was quickly followed by a harsh rejection, which led to $490 million in long futures contract liquidations in 48 hours. Once again, hope was instilled on Dec. 8 after Ether commenced to rally 28.5% in four days to retest the $4,400 support. Soon after, the downtrend continued, leading to the $2,900 bottom on Jan.…

‘Centralization issues’ are the biggest culprits of DeFi attacks: CertiK

Decentralized finance, better known as DeFi, may not be “decentralized” enough as attackers exploited centralized weak points to drain users of billions of dollars in 2021, according to research from blockchain security firm CertiK.  In a new report on the state of DeFi security in 2021, CertiK researchers said “centralization issues were the most common attack vector” within decentralized finance. The blockchain security firm cited 44 DeFi hacks totaling $1.3 billion in lost funds in 2021. That’s an increase of over $500 million compared with 2021.  “This underscores the importance…

US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soon

At his confirmation hearing in front of members of the Senate Banking Committee, Federal Reserve chair Jerome Powell said the agency would be releasing its report on cryptocurrencies “within weeks.” Addressing Idaho Senator Mike Crapo remotely from the Dirksen Senate Office Building on Tuesday, Powell said the Fed’s report on digital currencies wasn’t “quite where we needed to get it” but would be released soon regardless. The Fed chair cited “changes in monetary policy” as part of the reason for the delayed report, which is expected to address policy surrounding…