Day: June 21, 2022

BIS compares projects to transfer central bank digital currencies across borders

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The Bank of International Settlements (BIS) Innovation Hub released a report Tuesday looking at four projects that examined wholesale central bank digital currency (CBDC) transfers across borders. The projects demonstrated the technical feasibility of the transfers, the BIS found, but practical and policy issues remain outstanding.  The report considered the Jura project involving the central banks of Switzerland and France. Project Inthanon- LionRock2 and the ongoing mBridge project, involving currencies in Asia and the Middle East, were also examined, as was Project Dunbar, a joint effort of Australian, Malaysian, Singaporean…

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Uniswap acquires NFT marketplace aggregator Genie to further ‘universal ownership’ goals

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Decentralized exchange Uniswap announced the acquisition of the NFT marketplace aggregator Genie on June 21st. Uniswap said this move is part of its mission to unlock universal ownership and exchange on its platform. Uniswap is now integrating NFTs into its product line beginning with the Uniswap web app and later integrations are said to include developer APIs and widgets. This isn’t the first time Uniswap has worked with NFTs. In the spring of 2019 it launched Unisocks which offered NFT liquidity pools backed by real-world assets. Uniswap said in the…

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Defi Pioneer, Bancor, Under Fire for Pausing Impermanent Loss Protection Due to Hostile Market Conditions

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Bancor, a Decentralized Finance protocol often regarded as a pioneer in the DeFi ecosystem, has come under heavy scrutiny after it announced that it would pause its impermanent loss protection program. The DeFi platform cited extreme market conditions for stopping this program. However, Bancor has been criticized for pausing the program when liquidity providers need the protection program the most. Bancor reiterated that the pause would only be temporary, stressing that it was done in a bid to protect the protocol and its users. The post stated, “The temporary…

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Avalanche (AVAX) price drops 45% in a month and data points to further downside

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Avalanche (AVAX) is down 45% in 30 days and in the same time the cryptocurrencies’ total market capitalization shrank by 29%. Despite the recent downturn, this decentralized application (DApp) platform remains a top contender in the layer1 and layer2 race and it ranks high in terms of smart contract deposits and active addresses. Yet, the lackluster token price is still causing investors to rethink whether the network remains a “serious” competitor. AVAX token/USD at FTX. Source: TradingView The brutal sell-off on risk assets caused AVAX to test the $14.80 support…

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Colombia’s new president seems to be a fan of Bitcoin

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Gustavo Petro, who recently won the 2022 Colombian presidential election, has previously made statements in favor of cryptocurrencies. Petro will replace Iván Duque Márquez as the president of Colombia on August 7 for four years after winning the second round of a run–off election on June 19. The president-elect took to social media in December 2017 shortly after a major bull run to speak on the “strength” of Bitcoin (BTC). Petro hinted at the time that cryptocurrencies like BTC could remove power from government and traditional banks and give it…

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Why cross-chain interoperability matters for DeFi

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The modern DEX is designed to take advantage of the benefits of both CEX and DEXs by leveraging innovative technologies to enable more efficient transactions. Since limitations are presented for both the modern CEX and DEX, many propose that for widespread asset adoption, a non-custodial platform that supports assets across many networks is needed. In theory, this experience would enable users to control their funds at all times without giving up the flexibility of a promising user experience. Polkadex has proposed this next exchange iteration as a decentralized peer-to-peer order…

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Bank of Israel experiments with central bank digital currency smart contracts and privacy

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On Monday, the Bank of Israel released the results of a lab experiment that examined user privacy and the use of smart contracts in payments. This was the central bank’s first technological experiment with a central bank digital currency (CBDC). The first stage of the experiment modeled the sale of a car within a two-tier system with an intermediary payment service provider. The bank said that the service provider completed Know Your Customer (KYC)/Anti-Money Laundering (AML) checks and provided the necessary blockchain addresses. A nonfungible token (NFT) was issued to…

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Hublot Now Accepts Shiba Inu and Other Cryptocurrencies

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Hublot, a Swiss luxury watchmaker, has announced that its newly released 200 limited-edition watches can now be purchased online via BitPay, using cryptocurrencies such as Shiba Inu and Bitcoin. According to a tweet from Hublot, this method of payment is only available to consumers of the Hublot United States eBoutique. The tweet from the official Hublot Twitter account reads, “Introducing the new #BigBangUnico Essential Grey, a limited edition of 200 pieces solely available online on the e-commerce platform hublot.com. Exclusively on our Hublot United States e-boutique, clients will be…

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