Archive for the ‘Decentralization’ Category

Tether CTO on USDC depeg: Bitcoin maxis were right all along | PBW 2023 – Cointelegraph

At Paris Blockchain Week 2023, Tether chief technology officer Paolo Ardoino spoke with Cointelegraph reporter Joseph Hall to discuss topics such as USD Coin (USDC) breaking its dollar peg and how it highlights the importance of Bitcoin (BTC) and decentralization.

According to Ardoino, stablecoin issuers should always make sure that their reserves remain protected. The Tether executive believes that a stablecoin issuers job is to protect reserves and funds with all its capabilities. Ardoino explained:

In addition, the Tether executive explained that he thought that overexposure in a single jurisdiction, which in this case would be the United States, could cause great issues. In the end, this is what happened, said Ardoino. He added:

When asked what he thought about USDC potentially going to zero, Ardoino pointed out that his firm was not hoping for this to happen. He said that if Tether (USDT) remained the only stablecoin in the market, the industry would not be an industry. If you are alone in the industry, its not really an industry, he said.

Related: Rattled crypto industry could emerge stronger after USDC depeg

Apart from the USDC incident, the duo also discussed other issues such as the dollar being a store of value and Bitcoin payments adoption in Lugano, Switzerland. When asked if the U.S. dollar can still be considered a store of value, Ardoino said that this could be the case in some countries. However, the Tether CTO expressed that in terms of storing wealth, Bitcoin is still the best. He said:

Lastly, the Tether executive also spoke about his firms collaboration with American clothing brand Guess to bring Bitcoin and Tether payments to retail stores in Lugano. Plan B, which is a joint project between Tether and the City of Lugano, collaborated with Guess to accept Bitcoin and Tether in local stores.

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Tether CTO on USDC depeg: Bitcoin maxis were right all along | PBW 2023 - Cointelegraph

First Mover Asia: Chinas State-Owned Banks Are Soliciting Hong Kong Crypto Business, but Opening an Account Is Hard – Yahoo Finance

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Good morning. Heres whats happening:

Prices: Bitcoin is hovering around $27,000 after the CFTC takes action against Binance.

Insights: The Hong Kong branches of China's state-run banks want crypto. Now for the hard part.

CoinDesk Market Index (CMI)

1,163

34.4 2.9%

Bitcoin (BTC)

$26,958

1062.0 3.8%

Ethereum (ETH)

$1,709

71.7 4.0%

S&P 500

3,977.53

+6.5 0.2%

Gold

$1,960

22.3 1.1%

Nikkei 225

27,476.87

+91.6 0.3%

BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

It's the CFTC vs. liquidity

Good morning. Bitcoin is starting the Asia business day down 3.8% to $26,958 after the U.S. Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao, alleging it offered unregistered crypto derivatives in the U.S.

Binances BNB token is down 5.9% to $308 on the allegations.

The question on the traders' minds is how much of a going concern Binance is now that the CFTC has struck this blow. On the one hand, Binances CEO called the CFTC complaint unexpected and disappointing, yet, in February, the exchange said it is prepared to pay monetary penalties to make amends for sins of the past.

At the same time, there is some debate about how much traders are shrugging off the CFTCs allegations versus how much bitcoin has an ability to react to news because of a lack of liquidity.

When you have low liquidity, you tend to get very quiet markets, Dan Gunsberg, co-founder of Solana-based derivatives liquidity protocol Hxro, said during a recent CoinDesk TV appearance. You get these jumps in the market and these liquidity vacuums, where things move to a new price and immediately settle down again.

At the same time as the CFTC goes after Binance, the decentralization narrative continues.

Decentralized derivatives exchange GMX saw its token rise by 4% during the last 24 hours, almost in parallel to how tokens of decentralized ether liquid staking platforms rose in February when the SEC took aim at staking.

Story continues

But just because something is decentralized, doesnt mean regulators cant go after it.

China Banks' Push for Hong Kong Crypto Business Faces Headwinds

Chinas state-owned banks Hong Kong branches semi-autonomous entities that operate under Hong Kong's rules are actively soliciting crypto business, in anticipation of the first phase of the Special Administrative Region's regulatory framework in June. But opening an account with them is another thing altogether.

Bloomberg reported Monday that the banks making the pitches have gotten the green light from Beijing, and their respective headquarters.

Sources from multiple crypto companies in Hong Kong that had either been pitched by the banks sales representatives, or made inbound inquiries, all say that the criteria for opening an account is burdensome and the KYC/AML process is longer than opening a regular business account.

For instance, banks prefer that executives and key personnel at the crypto company reside in Hong Kong. A definite blocker would be if they are mainland Chinese nationals or U.S. citizens. If the company is owned by a Singapore-based parent, that firm would need to be a licensed entity by the Monetary Authority of Singapore.

Sources were also told to expect a long account-opening process.

Is it really progress?

These banks, such as Bank of China and Bank of Communications, are some of the worlds largest, and itd be unthinkable a few years ago that they would be actively soliciting crypto business considering Beijings hardline stance on the issue and the general hesitation of large banks to engage with crypto.

After all, in the U.S., Silvergate and Signature found their market niche for this exact reason, with analysts saying the crypto industry will have a difficult time finding traditional banks that will work with it post their demise. These two banks made and lost their fortune with crypto: At the turn of the decade, they were both small, unknown banks before embracing crypto; Silvergate reported $2.12 billion in assets in December 2019 and peaked at $16 billion in December 2021.

Although both Silvergate and Signature grew significantly throughout cryptos boom years and institutionalization, their relatively small size means that they fell faster than they would have if they were larger like some of their peers.

But not everyone thinks this is the first chapter of something new, considering the tough onboarding process.

"The citys digital assets regulation is overall friendly and encourages banks to work with crypto companies, however, banks still currently have stringent requirements in place which makes it difficult for crypto businesses to expand and grow, Adrian Wang, Founder and CEO of Metalpha, a Hong Kong-based digital assets wealth management company, said to CoinDesk. We have yet to see major progress in the banking sector to embrace crypto. Hopefully, that will change soon.

12:00 p.m. HKT/SGT(4:00 UTC) Bank of Japan's Governor Kuroda Speech

9:15 p.m. HKT/SGT(13:15 UTC) European Central Bank's President Lagarde Speech

10:00 p.m. HKT/SGT(14:00 UTC) United States Consumer Confidence (March)

In case you missed it, here is the most recent episode of "First Mover" on CoinDesk TV:

First Citizens to Buy Much of Silicon Valley Bank; Cathie Wood's ARK Invest Buys More Coinbase

A deal has been finalized for whats left of Silicon Valley Bank. J. Christopher Giancarlo, Willkie Farr & Gallagher senior counsel and former Commodity Futures Trading Commission chairman, shared his reaction. Plus, Cathie Wood's ARK Invest bought $12.6 million of Coinbase shares on Friday. MarketVector Indexes digital asset product strategist Martin Leinweber shared his crypto markets analysis.

CFTC Sues Binance, CEO Zhao Over 'Willful Evasion' of U.S. Laws, Unregistered Crypto Derivatives Products: The regulator alleged Binance offered unregistered crypto derivatives products and directed U.S. customers to evade compliance controls through the use of VPNs.

Gucci and Yuga Labs Are Bringing High Fashion to the Otherside: The firms will work together on the metaverse platform.

Polygon zkEVM Mainnet Beta Goes Live; Ethereums Buterin Sends First Transaction: The release of Polygons zkEVM comes just days after competitor Matter Labs released its own zkEVM, zkSync Era.

FTX Bankruptcy Estate Consolidates Arbitrum Airdrop Tokens Into Single Wallet: The estate now holds 33,125 ARB tokens worth around $42,000.

G-7 Will Push for Tighter Global Crypto Regulations, Kyodo: Discussions on a global framework will speed up ahead of a May meeting of finance ministers and central bankers from the Group of 7 countries.

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First Mover Asia: Chinas State-Owned Banks Are Soliciting Hong Kong Crypto Business, but Opening an Account Is Hard - Yahoo Finance

MOSDEX Offers Investors Alternative From Banking Turmoil with Innovative Staking Platform – Yahoo Finance

MOSDEX

As fractional reserve banking systems continue to experience pressure in a rising rate environment, crypto assets like Bitcoin have experienced inflows as investors look for a place to store investable capital. MOSDEX continues to enhance their infrastructure to support these inflows by offering a lucrative staking platform for passive income.

New York, NY, March 27, 2023 (GLOBE NEWSWIRE) -- It's becoming clearer every day that the financial world is in the midst of a seismic shift, with bank closures sweeping across the US and raising serious questions about the stability of traditional banking systems. In response, forward-thinking experts in the cryptocurrency industry are pushing for decentralized financial infrastructure, which is safer and more reliable.

The cryptocurrency industry has been hit hard by the recent collapse of three banks, including Signature Bank and Silvergate Bank, both of which had established themselves as supporters of the sector. This unsettling turn of events has sent shockwaves through the crypto community, as investors and traders alike grapple with the fallout of these banking failures.

In a world where traditional finance has long dominated, digital assets have emerged as a disruptive force, challenging the status quo and offering individuals a new way to take control of their finances. Among these digital assets, Bitcoin has become a symbol of liberation, empowering everyday people to break free from the grip of the banking system.

As the crypto industry continues to grow and evolve, there has been a shift towards acceptance of the need to collaborate with banks to comply with regulations, pay taxes, and administer payroll. However, digital asset companies remain committed to maintaining their core values of decentralization, transparency, and inclusivity and are leveraging cutting-edge technology to revolutionize the financial landscape. The recent banking crisis has compelled crypto industry experts to champion decentralized financial infrastructure like MOSDEX as a more secure and reliable alternative.

Story continues

MOSDEX Staking Based Arbitrage Platform May Offset Banking Risks

Early in the year,Mosdex introduced its staking-based arbitrage platform, complete with an advanced automated arbitrage engine that scans multiple order books across various exchanges to identify the most profitable trades, allowing users to earn daily passive income through its proprietary profit-sharing model.

Mosdexs innovative platform offers Bitcoin (BTC) and Tether (USDT) holders a secure way to earn passive income without the risks associated with traditional financial systems. By staking their BTC or USDT, users can virtually act as liquidity providers while enjoying recurring daily earnings.

The Mosdex Arbitrage Platform leverages automated and pre-determined mechanisms to calculate a 24-hour expected return that is highly competitive, possibly reaching up to 0.68% ROI daily. Users can choose from liquidity packages ranging from brief periods of 14 days, 30 days, or 90 days, with expected returns displayed upfront before the contract is locked.

Profits can be claimed on a daily basis directly from the user-friendly dashboard as soon as they are available, provided that the rewards exceed or equal $10. This eliminates the waiting time and provides added convenience for users.

Here are some of the benefits users can enjoy from the MOSDEX staking platform:

MOSDEX provides users with a low-risk way to earn recurring passive income by staking their BTC or USDT on the platform.

Unlike traditional liquidity provision methods that carry the risk of impermanent loss, MOSDEX limits this risk by using user assets for arbitrage activities, which perform trades within milliseconds to capitalize on price differences across different exchanges.

Users can choose from various liquidity packages, with expected returns shown upfront, and claim profits on a daily basis from the dashboard.

With an expected daily ROI of up to 0.68%, MOSDEX offers a highly competitive alternative to traditional banks and other investment options.

MOSDEX takes the security of its users' assets very seriously, following industry best practices for data protection, access rights, and encryption, and performing periodic internal and external audits to maintain the highest standards.

MOSDEX also offers a referral program where users can invite others to join the platform and receive a 0.6% rebate for each stake made by a referred user.

To start earning passive income with MOSDEX and take advantage of its secure and low-risk staking platform, visit their website athttps://mosdex.com today.

About Mosdex

Mosdex Limited is a Finnish financial and technology company. The Mosdex platform, which is the key product offering of Mosdex Limited, operates in a completely online and automated environment without a need for physical infrastructure.

The completely anonymous team at Mosdex has built an ecosystem of arbitrage tools for digital assets (cryptocurrencies). The platform has been audited, a detailed report can be found athttps://docs.mosdex.com/resources/audits. For information about Mosdex and its workings, please head out to the white paper:https://docs.mosdex.com/resources/white-paper.

Social Links

Telegram:https://t.me/MOSDEX_Official

Twitter:https://twitter.com/MOSDEX_Official

Medium: https://medium.com/@Mosdex

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MOSDEX Offers Investors Alternative From Banking Turmoil with Innovative Staking Platform - Yahoo Finance

Berri urges ‘consensus with KSA’, reiterates that ‘the problem is … – Naharnet

Parliament Speaker Nabih Berri has called for consensus with Saudi Arabia over the presidential choice, as he reiterated that the problem is Maronite in the presidential file.

In an interview with al-Akhbar newspaper, Berri said that he is awaiting the outcome of the upcoming Christian gathering in Bkirki, when asked about who can break the presidential deadlock.

When we said yesterday that the problem is Maronite, they got dismayed. And if we say it today, they will also get dismayed, but this is the main problem, the Speaker added.

When I say that the problem is inter-Maronite, they accuse me of launching unjust accusations. Any observer can draw one conclusion: they went federalism or confederalism under the label of financial decentralization, which we reject because it was not mentioned in the Taif Accord, Berri said, in an interview with al-Liwaa newspaper.

We support broad administrative decentralization, because it involves facilitating peoples affairs and preserves the central state, the Speaker added.

Whats notable in this regard is the Free Patriotic Movements melting in the stances of the Lebanese Forces to the extent of not finding any differentiation between them, despite Dr. (Samir) Geageas rejection of meeting MP (Jebran) Bassil, Berri went on to say.

Despite competition inside the same community, Geagea has succeeded in leading the Maronite scene, and whenever he takes a stance Bassil would endorse it and try to go further, the Speaker added.

As for his recent meeting with Saudi Ambassador to Lebanon Walid Bukhari, Berri said the atmosphere was positive.

We did not agree, but we did not disagree, and accordingly consensus with the kingdom over the presidential choice is necessary, Berri added.

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Berri urges 'consensus with KSA', reiterates that 'the problem is ... - Naharnet

Trico Electric Cooperative to Install Third Battery System – America’s … – National Rural Electric Cooperative Association

Trico Electric Cooperative in May plans to complete and commission a 15-MW/30-MWh battery at its Avion 10-MW solar farm in Marana, Arizona. (Photo Courtesy: Trico)

Motivated by its members, an Arizona electric cooperative is taking on its third battery project in two years to boost reliability, reduce carbon emissions, save money and deliver revenue from the wholesale electric power market.

Trico Electric Cooperative, headquartered in Marana, plans to have a new 10-megawatt/40-megawatt-hour battery system operational by end of this year. The facility just south of Tucson will be adjacent to the co-ops Sahuarita distribution substation. Trico is a partial-requirements member of Arizona Electric Power Cooperative and receives most of its energy and capacity from AEPCO. Trico and AEPCO are working together to develop the Sahuarita battery project.

Trico first installed a 15-MW/30-MWh battery system in 2022 at its Chirreon 10-MW solar and battery facility near a growing retirement community north of Tucson. This spring, the co-op plans to complete installation of an identical system at its Avion 10-MW solar farm in Marana. Both these projects are owned by Trico through subsidiaries.

Trico CEO Brian Heithoff cites members demand for innovation and value as the main driver for pursuing energy storage. Industry trends toward decarbonization, decentralization and digitization also prompted the co-ops projects, he said. Trico has committed to reduce its carbon dioxide emissions by 50% by 2032.

One of Tricos core values is innovation, and so we have a history of continually trying to improve ourselves for our members benefit, Heithoff said. When we serve our members with our battery resources, we reduce our peaking resource needs and often we can free up our other resources to sell to other energy providers.

With energy storage, Trico can use its excess capacity to save members money by strategically selling resources into the wholesale power market during non-peak months, he said.

A typical deployment strategy might be to discharge the batteries during the evening peak, Heithoff said. But if we see that theres going to be a peak and/or higher prices the next morning, we will hold some of that in the batteries and deploy it at a more beneficial time.

Heithoff said he expects battery storage to grow in importance and encourages electric co-ops to explore the technology now.

What is now strategic for us is going to become standard operating procedure in five or 10 years, he said.

Its kind of like computers. When co-ops bought their first desktop computer back in the 90s, that was probably a strategic decision. Then in five to 10 years, almost everybody had a personal computer. What is new in energy storage to a lot of cooperatives is just going be a routine skillset.

Cathy Cash is a staff writer for NRECA.

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Trico Electric Cooperative to Install Third Battery System - America's ... - National Rural Electric Cooperative Association