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Mati Greenspan warns SEC’s latest action could threaten future of all cryptocurrencies

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Quantum Economics founder Mati Greenspan has warned the SEC’s latest action against decentralized content platform LBRY could threaten the future of all cryptocurrencies.

According to the complaint filed by the SEC on March 29, LBRY is alleged to have offered and sold millions worth of unregistered securities through LBRY Credit tokens since 2016. The company has disputed the SEC’s accusations, as they state their tokens are utility-focused and not for speculation.

In today’s newsletter, ominous titled “Don’t let them kill crypto,” Greenspan asserts that if the SEC’s lawsuit against LBRY is successful, it will have dramatic consequences:

“Should the court side against LBRY, it would literally put the future of all cryptocurrencies, including Bitcoin and Ether, in question.”

Greenspan notes that the U.S has fallen far behind on crypto regulation and warns this case could set a precedent of classifying “multifaceted programmable money” as securities.

“Judges generally take their guidance from previous rulings on similar cases, so a negative ruling here could make it easier for them to kill off any project which utilizes crypto tokens. DeFi, non-fungible tokens (NFTs), smart contracts, and just about everything except possibly stablecoins.”

Greenspan believes the platform’s only crime was to set up in the U.S. and told Cointelegraph the case highlights the US’s  “backwards approach to forward-looking innovation.”

Although the Isreal-based commentator doesn’t think an SEC victory would stifle innovation in the crypto industry overall, it will certainly do so in the U.S.:

“It will simply drive it out of the United States. Projects like this are flourishing in Europe and some parts of Asia and the technology continues to progress globally. America is being left behind.”

LBRY has contested the SEC case, arguing that while the “SEC claims that Credits have no use other than speculation,” the Credits actually allow users to tip, publish, purchase and boost content on the platform, and the company “at no time indicated that LBRY Credits were an investment, and consistently discouraged purchasing Credits for this purpose.”

Greenspan has urged readers of his newsletter to either write a letter to congress to show support of LBRY, or visit helplbrysavecrypto.com. to get more educated about the “idiotic actions of American regulators.”

Despite sounding alarm bells over a negative outcome of this case, Greenspan told Cointelegraph he is optimistic:

“Hopefully, the judge will be able to see the blatant holes in the SEC’s case. LBRY seems to have some very sound arguments so I’m quite optimistic.”

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Source: https://cointelegraph.com/news/mati-greenspan-warns-sec-s-latest-action-could-threaten-future-of-all-cryptocurrencies

Blockchain

Goldman Sachs Leads $15M Investment in Coin Metrics

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In an announcement on May 5, the leading provider of crypto financial intelligence, Coin Metrics, stated that it had concluded a Series B funding round of $15 million.

In addition to Goldman, which added Bitcoin to its returns report last month, investors included some big names in crypto venture capital such as Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, and Communitas Capital.

Other investors participating in the second round included Acrew Ventures, Morningside Group, BlockFi, and Warburg Serres Investments.

Crypto Data For Institutions

The company, founded in 2017, provides industry analytics, on-chain data, market insights, and network information. It has pivoted to a more institutional client base following increase interest in digital asset investing over the past year.

Coin Metrics clients currently include Fidelity Investments, Osprey Funds, and BlockFi. However, on April 30 it was reported that Fidelity has launched its own platform dubbed Sherlock, which will be similar to Bloomberg’s Terminal collating data on fundamental and technical analysis for the crypto industry.


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The company recently announced several new products, including a network risk management offering called FARUM, and a universal block explorer dubbed ATLAS. Co-founder and CEO, Tim Rice, stated that the tremendous interest the firm is seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets. He added:

“Our data is clearly on a path to becoming an integral part of the infrastructure for the future of finance.”

Global head of digital assets of Goldman Sachs, Mathew McDermott who will take a seat on the Coin Metrics board of directors, commented that data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players.

Big Banks Eyeing Crypto

According to Bloomberg, most major banks have stayed on the sidelines until now and this bull market has been very different from the previous one in 2017/18. They have become more comfortable with how crypto works and as their clients push for access to the $2.2 trillion market.

Rice stated that customer demand is finally pulling the big banks in, adding:

“Having a marquee name such as Goldman Sachs as an investor and client is not just big for Coin Metrics, but for the industry as a whole,”

Goldman Sachs filed for a Bitcoin ETF with the SEC in March and according to crypto custody firm New York Digital Investment Group, Bitcoin and crypto assets will be coming to hundreds of American banks this year.

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Source: https://cryptopotato.com/goldman-sachs-leads-15m-investment-in-coin-metrics/

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Blockchain

Chainlink Hits $50 as Other Altcoins Face Major Correction

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Chainlink is making slow but sure steps to yet another ATH on the charts despite many altcoins seeing corrections over the past couple of trading sessions. The crypto market is highly bullish, with Ethereum, the world’s largest altcoin, hitting an ATH of over $3,519 less than 24 hours ago. Chainlink is only taking advantage of this sentiment and thriving off of it.

LINK has crossed the much-anticipated $50 mark at the time of publication, which is a 40% surge in the past seven days.

Chainlink Developments are Pushing the Price 

Because of a relatively strong connection with Bitcoin and Ethereum, LINK has often ridden the bull wave of the broader market to ascend the charts. It was also the case last week but Chainlink cannot reduce local innovations centered around the environment and its contributions to the price increase in alt by any means. Each of the updates enables the alt to move independently, contrary to the general market sentiment.

One such improvement is the introduction of Chainlink 2.0. The whitepaper in question suggested a roadmap for Chainlink’s future to overcome the shortcomings of the initial whitepaper. 

The Course to Interoperability

The Chainlink 2.0 whitepaper provides a structure for several interoperating Decentralized Oracle Networks(DONs), each consisting of a set of nodes capable of bidirectionally transferring data and performance of decentralized off-chain computing through several consensus protocols. 

That is however not the only development on the platform. Also officially launched on mainnet is Chainlink Off-Chain Reporting, which is an important step in the scalability of the decentralized oracle networks of Chainlink. 

OCR greatly improves the efficiency of the data calculation over Chainlink oracles and lowers operating costs by 90% hence accelerating the network’s development. What’s more, SmartZip, a company that deals with predictive analysis in the real estate industry, has also revealed that it will soon launch a Chainlink node. 

These are all bullish developments that have enabled LINK to register additional ATHs in price charts since mid-April.

Where is Chainlink Headed

The price forecast of Chainlink is bullish mainly because its price feeds play a decisive role in the decentralized financial space – a sector that has been growing strongly since early 2020. Without the use of oracles, Blockchains themselves cannot access external market data. Experts also agree that broader use of this technology will reduce the number of hacking activities that have lost millions of dollars to exploits that companies could have avoided.

Much like Bitcoin was the first cryptocurrency to exist, giving it an added advantage over the multiple coins that followed, Chainlink is the first project to provide oracles. As new applications begin to arise for blockchain technology, opportunities to use the features of this project will only grow further. These new applications and Chainlink’s unique features are likely to drive its price even higher.

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Source: https://btcmanager.com/chainlink-50-altcoins-correction/

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Blockchain

Much DAO: Open DeFi unveils DAO to support the entire ecosystem

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Decentralized finance alliance, Open DeFi, has announced it will create a decentralized autonomous organization, or DAO, to support its vision for an open and global cross-chain DeFi ecosystem.

The alliance launched in late 2020 with the goal of bringing together Western and Eastern DeFi projects and has since seen some of the sector’s top projects join its ranks including as Aave, Synthetix and Balancer.

The responsibilities of the Open DeFi DAO, or OD DAO, will include launching DeFi products across multiple layer-one networks, and exploring multi-chain applications for emerging decentralized assets, including data tokens and nonfungible tokens.

The DAO will also incubate early-stage protocols and infrastructure, and seek to “generate long-term value through community-based strategies.” Open DeFi’s Marek Laskowski stated:

“The goal of Open DAO is to develop a truly integrated multi-chain DeFi ecosystem that will open up liquid markets and establish a new operating system for finance. With the support of our members and our community of more than 10,000 DeFi developers and strategists worldwide, we look forward to accelerating the next generation of DeFi.”

The DAO will be community governed through a governance token, with an announcement emphasizing that “anyone can join” the permissionless organization.

To celebrate the new DAO and support DeFi decentralized finance development, Open DAO and Gitcoin launched a hackathon on May 3. The event has been sponsored by more than 20 major DeFi projects including Uniswap and Polygon, with more than $100,000 in prizes to be awarded to the hackathon’s winners.

Open DeFi was launched by blockchain startup Conflux Network in September 2020 with support from the Chinese central government’s Shanghai and Technology Committee, describing its mission as bridging the Eastern and Western decentralized finance markets. By November, the alliance had doubled its membership to span 16 firms, including four of the 20-largest DeFi protocols by total value locked.

In addition to several decentralized finance heavyweights, Open DeFi’s membership currently includes notable actors within the broader crypto sector including fundraising platform Gitcoin and venture capital firm Sequoia Capital.

Decentralized autonomous organizations have seen tremendous growth over the past six months, with the combined assets under management, or AUM, of the DAO ecosystem increasing more than 600% from $140 million as of Nov. 5, 2020, to roughly $1 billion today, according to data provider, DeepDAO.

DeepDAO currently tracks 108 different DAOs, of which 24 hold more than $1 million in assets, and 17 comprise more than 100 members.

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Source: https://cointelegraph.com/news/much-dao-open-defi-unveils-dao-to-support-the-entire-ecosystem

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