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Why 2021 should be about more than just Bitcoin, Ethereum

Bitcoin isn’t the only cryptocurrency in the market’s good books right now. In fact, Ethereum is bullish too, with the world’s largest altcoin going past $1,300 on the charts weeks after plans f

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Bitcoin isn’t the only cryptocurrency in the market’s good books right now. In fact, Ethereum is bullish too, with the world’s largest altcoin going past $1,300 on the charts weeks after plans for ETH 2.0 went underway.

Look beyond the two

What about the rest of the market though? Well, you have your Bitcoin, and you have your Ethereum, but mainstream coverage will have you believe that the cryptocurrency market begins and ends with these two.

Yes, the crypto-market is rallying to heights never seen before. Yes, institutional participation is at an all-time high. And yes, thanks to political and economic uncertainties, Bitcoin’s credibility as a hedge has only shot higher. But that does not mean there’s nothing else to the market.

Don’t believe me when I say that’s how it looks? Check out how diverse most analysts’ predictions are for the year 2021. Hint: They really aren’t.

The point here is that it’s time to look at some of the lesser-known narratives and themes that will play out in 2021. Narratives not associated with yet another Bitcoin ATH or Ethereum 2.0, but with the oft-ignored part of the crypto-market.

Community-driven growth

Now, while using the expression ‘oft-ignored’ might seem like a stretch, the fact of the matter is the rest of the market is seeing some remarkable developments, none of which are getting the plaudits they deserve. The space’s efforts towards greater decentralization and democratization and transparent governance is a case in point.

Consider this example – How would you compare LINK, SUSHI, YFI, and SNX with the likes of COMP, ATOM, UNI, and FIL? Well, one set, the first set, has outperformed the other quite significantly. Why so? Well, according to Arca’s Jeff Dorman, this has been the case because more often than not, “tokens with the strongest communities derive the most value.”

That’s the keyword here – “Communities.” As the Arca exec pointed out, when tokens are only available to the public after VCs have already generated 10x – 100x gains, token holders don’t feel empowered. The growth of such community tokens is one of the success stories of the past few months. And ideally, it should be front and center of the larger market’s success story too.

Governance – Back in vogue?

Then, there’s the question of Governance tokens. As Dorman highlighted, for a long time, these tokens enjoyed a “negative connotation” because of low voter participation, which in itself was a consequence of there being nothing worthwhile to govern.

Fast-forward to 2020, however, and the likes of Uniswap have taken the market by storm, especially on the back of some serious revenue generation (In fact, “over $400 million in annual revenue generated by Uniswap is up for grabs when a fee switch vote comes to the table in March 2021). Not just that, but projects such as Uniswap are trying to ensure that a degree of democratization and transparency find their way into the market.

That is just the next step in the evolution of a digital token, one that says that governance equals equity. That is a big step, one that deserves plaudits as much as Bitcoin or Ethereum.

Conclusion

On the question of equity, it’s also worth noting that 2021 will most likely see companies on Wall Street issuing their own digital assets, turning “product owners into quasi-equity tokens” and ensuring that financial gains flow directly to the users of a platform or a company.

There is, therefore, a good reason to believe that 2021 will be about more than just Bitcoin or Ethereum. Believing otherwise, in fact, runs the risk of fueling a top-heavy market, one that might always be susceptible to collapse. It would serve the community best if that doesn’t emerge as the case, especially since that is a criticism it has often leveled at the mainstream financial ecosystem.

Source: https://ambcrypto.com/why-2021-should-be-about-more-than-just-bitcoin-ethereum

Blockchain

Consob Blocks 6 New Illegal FX Websites

The Italian regulator has blocked a total of 360 unauthorized Forex domains since July 2019.

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Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has shut down 6 new websites offering unauthorized financial services in the country.

According to the official announcement, the authority has ordered internet service providers to block the websites of Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx, and Universe citizens limited. The Italian regulator has the power to block illegal websites offering financial services under the Growth Decree (Law no. 58 of 28 June 2019).

Consob started blocking unauthorized websites in July 2019 and the recent initiative means that the total number of blocked websites has risen to 360. The authority mentioned that for technical reasons, the blockage may take several days to come into effect after the order.

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“The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization,” the official announcement states.

Financial Protection

Consob requested Italian investors to adopt the greatest diligence before making an investment decision. The authority also asked citizens to report fraudulent and unauthorized companies. “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” Consob mentioned.

Finance Magnates reported in December about the accelerated efforts of the Italian watchdog to block illegal domains operating in the country. The regulator has made it difficult for unauthorized operators to target Italian citizens. Before the recent block, Consob asked internet companies to block access to Investoomatic Limited, Kiqiwk Holdings Intl Limited, and ADV-Investment.

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Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

TL;DR Breakdown Ripple has entered into a partnership with Malaysia’s Mobile Money. The UK and Japan financial authorities say XRP is not a security. San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting […]

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TL;DR Breakdown

  • Ripple has entered into a partnership with Malaysia’s Mobile Money.
  • The UK and Japan financial authorities say XRP is not a security.

San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting payments between wallets in Malaysia and Bangladesh while also serving as a remittance intermediary between the two Asian countries.

The firms would be connected via RippleNet. bKash currently provides the largest mobile financial services in Bangladesh. The firm serves more than 40 million users in the country.

The local banking partner in Bangladesh would be Mutual Trust Bank (MTB), and Bangladesh Bank would supervise it. The firm would act as the link between the two firms, Mobile Money and bKash.

The CEO of bKash, Kamal Quadir, hailed the partnership between both firms. According to him, foreign remittance would be further encouraged as it would bring lots of convenience to parties involved in each transaction.

In Asia, Bangladesh holds one of the highest remittance inflows in South Asia; it is also ranked eleventh globally. Malaysia also ranks as one of its top sources of remittance. So, this partnership is most likely going to help bolster the remittance rate between both countries.

The partnership is expected to help increase the Mobile Money user base in Bangladesh. The firm also believes it would enable them to serve those users better.

Ripple is recognized as a crypto token outside the United States.

In Japan, financial authorities have released a statement in which they said they do not classify Ripple’s native token, XRP, as security. This was made known via a report by The Block.

This also mirrors the authorities’ view in the United Kingdom, who say XRP and other crypto assets are classified as unregulated tokens, so they are not recognized to be e-money or security.

The view of these authorities serves as a defense for Ripple. The firm has vehemently denied any wrongdoings and has also vowed to stand up against the US financial regulator.

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Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

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Source: https://cryptopotato.com/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know/

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