18h ago • cryptodaily
Gemini Planning Overseas Crypto Derivatives Service
The Gemini crypto exchange is working on launching an international crypto derivatives exchange to fill the hole left in the derivatives market by the FTX ecosystem collapse.
Gemini To Offer Risky Perpetual Futures
Gemini, the brainchild of the Winklevoss twins, could be the next big derivatives service provider. According to reports from sources close to the matter, the crypto exchange has been reaching out to trading firms to serve as market makers to launch an overseas derivatives exchange. It is interesting to note that the platform will be specifically offering perpetual futures. This type of derivative does not have an expiry date and thus can be traded with significant leverage. Therefore, it is considered a highly risky product and banned for retail trading in the United States.
Will SEC Disapprove?
It will be interesting to note how the operation pans out, as the company has already been in hot water with the U.S. Securities and Exchange Commission (SEC) for allegedly selling unregistered securities. The SEC is not going to be too happy about the company’s perpetual futures offering. Even though the matter would be outside its jurisdiction, it could irk the regulatory body enough to make matters difficult for Gemini. In January 2023, the company had to lay off 10% of its workforce after being caught up in the Genesis bankruptcy.
Regulatory Trouble For Derivatives Providers
Furthermore, other regulatory bodies are also toughening up on crypto firms, especially those offering crypto derivatives services. For example, the Commodity Futures Trading Commission (CFTC) has recently sued the Binance crypto exchange on charges of violating U.S. derivatives law. Binance Australia also had to shut down the crypto derivatives accounts of some wholesale investors who did not fit the criteria. (The exchange does not allow retail investors to participate in crypto derivatives trading on its platform.)
Gemini’s Bid For Overseas
With FTX gone and now Binance embroiled in legal troubles, there is a significant market share up for grabs in international derivatives trading. In fact, even Coinbase had indicated plans to grab a chunk of this market share by launching an overseas platform to offer perpetual futures derivatives. However, as the crypto trading platform is likely going to face enforcement action from the SEC, as indicated by the Wells notice, Gemini could beat Coinbase to the overseas derivatives race. As one of the co-founders of Gemini, Cameron Winklevoss believes that the next bull run would come from Asia, the company’s international expansion makes even more sense.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
23h ago • cryptodaily
Paxful To Refund Earn Program Users Following Celsius Collapse
With users waiting with bated breath for the bankruptcy proceedings of crypto lender Celsius to play out, Paxful has vowed to refund all impacted users of the Paxful Earn product.
Relief For Users
Ray Youssef, the CEO of peer-to-peer Bitcoin Marketplace Paxful, has stated that the firm will be refunding all impacted users of its Paxful Earn program. In partnership with bankrupt crypto lender Celsius, the Earn program allowed users to earn a yield on their Bitcoin. However, users were left in limbo, as Celsius’s bankruptcy meant they could not access their funds, as the lender froze withdrawals. However, the announcement by Paxful has given them hope. In a public statement, Youssef noted,
“Paxful, like many others, were paralyzed to act as we could not retrieve funds held by Celsius. Another hit came when the courts ruled that Celsius Earn Accounts belonged to Celsius’ bankruptcy estate, not to its users.”
While announcing the news, the Paxful CEO stated that he was personally taking action and would ensure that all impacted users would be refunded. He added on Twitter,
“We have done the right thing and refunded @paxful users who lost funds with Celsius Earn. I could not stand by and watch them suffer, so we’ve made them whole. Our users always come first to me. This is the way!”
As of now, it is still being determined how much Paxful will be returning to its users. Celsius had paused all withdrawals in June when the Bitcoin price slumped below $20,000. This brought the firm’s DeFi loans dangerously close to being liquidated. The firm filed for bankruptcy soon after and has managed to pay off only a small segment of creditors involved in its program.
Decision Did Not Sit Right
The Paxful CEO, commenting on the judge’s decision that Celsius was the owner of the funds in its interest-bearing Earn Program and not the users, stated that the decision did not sit right with him.
“The collapse [of Celsius] hurt countless users and damaged trust in our industry. Paxful, like many others, were paralyzed to act as we could not retrieve funds held by Celsius. Another hit came when the courts ruled that Celsius Earn Account belonged to Celsius’ bankruptcy estate, not to its users. This didn’t sit right with me then, and it still doesn’t sit right with me today.”
Not The First Appeal On Behalf Of Users
The CEO stated that everyone needed to hold themselves to a higher standard, ensure transparency, and put themselves above profit. However, this was not the first time he had made such a statement. In December, he had made a similar appeal while announcing that his marketplace would no longer support Ethereum trading. He had, at the time, put complete faith in Bitcoin, calling it the only workable tool for freeing billions of people from Economic Apartheid.
Paxful is extremely prominent in the Global South, generating anywhere between $30 million to $40 million in weekly volume, a majority of which comes from Argentina.
Celsius’s Ongoing Bankruptcy Proceedings
Meanwhile, Celsius’s bankruptcy proceedings continue to roll on. Recently, the committee of unsecured creditors and a group of account holders reached a settlement that was approved. This settlement allowed account holders to recover just over 72% of their crypto holdings. Celsius had also announced that NovaWulf Digital Management would be sponsoring its restructuring plan and claimed that nearly 85% of its customers would be able to recover around 70% of their crypto assets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
1 day ago • cryptodaily
Hydra Ventures DAO Raises $10 Million To Reinvent Crypto Funding
Hydra Ventures DAO, a decentralized autonomous organization (DAO) backed by prominent investors like 1kx, ConsenSys, and Seed Club, is poised to disrupt the world of fund-of-funds investing with an innovative model tailored for the crypto industry.The brainchild of pseudonymous venture investor Pet3rpan, a partner at venture firm 1kx, Hydra Ventures has raised $10 million to create a DAO that will support other investment DAOs.
"I think the cool thing about Hydra is that for the first time ever we have builders operating a fund of funds. Just ironic because most people who operate fund of funds come from an institutional capital background and I think this is the first science experiment where we see very active direct ecosystem participants operate fund of funds in a very crypto native way," Pet3rpan shares.
DAOs are blockchain-based organizations without a central authority, employing blockchain technology for governance. According to data from DeepDAO, there are over 40 investment DAOs in existence. Pet3rpan was involved in the creation of one of the first investment DAOs, MetaCartel Ventures, which has 75 members and has invested over $13 million into more than 70 projects, including Gitcoin and Gnosis Safe.
Pet3rpan initially considered the rapid deployment pace of investment DAOs as a drawback. However, he now sees it as an advantage, noting that "investment DAOs are really amazing vehicles for indexing exposure across a certain ecosystem or market focus." Hydra Ventures aims to invest in 30 to 40 DAOs, targeting up to 10% of the investment DAO itself.
The core team of Hydra Ventures includes members from 1kx, MetaCartel Ventures, and Thing3. These members bring valuable experience in navigating the challenges of tax, accounting, and legal aspects of DAO operations. Hydra Ventures will integrate Thing3, an operations-focused service DAO, to address these issues.
Stephen McKeon, managing partner at Collab+Currency, praised the Hydra Ventures DAO team, stating, "The venture DAO space is nascent and constantly evolving — so, to us, Hydra is well positioned to pioneer the DAO fund of funds model."
Hydra Ventures is particularly interested in backing DAOs with a strong investment thesis. Pet3rpan believes that those who are passionate about a specific market domain or space have a considerable advantage in investing, deal flow, and due diligence. This conviction forms the core thesis for Hydra.
Hydra Ventures started raising funds in June last year and closed the round in January. The funds will be stored in a diversified set of stablecoins, with plans to deploy the funds over three years instead of in perpetuity, like MetaCartel Ventures.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
1 day ago • cointelegraph
Price analysis 3/29: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin and select altcoins are close to breaking out of their overhead resistance levels, indicating that bulls remain in control of the crypto market.
2 days ago • cryptodaily
Metacade raises over $14.7M as presale set to close in 72 hours
London, UK, 29th March, 2023, ChainwireMetacade, one of the most exciting GameFi ventures of 2023, has now raised over $14.7m as the presale goes into its final hours. With over 90% sold, the project expects to sell out ahead of their scheduled closing time, set for Friday 31st March at 23:59 Pacific Time.Metacade's CEO, Russell Bennett, commented: “We are rocketing towards the finish line and think we may even get there ahead of time, the support from the community has been fantastic and we’re delighted with our success so far. Although the work has only just begun for us, and now is time to prove what we can really do by overdelivering on our roadmap and other fronts!”Metacade tokens can be purchased until they sell out or until March 31st, whichever is sooner. Users can participate in the final stage presale here.The announcement of their impressive fundraising milestone follows a string of positive developments presented in a live 3 part ‘Metaseries’ by Metacade CEO Russell Bennet. This included a product walkthrough, highlighting the progress they have made so far, as well as a detailed overview of their staking plan and listing plans. The Metaseries can be viewed on their YouTube Streams channel here.Following on from the presale closing, Metacade will list their MCADE token on Uniwsap on the 6th April, and then BitMart on the week ending 16th April, with several more exchange partnerships following shortly after.As one of the first community-driven arcades in the blockchain arena, Metacade will offer a plethora of play-to-earn (P2E) games that will incentivize players with the native MCADE token based on their achievements. This a highly appealing option for those looking to explore the exciting world of community-driven arcades.Metacade's earning mechanism has been tailor-made to appeal to a wide range of blockchain enthusiasts, with the platform striving to become the go-to hub for Web3 users.The Metacade whitepaper highlights a number of noteworthy features, but one that particularly stands out is its innovative Metagrants program. Operating via a voting system, the program allows members of the Metacade community to propose and vote on projects that they deem worthy of funding. Once a project has been approved for funding, the developer receives a grant from the Metacade treasury, which they can use to develop their game.One of the key advantages of the Metagrants program is that it fosters the growth of the blockchain gaming industry by providing financial support to promising new projects for up-and-coming blockchain game developers.The Metagrants program operates in an innovative way that allows developers to submit funding applications to support the design and creation of the next generation of GameFi titles. Once submitted, these are then assessed by the Metacade community, where MCADE holders can cast their votes in support of their favorite proposals. The most popular ideas are awarded with crypto investments to support the game production process, with the first Metagrant game set to debut on the platform in Q1 of 2024.Metacade tokens can be purchased until they sell out or until March 31st, whichever is sooner. Users can participate in the final stage presale here.About MetacadeMetacade aims to become the go-to hub for gaming within the metaverse. As the first community arcade in the Web3 space, it provides a platform for gamers to socialize, share their gaming expertise, and play exclusive P2E games. By offering various income-generating opportunities and career-building pathways within the Web3 ecosystem, Metacade looks set to become an important hub for the gaming community to connect and engage with like-minded enthusiasts.Putting Metacade on par with other projects like The Sandbox, Polygon, and Axie Infinity, the highly anticipated P2E platform has earned approval from CertiK, a top-tier blockchain auditor, which gives investors peace of mind that the project's code and specifications have been reviewed and that the Metacade team has passed the KYC process, instilling confidence in the project's legitimacy.The overwhelming enthusiasm surrounding Metacade's presale is indicative of its potential to become the go-to GameFi hub for P2E gamers alongside a wide range of other use cases.Website| Whitepaper | Metacade SocialsContactCEORussell [email protected]
2 days ago • cryptodaily
Nvidia Thinks Crypto Has No Social Impact
Nvidia, the computing software and hardware design firm behind what some have touted to be the cutting edge in terms of processors, has long been a key player in the world of technology. Its silicon substrate designs laid the foundation for technological innovation for over the past three decades, driving progress in various industries.
Nvidia CTO Michael Kagan, however, recently expressed his belief that cryptocurrencies do not "bring anything useful for society," in an interview from The Guardian.
"All this crypto stuff, it needed parallel processing, and [Nvidia] is the best so people just programmed it to use for this purpose. They bought a lot of stuff, and then eventually it collapsed, because it doesn’t bring anything useful for society. AI does." Kagan shares.
Kagan also compared crypto to AI, claiming that the uses of processing power for artificial intelligence engines were somehow more "worthwhile" than mining or computing for proof-of-work blockchains. Despite this assertion, it's essential to examine Nvidia's history and its role in supporting the development of blockchain and distributed ledger technologies, which are shaping a decentralized future.
Nvidia's Silicon Legacy
As a silicon manufacturer, Nvidia has been at the forefront of the tech revolution. Silicon, the second most abundant element on Earth (seventh, if we include the entire known universe), is the primary component in semiconductor materials. Its unique properties have enabled the production of integrated circuits, microprocessors, and memory chips, all of which have played a pivotal role in the digital age. The growth of silicon-based technology has spurred advancements in computing, communications, and various other industries, impacting every aspect of our lives. This also extends to how blockchain technologies were first developed from the mid-80s until the threshold moment in January 2009, which was when the genesis block for Bitcoin was mined.
As technology evolves, the salient prospects of creating cohesively interlinked ecosystems and stacks is increasingly shifting toward decentralization. Blockchain and distributed ledger technologies (DLT) are key to this development, enabling greater security, transparency, and efficiency in various sectors. The rise of Bitcoin and other cryptocurrencies is just one example of how these technologies are reshaping our world.
Considering the legacy of companies like Nvidia, it is vital that they continue to support and nurture the growth of decentralized technologies. While the initial software behind Bitcoin relied heavily on proof-of-work, future implementations of blockchain and DLT may require less computing power as the shift to proof-of-stake becomes more apparent in the case of Ethereum. As a leading computer hardware manufacturer, Nvidia has the potential to contribute significantly to this decentralized future.
Indeed, Nvidia's mixed relationship with cryptocurrencies highlights the need for tech giants to adapt and embrace the changes driven by blockchain and DLT. Roughly two years ago, its competitors such as AMD have also begun their own initiatives into the crypto space. While their GPUs were in high demand for mining cryptocurrencies, the firm has also faced challenges, such as the enforced hashrate limitations and regulatory prompts and warnings for not disclosing the impact of crypto mining on their gaming GPUs.
Crypto's Social Impact
Technology pushes the boundaries of what's possible in the human imagination. It's a bit disheartening to hear of technologists such as Kagan offer a negative prospect about crypto and blockchain, which may be considered as one of the greatest innovations in recent history. While it's true that there have been challenges and inconsistencies in the crypto industry which have led to global market instability, the core technology and the ideals of freedom and financial inclusion it represents is what's important, not the individual aberrations or the prices driving people unto irrational heights.
Cryptocurrencies and blockchain technology have garnered significant attention in recent years, not only for their potential to disrupt traditional financial systems but also for their wide-ranging social implications.
The crypto industry is rapidly reshaping the legacy ecosystems that we've all been mired in: from banking to finance, crypto is changing the paradigm, opening its use to unbanked and underbanked demographics. With a borderless and decentralized financial ecosystem, crypto enables people without access to (or even those who prefer not to) traditional banking services to become active participants in the global economy. This fosters individual freedom and opens opportunities, especially in developing nations.
In the same way, crypto and blockchain tech have also revolutionized philanthropy and social initiatives. With the use of transparent smart contracts, crypto helps ensure funds are used effectively and reach their intended recipients. Tokenization and smart contracts can also be used to facilitate innovative funding models, such as decentralized autonomous organizations (DAOs) focused on social causes.
While cryptocurrencies like Bitcoin have faced harsh criticism for their energy consumption and impact, many projects in the crypto space are actively working on more sustainable solutions. It can also be leveraged to promote environmental stewardship, such as by tracking carbon emissions, enabling peer-to-peer renewable energy trading, and ensuring sustainable land management practices.
It's crucial for companies like Nvidia to recognize the potential of blockchain and DLT in shaping our shared, decentralized future. By supporting and fostering these advancements, tech giants can help usher in a new era of innovation, driving progress across industries and improving the lives of people worldwide.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Opinions stated herein are solely of the author's, and hence do not represent or reflect CryptoDaily's position on the matter. The author has no influential stakes in any of the digital assets and securities mentioned, and does not have any significant hold of or own any cryptocurrency or token discussed.
3 days ago • cryptodaily
Key Recovery Attacks Discovered in Popular for MPC Wallets
According to a report by Verichains, over $8 billion worth of digital assets could be at risk following a recently discovered vulnerability in multi-party computing (MPC) protocols. Verichains, a leading blockchain security solutions provider announced that it had discovered critical key recovery attacks in Threshold Signature Scheme (TSS), an MPC-based protocol that enables multi-party signatures on the blockchain without revealing their private keys.
As blockchains move toward decentralization and enhanced security, convenience is often overlooked. This gave rise to multi-sig wallets that offer convenience while maintaining the standard of security and decentralization. As such, many top financial institutions and custodial wallet services have implemented MPC protocols to secure digital assets. Multiparty wallets and digital asset custody solutions such as BNY Mellon (the largest global custodian bank), Revolut (Europe’s largest neo bank), ING, Binance, Fireblocks, and Coinbase have all implemented MPC protocols.
To ensure the security of funds, these custodial institutions ensure complete decentralization by employing a TSS, a cryptographic protocol that allows a group of parties to generate a signature on a message without revealing their individual secret keys. This way, the funds can be controlled by a distributed set of signers who can cooperate to authorize transactions.
Recently, many companies are implementing MPC protocols for threshold Elliptic Curve Digital Signature Algorithm (ECDSA), the security verification protocol Bitcoin uses, based on GG18, GG20 and CGGMP21 algorithms. Having researched threshold ECDSA since October 2022, Verichains found that nearly all TSS implementations are vulnerable to key recovery attacks. This means that a single malicious party in 1 or 2 signing ceremonies can extract a full private key, which puts the funds of the other signatories at risk.
“The attack leaves no trace and appears innocent to the other parties,” the report states.
As such, over $8 billion in digital assets in custody are at risk across various wallets, non-custodial key infrastructure, and cross-chain asset management protocols. Notwithstanding, assets stored using the threshold ECDSA that are not on the blockchain could also be vulnerable to hacks.
Verichains recommended that companies and organisations that use vulnerable ECDSA prioritize implementing robust security measures” and “seek review from security experts to ensure their platforms' safety and security”. The blockchain security firm further stated it has informed all relevant parties of the vulnerabilities and will await the solutions to be implemented before releasing the final report.
"Verichains has a strong commitment to responsible vulnerability disclosure, and we take care and considered steps when disclosing attacks, especially given the wide range of impacted projects and significant user funds at risk,” said Thanh Nguyen, Co-Founder of Verichains and former CPU Security Lead at Intel.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
4 days ago • cryptodaily
Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications
Toronto, Canada, 27th March, 2023, ChainwireXCMG Construction Machinery Co., Ltd. (000425.SZ), the world's third largest construction machinery manufacturers, announced a partnership with Conflux, a leading public blockchain network, and Zen Spark Technology Pte Ltd, a Singapore-based blockchain and fintech company. The partnership aims to leverage blockchain and Web3 technologies to explore more international use cases.The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd will leverage the strengths of all three companies to explore new scenarios for the application of blockchain and Web3 technology in the global market. By combining XCMG's extensive global network with Conflux's cutting-edge technology and Zen Spark's fintech expertise, the three companies aim to develop new use cases for blockchain and explore the potential of Web3.XCMG currently ranks third place in the world's top 50 construction equipment manufacturers, according to KHL Group's Yellow Table 2022 ranking. In the first half of 2022, despite obstacles, XCMG expanded to overseas markets and achieved export revenue of RMB 12.488 billion ($1.83 Billion), a year-on-year increase of 157.28%. As a world leader in the construction machinery industry, XCMG's vision is driven by long-term investment and high-level innovation in research and development into the technology surrounding its equipment."We are excited to partner with Conflux and Zen Spark to explore new opportunities in global markets," said XCMG's Vice President of Machinery and General Manager of Import and Export Company, Liu Jiansen. The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd is a significant milestone in the development of blockchain technology and its application in traditional industries. As the world becomes increasingly interconnected, the ability to leverage blockchain and Web3 technology to drive innovation and explore new business models is more important than ever."We are thrilled to partner with XCMG and Zen Spark to explore new opportunities in the global market," said Fan Long, Founder of Conflux. "With our cutting-edge blockchain technology, and the expertise of Zen Spark in fintech and blockchain, we are well-positioned to create new solutions and explore new use cases for blockchain and Web3 technology. This partnership is a testament to our shared commitment to innovation and our belief in the potential of blockchain to transform traditional industries.""Zen Spark is excited to be partnering with XCMG and Conflux on this initiative, and we are confident that our fintech and blockchain expertise will complement the strengths of our partners," said Grace, CEO of Zen Spark Technology Pte Ltd. "We look forward to exploring new opportunities in the global market and contributing to the development of innovative solutions that benefit businesses and consumers alike."At the CONEXPO-CON/AGG trade show in Las Vegas, XCMG announced their entry into Web3 by revealing Bored Ape Yacht Club NFT #3489 (BAYC #3489) as the brand's Metaverse Ambassador. Additionally, XCMG and Conflux plan to jointly issue their first NFT collection for overseas markets in the near future. As XCMG continues to explore new opportunities in the blockchain and web3 space, the company is excited to leverage its partnership with Conflux and Zen Spark Technology Pte Ltd and their expertise in distributed ledger technology and fintech to bring innovative solutions to the global market.The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd will be closely watched by industry experts and investors, as the three companies explore new opportunities and drive innovation in the global market. With the power of blockchain and Web3 technology, the possibilities are endless, and the future looks bright for XCMG, Conflux, Zen Spark and the global community.About XCMGXCMG is the world's 3rd largest construction machinery company, holding the 65th position in China's Top 500 Companies, the 44th spot in China's Top 100 Manufacturing Enterprises, and ranking 2nd among China's Top 100 Machinery Manufacturers. Throughout its robust and steady growth in the global market, XCMG has systematically established a vast marketing network encompassing over 2,000 service terminals, more than 6,000 technical experts, and in excess of 5,000 marketing and sales service staff. This expansive network spans 183 countries and regions, enabling XCMG to consistently offer its worldwide clientele comprehensive, integrated, highly efficient, and convenient one-stop services, including pre-sales, sales, after-sales, and financing solutions.About Conflux NetworkConflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security. As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.About Zen SparkZen Spark Technology Pte Ltd, a Singapore-based blockchain and fintech company, is passionately committed to expanding the real-world applications of blockchain technology on a larger scale. Zen Spark Technology develops groundbreaking solutions that seamlessly integrate blockchain technology into real-world use cases. This includes areas such as supply chain management, digital identity verification, data security, and decentralized finance (DeFi), among others.ContactMelissa [email protected]
455 days ago • bitcoinexchangeguide
Binance Registering As A Money Services Business in Canada, Exchange is Financing a $113M Initiative in France
The leading cryptocurrency exchange Binance will continue to operate in Ontario, Canada, after having a successful discussion with the regulators. In June, the exchange told its users that they would no longer stay open in Canada’s most populous province and asked users to close their accounts by Dec. 31. At the time, the Ontario Securities […]
The post Binance Registering As A Money Services Business in Canada, Exchange is Financing a 3M Initiative in France first appeared on BitcoinExchangeGuide.