Elon Musk, the world’s richest man, has revealed his plans to transform X (formerly Twitter) into a comprehensive financial platform by the end of 2024. While it is unclear if cryptocurrencies, specifically Dogecoin, will be incorporated into X’s payment service, Musk’s interest and alleged investment in the Dogecoin ecosystem suggest that it is a possibility. […]
The Federal Reserve Board is actively researching a central bank digital currency (CBDC) and related technologies, according to Vice Chair Michael Barr. The focus of their research is on the system architecture, including ledgers, tokenization, and custody models for an intermediated CBDC. Barr emphasized that a digital dollar would require a congressional mandate, but learning […]
Decentralized cryptocurrency exchange dYdX has launched its own layer 1 blockchain, called dYdX Chain, with the creation of its genesis block. The blockchain operates using native DYDX tokens and is built on Cosmos’ software development kit. It utilizes the CometBFT consensus protocol and follows a proof-of-stake (PoS) model. Validators stake DYDX tokens to secure the […]
Elon Musk’s venture, X, formerly known as Twitter, has set its sights on becoming a central financial hub. Musk envisions X as a comprehensive platform that covers all aspects of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts. During an all-hands meeting, Musk outlined his vision and roadmap […]
Trezor, a provider of cryptocurrency hardware wallets, is currently investigating a phishing campaign after users reported receiving phishing emails. The campaign was brought to light by an anonymous blockchain investigator named ZachXBT, who alerted users to the attack on his Telegram channel. The attack targeted Trezor customers and allegedly involved a breach of the company’s […]
Deutsche Bank and Standard Chartered recently conducted a significant exchange of dollars for euros using stablecoins and blockchain technology. This departure from the trend of decentralization highlights a move towards a more centralized approach. While decentralized exchanges like Uniswap have made currency swaps user-friendly and accessible, banks engaging in swaps operate within their own infrastructure, […]
The global push for central bank digital currencies (CBDCs) is facing a significant challenge: the need for collaboration with the private sector to ensure widespread acceptance. CBDCs have emerged as a potential alternative to fiat and other digital currencies, aiming to increase financial inclusion and enhance efficiency in the global monetary system. However, their success […]
The Terra network and its founder, Do Kwon, experienced a rapid rise and fall in the crypto world. In May 2022, the price of the algorithmic stablecoin UST, which is designed to maintain a $1 peg, began to fluctuate and eventually plummeted to 35 cents. This caused its companion token, LUNA, which was meant to […]
JPMorgan, one of the leading American banks, is making significant strides in its digital finance strategy. The bank is processing $1 billion in transactions daily through its own digital token, JPM Coin. This milestone highlights the growing adoption of blockchain technology in the financial industry. JPMorgan’s innovative approach to digital transactions is revolutionizing how institutional […]
JPMorgan Chase & Co. has achieved a significant milestone in its blockchain initiative with its digital token, JPM Coin, now processing $1 billion worth of transactions daily. The coin, which operates on Quorum, a private blockchain developed by the bank, enables instant payments between clients with accounts at JPMorgan. Each JPM Coin is pegged 1:1 […]
