Coinbase to Custody FTX’s Exchange Token

Coinbase Custody has been selected by the Binance-backed derivatives exchange FTX to store and insure its exchange token, FTT. Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22. Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens. Coinbase stated that FTX is its “largest exchange client to-date.” The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent…

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Reddit’s Co-Founder Believes We Are In ‘Crypto Spring’

Reddit’s co-founder believes the crypto markets have entered Spring, highlighting robust development in the space. Reddit co-founder Alexis Ohanian has described the virtual currency ecosystem firmly sitting in “crypto spring,” emphasizing the strength of development surrounding meaningful applications for blockchain technology. In an interview with Yahoo Finance published May 23, Ohanian stated: “We really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain.” “We’re seeing really top-tier talent building on this infrastructure […] and that to…

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Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail

Russian lawmakers have proposed new laws that seek to ban the use of bitcoin (BTC) and other cryptocurrencies in the country, local media reported. According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions. People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks. If signed into law, the bills will punish companies that issue or…

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Tyler Winklevoss: Stablecoin Race to Begin When Wall St Embraces DeFi

Tyler Winklevoss believes that stablecoins will not truly emerge until Wall Street embraces the DeFi sector. Investor, early crypto adopter, and CEO of Gemini exchange, Tyler Winklevoss, predicted that competition between stablecoins will really begin once Wall Street moves into decentralized finance, or DeFi, during a recent interview with The Defiant’s Camila Russo. However, despite his optimistic outlook for DeFi, the Gemini co-founder asserted that the crypto industry currently does not offer a killer app that is driving adoption from outside of the virtual currency community. Inter-stablecoin competition hasn’t even…

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Bitcoin Investment App CEO Calls BTC a Monetary Revolution, Not a Technical One

Bitcoin is not yet a go-to investment option in the public eye, but those days could be coming. What needs to happen for Bitcoin (BTC) to cement its role in the public eye as a valid investment option? “Time,” Aleks Svetski, CEO and co-founder of Bitcoin investment platform Amber, told Cointelegraph in an email. “This is NOT a technological revolution,” he clarified, adding: “It’s a monetary revolution – which takes (traditionally) centuries to manifest, whilst in the digital age, Bitcoin is likely to do it in decades.”  Bitcoin rising despite instability…

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Moving Coins, Data Breaches, and Magical Authors: Bad Crypto News of the Week

Check out this week’s Bad Crypto News. It’s been a good week for Bitcoin. The halving doesn’t seem to have done the top cryptocurrency any harm at all, with the dollar value up more than 8 percent over the previous week. Ethereum is up more than 10 percent which just shows that the opportunity for blockchain-based solutions are still red-hot. If you’re taking that opportunity to issue tokens or digitized assets and seeking legal counsel with respect to securities and regulation then you should speak to Josh Lawler at law…

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Bitcoin Miners Will Use Derivatives Like Traditional Commodity Producers

Miners need traditional financial products in order to hedge against the risk of increasing hash rate and difficulty. Bitcoin (BTC) mining has become a multibillion-dollar industry. Pools, manufacturers and farms contribute to the growth and professionalization of the space. Financial service companies bring institutional-grade products and capital that increases liquidity for the biggest operators. There’s a fundamental shortage of United States dollars available relative to the overall demand when the sector encounters certain market conditions. The dollar shortage is one of the contributing factors to volatility in the markets. Just…

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Coldplay Bassist Dives into Bitcoin App World

The crypto space gained another mainstream performer recently as Coldplay’s bass player has funded a Bitcoin app. Scottish Coldplay bass artist, Guy Berryman, has joined the crypto space, funding a Bitcoin (BTC) exchange application called Zumo. “Covid-19 has fast forwarded the move to a cashless society and for safe and easy ways to invest in new forms of currency that are more resilient to crises such as this one,” Zumo CEO and founder Nick Jones told the Edinburgh News.  The app is a basic avenue into Bitcoin  Zumo touts basic…

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Carl Menger: The Nature and Origin of Money

In the early stages of trade, when economizing individuals are only slowly awakening to knowledge of the economic gains that can be derived from exploitation of existing exchange opportunities, their attention is, in keeping with the simplicity of all cultural beginnings, directed only to the most obvious of these opportunities. **The following essay was written by the father of Austrian Economics, Carl Menger, and was published in 1892. “The Nature and Origin of Money” was originally published after Menger testified before the Currency Commission in Austria-Hungary the same year. The…

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Researchers Claim 99.9% of Zcash Transactions Are Traceable

A study into the traceability of top privacy coins reveals over 99% of Zcash users fail to utilize the protocol’s privacy features. Researchers from Carnegie Mellon University have released a study into the privacy features of Monero (XMR) and Zcash (ZEC) — arguably the two most-popular crypto assets purporting to offer users anonymity. The report finds that Monero’s introduction of strict security and anonymity requirements on its broader ecosystem has maintained the asset’s status as “effectively untraceable.” Transversely, the report concludes that the lack of utilization of Zcash’s privacy capabilities…

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