UK Regulator’s Chief ‘Won’t Rule Out Roles’ for Cryptocurrencies 2012

The chief executive of the United Kingdom’s primary financial regulator has called for a balanced approach in nurturing the benefits while narrowing out the risks of cryptocurrencies. In a speech during the regulator’s Annual Public Meeting on Tuesday, Financial Conduct Authority (FCA) chief Andrew Bailey outlined four specifically chosen operational risks that figure within the regulator’s ongoing work.

The impact of ‘technological change and innovation’ is one among them and the regulator is taking a measured approach to “firmly” support innovation while countering the threats they may pose, Bailey explained.

Pointedly, he referenced cryptocurrencies as an example of new financial innovation. In some contrast to the usual soundbite offered by regulatory counterparts around the world, Bailey insisted ‘cryptoassets’ mattered in the financial ecosystem while talking up the potential of blockchain technology. He stated:

“A good example of this is crypto assets. We are keen to see the potential of their underlying technology, and do not rule out roles for cryptoassets themselves.”

To balance the view, Bailey stressed that their “risks are evident too”, citing price volatility and a lack of understanding by investors adopting cryptocurrencies speculatively.

“We are working closely with the Treasury and Bank of England to assess these issues and come up with appropriate responses,” he added.

The official is referencing the British government’s ‘Cryptoassets Task Force’, first announced in March this year. The working group includes Her Majesty’s Treasury, the Bank of England and the Financial Conduct Authority coming together to study the benefits and risks of cryptocurrencies and blockchain technology.

Previous ArticleNext Article

Leave a Reply

Plutus Card to Launch in the United States, 8% Crypto Rewards Accessible by Millions 833

Plutus is a London-based FinTech providing industry-leading crypto reward rates and 20+ Perks such as 100% back on Netflix, Spotify, and Prime. Its user base has experienced 20.4% Month-on-Month (MoM) growth due to the value customers get from its rewards programme.

Currently, Plutus is available in the United Kingdom (UK) and European Economic Area (EEA). In Q1 2023, Plutus will launch its finance app and card in the United States (US), the largest crypto market in the world.

Plutus has partnered with Prepaid Ventures (PPV), one of the leading debit card solutions in the United States, to issue its Plutus-branded Visa debit cards to US residents.

Danial Daychopan, CEO & Co-founder, comments on the announcement:

“This is a major milestone. Soon, a population of 330m will be able to earn substantial amounts of crypto simply for living their lives to the fullest! We know there is a huge demand for our services and we have full intentions to become a dominant player in the U.S. neo-banking sector.”

Andrew Siden, CEO at Prepaid Ventures, comments on the partnership:

“We are very excited to have been chosen by Plutus, an industry leader in the crypto distribution space. As both an innovator and a market leader, Plutus has carved out a considerable share of the crypto market. At PPV, we are perfectly built to support Plutus in bringing its solutions to the US and providing its customers with a dynamic and reliable platform customized to match Plutus’ offering in the EU.”

“Our missions are well aligned and we look forward to a successful partnership with the Plutus team.”

Plutus recently experienced a huge surplus of card orders, issuing 6-months’ worth of card stock in less than 6 days and ultimately running out of card stock. Now, 50,000+ users are signed up on a waitlist until cards return in stock.

  • Join United States waitlist: www.plutus.it/unitedstates-waitlist
  • Join UK/EEA waitlist: https://dex.plutus.it/info/download-apps

About Plutus

Founded in 2015, Plutus disrupted the rewards card industry by creating the world’s first crypto rewards token, Pluton (PLU).

Customers earn 3-8% crypto rewards on all purchases and select up to 8 in-app Perks such as 100% back on Netflix, Spotify, and Prime – rewards come in the form of PLU. An accompanying bank-like app allows users to track their rewards and fiat balances.

Plutus has converted 47% of MAU to paid subscription tiers due to the value of its rewards programme.

CME Group to Launch Euro-denominated Bitcoin and Ether Futures on August 29 2030

CME Group, the world’s leading derivatives marketplace, today announced it plans to further expand its cryptocurrency derivatives offering with the introduction of Bitcoin Euro and Ether Euro futures on August 29, pending regulatory review.

Designed to match their U.S. dollar-denominated counterparts, Bitcoin Euro and Ether Euro futures contracts will be sized at five bitcoin and 50 ether per contract. These new contracts will be cash-settled, based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate, which serve as once-a-day reference rates of the euro-denominated price of bitcoin and ether. These new futures contracts will be listed on and subject to the rules of CME.

“Ongoing uncertainty in cryptocurrency markets, along with the robust growth and deep liquidity of our existing Bitcoin and Ether futures, is creating increased demand for risk management solutions by institutional investors outside the U.S. Our Bitcoin Euro and Ether Euro futures contracts will provide clients with more precise tools to trade and hedge exposure to the two largest cryptocurrencies by market cap,” said Tim McCourt, Global Head of Equity and FX Products, CME Group. “Euro-denominated cryptocurrencies are the second highest traded fiat behind the U.S. dollar. Year-to-date, the EMEA region represents 28% of total Bitcoin and Ether futures contracts traded, up more than 5% versus 2021.”

“The launch of euro-denominated Bitcoin and Ether futures from CME Group will help meet the growing demand for regulated and robust, non-USD crypto derivatives,” said Edmond Goh, Head of Trading at B2C2. “As the premier OTC counterparty, we look forward to continuing to provide liquid markets in this important asset class.”

“TP ICAP is excited to support another market-defining cryptoasset product from CME Group. Our Digital Assets business has been operational and brokering CME Group cryptoassets since the start of 2020, originally in London, followed by expansion to the U.S. in 2021 and, most recently, in APAC via Hong Kong and Singapore,” said Sam Newman, Digital Assets Head of Brokering at TP ICAP. “Interest in cryptoassets has seen huge growth, and these new euro-denominated futures contracts will help further expand the accessibility and utility of cryptoasset derivatives, particularly within Europe.”

CME Group’s Cryptocurrency product suite continues to provide consistent liquidity, volume, and open interest for clients seeking to hedge their risk or gain exposure to the asset class. Q2 was a record quarter in terms of average daily open interest (106.2K contracts) and was the second highest quarter ever in terms of average daily volume (57.4K contracts) across all Cryptocurrency products. In addition, Ether futures achieved a record average daily volume of 6.6K contracts in Q2, up more than 27% versus Q1.

For more information on this product, please visit https://www.cmegroup.com/cryptocurrencies#explore-our-cryptocurrency-products.

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

Cryptomus Simplifies The Process Of Cryptocurrency Payments While Maintaining Safety, Transparency And Quality 2293

Cryptomus wants everyone to know that accepting cryptocurrency payments is now in fact easier than ever before, as all that is needed to successfully do it is nothing more than a mere email address or phone number. It is even possible to generate payment links without users needing to have their own websites, and they can also connect to API for more functionality. By having such reliable and quick payment processing, Cryptomus is providing a top payment gateway for ecommerce and online payments.

How is Cryptomus helping make crypto payments easier?

There are several aspects which make Cryptomus a top choice for crypto payments. For starters, their commissions and fees are comparatively much lower than the various other online payment processing companies which accept payments and they start at 0.4% too, depending on the turnover. Additionally, the crypto payment processor’s services can be smoothly integrated into any type of business or project.

Moreover, one of the most infamous elements associated with crypto is volatility and unpredictable market behavior. With Cryptomus, however, there is no longer any need to worry about crypto volatility as the rate will be fixed after the users accept it and make the conversion to the coin of their choosing. Apart from this autoconversion aspect, Cryptomus also supports a wide range of different cryptocurrencies like LTC, TRX, DASH, ETH, BTC and more.

What about security?

Blockchains are widely considered to be safer, more stable and transparent than that of traditional financial institutions, such as banks. With Cryptomus, users can even enable the ability to only withdraw to certain ‘authorized’ addresses in their personal accounts, which means that any withdrawals to other wallets would be prohibited.

Cryptomus has also enabled 2FA (two-factor authentication), which many believe is a vital feature these days due to the increasing number of fraudulent activities, data hacks, and security risks. This 2FA system is completely flexible, and Cryptomus does not require KYC procedures either as it is a technical platform for developers that offers a convenient and user-friendly interface for the purposes of automating work with crypto.

What else is there to know about Cryptomus?

Cryptomus is a crypto payment system and blockchain payment processor/gateway which provides merchant services for businesses that cater to all kinds of customers. Usually, crypto payment gateways are needlessly complex and have too many limitations which often stifle the customers. With Cryptomus, crypto payments can be accepted from anyone anywhere in the world with low transaction fees and without a website. Cryptomus is also useful if individuals just want to have their own secure crypto wallet for fund storage.

The platform offers an intuitive user interface which is optimized for all devices, and there is quick and reliable support available at all times as well. Furthermore, the money is paid instantly and users can easily track the transaction if need be. More importantly though, the platform’s features allow for complete anonymity and all incoming funds will only belong to the user and shall never be frozen or refunded for no reason as is often the case with classic e-wallets and banks.

Why should you choose Cryptomus?

Ultimately, choosing Cryptomus makes sense as it is an innovative crypto payments platform that also functions as a cryptocurrency wallet. The platform offers plenty of value and utility, and the biggest advantage would certainly be the ability to make extremely fast payments easily. Users can accept crypto by generating payment links and then redirecting the payer to them, which will display a convenient form with the required payment data. Users can also utilize the API integration, which Cryptomus will be helping with.

The platform has also witnessed over 100,000 transactions happen to date, with many more expected to occur before long. Regarding future goals, Cryptomus will implement useful widgets for the site, helpful statistics, auto-withdrawal and auto-split functionalities, Telegram notifications, a P2P exchange, input and output of fiat currencies, and so much more in order to become the best cryptocurrency payment gateway. Ultimately, Cryptomus aims to make crypto payments easier and more accessible, which is something that is desperately needed nowadays as the crypto industry continues to become increasingly popular and mainstream with more and more companies accepting crypto.

Drive into the metaverse: Alibaba and IM Motors open IM Valley to embrace blockchain tech 2603

IM Motors, the high-end intelligent pure electric vehicle brand backed by China’s largest automaker, SAIC, and e-commerce giant Alibaba, announces it will officially launch its Drive-to-Earn Reward Scheme, with Mileage Mining mode starting on Aug. 7, 2022, for IM Valley, a metaverse built for its car owners to earn digital “Stones” as they drive. It indicates the completion of IM Motors’ Customer Share Option Plan, or CSOP, an initiative to bring the power of data back to its owners with rewards and incentives in real life.

According to the reward scheme, IM car owners can use up to 6,800 Stones plus 10,000 Chinese yuan for an autonomous driving system featuring lidars, radars and OrinX chips for their vehicles.

Drive-to-earn in the metaverse

What IM Motors is building in its metaverse — aka IM Valley — tells a story: how driving could be innovative, interesting and rewarding.

IM Valley, the virtual place where IM owners can explore new driving experiences, is powered by advanced blockchain technologies.

Mileage Mining allows IM owners to drive to earn up to 210 million Stones or 70% of the total supply of 300 million available for mining.

Once launched, Stones will drop in batches every 10 minutes in this mode. The total supply will not increase but halve every four years. Each Stone drop will be “shared” among participating IM owners. The idea behind this is that the more they drive, the earlier they participate with more contribution in mileage, and the more chances they will have at winning more Stones.

Educational Mining was first launched on Aug. 21, 2021, on IM App, with 30% of Stones available for this educational blockchain game-like mode. IM owners earn Crystals, the “in-game token,” through a series of tasks, such as signing up, posting articles, community idea sharing, and taking part in online or offline events.

IM Go! is a dedicated segment in IM App where IM owners can find more new fun ways to mine Stones. New scenarios, such as Moving Art, Best Highway and Citylife, will be rolled out soon.

Self-developed chain for data security and privacy protection

IM Valley Chain is where all Stones are generated, which is a self-developed blockchain by IM Motors to protect data rights and value for IM owners. The chain comprises nine nodes, with more to be added in the future. Adopting a consensus mechanism, each node works independently from one another, protecting data completion, while all transactions are compliant.

The chain ensures all transactions of Stones are recorded on-chain with a unique hash rate for each transaction, while all nodes are published for validation. The chain confirms each node with a ledger before it packages a certain amount of transactions into a block, which will be connected to the end of the IM Valley Chain to confirm the completion of a transaction. Data security, information privacy, immutability and unforgeability of transactions are all ensured based on an elliptic curve algorithm and hashing algorithm through a public key cryptographic algorithm to protect all users’ data rights and equality.

Mileage Mining is powered by a smart contract on the IM Valley Chain. For instance, in each batch of Stone drops, the batch code of mileage mining is used as input, while the mileage is as the sub-total. Based on random numbers (including snapshots of key data, hash rates of transactions, etc.) generated by the blockchain, outcomes will then show N series numbers of mileage that win Stones. Such data will be coherently measured before being used as a weight factor for driving data contribution.

Data acquisition and privacy are crucial nowadays. IM Motors publishes IDPP, a data and privacy protection plan, to strictly protect its car owners’ data security, using blockchain technologies. It also claims it will never use biometric technologies — facial recognition, fingerprint scans and voice recognition — for its vehicles.

Embrace the technology and innovate for future

Technology brings innovation and also fosters a highly engaged community.

Back in 2021, IM Motors worked with Totalab, collaborating artist Fei Yining to jointly launch its first NFT “IM Crossing: The New Totem,” a community-generated artwork with IM car owners. The totem of IM Valley’s community features users’ profile pictures as part of the artwork. IM Motors also plans to collaborate with more emerging artists, designers and its community to launch new digital collectibles in the future.

In order to promote a green yet rewarding driving experience, IM Motors will expand its Drive-to-Earn Reward Scheme to allow IM owners to redeem various rewards with Stones, including upgrades of hardware, premium services, limited editions, digital collectibles and Experience Day events, and more.

As IM Motors builds a leading public platform for data rights validation powered by blockchain for the Chinese auto industry, it will never stop exploring possibilities in embracing new technologies to inspire its community for a greener future.

TRON’s Mission to Create an Internet for All, Defining Decentralization 3215

1 2022 07 27 в 19 15 36

Geneva, Switzerland / July 27 /TRON was established in 2017 with the vision to decentralize the web, and it has aligned its mission to follow that purpose over the last five years.

For most blockchains, decentralization is a central theme. It’s a form of administration that delegates power to individuals; as a result, users are able to contribute to and own a piece of the network.

The four elements of TRON’s decentralized architecture are the protocol, nodes, assets, and dApps. Decentralization encourages putting the power in the hands of the people, which is why TRON took its commitment to decentralization to the next stage in December 2021, by dissolving its foundation and establishing itself as a community-governed Decentralized Autonomous Organization (DAO).

Decentralization of the Protocol

TRON aims to empower developers and users to create and share content without limitations. It uses the Delegated Proof-of-Stake (DPoS) consensus mechanism to manage its blockchain. Only elected nodes can approve transaction blocks, unlike a PoS system, which allows anybody with enough assets staked to do so. This structure enables users to safeguard the network by delegating their staked assets through a mechanism of incentives.

Every blockchain network uses a consensus mechanism, and DPoS is one of the most efficient consensus algorithms available. DPoS consumes less energy and completes transactions faster than PoW (Proof-of-Work) or traditional PoS systems. Every six hours, the TRON community elects 27 block validators to serve as “Super Representatives” (SRs) in the ecosystem.

Due to the numerous advantages, many blockchains have transitioned to a DPoS mechanism to power their networks. Regardless of the amount of staked TRX or how many votes SRs receive, each SR has identical voting power on the TRON network, ensuring that the governing percentage per SR is equally balanced.

Decentralization of Nodes

Nodes are the foundation of every blockchain network. As a result, any examination of decentralization must evaluate them. TRON’s geographical diversity in nodes makes it more secure and durable.

Decentralization of Assets

The distribution of native assets, as well as their availability, also contributes to the blockchain’s decentralization. The amount of TRX wallets has risen at a tremendous pace with a 134% increase in one year, from about 26 million in July 2021 to over 61 million by July 2022. The network’s popularity and user base grow with more TRON wallet users and will continue to contribute to the network’s decentralization. Today there are over 100 million user accounts on the network, and the number of users is growing daily.

Decentralization of dApps

The number of dApps, smart contracts, and users is also noteworthy for decentralization. The TRON Grand Hackathon is an outstanding opportunity for budding entrepreneurs and their ideas to grow the TRON network. The various projects submitted during the Hackathon contribute to the diversification of the ecosystem by providing numerous dApps that continue to develop it.

To learn more about TRON’s decentralization and review what the historical data shows, read the “A Deep Dive Into Decentralization” report on https://trondao.org/blog/.

About TRON DAO

TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of July 2022, it has over 104 million total user accounts on the blockchain, more than 3.6 billion total transactions, and over $11 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.

TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

Media Contact
Feroz Lakhani
[email protected]

Debut Cellar Launches on Sommelier DeFi Investment Platform 2272

Sommelier, the pioneering automated DeFi portfolio management platform, today announced the launch of the first Cellar, or community-governed, dynamic investment strategy vehicle, on the platform. This Cellar is active on Aave and leverages machine learning to dynamically move assets between several stablecoin lending positions. Users need only add liquidity to the Cellar, and it will handle the rest.

Sommelier is the most advanced DeFi investment protocol built to date, and anyone with financial or crypto markets experience can propose new Cellar strategies to the Sommelier governance community for inclusion on the platform. As more Cellars launch on Sommelier, the platform has the potential to offer a broad array of strategies competing against each other to attract capital.

“The launch of Cellars is a landmark moment in the evolution of DeFi,” said Zaki Manian, Co-Founder of Sommelier. “Even the most sophisticated investors may be overwhelmed by the DeFi investment terrain, and the ability to allocate their funds to automated investment strategies gives them an exciting opportunity to pursue DeFi investments in a new, more powerful way.”

The team behind Sommelier has designed the debut Cellar on the platform, which optimizes a lending position on Aave to earn interest. The strategy factors in the best performing stablecoin, the highest interest rates, highest liquidity mining incentives, and more, with data provided by Flipside Crypto.

Sommelier makes investor safety a priority. The debut Aave Cellar has completed multiple audits and will continue to receive audits over the longer term. The Cellar is also restricted to only be able to move assets among a defined list of stablecoins on Aave, giving users peace of mind that their funds can only be withdrawn by the users themselves to their own wallets.

Crucially, Sommelier is designed to be non-custodial. When users add assets to a Cellar they’re routed directly to the DeFi protocols where the Cellar operates. This means that users’ ability to add or remove the capital they’ve deployed in Cellars is not dependent on the Sommelier blockchain or any bridge.

Sommelier is natively interchain, and future Cellars will be able to enact any variety of investment strategies across a wide variety of DeFi applications. The debut Aave Cellar makes use of Sommelier’s dedicated bi-directional Ethereum bridge to pass strategy instructions.

Sommelier levels the playing field by enabling retail users to participate in highly sophisticated DeFi investment strategies that have until now only been available to large institutional investors. Retail investors in DeFi have, for instance, gotten burned with impermanent losses and transaction fees in trying to compete with whales when providing liquidity in various DeFi protocols. Now with Cellars, they can access the most cutting-edge DeFi investment strategies.

Cellars are powered by off-chain computation, which may take the form of machine learning algorithms, and can be built to execute strategies based on a wide variety of inputs. This is a dramatic improvement over platforms like Yearn whose static vaults are unable to adapt to changing conditions. This kind of off-chain computation is similar to the approach that quant traders take in traditional finance, and it maximizes optionality for designing strategies while also enabling them to be proprietary.

Through governance, the Sommelier community entirely controls the launch of Cellars as well as major modifications to Cellars such as the addition of new investment positions or the replacement of a data provider that a Cellar is using to feed its computations.

The door is now open for any DeFi investment strategists to submit Cellar proposals to the Sommelier community for approval to deploy on the platform. As the Sommelier community develops and launches more Cellars, these “strategy legos” may even be put together so that users have the opportunity to invest in a collection of Cellars that are tailored to their investment goals in a single step.

Cellars are a long-anticipated step towards realizing the vision of a one-stop-shop for investors to deploy capital across the DeFi space through easy-access automated portfolio managers. DeFi strategists are invited to develop and submit new Cellar proposals to governance and bring this vision to life! Join the strategy discussions here.

About Sommelier

Sommelier is a DeFi blockchain protocol, built on the Cosmos SDK, and a bi-directional Ethereum bridge, managed by a global network of validators. Taken together, this collection serves as a co-processor to Ethereum – that is, Sommelier uses a Cosmos chain to process as many DeFi strategy calculations as possible off of Ethereum. Sommelier LPs can benefit from a wide array of transaction features, such as portfolio rebalancing and limit orders based on dynamically changing market conditions. Vault-style Cellars on Sommelier automatically execute these strategies with smart contracts and are entirely governed in a decentralized manner by users.

Sommelier was founded in 2020 by Zaki Manian, a lead developer on the Cosmos protocol and Tendermint, and a prolific team of Ethereum and Cosmos developers. The protocol is currently in mainnet and actively seeks new contributors and community members.

To learn more about Sommelier, please visit https://sommelier.finance/.