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Russia’s Rosbank Launches Crypto Payments Solution for Cross-Border Settlements
Rosbank has become the first large Russian bank to offer clients an option to use cryptocurrencies in international settlements. The solution, provided in tandem with a Russian fintech, is mostly intended to meet the needs of businesses working with foreign partners.
Russian Companies to Be Able to Pay Suppliers With Cryptocurrency Through Rosbank:
One of Russia’s systemically important banks, Rosbank, is launching a solution for cross-border settlements in cryptocurrency, the business daily Vedomosti reported. According to a representative of the financial institution, it is now conducting pilot transactions with corporate and private clients.
The bank maintains that the service, which is the first of its kind in the sector, is compliant with current Russian legislation and the requirements of the Central Bank of Russia (CBR). The latter remains opposed to the free circulation of cryptocurrencies in the country but has been open to allowing their use in cross-border transactions as long as they are carried out outside of the Russian financial infrastructure. Read More
SEC Claims Solana, Polygon, Cardano Are Securities in Binance Lawsuit
Other altcoins—including recent top gaming tokens SAND, MANA, and AXS— are securities too, the SEC argues.
The Securities and Exchange Commission (SEC) unveiled a high-profile lawsuit against Binance on Monday, but a slew of altcoins like Solana and Polygon are also in the agency’s sights.
Binance and the exchange’s CEO Changpeng Zhao were hit with 13 charges, accused of conduct like commingling customers’ funds and trying to evade U.S. securities laws with “sham controls” for determining who can do business with the firm.
But the SEC also claimed that Solana, Polygon, Cardano, and several other coins are securities in the lawsuit. Almost all of them are among the crypto market’s largest, with multi-billion dollar market caps, while others belong to more nascent, gaming-centred projects. Read More
Optimism successfully completes ‘Bedrock’ hard fork, reducing deposit times, layer-1 fees
The upgrade is part of a series of reforms meant to increase modularity in the OP Stack, allowing developers to spin up their own networks using the software.
The Optimism network concluded its “Bedrock” upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a “Superchain” of scaleable Web3 networks based on Optimism’s OP Stack software.
In a conversation with Cointelegraph, OP Labs CEO Karl Floersch stated that Bedrock implements multiple gas optimizations the team discovered, reducing the network’s data availability fees on Ethereum by 40%. These reductions are passed on to the user in the form of lower gas fees on Optimism.
In addition, the upgrade allows the network to recognize chain reorganizations (reorgs) on Ethereum, reflecting these reorgs in the user’s Optimism balance. This allows deposit times to be reduced to one minute. Previously, deposits from Ethereum to Optimism took an average of 10 minutes due to the need to gain finality on L1.
Bedrock also implements a two-step withdrawal process to help prevent bridge exploits. Read More
Ignoring Disruptive Blockchain Companies Is a 'Fundamental Mistake': Amplify ETFs
As crypto markets see another dramatic turn of events, some digital asset managers are still betting on Bitcoin miners and other tech disruptors.
There’s still reason for hope for institutional investors who want more exposure to crypto—even as regulators continue to clamp down on the industry, most recently with the U.S. Securities and Exchange Commission (SEC) suing both Binance and Coinbase within 24 hours and sending prices crashing.
According to Dan Weiskopf and Mike Venuto, portfolio managers at Amplify ETF, the near-term growth outlook of companies today is indeed “fuzzy and challenging,” but the good news is that “growth is looking cheaper today than in years past.”
“We believe disruptor companies are on sale for now, and long-term investors who are not looking closely to capture the inevitable transformational change from blockchain and digital assets are simply missing out on the most important paradigm shift in decades,” Weiskopf and Venuto wrote in their latest newsletter.
Weiskopf and Venuto are in charge of the Transformational Data Sharing ETF (BLOK) at Amplify, which made a strategic decision to increase its portfolio’s net exposure to Bitcoin miners to as much as 22%—something that helped BLOK to grow more than 31% year to date. Read More
REFER THREE TO MARKETHIVE TO RECEIVE BONUS AIRDROPS AND ACTIVATE MICROPAYMENTS
As Markethive continues to gain traction with new members joining daily, Markethive is steadfast and in preparation to take a large share of the new Market Network that is the next generation following the social media craze of Web 2.0. Markethive is a Social Market Broadcasting Network. It sounds like a mouthful, and it is!
Markethive is an all-encompassing platform that has integrated;
As Markethive’s foundation is Blockchain-driven, it has its consumer coin, currently named Markethive Coin (MHV), but soon to be renamed Hivecoin (HVC - the Ticker Symbol). It is fully integrated into the system and has created an Ecosystem for all Markethive members, free and upgraded Entrepreneurs.
So Markethive has established its niche as the only Social Market Broadcasting Network with an infinity Airdrop and a system that rewards the users for engaging on the platform and learning how to use it with ongoing, real-time micropayments, otherwise known as a Faucet.
Markethive has the combined power of Facebook, LinkedIn, Marketo, and Amazon, with the real advantage of deriving income within the Markethive system while promoting your business and enjoying the social media interface. Read More
Atomic Hack Funds Sent To Crypto Mixer Used By Lazarus Group
According to reports from Elliptic, funds drained from the Atomic Wallet hack have been sent to Sinbad, a crypto mixer used by the Lazarus Group.
According to reports by crypto tracing firm Elliptic Enterprises, the funds drained from the hack on the Atomic Wallet on June 3 have been sent to a crypto mixer used by the Lazarus Group, a notorious North Korean hacking operation.
Elliptic reported that its Investigation Team traced funds from the $35 million hack to Sinbad.io, a cryptocurrency mixer used by the hacking group.
Elliptic’s Investigations Team is also following the transaction trail, and has determined that the stolen funds are being swapped for bitcoin, before being laundered through Sinbad.io - a mixer. Previous Elliptic research revealed that Sinbad has been used intensively to launder over $100 million in proceeds of hacks perpetrated by North Korea’s Lazarus Group.
This includes assets from the $540 million Axie Infinity hack and $100 million Horizon Bridge attack. Read More
Coinbase Plans to Fight SEC Lawsuit, Carry On With 'Business as Usual'
Coinbase legal chief Paul Grewal was in DC to speak at a hearing on the Digital Asset Market Structure Discussion Draft.
Coinbase’s chief legal officer Paul Grewal called for Congress to adopt a draft bill laying out a regulatory framework around cryptocurrency transactions right after the Securities and Exchange Commission sued his company for failing to register with the agency.
Straying briefly from his prepared remarks to address the lawsuit, Grewal called the SEC’s move “disappointing, but not surprising.” He criticized the agency for what he said is its “reliance on enforcement-only approach”, and said the new rules under the proposed bill were needed to establish clearer regulations for the crypto industry.
“The solution is legislation that allows fair rules for the road to be developed transparently, and applied equally, not litigation,” said Grewal. “Despite today's complaint, we will continue to operate our business as usual."
The SEC’s action arrives ahead of a previously scheduled hearing before the House Agriculture Committee on a GOP-led bill called the Digital Asset Market Structure Discussion Draft. Ahead of his testimony, Grewal called the bill a "strong step forward in providing over regulatory clarity", and urged Congress to move quickly to adopt it. Read More
IOHK's Charles Hoskinson Warns of CBDC Agenda and Potential Dystopian Future Amid Binance Lawsuit
Following the lawsuit filing by the U.S. Securities and Exchange Commission (SEC) against Binance, encompassing 13 allegations of “operating unregistered trading platforms” and “participating in multiple unregistered offers and sales of crypto asset securities,” Charles Hoskinson, co-founder of IOHK, provided his insight on the matter. Hoskinson commented that the complaint appears to be a component of a larger plan aiming to establish an “agenda based [central bank digital currency (CBDC)].”
Binance Lawsuit Triggers Warning From IOHK’s Charles Hoskinson:
Charles Hoskinson, co-founder of IOHK (Input Output Hong Kong) and Ethereum, has weighed in on the recent lawsuit against Binance. IOHK is the development team that develops the Cardano (ADA) network, the world’s eighth-largest cryptocurrency project by market capitalization. On Monday, Hoskinson revealed that the complaint appears to be a component of a larger plan to establish increased control over the U.S. financial system.
“[The complaint is] over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States,” Hoskinson tweeted. “The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.” Read More
Ethereum Scaling Solution Aurora Unveils ‘Strategic Partnership’ for Web3 Workers
The two platforms aim to simplify crypto compensation for independent workers and freelancers in the Web3 sector.
Aurora – an Ethereum Virtual Machine (EVM) compatible scaling and bridge solution built on top of the NEAR Protocol blockchain network – announced a strategic partnership with blockchain-based employment cooperative for the Web3 ecosystem called Opolios.
According to the official press release shared with CryptoPotato, the latest integration will enable USDC payments on the Aurora network for independent workers to ramp up payment processes, increase flexibility, and provide greater access to compensate workers in preferred currencies.
This partnership between Aurora and Opolios is also expected to positively affect both Web3 businesses as well as independent workers that function across the world to manage their payrolls in a more efficient way.
Members of Opolios will also be able to receive payments on-chain in USDC.e or USDC on the Aurora Network. On the other hand, the businesses operating within the Aurora ecosystem will be able to leverage the Opolis platform to streamline payments for freelancers and fund payroll. Such a move could potentially fuel increased “financial flexibility” along with “operational efficiency.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
