Indiana lawmakers have committed to providing substantial resources of low-cost power and water to major corporations, aiming to attract data centers and cryptocurrency mining operations to the state.

The allure of ample utilities has already drawn the attention of tech giants such as Meta, Amazon, Google, and Microsoft, as well as cryptocurrency mining company AboutBit, all of which have invested or are planning to construct facilities in Indiana.

Incentives for Tech Giants, Innovation for Crypto Miners

Despite Indiana offering financial incentives to various organizations, these benefits do not extend to AboutBit and other cryptocurrency miners.

This distinction has not deterred AboutBit, which has innovatively converted a 50-year-old power station into a sustainable, liquid-cooled cryptocurrency mining facility adjacent to the Merom Generating Station.

In a notable development this May, Amazon declared an $11 billion investment in Indiana. Governor Eric Holcomb highlighted the state’s capability to meet the substantial utility needs of such a project, emphasizing that Amazon’s decision was influenced by the assurance of sufficient power and water supplies.

Echoing this sentiment, David Rosenberg, Commerce Secretary and head of the Indiana Economic Development Corp., confirmed the state’s readiness to supply these critical resources.

Crypto Miners Join Growing List of Indiana Data Center Tenants. Source: Indiana Capital Chronicle

The cryptocurrency sector, particularly Bitcoin mining, has shown significant energy demands. Analyst Paul Hoffman from Best Brokers reported that, as of May 28, 2024, Bitcoin miners in the U.S. had spent $2.7 billion on electricity.

Since the beginning of the year, the industry has consumed 20,822.62 GWh of electric power. With the average commercial electricity rate standing at $0.1281 per kWh as of February, this consumption translates into a massive financial expenditure.

Putting Bitcoin’s Energy Consumption in Perspective

The energy requirements for mining Bitcoin have surged following the halving event in April. Before the halving, mining one Bitcoin required 407,059.01 kilowatt-hours (kWh), costing about $52,144.26.

Post-halving, the energy needed has nearly doubled to 862,635.55 kWh, with the cost escalating to approximately $110,503.61 at current rates.

Hoffman further illustrated the scale of this energy consumption, noting it could charge every electric vehicle in the U.S. 87.52 times or power nearly two million households for a year, accounting for 1.51% of all U.S. households.

Moreover, the Bitcoin ESG Forecast in January revealed that the use of sustainable energy in Bitcoin mining reached a new peak of 54.5%, with a 3.6% increase in sustainable mining practices throughout 2023.

The post Indiana Vows Reliable Energy to Attract Crypto Miners appeared first on Coinfomania.

PancakeSwap, a prominent decentralized exchange (DEX), has taken a significant step toward enhancing its user experience by introducing gas-free transactions.

This new feature comes through its recent integration with Zyfi on zkSync Era, aimed at reducing barriers for new users and streamlining the trading process.

Gasless Transactions for a More Accessible DeFi Experience

The integration permits PancakeSwap users to engage in gasless transactions on selected token pairs, with transaction fees sponsored by PancakeSwap, zkSync, or other decentralized finance (DeFi) protocols.

This move is designed to make DeFi more accessible to mainstream users and encourage broader adoption by simplifying the financial outlay associated with transaction fees.

Chef Brownie, the marketing lead at PancakeSwap, emphasized the benefits of this initiative. He noted that removing the cost of gas fees alleviates a significant obstacle for new users and simplifies the trading process.

He explained that the ability to pay gas fees with various ERC-20 tokens not only smooths transactions but also enhances user satisfaction and supports wider adoption.

Decentralized Exchange Leaders by Trading Volume. Source: CoinMarketCap

Previously, DeFi users were required to purchase Ether—the primary token used to pay transaction fees on the Ethereum network—before they could execute trades.

The recent changes eliminate the necessity to hold Ether for gas payments, allowing more than 10 different ERC-20 tokens to be used for this purpose.

PancakeSwap stands as the sixth-largest DEX, boasting over $311 million in daily trading volume according to CoinMarketCap. This integration may further bolster its position by simplifying the trading experience, potentially attracting more users from centralized exchanges (CEXs).

Centralized platforms typically offer more user-friendly interfaces and ease of use, factors that have traditionally drawn mainstream users.

Chef Brownie also highlighted that by making DEXs more user-friendly through features like diverse gas payment options and a streamlined interface, decentralized platforms could become more attractive.

He pointed out that these improvements help DEXs compete with CEXs while retaining advantages like the security of self-custody wallets.

The Road Ahead for PancakeSwap

Despite these advances, the gap between decentralized and centralized exchanges remains significant. Data from Dune Analytics indicates that the cumulative trading volume on DEXs reached $3.86 billion in the past 24 hours—a figure nearly five times smaller than the $17.6 billion trading volume recorded by Binance, the world’s largest CEX.

DeFi Activity Today: 24-Hour DEX Metrics. Source: Dune

Addressing user experience is a priority for many emerging DeFi protocols, as noted by Chef Brownie. He confirmed that PancakeSwap is committed to continually enhancing the platform’s usability to make it as intuitive as possible.

Plans are in place to introduce more user-centric features, including the option to pay with an expanded range of ERC-20 tokens, which could further smooth the trading experience for users.

Moreover, the collaboration with zkSync includes a sponsorship of $5,000 worth of gas fees on a first-come, first-served basis for users of the zkSync Era PancakeSwap. Traders utilizing Zyfi’s paymaster on this platform will accumulate gas points, enhancing their chances of receiving a Zyfi token airdrop with each transaction.

This strategy not only incentivizes usage but also fosters a more engaging and cost-effective trading environment.

The post PancakeSwap Integrates Zyfi for Seamless Gasless DeFi appeared first on Coinfomania.

In a significant move to curb financial risks associated with online betting, the Australian government has officially banned the use of cryptocurrencies and credit cards on digital gambling platforms.

This measure, effective from June 11, was reported by The Canberra Times and extends to credit sources linked to digital wallets, such as Bitcoin and other emerging forms of credit.

New Regulations Align with Land-Based Casinos, Exclude Online Lotteries

The newly imposed regulations are designed to align with the existing rules for land-based casinos, though they maintain exceptions for certain transactions like online lottery payments. The decision comes amid concerns over the easy access to excessive credit and the potential for substantial financial losses among gamblers.

The government has set a stringent penalty for non-compliance, with fines reaching up to 234,750 Australian dollars (approximately $155,000). This policy implementation follows a six-month transition period granted to the gambling industry to adjust to the new laws, now strictly enforced by the country’s communications watchdog.

Australia cracks down on online gambling with crypto

Kai Cantwell, CEO of Responsible Wagering Australia, an independent body representing Australian-licensed gambling service providers, supports the government’s initiative. Cantwell emphasized the importance of such measures in helping individuals maintain control over their gambling habits.

He has also called for these restrictions to be expanded to include all forms of gambling to prevent gamblers from seeking out less-regulated and potentially more harmful betting environments.

The intersection of cryptocurrency and gambling has been notable, not just in conventional betting arenas but also in speculative activities on prediction markets. For instance, on January 11, Polymarket users placed bets totaling $12 million on whether the U.S. Securities and Exchange Commission (SEC) would approve a spot Bitcoin exchange-traded fund (ETF) by mid-January.

These bets, wagered on the Polygon-based decentralized predictions market, highlighted the speculative nature of crypto-users who engage in betting on regulatory outcomes and other high-stakes decisions.

Crypto and Gambling: A Speculative Intersection

The betting frenzy in crypto reached its peak just as the SEC was preparing to announce its decision on ETF’s. By January 10, trading volumes on Polymarket surpassed those on OpenSea, a leading nonfungible token marketplace, with $5.7 million compared to $3.9 million.

The bets were resolved in favor of those who speculated a “YES” as the SEC approved the trading and listing of 11 spot Bitcoin ETFs on the following day. Despite the official verdict, some participants disputed the outcome based on semantic differences in the SEC’s terminology, arguing the bet should continue since the SEC referred to “exchange-traded products” rather than specifically naming them ETFs.

Beyond Bitcoin, crypto users also ventured bets on the potential approval of spot Ether ETFs in the United States. With over $2.4 million at stake, around 81% of the bets were pessimistic regarding the approval of a spot Ether ETF before the May deadline.

The bets, which also took place on Polymarket, were settled when the ETF was officially sanctioned on May 23. These gambling activities reflect the broader trend of crypto enthusiasts engaging in both consequential financial forecasts and lighter, more whimsical predictions, such as guessing the frequency of Elon Musk’s social media posts or the extent of temperature increases.

Bets on how many times billionaire Elon Musk will post

This pattern of behavior underscores the volatile nature of cryptocurrency use in gambling—ranging from serious financial gambits to trivial wagers—and the necessity for stringent regulations like those Australia has implemented. The government’s proactive stance is aimed not only at protecting consumers but also at preventing the potential for financial disaster spurred by unchecked online gambling.

The post Australia Cuts Off Crypto and Credit Cards for Online Gambling appeared first on Coinfomania.

A new whale address has made a large transaction in which it sent out 36,000 Ether from Coinbase. 

The transaction, which is observed and disclosed by 0xScopescan, is worth around 127 million USD. The said whale address holder has not been revealed. This movement is important because it marks a rather significant change within the scope of the cryptocurrency market. Information regarding the transaction or the new whale address was not disclosed, thus the effect on the Ethereum market is still unknown.

A fresh #whale address withdrew 36K $ETH ($127M) from #Coinabase today.Will this be related to a $ETH #ETF ? address:https://t.co/SI9qnpX3zoFollow @ScopeProtocol and @0xScopescan for more updates. pic.twitter.com/W881U79CKS

— Scopescan (@0xScopescan) June 11, 2024

Institutional Investors Accumulate Ethereum Following ETF Approvals

In the last few months, institutional investors have been rapidly building up their Ethereum positions in the cryptocurrency market. This trend comes in the backdrop of the U.S. Securities and Exchange Commission’s (SEC) approval of Spot Ethereum Exchange-Traded Funds (ETFs). Citing trading patterns, crypto analyst Ali Martinez claims that this accumulation is very bullish and can propel Ethereum’s price to eclipse $4,000.

According to an X post by Martinez, the number of Ethereum addresses containing 10,000 or more ETH has gone up by 3% in the last twenty-one days. This increase shows a pick-up in interest from large investors. Speculation regarding the approval of ETFs and the subsequent rise in the institutional buy-side have been critical in propelling Ethereum prices in the earlier part of this year.

The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com/7qq5HgGP37

— Ali (@ali_charts) June 9, 2024

Whales and the Market Activity

Spending by whales has been quite active in the cryptocurrency market, particularly in the acquisition of Ethereum. This has been due to the approval of Spot Ethereum ETFs as one of the main factors. The first price spike happened in February, due to rumors of the SEC approving these ETFs,ethereum surged over 83% passing the $4,000 mark for the first time since 2021.

More court decisions in May strengthened the ETH price, which crossed the $3,000 mark. Thus, institutional investors have been accumulating more Ethereum as the SEC has approved these ETFs. Glassnode data shows that within the last three weeks, the address holding 10,000 ETH or more has risen to approximately 1,000 addresses. Also, there is an increase in the mega-whale addresses, with 15 new addresses in the last 30 days.

Looking at on-chain metrics, it is observed that the amount of Ethereum held on centralized exchanges has gone down dramatically. Thus, due to the massive withdrawal, Ethereum is becoming scarce on these platforms. However, the ETH balance on centralized exchanges has now fallen to a level below the BTC balance, although the BTC is being actively accumulated in the Spot Bitcoin ETF wallets.

According to Glassnode data, only 10.56% of the total Ethereum supply is still stored on the most popular exchanges. These reductions of supply on exchanges are one of the key factors to explain recent market conditions and the stronger buying pressure. The consolidation of social sentiment for Ethereum after the Spot ETF approval means that investors’ interest is still high, which supports the accumulation process.

Exchanges are running out of #Bitcoin & #Ethereum! #BTC: 11.73% #ETH: 10.56%Ether continues to be scarcer on centralized exchanges than Bitcoin! pic.twitter.com/W7VAahlX0l

— Leon Waidmann | On-Chain Insights (@LeonWaidmann) June 9, 2024

ETH Price Expectation as of Active Buying Pressure

Ethereum price continues to remain bullish as more whales and institutions pour money into the coin. At press time, Ethereum price was standing at $3,491, though it has plummeted by 5.35% in the last one day. The buying pressure continues to climb, which can be considered as a positive feature, although there are still certain barriers that need to be broken through.

ETH/USD 1-day price chart (Source: CoinMarketCap)

The first major resistance wall is established at around $3,700, which marks the level of approximately 1.82 million addresses that hold 1.8 million ETH combined. This could be a breakthrough to the next level of prices increase as people may have become resistant to the previous price changes. But short term fluctuations cannot be ruled out since the market dynamics are still in the process of shifting.

The post New Whale Moves 36,000 ETH from Coinbase Sparking Market Attention appeared first on Coinfomania.

In recent developments within the U.S. financial sector, the unprecedented 19-day streak of consistent net inflows into U.S.-listed spot bitcoin exchange-traded funds (ETFs) concluded abruptly on Monday.

According to preliminary figures, the products experienced combined net outflows of $65 million, marking a significant shift in investor sentiment. This cessation of inflows ended a period of accumulation that last witnessed a decline on May 10, when the 11 spot Bitcoin ETFs collectively saw $85 million withdrawn. 

Bitcoin Performance Amid Market Fluctuations

Grayscale’s Bitcoin Trust (GBTC) led the downturn with $40 million in outflows on June 10, continuing its troublesome trajectory as the Bitcoin ETF with the highest cumulative outflows since its launch in January. 

To date, GBTC has accumulated an alarming $18 billion in total outflows. In contrast, the combined group of 11 spot Bitcoin ETFs has seen nearly $16 billion in net inflows since their inception at the start of the year, illustrating a stark contrast between individual fund performances and overall market interest.

Other funds also felt the pressure on Monday, with the Invesco and Galaxy Digital’s BTCO ETF and Valkyrie Digital Assets’ BRRR ETF recording outflows of $20.5 million and $15.8 million, respectively. 

However, not all funds faced withdrawals. BlackRock’s IBIT, the largest spot BTC ETF by assets under management, reported modest net inflows of $6 million, and Bitwise’s BITB saw $8 million come in.

Bitcoin ETF Flow

The timing of these shifts correlates with a notable downturn in Bitcoin’s market value, which plummeted by 4.3% over the past 24 hours, reaching a low of $66,207 according to CoinGecko. 

This decline is part of a broader slump in the cryptocurrency market, which has also seen significant losses across major alternative cryptocurrencies (altcoins) such as Ether (ETH), Solana’s SOL, Ripple’s XRP, and Dogecoin (DOGE). 

Market analysts link these declines to heightened investor anxiety in anticipation of the U.S. Bureau of Labor Statistics’ upcoming release of May’s Consumer Price Index (CPI) figures on June 11, a vital indicator of inflation. 

Moreover, the Federal Reserve’s monetary policy decisions, expected at the conclusion of the Federal Open Market Committee (FOMC) meeting beginning today, also play a crucial role in shaping market expectations.

Regulatory Developments in Cryptocurrency 

Parallel to these market dynamics, the cryptocurrency investment community is closely monitoring the regulatory landscape, particularly the actions of the U.S. Securities and Exchange Commission (SEC). 

The SEC is currently reviewing S-1 registration statements from asset managers aspiring to launch spot Ethereum ETFs. This review follows the SEC’s approval of 19b-4 filings on May 23, paving the way for these new investment products.

Prospective issuers of spot Ethereum ETFs are eagerly awaiting feedback on their initial S-1 drafts submitted on May 31. Despite expectations of receiving comments by June 7, based on prior discussions with the agency, at least two issuers report no feedback has been received to date. 

SEC Chairman Gary Gensler indicated in a CNBC interview on June 6 that the review and approval process would be thorough and time-consuming, requiring possibly multiple rounds of revisions before final approvals are granted.

This careful scrutiny by the SEC highlights the regulatory hurdles and the cautious approach taken towards new cryptocurrency products. 

Ether ETF Launch Timing Depends on Issuer Response, Says SEC Chair Gensler

Notably, BlackRock has announced plans to seed its ETF with $10 million, and Franklin Templeton aims to introduce its product with a competitive fee of 0.19%. 

These preparations suggest a strategic positioning by these firms to capitalize on potential opportunities similar to those seen with the introduction of spot Bitcoin ETFs.

As the cryptocurrency sector navigates through regulatory complexities and fluctuating market conditions, the financial community remains keenly observant of the SEC’s forthcoming decisions. 

These decisions will undoubtedly play a pivotal call in shaping the future landscape of cryptocurrency investments in the United States. 

The post Bitcoin ETFs Reverse Course: $65M Outflow Ends Streak appeared first on Coinfomania.

Polygon, a blockchain scalability platform, has announced the creation of a $720 million Community Treasury aimed at fostering growth and innovation within the blockchain space over the next decade. 

This strategic move is designed to support developers working on the Polygon and Ethereum ecosystems, reflecting a significant commitment to enhancing blockchain technology’s reach and utility.

$720 Million Community Treasury: Polygon Fosters Blockchain Growth

The newly established Community Treasury, developed through a community consensus, is set to distribute around 100 million Polygon ecosystem tokens (POL) annually. This initiative will total up to one billion POL tokens distributed over the next ten years. 

The inaugural allocation includes an initial 35 million Polygon tokens, valued at approximately $25 million, earmarked for the first season of the Community Grants Program (CGP).

This season, the CGP introduces two distinct tracks for developers: the General Grant Track and the Consumer Crypto Track. The General Grant Track, open to all applicants without stringent restrictions on project eligibility, focuses on several key areas. 

Polygon has expressed a particular interest in projects involving decentralized applications (DApps), developer tooling, libraries, and protocol infrastructure. On the other hand, the Consumer Crypto Track specifically aims to support innovative blockchain applications intended for everyday use, catering to developers, creators, and entrepreneurs.

Polygon co-founder Sandeep Nailwal

Ajit Tripathi, a board member of the Polygon Community Treasury, highlighted the inclusivity of the CGP’s first season, emphasizing the broad scope of projects welcomed under the general grants track, and the dedicated focus on consumer-centric blockchain applications under the consumer crypto track.

Two Tracks for Developers: General Grant & Consumer Crypto

The application process for the inaugural season is currently open, with submissions accepted through August 31. To be eligible, projects must either be built on the Polygon platform or willing to migrate to it, and they must demonstrate potential for long-term viability.

Grants will vary in size, ranging from 5,000 to over 50,000 MATIC, and will be overseen by the Community Treasury Board, which conducts monthly reviews and selections of projects.

It is important to note that the Polygon Community Treasury operates independently from Polygon Labs and other related entities. Governed by a framework that encourages community participation, the treasury is designed to provide sustainable economic support to spur further development and growth within the Polygon ecosystem.

This initiative follows Polygon’s recent advancements in zero-knowledge technology, specifically the development of pessimistic proofs designed to ensure the security of deposits across different chains within the AggLayer network. This technological enhancement aligns with Polygon’s broader strategy to solidify its position as a leading Ethereum scaling solution.

Polygon’s Technological Advancements in Zero-Knowledge Tech

The announcement of the Community Treasury coincides with a period of increasing activity and interest in the Polygon network. Recently, the network has seen a surge in popularity, surpassing Ethereum in terms of gas usage and monthly active users. 

This uptick in activity suggests that users are increasingly drawn to Polygon for its lower transaction fees and faster processing times, which could potentially impact Ethereum’s adoption rate. However, as a Layer-2 solution, Polygon’s success could ultimately support and enhance the Ethereum ecosystem.

Despite the network’s operational success and growing popularity, the price of Polygon’s native token, MATIC, has experienced fluctuations. After a period of sideways movement in its price, MATIC observed a sharp decline on June 6th when it dropped to $0.7413. 

The token has seen interest from both large-scale investors (whales) and retail participants, indicating a broad base of support despite the price challenges.

Polygon continues to be a key player in the decentralized finance (DeFi) sector, with its Proof-of-Stake (PoS), zero-knowledge Ethereum Virtual Machine (zkEVM), and Coconut Development Kit (CDK) emerging as popular tools among DeFi developers. 

This sustained focus on developing robust, user-friendly blockchain solutions is central to Polygon’s strategy to maintain and extend its influence within the blockchain community.

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The Solana-based DePIN platform io.net (IO) dropped 20% on its opening day on the major cryptocurrency trading platforms, including Binance.

At the time of writing, IO was trading at around $3.62, a 20.81% decline, according to CoinMarketCap data. The intraday trading volume was $553 million, while the market capitalization was $344 million.

The io.net is a project that seeks to offer AI Compute-as-a-Currency by combining the computing power of GPUs stored with different storage service providers hence creating a physical infrastructure network. This happens as IO token was recently launched on Binance and this is good news for the project, however, the price fluctuations are a concern.

CEO Transition Amid Allegations

Before the launch of the IO token, Ahmad Shadid, the CEO of io.net, posted his resignation on the website io.net. This preceded controversies surrounding Shadid and the actual number of GPU chips the project holds. Shadid did not specifically refute the allegations but said that his resignation was to facilitate the company’s growth and move away from current issues.

Shadid conveyed the news on his social media platform and stated,

“While there have been  allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow http://io.net move forward without distraction and to focus on its growth and success.”

Tory Green, the company’s co-founder and former COO, has been appointed as the new CEO in place of Shadid. Regarding potential token dumping, Shadid informed the community that his IO tokens will be locked up for four years, with a monthly unlock starting in June 2025. Also, he promised to give 1 million IO tokens to the io.net’s Internet of GPUs Foundation.

I am honored to step into the role of CEO for https://t.co/OigQQimgcD, effective immediately.Under @shadid_io 's leadership, https://t.co/OigQQimgcD has grown into one of the fastest growing AI companies in the world.Going forward, we will continue to execute on the vision… https://t.co/12vRHJTMRG

— tory.io (@MTorygreen) June 9, 2024

Security Threats and Network Security

The io.net project has recently have some security issues. Claims of overinflated GPU metrics by rivals were made, and thus, investigations followed. Some analysts, for instance, Martin Shkreli, questioned the network size as it was presented to the public. Shadid explained that that there were inconsistencies because certain attackers were pretending that their GPU was available in order to get future payments.

Adding to the problem, io.net had a case of a cyber attack in which a hacker used available user ID tokens to perform an SQL injection attack. This led to changes to the metadata of the devices in the GPU network without the permission of the management. In order to prevent this, the team put in additional security measures, carrying out SQL injection checks on APIs and logging attempts made by unauthorized persons. These actions temporarily limited the number of active GPU connections to 10,000 from 600,000, but the network has since recovered.

Future Outlook and Growth Prospects

Nevertheless, io.net continues pursuing its long-term objectives even after the price has been cut down and recent incidents. The IO token will be listed on Binance, which will help in the further expansion of the network. The new CEO, Tory Green, emphasized the company’s vision of creating the world’s largest decentralized AI compute network.

”We are very much committed to our goal of forming the world’s largest decentralized AI compute network, and we expect to continue to invest mostly in the supplier-side and customer-side growth,” Green said.

The IO token sale created 95 million tokens, and the total number of circulated IO tokens is expected to reach 800 million. The project’s team and its advisors also have a four-year lockup period, which is the same as Shadid; this helps to prevent rapid market sell-offs.

The blockchain behind io.net, Solana (SOL), was also relatively unaffected by these incidents. At the time of reporting, Solana was trading at $146.67, reflecting a decline of 9.51% in the last 24 hours and 13.04% over the past week.

The post io.net (IO) Token Falls 20% on Binance Launch Following CEO Exit appeared first on Coinfomania.

In a surprising turn of events, French President Emmanuel Macron, who came into office in 2017, has dissolved parliament and called for an early election. This unexpected move comes on the heels of Macron’s ruling Renaissance party securing only about half the seats of Marine Le Pen’s National Rally in elections for the European Parliament. While the move has sent ripples through traditional markets, analysts believe this political shake-up will have minimal impact on the cryptocurrency sector, which they say will cruise smoothly and remain relatively unaffected by the political tremors.

The cryptocurrency community is accustomed to navigating through choppy waters, with regulatory developments often posing a greater concern than electoral politics. In this case, the early elections are not expected to lead to immediate or drastic regulatory changes that could unsettle the crypto market.

Political Context and ‘Likely’ Crypto Resilience

Des élections législatives se tiendront le 30 juin et le 7 juillet.J’ai confiance en la capacité du peuple français à faire le choix le plus juste pour lui-même et pour les générations futures.Ma seule ambition est d'être utile à notre pays que j'aime tant.

— Emmanuel Macron (@EmmanuelMacron) June 10, 2024

Macron’s call for early elections, scheduled for June 30 and July 7, 2024—for the first and second rounds, respectively—stems from a twin desire to bolster his centrist agenda and strengthen his mandate amidst rising political opposition. This maneuver is typical in the French political landscape, where leaders seek to consolidate power or address pressing issues through renewed parliamentary support.

JUST IN: President Macron calls for new elections and dissolves parliament.His party suffered a heavy defeat in elections for the European Parliament. pic.twitter.com/lXhcfpnHMR

— Cryptopolitan (@CPOfficialtx) June 9, 2024

However, the impact on the crypto industry remains muted for several reasons.

Firstly, France has been relatively progressive in its approach to cryptocurrency regulation. The Autorité des marchés Financiers (AMF), France’s financial market regulator, has already established a clear framework for Initial Coin Offerings (ICOs) and digital asset service providers (DASPs). For instance, last year, the EU passed an all-new crypto regulation, effective June 30, this year, the Markets in Crypto Assets (MiCA) legislation. These regulatory clarities provide a stable environment for crypto businesses and investors, reducing the potential for market disruption due to political changes, as is often the experience.

Secondly, the decentralized nature of cryptocurrencies means they are less susceptible to localized political events. ‘Localized’ in the sense that, unlike traditional financial markets, which can be highly reactive to political shifts, the global and decentralized framework of cryptocurrencies offers a buffer against national political fluctuations. Thus, despite the political shakeup, the crypto industry in France appears to be standing on solid ground.

Moreover, the broader cryptocurrency market has been showing signs of maturity, with increasing institutional interest and adoption. This growing legitimacy further insulates the market from knee-jerk reactions to political news. Large players in the industry, such as Bitcoin (BTC) and Ethereum (ETH), continue to demonstrate resilience, buoyed by a mix of technological advancements like AI-trading bots and expanding use cases.

Regulatory Outlook and Market Sentiment

To state the obvious, while the early parliamentary elections may lead to some policy shifts, the overarching sentiment within the crypto community is one of cautious optimism, as is expected. France’s regulatory stance has been seen as balanced and conducive to innovation, and there is little indication that this will change drastically, irrespective of the election outcome.

It’s worth noting that major regulatory overhauls impacting the crypto sector typically require more prolonged and comprehensive legislative processes. Therefore, any potential regulatory changes stemming from the new parliamentary configuration will likely be gradual, giving market participants ample time to rise to the occasion, adjust, and make any key investment decisions.

The post Emmanuel Macron Announces Early Parliamentary Elections, Unlikely to Rattle Crypto Markets appeared first on Coinfomania.

The Central Bank of Ireland (CBI) has recently added Crypto.com to its list of approved virtual asset service providers (VASPs). This approval, granted on June 11, is a significant milestone for Crypto.com, one of the largest cryptocurrency trading platforms in the world. 

It allows the company to expand its services in Ireland, including crypto-to-fiat exchanges and fiat wallets, thereby enhancing its comprehensive crypto product offerings in the country.

Crypto.com Emphasizes Commitment to Compliance and Innovation

Eric Anziani, President and Chief Operating Officer of Crypto.com, emphasized that this approval highlights the company’s dedication to compliance and responsible innovation in the crypto space. However, the company has not disclosed specific details regarding the new services enabled by this approval.

Crypto.com now joins a select group of 14 other entities that have been registered as VASPs in Ireland as of June 7. This list includes notable industry players such as Ripple, Gemini (owned by the Winklevoss brothers), MoonPay, Standard Chartered’s Zodia custody platform, Paysafe, and others. 

In 2023, seven companies received their approvals, and in 2024, the CBI added four more, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.

The growing list of approved VASPs reflects Ireland’s increasing engagement with the cryptocurrency sector. This interest is further demonstrated by Coinbase’s decision to establish its European hub in Ireland. 

List of Approved VASPs by Ireland’s Central Bank. Source: CBI

Announced in late 2023, this move positions Ireland as a strategic location for Coinbase to comply with the Markets in Crypto-Assets Regulation (MiCA). 

Coinbase Chooses Ireland for Strategic Location under MiCA

Daniel Seifert, Vice President and Regional Managing Director of Coinbase EMEA, highlighted Ireland’s supportive political environment for fintech and its globally respected regulatory framework as key factors in choosing Ireland for their MiCA hub. 

Coinbase currently holds an e-money institution license and VASP registration in Ireland, along with a crypto license in Germany and registrations in several other EU member states. 

Expected to be implemented in late 2024, MiCA will enable Coinbase to operate under a unified regulatory framework across the European Union’s vast market of 450 million people in 27 countries.

While companies like Ripple and Gemini are solidifying their operations in Ireland, not all firms have chosen to stay. Circle Internet Financial, the entity behind USD Coin, the world’s second-largest stablecoin, has announced plans to relocate back to the U.S. and move its operations away from Ireland in May 2024.

The dynamic landscape in Ireland reflects both the opportunities and challenges within the crypto industry as regulatory environments evolve and companies strategically position themselves in favorable markets. 

The approval of Crypto.com by the Central Bank of Ireland is yet another indicator of the country’s growing interest and involvement in the cryptocurrency industry, setting the stage for further developments and innovations in the field. 

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Blockchain and payment solution company, Ripple has announced its intention to launch a special XRPL fund for the acceleration of innovation in the Asia Pacific region, particularly in Japan and Korea. This initiative will foster the utility of the XRP Ledger (XRPL), a Blockchain ecosystem focused on cross-border payments, in the APAC market.

Ripple to Support Development Through Its 1 Billion XRP Commitment

The blockchain giant disclosed that the new fund is part of its 1 Billion XRP initiative to support the advancement of XRPL projects by providing financial, technical, and business support to developers utilizing the XRP Ledger. This will be done through the XRPL Grants and Accelerator programs.

Additionally, Ripple says that a huge portion of the 1 Billion XRP, amounting to tens of millions will be allocated to robust initiatives in the aforementioned countries. Some of such initiatives include promoting collaborations with top and leading companies in Japan and Korea to incorporate XRP Ledger and explore institutional user cases for the product, providing support to bright projects developed on the XRPL, providing investments to promising startups utilizing XRPL to build new use cases, and finally to support community growth through sponsoring of events, hackathons, and educational programs in the region.

Speaking on the update, the Vice President of Strategic Initiatives at Ripple, Emi Yoshikawa, expressed her excitement to see the potential impact of the funds in the new markets. “The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation,”…”We look forward to seeing the transformative impact of this fund in these vibrant markets,” she said.

Ripple’s Commitment to the APAC Market

Meanwhile, Ripple already has some strategic partnerships with top technology firms in the region. Recall that in 2016, Ripple secured a partnership with SBI Holdings, a Tokyo-based financial service company, to introduce a joint venture known as SBI Ripple Asia, to promote the usage of Ripple payment solutions in the country.

Also, on April 30, Ripple announced that it had partnered with Hashkey DX, a blockchain research and security solution company, to introduce XRPL-powered solutions to Japan. Furthermore, later this year, Ripple will be sending representatives to the region to speak at major industry events happening in August and September such as WebX Asia in Japan and Korea Blockchain Week. Lastly, at the World Expo 2025 event happening in Osaka Japan next year, the XRP Ledger will be utilized to give out official Expo NFTs to millions of people in attendance.

Can XRP Price Profit From This?

As Ripple continues its global expansion, the possibility of XRP entering new markets and potentially increasing in value is high as XRP is powered by the XRP Ledger. The price trajectory of utility tokens is mostly fueled by the growing use case of the underlying project. So while investors are hoping for a significant price trend for XRP, the success of this initiative might be a needed catalyst for the purpose.

Meanwhile, the price of XRP has dropped significantly over the last 24 hours, joining the global crypto market in a bloodbath. According to fresh data from CoinMarketCap, XRP is currently changing hands at $0.47, representing a 4.60% decline over the last day. However, its 24-hour trading volume has jumped by 50.58% to $1.49 billion

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Starknet, a brainchild of StarkWare, renowned for its scalability solutions on Ethereum, has just rolled out Catnet, a new test network designed specifically for Bitcoin’s Circle STARK verifier. This cutting-edge development aims to boost the scalability and security of Bitcoin transactions by leveraging zk-STARK (Zero Knowledge, Scalable Transparent Argument of Knowledge) proofs, which are known for their efficiency and robustness in validating blockchain data.

Bitcoin's biggest challenge is scalability. StarkWare has a vision to change that.The concept of STARK scaling for blockchains was first introduced by @EliBenSasson at a Bitcoin conference in early 2013.It's now time to scale Bitcoin with ZK-STARK, making it more accessible… pic.twitter.com/sdx7sQJzur

— StarkWare (@StarkWareLtd) June 4, 2024

What is Catnet?

Catnet—a custom Bitcoin signet (a test network for Bitcoin) tied to the potential adoption of OP_CAT, a Bitcoin upgrade (assigned BIP number 420 in April 2024)—is a sandbox environment where developers can rigorously test and fine-tune the Circle STARK verifier for Bitcoin. This initiative marks a significant step towards sandwiching zero-knowledge proofs with Bitcoin, promising to significantly reduce transaction verification times and enhance privacy. Essentially, it’s a playground for innovation that permits the crypto community to experiment and optimize the verifier before a potential mainnet deployment. It is believed that this integration will be powered by Cairo, StarkWare’s proprietary programming language, which was previously successful on Ethereum.

StarkWare announced plans for a #Bitcoin-centric ZK scaling effortWhat you should know @StarkWareLtd announced its plans to bring its ZK (zero-knowledge) scaling to Bitcoin, simultaneously scaling the network alongside Ethereum.What's the scoop?-Powered by OP_CAT: To… pic.twitter.com/s4EjDBnhif

— Bankless (@BanklessHQ) June 5, 2024

Why It Matters

For Bitcoin enthusiasts, the launch of Catnet is akin to hitting the jackpot. Bitcoin, the ‘granddaddy’ of cryptocurrencies, has always faced scalability issues. High transaction fees and slow processing times have been persistent thorns on its side. By introducing zk-STARK proofs through Catnet, Starknet is setting the stage to tackle these problems head-on.

Once fully tested and implemented, the Circle STARK verifier could make Bitcoin transactions faster and more cost-effective. It’s a tipping point that could shift Bitcoin into a new era of efficiency and scalability, maintaining its position as the king of the crypto hill.

How It Works

Circle STARKs operate by generating proofs that can verify large computations without revealing the underlying data. Simply put, transactions can be validated quickly and securely with minimal computational overhead. For Bitcoin, this could mean faster block confirmations and lower fees, making the network more attractive to users and developers alike.

In the Catnet environment, developers can test various configurations and optimizations of the Circle STARK verifier. This iterative process ensures that by the time the technology is ready for prime time, it will be robust, secure, and highly efficient. 

Community and Developer Impact

#StarknetOnBitcoin- The Bitcoin Circle STARK verifier is progressing soooo fast.@weikengchen is such a beast it's insane.Everything is open source. This verifier is compatible with our next generation prover called STWO.It will reshape the state of the art of the proving… https://t.co/wkz3TY5RAS pic.twitter.com/yYaG3y0Bm7

— Abdel – (@dimahledba) June 5, 2024

The developer community has been enthusiastic about the introduction of Catnet. It opens up new possibilities for creating decentralized applications (dApps) that can interact with Bitcoin more seamlessly and efficiently. The potential for cross-chain compatibility and enhanced functionality is vast.

Moreover, this move aligns with Starknet’s broader vision of increasing interoperability in the crypto space. By enabling more efficient Bitcoin transactions, Starknet is contributing to a more connected and versatile blockchain ecosystem. 

To back this vision, StarkWare has launched a $1 million fund to support new research that will shed light on the pros and cons of adopting OP_CAT upgrade on Bitcoin. They have also formed a strategic partnership with Weikeng Chen of L2 Iterative Ventures (L2IV) through the ZeroSync Foundation. 

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The Thai Securities and Exchange Commission (SEC) has decided to pull the business license of the Zipmex cryptocurrency exchange due to persistent non-observance of the rules.

Thai regulators revoke Zipmex's #crypto licenseBeleaguered crypto exchange Zipmex has lost its business license after the Thai authorities found that the exchange had repeatedly failed to comply with orders pic.twitter.com/kMRGkQ7Kcr

— Bullish Singh! (@BullishSingh_) June 11, 2024

On June 11, the SEC stated that Zipmex’s financial problems and poor management are its biggest issues, which influenced this decision. Even though the above issues have been repeatedly mentioned as needing fixing, Zipmex did not act within the given time frame. Therefore, the SEC proposed suspending Zipmex’s license to Thailand’s Ministry of Finance.

Such a move from the Ministry of Finance will force Zipmex to suspend all its cryptocurrency operations. Also, Zipmex is required to return all customer assets to the customers within 15 days. If customers do not claim their assets within the given time, Zipmex is authorized to store the assets within 30 days, and the company has to report each step to the SEC. At the time of the announcement, Zipmex has not stated the revoking or the actions that will follow.

History of Regulatory Issues

Zipmex, founded in 2018 and based in Singapore, has had problems with the Thai regulators. The exchange closed trading operations in Thailand in November 2023 after receiving penalties from the SEC. These penalties were associated with the alleged abuse of a crypto custodian service and for referring its customers to its Singapore-based exchange, Zipmex Pte, which was a clear conflict of interest. Besides operating businesses in Thailand, Zipmex is also present in Australia and Indonesia.

Zipmex’s financial situation has been worsened by the failures of Babel Finance and Celsius Network in 2022, when it lost more than $50 million. This financial instability has put Zipmex’s rehabilitation plan on hold and made the company’s regulatory and operational status even more uncertain.

However, the role that the SEC has recently taken in rescinding Zipmex’s license has also been pertinent to its management and financial activities, which shows that the cryptocurrency exchange industry in Thailand is highly regulated.

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According to TRM Labs, a blockchain intelligence firm, in 2023, payments in cryptocurrencies by China-based precursor manufacturers rose to more than $26 million.

The firm stated that it made cryptocurrency payments to these manufacturers in 2022, which rose sixfold in 2023.

The information from TRM Labs shows that about $50 million, or 60 percent of the total crypto payments to Chinese precursor makers, was transacted in Bitcoin. Thus, the TRON blockchain was involved in 30% of the payments, and Ethereum was used in 6% of the cases. The payments were mainly from unhosted wallets, cryptocurrency exchanges, and payment services. The manufacturers’ wallets were situated mostly at the exchanges.

The Major Markets and Payment Methods

Chinese precursor manufacturers focused on shipping their products to Canadian, Dutch, Australian, German, and US countries. Other ads aimed at Russia and other nearby countries for the mephedrone precursors. Nevertheless, these manufacturers allowed fiat currency payments through PayPal, MoneyGram, Western Union, and bank transfers.

In April, a US congressional committee claimed that China supports the manufacture of the precursor chemicals used in making fentanyl that is causing the US opioid emergency. The committee noted that China offers value-added tax rebates to those companies that produce fentanyl analogs and other synthetic narcotics’ precursors but for export.

According to TRM Labs, the analysis showed that deposits to the addresses related to Chinese drug manufacturers increased by 106% in the first four months of 2024 compared to the same period in 2023. The report pointed out 11 manufacturers responsible for “more than seventy percent of all cryptocurrency-based drug precursors sales.”

Increasing Trend of Cryptocurrency in Drug Business

Cryptocurrency seems to be gradually being utilized by Chinese drug makers owing to its ability to hide transaction details and the fact that transactions can be easily made. This change is in line with the general tendency that digital currencies are gradually replacing conventional payment methods in the drug business.

Blockchain intelligence companies such as TRM Labs and Elliptic have been observing these developments; Elliptic has pointed out that fentanyl is popular with drug cartels because it is cheaper to produce and more potent than heroin. This is worrisome, especially in the context of the opioid epidemic that is still being experienced in the United States, where fentanyl has been identified to be the leading cause of death among persons within the 18-45 years age bracket.

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A large transaction involving Shiba Inu has caught the attention of the crypto community as an unknown whale shifts a staggering 600 billion SHIB tokens from a popular centralized exchange. This major transaction has raised speculations about the intent and possible impact on the price of the coin even though its value has dropped significantly over the last day.

Against the backdrop of the global crypto market downtrend, some large investors are seizing the opportunity to buy in on their favorite tokens at cheaper rates with hopes of a future price upswing to generate profits. Let us look at this transaction.

600 Billion SHIB Tokens Leave Robinhood Exchange

Whale Alert, a prominent large crypto transaction tracker, spotted the transaction earlier today and reported it on X (formerly Twitter). According to the update, the whale transferred a mouthwatering 600 billion SHIB tokens from the California-based centralized exchange Robinhood to a wallet labeled ‘unknown.’

600,000,000,000 #SHIB (13,713,299 USD) transferred from #Robinhood to unknown wallethttps://t.co/9jSpBh0IQ1

— Whale Alert (@whale_alert) June 10, 2024

The massive transfer which was valued at about $13.7 million was purchased at an average price of $0.000022. A transfer of such volume from an exchange to an external wallet often represents accumulation, signifying confidence in the said token. That said, the Shiba Inu community popularly known as the ‘SHIB Army’ is hopeful for a possible price uptick in response to this significant transaction. Also, Shiba Inu, just like other memecoins, is fueled by hype, so when a notable activity like this takes place, it is likely to affect the value of the asset either way.

Interestingly, this is not the first time this whale has traded Shiba Inu. In a recent update, the whale was observed to have sent 3 trillion tokens to the same Robinhood exchange at the time when the coin was trading around the $0.000025 mark. This could mean that the whale previously sold to cash in on gains and now has entered the market with the 600 billion acquisition.

Another factor that could impact the price of SHIB is its burning mechanism. According to a previous report by Coinfomania, the Shiba Inu burning rate skyrocketed by over 68,000%, destroying over 7 million tokens in 24 hours. This could be a key driving force for a major price action in the future.

Shiba Inu (SHIB) Price Movements

Shiba Inu has joined the global crypto market in a downtrend. A close look at the data provided by CoinMarketCap reveals its price movement over the last 24 hours. According to the update, SHIB is currently changing hands at $0.00002215 which represents a 4.41% drop within the recorded time.

Interestingly, even though the price has experienced a decline, its trading volume over the last day has taken the opposite direction, surging by 21% to rest at $581.3 million. During this time, SHIB has traded between the range of $0.00002213 and $0.00002358 which is still 74.3% below its all-time high of $0.00008616 reached on October 2021.

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Crypto.com announced its approval as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. 

This accomplishment comes after a thorough evaluation of the company’s compliance measures, specifically its AML/CFT measures. With this approval, Crypto.com can expand its services in Ireland, such as crypto-to-fiat exchange and Fiat Wallet.

https://t.co/vCNztATSCO is proud to announce that we have been granted Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. pic.twitter.com/Dv9Fi5WUCg

— Crypto.com (@cryptocom) June 11, 2024

Eric Anziani, President and COO of Crypto.com, noted, 

“This approval from the Central Bank of Ireland is the latest proof of our dedication to compliance and responsible innovation. We are looking forward to expanding our services in Ireland and offering the greatest selection of crypto products to consumers.”

Global Regulatory Momentum

The VASP approval in Ireland is part of the larger plan of Crypto.com to get regulatory licenses across different countries. The company has, in recent times, accomplished the following major goals. Crypto.com is an operation in Singapore, and it has been issued with the Major Payment Institution (MPI) license for Digital Payment Token (DPT) and MPI for e-money issuance, account issuance, cross-border and domestic money transfer services by the Monetary Authority of Singapore.

Crypto.com is a well-known DASP registered with the AMF in France. The company also received the operational approval of the Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA). Since its operations, Crypto.com has been legally acknowledged by the FCA as an Electronic Money Institution (EMI) in the UK.

Crypto.com’s European presence is also demonstrated by its registration in several EU countries. It has obtained the VASP registration from the Bank of Spain in Spain and from the Organismo Agenti e Mediatori (OAM) in Italy. Crypto.com is also regulated in Greece by the Hellenic Capital Market Commission and in Cyprus by the Securities and Exchange Commission.

These milestones highlight Crypto.com’s continuous endeavors to adhere to the regional financial regulation frameworks to provide safe and secure services to its clients.

Other International Approvals

Outside Europe, Crypto.com has had significant success in regulation efforts worldwide. The company is incorporated in South Korea and is approved under the Electronic Financial Transaction Act as a Virtual Asset Service Provider. Crypto.com is regulated by AUSTRAC in Australia as a Digital Currency Exchange Provider and Independent Remittance Dealer and is licensed by the Australian Securities and Investments Commission (ASIC) as an Australian Financial Services Licence and Credit Licence.

Crypto.com’s focus on compliance is also seen from its licensing from the Cayman Island Monetary Authority, the US CFTC as a Derivatives Clearing Organisation and a Designated Contract Market, as well as a pre-registration undertaking with the Ontario Securities Commission and Canada Securities Administrators.

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Bitcoin, the largest cryptocurrency by market cap has fallen below the $68k level to trade around $67,000 at the time of writing. Consequently, the general crypto market has experienced a bearish movement as most coins are trading in the red zone according to the crypto heat map.

Also, the global crypto market cap has declined by 3.07% to $2.45 trillion in the last 24 hours. This means that over $80 billion was lost in the market within the recorded time, raising the total liquidation above $170 million.

Bitcoin Price Triggers Bearish Movement

Meanwhile, the price of the flagship coin began the new week on a promising note, charging toward the $70k mark after a long weekend of slow price action. However, this momentum was short-lived when the bears ceased the initiative and dragged the price down, losing over $2,000 in just one hour. As a result, the price of BTC fell to its lowest in a week, $67,500. Its valuation also took a hit, falling to $1.33 trillion.

Source: CoinMarketCap

On the altcoin front, Ethereum (ETH), the second-largest cryptocurrency by market cap has also plummeted significantly. According to data provided by CoinMarketCap, the price of the coin has dropped by 3.7% over the last day to trade at $3,531.

Similarly, other popular coins like Binance Coin (BNB), Solana (SOL), and XRP have declined notably within the last 24 hours. Per the data from CMC, the mentioned altcoins have fallen by 5.4%, 3.51%, and 2.04%. Dogecoin (DOGE) and Shiba Inu (SHIB), the two leading memecoins in the market, have both declined by 2.63% and 3.49% over the last day.

Other prominent altcoins like Toncoin (TON), Cardano (ADA), and Chainlink (LINK) have all gotten their fair share of bloodbath. TON now trades at $6.89, representing a 2.98% drop, ADA at $0.43, signaling a 1.77% drop, and LINK at $15.56, showing a 2.59% decline.

In the past 12 hours, the total liquidated positions equal $118.48 million, and $168 million liquidations have been recorded in the last 24 hours according to CoinGlass data. In the same period, over 75,000 traders have been Rekt (wrecked).

At the time of writing, Bitcoin (BTC) is changing hands at $67,545, representing a 2.76% decline over the last day and trading below its support level of $67,650.

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Lykke, a UK-based crypto exchange has reportedly shut down its trading operation after a suspected hacking incident that led to the loss of more than $22 million. The incident which was first reported by on-chain sleuths’ on X (formerly Twitter) has sent shockwaves through the crypto community with brewing concerns about security and asset safety. Moreover, the situation underscores the need for the implementation of stringent security measures in cryptocurrency exchanges.

Lykke Cites “Security Breach”

On June 4, the on-chain investigator SomaXBT reported that Lykke had been breached and exploited for about $19.5 million worth of crypto (158 BTC and 2,161 ETH). At the time, he pointed out that the exchange team was still hiding the fact.

on June 4, @lykke CTX got exploited and lost $19.5 million worth crypto assets but team still trying to hide this fact BTC (158 btc)bc1qt64756h9aylujm9tpk826zndegpxtngmr6eqad ETH (2161 eth)0x9172a72f5009ca609833819763A2722e53806443 pic.twitter.com/bT4TaQLukY

— SomaXBT (@somaxbt) June 9, 2024

Subsequent digging uncovered that the hacker had already swapped all stolen Ethereum (ETH) coins to DAI, an algorithmic stablecoin issued by MakerDAO and the third-largest stablecoin by market cap, and transferred the BTC to multiple wallets. Furthermore, Taylor Monahan, a MetaMask developer disclosed that the amount of assets stolen from the platform has topped $22 million.

Lykke Assures Users of Funds Safety

While the exchange team was initially quiet about the incident, several users of the exchange voiced their complaints stating that they were unable to withdraw their assets from the platform. However, on June 10, the exchange officially put out a statement on X citing a “security breach.” According to its statement, Lykke UK and Lykke Corp AG suffered an attack on their system on June 4 which resulted in an immediate shutdown of the affected systems to limit damage. “The identified security breaches have been thoroughly examined and fully addressed,” the exchange said.

Lykke UK and Lykke Corp AG (Lykke) suffered an attack on their infrastructure on June 4. The affected systems were immediately shut down to limit damage. The identified security breaches have been thoroughly examined and fully addressed.

— Lykke Zero-fee crypto exchange (@lykke) June 10, 2024

Lykke further stressed that it maintains strong financial stability with its solid reserve and diverse portfolio. Furthermore, the exchange disclosed that it had uncovered the IP address of the perpetrator, adding that an external criminal investigation has started to bring the attacker to book. The statement closes by highlighting the need to shut down the exchange to prevent further loss while the investigation is ongoing. A look at the exchange website shows a warning that states that the exchange is under maintenance till further notice.

Source: Lykke Website

Lykke is the second cryptocurrency exchange to have been exploited in the past two weeks, following DMM Bitcoin whose platform saw $320 million taken on May 31. These sad occurrences highlight the urgent requirement for strengthened security protocols on all digital platforms.

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Ripple is expanding its collaboration with the National Bank of Georgia (NBG) to explore and implement digitalization strategies for the Georgian economy. 

Meanwhile, this partnership aims to leverage advanced financial technologies to enhance the country’s financial system’s efficiency, inclusivity, and transparency.

Crypto News Update: @Ripple Partners With National Bank of Georgia to Digitize Economy#VOC #VoiceOfCrypto #Bitcoin #BTC #Crypto #Blockchain #Ripple #XRP

— Voice of Crypto (@VoiceofCrypto2) June 10, 2024

Natia Turnava, currently serving as the acting governor of the NBG, and Varlam Ebanoidze, the head of the bank’s Financial and Supervisory Technology Development Department, have recently met with James Wallis of Ripple. The meeting considered possible areas of interaction in the field of financial technologies and digitalization. At this meeting, Wallis also presented Alistair Brown from EPAM Systems, Ripple partner and a firm that operates within the digital sphere.

Wallis expressed his enthusiasm, stating, 

“It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava.”

Building on Previous Collaborations

This new partnership is in a way an extension of the previous one between Ripple and NBG. Ripple was earlier chosen to be the technological provider for the NBG’s pilot CBDC called the digital lari. The pilot project that started in the last quarter of 2023 seeks to integrate CBDC in different segments, such as public services, commerce, and retail.

Thus, the partnership between Ripple and NBG is anticipated to help Georgia’s financial sector integrate with blockchain technology. The partnership also illustrates Georgia’s efforts in the process of economic modernization and the development of a new financial infrastructure that incorporates the latest developments in the field of fintech.

EPAM Systems’ Role in the Digital Transformation

EPAM Systems, headquartered in Newtown, Pennsylvania, brings extensive expertise in software engineering services, digital platform engineering, and digital product design. The inclusion of EPAM Systems in the partnership emphasizes the importance of integrating advanced fintech solutions to support Georgia’s digital transformation efforts.

During the meeting, Alistair Brown, representing EPAM Systems, was introduced to NBG officials, further solidifying the technological and operational collaboration between the parties. EPAM’s involvement is expected to provide valuable insights and support in the development and implementation of the digital lari initiative.

Ripple’s Global Involvement in CBDC Projects

Georgia is not the only country working with Ripple on CBDC development and related integrations. Ripple has been actively involved in CBDC pilots in several other nations, including Colombia, Bhutan, Palau, and Montenegro. Ripple’s ongoing commitment to supporting global CBDC initiatives was reinforced by a 23-page white paper published in late 2023. The paper emphasized the necessity of CBDCs to facilitate asset tokenization and the transformation of tangible assets into digital tokens stored on the blockchain.

While the development of CBDCs offers numerous potential benefits, such as increased financial inclusion and efficiency, some critics have expressed concerns about potential drawbacks, including privacy issues and government surveillance.

The partnership between Ripple and the NBG represents a strategic step towards modernizing Georgia’s financial sector. By leveraging Ripple’s expertise in blockchain technology and EPAM Systems’ proficiency in digital solutions, Georgia aims to create a more efficient and transparent financial system.

The post Ripple Teams with National Bank of Georgia for Economic Digitalization appeared first on Coinfomania.

Ripple, a major player in the cryptocurrency landscape, is further strengthening its collaboration with the Republic of Georgia through initiatives aimed at advancing the digitalization of the local economy. 

This partnership is facilitated through discussions with the National Bank of Georgia (NBG) and involves exploring avenues for leveraging financial technology to transform the Georgian economic landscape into a more digitized and efficient model.

High-Profile Meeting Marks Deepening Partnership

Recently, key figures including Natia Turnava, the acting governor of the NBG, and Varlam Ebanoidze, who heads the bank’s financial and supervisory technology development department, convened with Ripple’s vice president of central bank engagements, James Wallis. 

This meeting, which took place in Tbilisi, was officially announced by the Georgian central bank on June 8 via a LinkedIn post, highlighting its significance in the ongoing relationship between Ripple and the NBG.

During the meeting, James Wallis had the opportunity to introduce Alistair Brown, a representative from EPAM Systems, Ripple’s partner, to the Georgian officials.

EPAM Systems, based in Newtown, Pennsylvania, is renowned for its expertise in software engineering services, digital platform engineering, and digital product design. Its involvement underscores the technical depth Ripple is incorporating in its collaborations.

Ripple & EPAM Meet with National Bank of Georgia. Source: NBG

The discussions at this high-profile meeting revolved around potential collaborations for digitalizing Georgia’s economy. This builds on an already established relationship where Ripple has been instrumental as the technology partner for the NBG’s pilot project on the digital lari, a proposed central bank digital currency (CBDC). 

The pilot project was first announced by the NBG in September 2023 when it invited nine companies, including Ripple Labs, to participate. Ripple Labs was eventually chosen as the official technology partner to develop the digital lari, underscoring its pivotal role in this transformative endeavor. 

Ripple’s Global CBDC Initiatives and Vision 

Ripple’s engagement is not limited to Georgia. The company has been actively involved in similar CBDC initiatives across the globe, collaborating with central banks in countries such as Colombia, Bhutan, Palau, Montenegro, and others. 

Ripple’s commitment to supporting global CBDC development was further highlighted in a detailed 23-page white paper released on December 14, 2023. The document provides a comprehensive overview of CBDCs, discussing their benefits such as enhanced financial inclusion, streamlined cross-border payments, and strengthened monetary policy control.

Moreover, the white paper elaborates on the potential of asset tokenization, a process of converting tangible assets into digital tokens on the blockchain, which Ripple supports as a key aspect of CBDC development. 

However, Ripple also acknowledges challenges such as the lack of a uniform global regulatory framework, minimal consumer education, concerns about privacy and security, digital identity verification issues, interoperability problems among CBDCs, and the need for offline transaction capabilities. 

Despite these hurdles, Ripple maintains that these challenges are not insurmountable. While Ripple’s efforts are seen as pioneering in the realm of digital payments and CBDC development, there are critics who express concerns regarding potential drawbacks. 

These include fears about privacy and the possibility of increased government surveillance through such digital currencies. However, as Ripple continues to expand its footprint in the CBDC arena, its collaborations, like the one with Georgia, showcase a steadfast commitment to redefining financial technology and fostering a more inclusive and efficient global financial system.

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Shiba Inu, one of the top memecoin in the market has made headlines today after its burn rate surged by more than 68,000% in the last 24 hours. This development has ignited optimism for the future value of the coin with investors hopeful for a potential price jump. However, this might not be the case as fresh data from CoinMarketCap show that the value of the token has declined notably amid the burn rate hike.

Shiba Inu Community Sends 7.6 Million SHIB Tokens to Furnace

In a recent development that has shifted heads in the crypto market, the Shiba Inu community popularly known as the ‘SHIB Army,’ has succeded in destroying a significant portion of the SHIB in circulation, up to the tune of 7,611,370 (7.6 million) over the last day, consequently raising its burn rate to exactly 68,316.81% according to recent data from Shibburn, a dedicated Shiba Inu burn tracker.

According to the data provided, this total amount of SHIB was sent to the burn addresses through seven different transactions. Notably, one transaction moved 4,320,587 (4.3 million) SHIB tokens to a burn address which represents more than 50% of the entire tokens burned within the recorded time.

Source: Shibburn

Other significant transactions include one destroying 1.031 million SHIB about 8 hours ago from the time of writing and another moving 1.53 million at approximately 3 hours ago. The Shiba Inu community has relentlessly continued to reduce the total number of SHIB in circulation through the burning mechanism with hopes of creating scarcity and potentially driving up the price of the token.

At press time, about 410.7 trillion SHIB tokens have been destroyed leaving over 583 trillion tokens in circulation. Even though the circulating supply is still large, the community is committed to this initiative as tens of millions of coins are being removed from circulation monthly.

Shiba Inu Price Amid Burn Hike

Although the purpose of this burn mechanism is to help the price of SHIB, the current state of the coin tells a different story. According to data from CoinMarketCap, SHIB is currently down by 2.29% over the last 24 hours to trade at $0.00002307.

However, the market activities surrounding the token as observed in its trading volume have spiked by 6.95% to $505 million. What is more, Shiba Inu (SHIB) has traded between the lows and highs of $0.00002279 and $0.00002359 in the last 24 hours, signaling a 73.3% decline from its all-time high of $0.00008616 reached on October 2021.

The value of Shiba Inu will hopefully bow to the laws of demand and supply subsequently. As more coins are burned, the remaining in circulation become more attractive and valuable hence a potential surge to coveted levels.

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