Welcome to Finance Redefined, a weekly newsletter designed to bring you the most important events of the past week, providing essential insights into decentralized finance (DeFi).This week in DeFi, there was more regulatory action as the U.S. Commodity Futures Trading Commission (CFTC) charged Uniswap Labs with illegally offering leveraged cryptocurrency trading to retail investors. The CFTC’s director warned of more potential enforcement actions against the DeFi ecosystem.In the broader DeFi space, Polygon’s native cryptocurrency has been upgraded to the Polygon Ecosystem Token (POL). Polygon says this token will be a “hyper-productive” token and better aligns with Polygon 2.0’s ultimate vision…
Author: Crypto Flexs
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Introduction to Ordinals In this article, we’ll explore how Ordinals are used in the Bitcoin ecosystem to create a new type of NFT. Our intention is to provide practical information for creators, collectors, and all marketplace participants interested in engaging with Ordinals on Bitcoin.We’ll start with a high-level explanation of Ordinals and NFTs on Bitcoin, highlighting their characteristics and potential uses. Then we’ll delve into BRC-20, the token standard for these digital artifacts, and how it differs from tokens on other blockchains. We’ll touch on some controversies. And lastly, we’ll review a few important considerations for protection and inheritance in…
As considerations grow deeper into how AI will transform the global economy, analysts at research and brokerage firm Bernstein argue that cryptocurrency micropayments are needed to avoid financial bottlenecks in emerging industries.The current global financial system is built on a network of interconnected jurisdictions, with companies like SWIFT for interbank transfers and Mastercard and Visa for cross-border transactions. However, access to this system requires individuals and businesses to verify their identity in order to obtain a bank account or credit card. This presents an obvious challenge for how automated AI can participate without the necessary identity documentation.AI agents could use…
According to the Financial Conduct Authority (FCA), around 90% of cryptocurrency companies that applied to register in the UK last year were rejected. Regulatory Authority’s Annual Report for 2024. High rejection rates result from: The companies Especially if you do not meet the required criteria. Related fields Anti-fraud and anti-money laundering protocols. The FCA said only four of the 35 cryptocurrency companies submitted applications in the past 12 months were approved. The report details that 15 applications were withdrawn and nine were rejected outright for failing to properly comply with regulatory requirements. “Over 87% of cryptocurrency registrations were withdrawn, rejected…
Rebecca Moen Sep 07, 2024 05:45 Binance will distribute 1,000,000 USDC to FRONT and SLF holders after rebranding the token to SLF to ensure user feedback and transparency. Binance, one of the world’s leading cryptocurrency exchanges, has announced a USDC airdrop for eligible FRONT and SLF holders. This initiative comes as part of Binance’s commitment to transparency and user feedback, according to a recent announcement. Details about snapshot time Distribution Rules Eligible users who hold FRONT and/or SLF in their Binance Wallet during the snapshot time will receive USDC from the 1,000,000 USDC pool.…
The Critics Fire MemecoinS Because it’s not enough substance And it’s practical use. Dogecoin Try to break Memecoin stereotype. The Dogecoin Foundation is making progress in expanding real-world use cases for DOGE. Memecoin has a unique place in the crypto world, attracting a passionate community and offering investors the potential for huge returns. However, Memecoin is often criticized by skeptics, who dismiss it as a short-term project with no real value or practical use. Dogecoin, originally a meme coin, is working to change this perception by pursuing the goal of becoming a “currency for the people.” The initiative aims to…
Bitcoin prices are experiencing notable volatility as the market anticipates the release of U.S. jobs data for August later today, analysts said.Bitcoin Bitcoin -4.70% It is trading at $55,975 and is down 1.5% over the last 24 hours. Ether is also in the red, down 1% over the same period. The pricing page of the block.It’s a crucial week for U.S. labor data. Thursday’s ADP private payrolls data showed growth slowed in August, the weakest monthly reading since 2021. That has stoked fears of an impending recession and raised expectations that the U.S. Federal Reserve will have to take preventive…
Tony Kim Sep 07, 2024 03:49 The Hong Kong Monetary Authority has suspended Lisektang’s registration for nine months for allegedly forging customer signatures. The Hong Kong Monetary Authority (HKMA) has announced that it has suspended the registration of Mr. LI Shek Tang for nine months following an investigation into misconduct. According to the HKMA, the disciplinary action is taken under section 58A(1) of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong) and will be effective from 4 September 2024 to 3 June 2025. Details of the misconduct The investigation found that…
The Dogecoin Foundation has released a map showing how the Dogecoin (DOGE) blockchain and community are growing. In a new thread on social media platform X, the team behind the popular dog-themed meme asset has released a “trail map” showing the milestones they’ve achieved and those they plan to achieve. The first phase, which aims to grow the developer community and increase accessibility, is marked as 100% complete, while the second phase, which aims to lower the barrier to access to DOGE and prepare it for business adoption, is marked as 90% complete. However, the third phase, which is “increasing…
The U.S. cryptocurrency advocacy group will host its second “Stand with Crypto Day” later this month, which will include a performance by The Chainsmokers in Washington, D.C.The September 18 event follows a bus tour called the “America Loves Crypto Tour,” which visits five states, including Michigan, Wisconsin, and Pennsylvania. Politico first reported the news.“The second Stand with Crypto Day will be the final stop on our swing state tour across the country to get cryptocurrency owners registered to vote,” Sabrina Siddiqui, a spokesperson for Stand with Crypto, said in a statement. “We know crypto voters can make a difference in…