Top Blockchain News for Sep 08, 2023
September 08, 2023
Welcome to Morning Blockchain, where we dive into the world of blockchain and cryptocurrency to explore the cutting-edge technologies that are set to disrupt the industry. In today’s edition, we’ll be exploring topics such as the integration of AV1 video codec for efficient video streaming, the rise of decentralized exchanges and their impact on user adoption, the ongoing threat of cybercrime and legislative efforts to combat it, the potential benefits of DLT in financial markets, regulatory frameworks for cryptocurrencies, and much more. So grab your favorite beverage and get ready to discover the future of blockchain and cryptocurrency. Let’s dive in!
Top Stories
Video codecs: Adding AV1 stateless video decoder support to Linux The latest Linux kernel update includes support for the AV1 video codec, which is significant for blockchain and cryptocurrency because it enables efficient and high-quality video streaming on blockchain platforms and applications. Pantera Capital leads $16.5M round for StarkWare-powered DEX Brine Fi Decentralized exchange Brine Fi raised $16.5 million in a Series A funding round led by Pantera Capital, addressing challenges in institutional and mainstream user adoption of DeFi by providing a self-custodial execution layer that is faster, reliable, user-friendly, and cost-effective, while also leveraging zero-knowledge proofs to address frontrunning and offering gasless trades; this is relevant to blockchain and cryptocurrency as it showcases the ongoing innovation and investment in decentralized exchanges and the potential for improved user experiences and privacy in DeFi trading. FBI says North Korea’s Lazarus Group was behind $41M theft The U.S. Federal Bureau of Investigation has identified the North Korea-affiliated Lazarus Group as responsible for a $41 million theft from crypto-based sports betting platform Stake.com, highlighting the ongoing threat of cybercrime in the blockchain and cryptocurrency industry, prompting lawmakers to introduce legislation to combat money laundering and crypto-facilitated crime. Blockchain and AI Are Set to Transform Financial Markets: Moody’s According to Vincent Gusdorf, DLT (distributed ledger technology) has the potential to enhance financial market efficiency, update payment systems, and promote financial inclusion, which could have positive economic and financial impacts. This article is relevant to blockchain and cryptocurrency as it highlights the potential benefits that DLT can bring to the financial industry, aligning with the goals of blockchain and cryptocurrency technologies to revolutionize traditional financial systems. CFTC Commissioner proposes pilot program to regulate crypto The Commodity Futures Trading Commission (CFTC) is proposing a limited pilot program to regulate cryptocurrencies, with the aim of ensuring market integrity, preventing fraud and manipulation, and fostering liquidity and competition; this is relevant to blockchain and cryptocurrency as it shows ongoing efforts by regulatory agencies to establish frameworks for the digital asset industry. JPMorgan lowers bitcoin mining cost estimate following CBECI revision JPMorgan has revised its estimate of bitcoin production costs to around $18,000 with the new methodology from the Cambridge Bitcoin Electricity Consumption Index, highlighting the reduced impact of electricity price changes on mining costs; this is relevant to blockchain and cryptocurrency as it demonstrates the ongoing efforts to accurately assess the costs associated with bitcoin mining and the potential stress that the upcoming halving event could pose for miners. Tokenization Advocacy Group Wants to Bring the ‘Next Trillion’ of Assets to Blockchain A group of influential companies, including Coinbase, Circle, and Aave, are joining forces to promote the use of blockchain technology for traditional assets, with the goal of bringing a massive wave of assets worth trillions of dollars onto the blockchain. JPMorgan exploring blockchain-based payments: Bloomberg JPMorgan Chase is exploring the development of a blockchain-based digital payment and settlement system, which could potentially speed up transactions and reduce costs for corporate clients; the system would require approval from U.S. regulators before it can be launched. This article is relevant to blockchain and cryptocurrency because it highlights a major banking institution’s continued interest and investment in blockchain technology, as well as its previous experiments and ventures in the cryptocurrency space. First Mover Americas: Crypto Trading Volume Hits 4-Year Low Cboe’s BZX exchange has filed paperwork to list spot ether (ETH) ETFs, potentially becoming the first in the U.S. to do so, with Coinbase acting as the surveillance-sharing partner; however, it is uncertain if ether ETFs will face the same delays and rejections from the SEC that bitcoin products have faced. CFTC settles charges against DeFi protocols Opyn, ZeroEx and Deridex The Commodity Futures Trading Commission (CFTC) has warned decentralized finance (DeFi) platforms Opyn, ZeroEx, and Deridex for various violations, including failing to register and offering illegal leveraged and margined retail commodity transactions in digital assets; this is relevant to blockchain and cryptocurrency as it highlights the regulatory challenges faced by DeFi platforms and the need for compliance in the evolving DeFi space. US Senator Hagerty calls for incremental approach to regulate crypto Lawmakers should take an incremental approach to crypto legislation, focusing on step-by-step processes rather than a comprehensive bill, according to Sen. Bill Hagerty, as this allows for certainty, learning from industry input, and simplicity in a rapidly evolving industry. Atari doubles down on retro, buys beloved Atari homebrew maker Atari has announced its acquisition of AtariAge, an online community for Atari enthusiasts, as the company continues to focus on its retro-related intellectual property (IP) and create new hardware and software based on that IP, making it relevant to blockchain and cryptocurrency as Atari explores the potential of blockchain technology in gaming and digital assets. OKX and Circle partner to add USDC features to wallet, DEX aggregator Stablecoin issuer Circle and crypto exchange OKX have partnered to bring USDC features to the OKX Wallet and OKX DEX aggregator, enabling users to conduct gas-free transactions and cross-chain swaps across multiple networks. This is relevant to blockchain and cryptocurrency as it enhances the usability and accessibility of USDC, a popular stablecoin, and demonstrates the growing integration and interoperability of different blockchain networks. What are crypto trading bots and what are they used for? A summary of the text could be: “Crypto trading bots automate and optimize trading strategies in the volatile world of cryptocurrency, leveraging market data to make rational decisions based on pre-set logic, eliminating emotional bias, increasing transaction speed, and analyzing vast amounts of data simultaneously, but they require regular monitoring and tweaking, and there are potential security risks involved.” Southeast Asia super-app Grab adds support for web3 services Ride-hailing super-app Grab has integrated web3 services, allowing users to set up web3 wallets, earn blockchain-based rewards, and pay with NFTs, with a partnership with the Monetary Authority of Singapore bringing NFT vouchers for popular experiences; this is relevant to blockchain and cryptocurrency as it demonstrates the increasing adoption of blockchain technology in everyday services and the potential for NFTs to be used as a means of payment and rewards. Riot compensated $30 million to shut off Texas bitcoin miners in August Bitcoin mining firm Riot Platforms set a new monthly record of $31.7 million in energy credits in August by curtailing its power usage during peak demand, making it one of the lowest cost producers of bitcoin and giving it a competitive advantage in the industry, while also aiding the Texas energy grid and highlighting the potential for blockchain and cryptocurrency to contribute to sustainability and grid stability.