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Janet Yellen Changes Tone on Cryptocurrency Assets

Joe Biden’s Treasury Secretary nominee said that Bitcoin and other cryptocurrencies offer potential benefits.

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Janet Yellen, the former chair of the Federal Reserve and Joe Biden’s nominee for the US Treasury Secretary, changed her stance on cryptocurrencies and mentioned that Bitcoin and other cryptocurrency assets have the potential to improve global transactions.

According to her latest remarks published by the Senate Committee on Finance, digital currencies can improve the efficiency of the financial system. Yellen plans to encourage the use of cryptocurrency assets for legitimate activities.

The recent comments from the former chair of the Federal Reserve came as a surprise as she criticized Bitcoin and digital currencies for potential involvement in money laundering and terror financing in the past. Earlier this month, Yellen mentioned that cryptocurrencies are being used in illegal activities.

“Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like many technological developments, this offers potential benefits for the U.S. and our allies. I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system,” she said.

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Cryptocurrency Risks

In addition to the potential benefits of digital currencies, Yellen pointed out the risks associated with crypto transactions. She said that the illegal use of cryptocurrencies may result in national security concerns for the US. Yellen aims to work closely with the regulatory authorities in the country to draft an effective regulatory framework for Bitcoin and other crypto assets.

“We know cryptocurrencies can be used to finance terrorism, facilitate money laundering and support malign activities that threaten US national security interests and the integrity of the US and international financial systems. I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities,” the Treasury Secretary nominee mentioned in her official remarks.

The recent comments from Yellen came after US President Joe Biden ordered to freeze all Federal regulatory processes including proposed cryptocurrency KYC rules.

Source: https://www.financemagnates.com/cryptocurrency/news/janet-yellen-changes-tone-on-cryptocurrency-assets/

Blockchain

“I See DeFi as The Future of Finance” — Dohyun Pak, CEO and Co-founder of Bifrost

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@edward-moonEdward Moon

Senior product designer / cryptocurrency investor

Prompted by the quick roll-out of the vaccine against COVID-19, blockchains are taking over the world with giant steps. From business to governmental institutions, the number of enterprises that finally went in favor of blockchain never ceases to impress. In the view of increasing trust in Bitcoin, the world’s largest decentralized currency, blockchain may catch even more attention, even if not all authorities are convinced by its straightforward benefits just yet.

Despite the advantages on both industrial and societal levels, blockchains still remain a nascent technological trend not fully deprived of its short-offs. Such, for instance, is the fragmented nature of the blockchain market, that does not provide possibilities for a full-blown scale-up.

Another one is a way too rapid pace of change, which is sure to leave behind many of the dominant projects in a few years’ time. This leaves entrepreneurs extremely cautious regarding their choice of blockchains, as their choices rely on the whole future of the project. In order to build something long-lasting, the businessmen need a guarantee that this technological trend will withstand the trial of time and won’t go into oblivion each time as the new, better-equipped blockchain rises on the horizon.

An Interview With The CEO and Co-founder of Bifrost

In view of all this, the Bifrost platform integrating the technological foundation that merges all existing blockchain into one. The platform will support multichain DApp development mainly tailored to DeFi applications for the time being.

I was excited by the opportunity to exchange opinions with Dohyun Pak, CEO and Co-founder of Bifrost. I prepared a set of intriguing questions. We tried to envisage how the year ahead of blockchain will look like, while also delving deeper into the functionality of the technology, which makes many entrepreneurs scratch their heads.

Edward Moon: Hi, pleased to host you as a speaker. Could you please share with me your outlook on 2021, and what do you think is in store for blockchain technology?

Dohyun Pak: I believe we may be in the due process of critical changes on an industrial scale. Among them, I believe that the multichain technology will prove itself to be paramount in the current year of 2021. Until now, different blockchain protocols have functioned independently and demonstrated that there was no solution in allowing users to use various blockchains simultaneously. Multichain will present opportunities to increase the scalability of the blockchain ecosystem, provide interoperability between a myriad of blockchains and give flexibility to developers and users when using DApps or DeFi. 

Edward Moon: Lately, blockchain has proved itself as an indispensable part of healthcare during the latest round of vaccine distribution; what other industries could take immediate advantage of blockchain, and how covid-19 could spur their adoption rate?

Dohyun Pak: Finance is an industry that can immediately take advantage of blockchain. I see DeFi (Decentralized Finance) as the future of finance because DeFi can solve problems that traditional finance cannot solve. There are 5 features that make DeFi the future of finance.

Firstly, DeFi is a service for all. To use DeFi, all people need are smartphones and the Internet. Secondly, DeFi is a service without borders. This means that anyone can use DeFi anywhere in the world. Thirdly, DeFi is a service that has strengthened security because it is based on blockchain technology in which anyone can check the transactions at any time. Fourthly, DeFi is a service without government. Interest rates are determined by the supply and demand of the market.

Lastly, DeFi is a service with plug & play. To use DeFi, people do not have to go through massive amounts of documents, but instead, go through simple, easy steps. DeFi has these characteristics because it is built on top of blockchain technology. 

Before the spread of COVID-19, people went to banks to create accounts or directly meet the tellers to use certain financial services. As COVID-19 spread around the world, most financial services started to conduct through mobile phones, and fintech companies are leading changes in finance. DeFi will improve financial services from fintech using blockchain. For example, not only will it strengthen security, but it also reduces transaction costs because DeFi has no need for middlemen. 

Edward Moon: How do you feel about the progress made in the DeFi space so far? What would you say is the main obstacle on its way to becoming the global mass movement, and what supportive steps could be taken for it to become one?

Dohyun Pak: In my opinion, DeFi is the last stage of the financial revolution. Although DeFi will not replace all the traditional finance, services that require security and lowering transaction fees will be improved by DeFi.

I am excited to see the rapid growth of DeFi; however, this is just a start. There are limitations to current DeFi services. The biggest limitation is that DeFi services are restricted under a single blockchain protocol so they cannot use features of different ones. For example, DeFi services under Ethereum cannot interact with other services on different networks. In order for DeFi services to truly become the next generation of finance, it would have to adopt a multichain technology to lower gas fees and allow interactions among different blockchain protocols. 

Edward Moon: How far can the popularity of the multi-protocol platform go, and would other players be prompted to follow your example?

Dohyun Pak: There has been a buzz on projects that connect different blockchain networks such as Polkadot and Cosmos. However, no actual project has proven such a feat of multichain technology. So, we developed BiFi to prove this, and if multichain technology operates with the flow, BiFi and Bifrost will then most likely be mainstream.  

The demand for a multichain middleware platform will increase as the blockchain and DApp industry grows. Currently, DeFi users are paying high gas fees because most of DeFi services are operating on top of a single blockchain. If gas fees continue to rise, then no one will use DeFi. Restrictions under one blockchain are not just a problem for DeFi, but also other types of DApps. 

Bifrost is a solution that can solve these issues of DeFi and DAppshave. As a multichain middleware platform, Bifrost will not only connect different blockchain networks but also give choices for developers to choose different blockchain networks for their own DApps. Bifrost will be the paradigm of multichain. 

I saw that your platform came up with two native tokens – BFC and BiFi. How would you describe the difference between them, and in which way is the value of one interlinked with the other?

BFC is the currency of the DApps in the Bifrost Multichain Ecosystem. Developers pay BFC for using the multichain middleware to develop and operate their DApps. BiFi is the governance token of BiFi service. As BiFi is the first DApp to be powered by Bifrost’s multichain technology, BiFi will need to pay BFC to Bifrost as a multichain service fee.

Edward Moon: With more than 35 existing partners, how far are you planning to take your blockchain network? Is there any plan of how you want your project to look on the scale of 2-5 years?

Dohyun Pak: First, I would like to clarify that Bifrost does not have a blockchain of its own, nor is it an exclusive ecosystem. It is a multichain middleware platform that connects different blockchains. Our current goal is to develop our own DeFi project utilizing the power of Bifrost, and support the project of our partners, to ultimately provide seamless interactions with the greater blockchain ecosystem. 

In Q4 2021, we plan to release the Bifrost Suite, a development platform tailored for DeFi. Bifrost will attempt to create a decentralized infrastructure that connects the fragmented markets. Using Bifrost, DApps, and DeFi projects will be able to choose their target blockchains that allow for seamless connections among all blockchains.

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Source: https://hackernoon.com/i-see-defi-as-the-future-of-finance-dohyun-pak-ceo-and-co-founder-of-bifrost-934×3517?source=rss

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5 Under-the-Radar DeFi Platforms Supporting the NFT Space

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As the non-fungible token (NFT) market heats up, BeInCrypto explores five DeFi platforms, building buzzing NFT marketplaces.

1. Axie Marketplace

Axie Marketplace is the official NFT market for collectibles in the Axie Infinity game universe. More specifically, Axies are cute avatars with which users can explore the Axie world.

These avatars, in NFT form, can sell for as much as $4,500 (3 ETH) and come with several different characteristics such as body parts, skills, speed, health, morale, and class.

The marketplace itself a fully decentralized exchange (DEX), running on the Ethereum network. Recently, the platform’s native token AXS doubled in price, owing to the game’s renewed popularity.

2. Decentraland

Decentraland (MANA) is a fully decentralized virtual world. Launched in 2017, some describe the virtual world as the decentralized version of popular online space, Second Life.

Users can create roam the world, socialize with friends and create almost anything which the platform then stores as NFTs. Indeed, Decentraland developers pit the world as the first such owned entirely by its “citizens”.

Within the world itself, there are numerous NFT art auctions and giveaways. The platform also has its own native token, MANA, which users can use to buy virtual land parcels in the world.

3. Terra Virtua

Terra Virtua (TVK) claims to be the most immersive digital collectible platform in the NFT space. Moreover, it also boasts NFTs from some of the most famous names in the entertainment industry.

NFTs include merchandise from top-shelf games such as Pasific Rim and Top Gun, as well as collectibles from age-old classics such as The Godfather movie.

Terra Virtua also hosts an interactive space, which can take the form of a modern art gallery or exposition hall. In its most valuable sale, the marketplace hosted a collection called Voice Note Art 2020, which sold for $10,000.

4. Rarible

Rarible is a blockchain-based NFT space for creators and collectors, allowing creators to create pieces directly onto its blockchain.

Unlike other platforms that either use third party apps or require development knowledge, Rarible requires no code, simplifying the creation process.

The platform has a native governance token called RARI which gives the Rarible community a say in the direction of the platform’s development. Indeed, the platform is run by a fully decentralized autonomous organization (DAO).

5. AtomicMarket

AtomicMarket is a shared liquidity marketplace for NFTs. It is used by multiple portals (or websites) to display NFTs hosted on other marketplaces.

Essentially, it is a smart contract into which multiple marketplaces inject liquidity for each NFT they host that can be seen by the other marketplaces.

Indeed, its ultimate aim is to create a standard universal for the NFT space. Its native token, WAX, currently has just over $17 million staked.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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Source: https://beincrypto.com/5-under-the-radar-defi-platforms-supporting-the-nft-space/

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BitGo Acquires Trust License From New York Regulators

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According to an announcement made by BitGo, the American digital asset custody and security company has acquired a New York Trust license from the New York State Department of Financial Services. The new charter will enable BitGo to provide custodial services for institutional clients in New York, seeking to make large investments in crypto in compliance with local regulations. 

BitGo Acquiring Trust License

BitGo will provide Know Your Customer KYC and Anti-money Laundering Controls with the new license. The security company will also offer offline cold storage of cryptographic keys in bank-grade vaults. 

Mike Belshe, BitGo CEO clarified that the new trust charter from NYDFS will help the company serve the New York-based world’s premier financial organizations. Belshe added  

“The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity, and stability to the crypto ecosystem.”

He also expressed his delight upon receiving the license stating “We are extremely proud to receive the approval for a trusted charter from NYDFS to serve the world’s premier financial organizations that are based in New York State.” 

According to Belshe, Digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity, and stability.

BitGo Application The New York Trust Charter

BitGo applied for the New York trust charter in August 2020 to start operating as an independent and regulated custodian in the state. 

Founded in 2013, BitGo provides institutional-grade storage of cryptocurrencies as well as handling crypto transactions. Backed by Goldman Sachs as well as industry firms like Digital Currency Group and Galaxy Digital Ventures, BitGo has established two new custodial subsidiaries in Switzerland and Germany.  

Last year, BitGo also made headlines due to their partnership with TRON as they launched Wrapped BTC as a TRC-20 token on the Tron Blockchain.

READ  FATF Heaps Praise on The US Laws And Regulations

#BitGo Application #New York trust charter #Trust license from New York #Wrapped BTC

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Source: https://www.cryptoknowmics.com/news/bitgo-acquires-trust-license-from-new-york-regulators

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NFT Mania Brings in Our Lady Peace

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The Canadian rockers became the latest act to take advantage of the Non-Fungible Token (NFT) wave.

Canadian rock band, Our Lady Peace (OLP) announced that they would release a single from their upcoming Spiritual Machines II album as an NFT in April. The launch will be on the S!ng app.

The news accompanied a wave of tweets by the band and frontman Raine Maida about the platform.

OLP follows on the heels of an announcement by the American rock band Kings of Leon that they would release their forthcoming album When You See Yourself as an NFT on Mar. 5. According to Rolling Stone, the Kings of Leon release as an NFT is the first of its kind. 

NFT advantages

Our Lady Peace and Kings of Leon switched to NFPs for several reasons. The platform enables artists and performers to tailor their releases for better engagement with their fans and offer enhanced and one-of-a-kind opportunities.

From a business standpoint, NFTs help eliminate middle-men and retain ownership. Because the copy comes off a blockchain, protecting the intellectual property created is also ensured.

Surging popularity

NFTs are surging in popularity in 2021, though the basic technology has been around since 2017. They gained a first splash of notoriety when the CryptoKitties craze brought the Ethereum network to its knees. 

However, several platforms and projects made a debut in late 2020 and early 2021. The increase of interest in crypto that has accompanied the 2020-2021 bull run also helped. For example, the CryptoPunks platform reached over $83 million in sales since opening shop, with $45 million of that volume coming in over Feb. 18-25.

Adding star power

As with the surge in celebrity crypto endorsements during the current bull run, star power is affecting NFT sales and popularity. Internet personality Logan Paul launched his own NFT with the help of Bondly Finance in February. He then recorded a first edition Pokemon trading card box break, broke the video into NFTs, and sold the results. 

Pushing the envelope in a different direction is a set of “art and tech enthusiasts” who purchased an art piece by Banksy, digitized it as an NFT, and burned the physical copy. The original work, called ‘Morons’, supposedly cost $100,000.

With artists, willingly or not, and musicians climbing on board the NFT wagon, the NFT craze is only beginning.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/nft-mania-brings-in-our-lady-peace/

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