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    in Cryptocurrency

    Smile Shop Joins Conflux PayFi Ecosystem with BitUnion Prepaid Card

    Smile Shop, the premier Asian e-commerce platform, has partnered with Conflux Network, China’s only regulatory-compliant public blockchain, to launch the BitUnion prepaid card. This partnership signifies a major expansion into global digital asset payment with cards welcome in 183 countries and regions. The BitUnion prepaid card operates on the recently launched UnionPay International USD prepaid card framework. UnionPay International, the world’s second-largest card payment processor, ensures seamless financial transactions. Users can load funds onto the card to make online purchases, use it at point-of-sale machines, or withdraw cash from UnionPay ATMs across 183 countries. The card can also be linked with popular third-party payment platforms like Alipay and WeChat Pay. Whether offline or online, transactions are settled at real-time exchange rates between local currencies and USD. The account approval process is quick, and management fees are waived during the initial launch period.As a key product in Conflux’s PayFi ecosystem, the prepaid card incorporates experienced security authentication systems from traditional finance. User data is managed by professional institutions, ensuring security and compliance. Fiat (BIT:STLAM) assets are held within the UnionPay account system, guaranteeing absolute security and reliability. The BitUnion prepaid card has obtained the highest-level financial security certifications, including 3DS and PCI-DSS, comprehensively protecting cardholders’ payment security. The prepaid card will support digital asset transactions and transfers within the Conflux Network, leveraging the blockchain-based PayFi system to overcome limitations in traditional payment infrastructure. Introducing traditional financial models (from credit cards to invoice financing and reverse factoring) into blockchain creates a more integrated value network. Conflux’s PayFi (Pay Finance) addresses inefficiencies in traditional payment systems while keeping financial operations aligned with real-time data, creating a large-scale model for blockchain consumer application ecosystems. As a high-performance Layer1 blockchain, Conflux has been at the forefront of technological advancements, particularly in the development of Stablecoins. They are now expanding their focus to encompass a comprehensive Payments infrastructure and cultivate the PayFi ecosystem. Aiming to become the blockchain of choice for consumer-grade Payments in the future, Conflux Foundation has committed 500 million CFX from the ecosystem fund to fuel the growth of PayFi stack components.About Smile Shop Smile Shop is a super e-commerce platform under Smile Shop Holdings Pte (Singapore), targeting Southeast Asian markets with the vision of becoming Southeast Asia’s most trusted fintech super e-commerce platform. About Conflux Network Conflux Network is a permissionless Layer 1 blockchain that connects decentralized economies worldwide. It utilizes a hybrid PoW/PoS consensus mechanism, ensuring a fast, secure, and scalable blockchain environment. Conflux operates without congestion, maintains low fees, and prioritizes network security. Being the leading regulatory-compliant public blockchain in China, Conflux offers advantages for projects entering the Asian market. In its partnerships, Conflux collaborates with global brands and government entities including, Shanghai, China Telecom (NYSE:CHA), Little Red Book (China’s Instagram), McDonald’s China, and Oreo. These noteworthy collaborations serve as a testament to Conflux’s unwavering dedication to driving blockchain and metaverse initiatives. ContactMelissa Tireymelissa@shift6studios.comThis article was originally published on Chainwire More

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    in Economy

    US watchdog proposes limits on ‘data brokers’ sale of personal info

    (Reuters) – The sale of Americans’ private information by “data brokers” to scammers, foreign adversaries, abusive domestic partners and other unscrupulous actors could face stringent new proposed regulations, the top U.S. consumer agency for financial protection announced on Tuesday.If adopted, the proposed new rules would subject “data brokers” to oversight by the Consumer Financial Protection Bureau, requiring them to comply with credit reporting laws, thereby reining in a practice officials say poses threats to national security and public safety.”The scale of this problem is staggering,” CFPB Director Rohit Chopra told reporters ahead of the announcement, citing research according to which some data brokers explicitly advertised the sale of senior national security officials’ personal information.The proposal also comes in the final weeks of President Joe Biden’s administration, meaning its fate will be determined after President-elect Donald Trump, who has pledged sweeping cuts to spending and regulations, takes office in January. Unlike other regulators, CFPB officials have decided to continue rulemaking in the hopes that some new consumer protections may survive the change in administration, Reuters reported last week.CFPB officials said they believed the subject nevertheless enjoyed “broad bipartisan recognition.”Under the proposal, companies that obtain and sell consumers’ personal financial information – such as income data, net worth and credit ratings – would be regulated like credit bureaus and required to maintain safeguards against the misuse of data, to ensure its accuracy and allow consumers to access their own information.The proposal flows from a broader Biden administration concern with personal data use. The Federal Trade Commission in 2022 sued an Idaho company, saying its mobile phone geolocation data could be traced to abortion clinics, churches and addiction treatment facilities.CFPB officials say the unrestricted sale of such data for pennies per person enables espionage, allows thieves to target financially vulnerable people and allows potentially violent actors to target law enforcement officials and others.Officials traced the 2020 murder of a federal judge’s son to a man who had purchased her home address, according to the CFPB.The proposal will be subject to public comment until March 2025. More

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    in Economy

    Trump tariffs could weigh on European growth and inflation, ECB’s Cipollone says

    Most economists agree that the possible tariffs would impact growth, though views diverge on the effect on consumer prices.Some argue the U.S. trade barriers will push up the value of the dollar, making imports of key commodities more expensive, while likely retaliation from Europe will also raise costs.Cipollone, speaking in a pre-recorded interview at a financial conference, took the opposing view.”All this put together makes me think that we will have a reduction in growth but also a reduction in inflation,” he said. This argument is increasingly relevant since some of the more dovish members of the ECB’s rate-setting Governing Council have been saying that the bank was now at risk of undershooting its 2% inflation target and should therefore cut rates more quickly. Cipollone said that U.S. tariffs would weaken the economy, which translates into lower consumption and thus reduced pressure on prices. Meanwhile, Chinese producers shut out of the U.S. market would be looking for new buyers, selling in Europe at discounted prices.While oil imports could be more expensive given a stronger dollar, Trump also wants to support U.S. energy production, which could mean greater supply just as overall growth cools. These factors will then more than offset the inflationary impact on prices. More

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    in Economy

    Futures muted, Musk pay deal struck down again – what’s moving markets

    1. Futures little changed after record close for S&P 500, Nasdaq U.S. stock futures were little changed after the S&P 500 and the Nasdaq ended the previous session at record highs, while the Dow ended slightly lower, despite surpassing the closely watched 45,000 level at one point.By 04:03 ET (09:03 GMT), the Dow futures contract was up 17 points, S&P 500 futures inched up three points and Nasdaq 100 futures were down two points.Investors were looking ahead to JOLTS jobs data later in the day, the first in a series of reports on the labor market this week ahead of Friday’s November non-farm payrolls report.Traders are closely monitoring how the labor market is faring ahead of the Federal Reserve’s December meeting amid expectations for another rate cut.The economic calendar also includes speeches by Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee.On the earnings front, results are due from Salesforce (NYSE:CRM) and Okta (NASDAQ:OKTA) after the bell.2. Musk pay deal struck down – againTesla (NASDAQ:TSLA) shares were down around 1.4% in premarket trade after a Delaware judge upheld a previous ruling against CEO Elon Musk, rejecting his appeal to reinstate a controversial compensation package worth approximately $56 billion.The package, the largest in U.S. corporate history, had been under scrutiny for its size and structure.Tesla said in a post on social media platform X, which is owned by Musk, that it plans to appeal the ruling. Musk, in a separate X post, called the ruling “absolute corruption.”“There were undoubtedly a range of healthy amounts that the board could have decided to pay Musk,” Delaware Chancery Court Judge Kathaleen St. J. McCormick said in her decision. “Instead, the board capitulated to Musk’s terms.”3. France on brink of government collapseGrowing fears that Prime Minister Michel Barnier’s government is teetering on the brink of collapse have roiled markets in France, the euro zone’s second-biggest economy, which is under pressure due to its rising debt levels.Barnier is expected to face no-confidence motions as soon as Wednesday after opting to push through a controversial budget bill without a vote in parliament.His proposed budget which seeks to curb France’s spiralling public deficit through 60 billion euros ($62.9 billion) in tax hikes and spending cuts, has been opposed by politicians on both the left and far right.Bond investors fear that the collapse of the government would mean efforts to cut borrowing fall by the wayside.4. Trump reiterates opposition to U.S. Steel takeoverPresident-elect Donald Trump on Monday reiterated his opposition to Nippon Steel’s (TYO:5401) $15 billion acquisition of U.S. Steel (NYSE:X), vowing to block the deal once he takes office.”I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his social-media platform Truth Social.”I will block this deal from happening. Buyer Beware!!!”Nippon Steel, which is aiming to finalize the transaction before Trump’s inauguration on January 20, responded to his comments on Tuesday, reiterating its commitment to invest at least $2.7 billion into U.S. Steel’s unionized facilities, preserve union jobs, and introduce technological innovations.The deal also faces opposition from the Biden administration and influential labor unions.5. Oil prices edge higher, OPEC meeting eyedOil prices pushed higher on Tuesday, but looked set to remain rangebound as energy traders awaited the outcome of an OPEC+ meeting later this week.By 04:03 ET (09:03 GMT), crude oil WTI futures climbed 0.6% to $68.75 a barrel, while the Brent contract rose 0.6% to $72.52 a barrel.The Organization of the Petroleum Exporting Countries and allies, including Russia, has been looking to unwind production cuts by the first quarter of 2025. However, the outlook for surplus supply has put pressure on prices. The group accounts for about half of the world’s oil production.“Should OPEC forge ahead with prior plans to increase supply, we believe the scales would tilt heavily towards pronounced oversupply in oil”, analysts at Macquarie said in a note Sunday. More

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    in Cryptocurrency

    Streamr and JDI Announce Strategic Partnership with Terminal Multi-Miner for Home Mining

    Streamr, the decentralized real-time data network, and JDI, a manufacturing leader and venture capital in decentralized physical infrastructure networks (DePIN), are teaming up to transform home-based mining through the launch of the Terminal Multi-Miner. This new mining device combines multi-token mining capabilities with decentralized protocol participation, providing a new way for users to engage with DePIN and the decentralized economy from the comfort of their homes.Terminal Multi-Miner: a new gateway to home-based miningThe Terminal Multi-Miner from JDI supports multiple cryptocurrencies, including $DATA, $ANYONE, and other projects that are added through future updates. Its modular “mining lego” framework allows users to customize their setups for efficiency and flexibility, creating a straightforward way to engage with DePIN.Terminal T2: A powerful multi-miner designed for seamless multi-token mining, supporting $DATA and other tokens.The Terminal T2 model, scheduled for launch in Q1 2025, will enable seamless multi-token mining, featuring integration with projects such as the Streamr Network. With Terminal T2, users can receive $DATA while contributing to the Streamr protocol, simplifying participation in the ecosystem.New accessibility in DePIN The Terminal Multi-Miner is designed with everyday users in mind to make advanced crypto-mining technology more accessible. Its plug-and-play functionality is designed to lower technical barriers and allow more individuals to participate in DePIN and crypto mining.The $DATA token of the Streamr Network plays a key role in the Terminal Multi-Miner. As one of the mining options available, $DATA allows users to actively participate in the Streamr Network by becoming nodes that support its peer-to-peer data broadcasting infrastructure.JDI, with a strong track record in hardware manufacturing for decentralized networks, has supported communities like DIMO and Helium, deploying over 500,000 devices. Streamr, a ‘DePIN original’ founded in 2017, complements this expertise with its scalable P2P infrastructure and tools, which has been trusted by more than 20 DePIN projects, including Flux, Arkreen, and Minima.The Terminal Multi-Miner is just the beginning of what Streamr and JDI aim to achieve together in making DePIN a mainstream reality.About StreamrStreamr is building the real-time data protocol for the decentralized web. Its scalable, low-latency and secure P2P Network enables data broadcasting and monetization at scale. By powering applications for DePIN projects and beyond, Streamr aims to decentralize data pipelines and create new opportunities for data-driven innovation. To learn more, users can visit streamr.network.About JDI Global Group LimitedFounded in 2016, JDI is a manufacturing and venture capital leader specializing in decentralized physical infrastructure networks. With investments in projects like Grass, Ator, and Geodnet, and hardware for networks like DIMO and Helium, JDI is shaping the future of Web3 and decentralized wireless networks. To learn more, users can visit jdiglobal.xyz.ContactsChief Commercial OfficerMark LittleStreamrmedia@streamr.networkVP of PartnershipAndre ZhangJDIAndre.Zhang@jdi.xyzThis article was originally published on Chainwire More

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    in Cryptocurrency

    Bitcoin reserve unlikely under Trump due to dollar prioritization, TD Cowen says

    Trump’s recent statements reinforce his stance on preserving the dollar’s central role, TD Cowen analysts said a note. Over the weekend, he threatened the BRICS alliance—comprising nations such as China, Russia, India, and Brazil—with 100% tariffs if they move forward with plans for a new currency or seek alternatives to the dollar in global trade.TD Cowen analysts said that while some see a strategic bitcoin reserve as a hedge against the dollar’s potential decline, such an idea conflicts with Trump’s prioritization of U.S. economic and military power. They added that Trump views the dollar’s dominance as integral to American strength and influence, leaving little room for alternative reserves.Advocates for a Bitcoin reserve, including organizations like the Bitcoin Policy Center, suggest that holding digital assets like bitcoin could ensure the U.S. remains a leader in global finance. However, TD Cowen analysts find it improbable that Trump would endorse a move perceived as undermining the dollar.While Trump might reference bitcoin in public statements or social media posts to generate attention, TD Cowen believes any serious push for a reserve would require significant political capital, which Trump is unlikely to spend on this issue.The analysts suggest the debate could evolve over the next two years. They argue proponents of a bitcoin reserve may need to shift their rhetoric away from framing it as a hedge against dollar decline to gain traction in a Trump-led administration. More

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    in Economy

    America is one big bubble

    $1 for 4 weeksThen $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    in Cryptocurrency

    Bitcoin price today: skittish near $96k as government moves $1.9 bln coins

    The world’s largest cryptocurrency fell into a trading range below the $100,000 level in recent weeks, after largely failing to cross the coveted level during a rally through November. But it still remained close to recent record highs of over $99,000.Bitcoin fell 0.8% to $95,928.8 by 00:18 ET (05:18 GMT). Most major altcoins rallied past Bitcoin in anticipation of more friendly policies under President-elect Donald Trump. XRP was a major beneficiary of this trend, hitting an over six-year high on speculation that the SEC will drop its long-running lawsuit against issuer Ripple.Bitcoin clocked some losses after Arkham Intelligence data showed the U.S. government had moved nearly 20,000 coins, worth about $1.9 billion, onto Coinbase (NASDAQ:COIN). Such a move usually heralds a sale event. The coins were confiscated from the now defunct Silk Road online black market, and represent roughly 10% of the government’s overall Bitcoin stockpile, according to Arkham data. The mobilization of tokens onto an exchange usually heralds a sale event, with the government having sold off tokens through similar channels in the past. But the move may not necessarily herald a sale, given that Coinbase has a contract with the Justice Department’s U.S. Marshals Service to provide custody and trading of its digital assets. TD analysts downplayed the possibility of a Bitcoin Strategic Reserve under Donald Trump, stating that the President-elect’s “ironclad” view that the dollar must remain the world’s reserve currency would stymie any attempts to hedge against the greenback. Bitcoin’s latest rally was driven by optimism over Trump’s election victory, given that he promised to enact crypto friendly policies and potentially establish a Bitcoin reserve.But while Trump’s cabinet picks all harbor crypto-friendly views, doubts have emerged over the possibility of a reserve. The establishment of a reserve would also require fiscal funding to buy more Bitcoin, which appears unlikely in the face of a Republican-led Congress that aims to slash government spending.Broader crypto prices mostly rallied past weakness in Bitcoin. World no.2 crypto Ether fell 1.1% to $3,653.11.XRP rose further after its recent rally saw it become the world’s third-largest crypto. The altcoin rose 11.3% to $2.7395, hitting an over six-year high on speculation that a change in leadership at the SEC will see the agency drop its long-running lawsuit against Ripple.Solana fell 0.3%, while Cardano surged 12%. Polygon rallied nearly 18%.Meme tokens lagged, with Dogecoin losing 3.8%.  More