Aurelia Butler

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    in Cryptocurrency

    Coinbase Welcomes PayPal To Its TRUST Protocol Network

    In a blog, Coinbase (NASDAQ:COIN) said, “By joining TRUST, companies become part of a rapidly growing coalition from around the world.” The blog also said, “the addition of PayPal (NASDAQ:PYPL) marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance.”According to Coinbase, “TRUST is a global, industry-driven solution designed to increase compliance with a requirement known as the Travel Rule while prioritizing the security and privacy of customers.” The crypto exchange explained that Travel Rule requires financial institutions to share certain basic information about their customers when sending funds over a certain amount to another financial institution.“Custodial cryptocurrency exchanges (like other financial institutions) have to satisfy this rule, which was written before crypto even existed,” stated Coinbase.Welcoming Paypal, Coinbase tweeted, “A warm welcome to PayPal for joining TRUST, a global coalition that provides top-tier privacy and security safeguards to customers across jurisdictions while complying with the Travel Rule.”Circle, a P2P payment application, also welcomed Paypal and tweeted, ”Big day for the TRUST network as we welcome digital payment leader PayPal. Our industry-driven solution to balancing Travel Rule compliance with protecting customer privacy & security is now 38 members strong.”Since TRUST launched last February, it has already expanded to include 38 members, including Amber Group, Anchorage Digital, Balance, Binance.US, bitFlyer, BitGo, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Fidelity Digital Assetsˢᵐ, Gemini, Kraken, Netcoins, Nexo, Paxos, PayPal, Prime Trust, Robinhood (NASDAQ:HOOD), sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash, and Zodia Custody.On the FlipsideWhy You Should CarePaypal’s announcement comes two months after it rolled out infrastructure enabling users to transfer, send and receive digital assets between PayPal and other wallets and exchanges in June this year.Similar stories on DailyCoin:PayPal Finally Allows Users to Transfer Crypto to External WalletsSnoop Dogg and PayPal Co-Founder Ken Howery to Purchase All 25 Fire-Tier NFTs for BIVOUAC BIG3 TeamContinue reading on DailyCoin More

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    in Economy

    Malaysian ex-PM Najib goes to jail for graft after losing final appeal

    KUALA LUMPUR (Reuters) -Malaysia’s top court ordered former prime minister Najib Razak to begin a 12-year prison sentence on Tuesday after upholding a guilty conviction on charges related to a multi-billion dollar graft scandal at state fund 1Malaysia Development Berhad (1MDB).The Federal Court ruling caps the stunning downfall of Najib, who until four years ago governed Malaysia with an iron grip and suppressed local investigations of the 1MDB scandal that has implicated financial institutions and high-ranking officials worldwide.Investigators have said some $4.5 billion was stolen from 1MDB – co-founded by Najib during his first year as prime minister in 2009 – and that over $1 billion went to accounts linked to Najib.Najib, wearing a dark suit and tie, sat in the dock as the verdict was read out. His wife, Rosmah Mansor, who is also facing corruption charges, and three children were seated behind him. Security officials then gathered around the bespectacled former premier and he was later seen leaving court in a black car with police escort.A court official and sources close to Najib said he was taken to Kajang Prison, about 40 km away from capital Kuala Lumpur. “This is unprecedented. Najib will be remembered for his many firsts, the first prime minister to lose a general election, the first to be convicted,” said Adib Zalkapli, Director at political risk consultancy BowerGroupAsia. The British-educated son of Malay nobility held the premiership from 2009 to 2018, when public anger over the graft scandal brought election defeat, and dozens of corruption charges were lodged in following months.Najib, 69, was found guilty by a lower court in July 2020 of criminal breach of trust, abuse of power and money laundering for illegally receiving about $10 million from SRC International, a former unit of 1MDB. He had been out on bail pending appeals. The former premier, who had pleaded not guilty, was sentenced to 12 years’ jail and a 210 million ringgit ($46.84 million) fine.The wide-ranging 1MDB scandal prompted the U.S. Department of Justice to open what became its biggest kleptocracy investigation.Opposition leader Anwar Ibrahim said the verdict proved the power of the people. “The people made the decision in 2018 to ensure an independent judiciary and that the country is clean of bribery. That decision allowed proceedings to be brought professionally,” he said.LUXURY ASSETSVarious recipients of the siphoned 1MDB funds, including a fugitive financier named Jho Low, used the money to buy luxury assets and real estate, a Picasso painting, a private jet, a superyacht, hotels, jewellery, and to finance the 2013 Hollywood film “The Wolf of Wall Street”, U.S. lawsuits have said.Knocking back Najib’s final appeal, the court also denied his request for a stay of sentence.”The defence is so inherently inconsistent and incredible that it has not raised reasonable doubt on the case… We also find that the sentence imposed is not manifestly excessive,” Chief Justice Tengku Maimun Tuan Mat said.The panel of judges had unanimously dismissed Najib’s appeals, she said.The court had earlier rejected a last gasp effort by Najib to forestall the final verdict by requesting the removal of the chief justice from the panel. Addressing the court moments before the final verdict was delivered, Najib said he was the victim of injustice.”It’s the worst feeling to have to realise that the might of the judiciary is pinned against me in the most unfair manner,” Najib told the court.Najib, who faces several more trials over the allegations, has consistently denied wrongdoing. He could apply for a review of the Federal Court decision, though such applications are rarely successful. He can also seek a pardon from the king. If successful, he could be released without serving the full 12-year term.But the conviction means Najib will lose his parliamentary seat and cannot contest elections.While Najib still has supporters among his base, many ordinary Malaysians welcomed the court decision.”He did a lot of things wrong for this country when he’s supposed to be responsible for our nation. He’s supposed to bring in money but instead he robbed money,” said tennis coach Farhan Raj, adding he was “very very happy” with the judgement. More

  • 138 Shares109 Views

    in Cryptocurrency

    Chingari Social App Launches The First Video NFT Marketplace ‘Creator Cuts’

    Fostering the Creator’s Economy
    Creator Cuts is the marketplace where selected videos from Chingari’s top creators will be minted as video NFTs. According to the company’s representatives, this move would foster a creative economy on the world’s fastest-growing on-chain social platform. Creators using the Chingari app can mint their videos and sell them on Creator Cuts to multiply their revenue stream. A special price has been assigned to every video depending on the activity of the creator on the Chingari app. Furthermore, buyers of video NFTs will get 10% of the daily income in Gari (GARI) tokens earned by the creator on the engagement they receive on their videos on the Chingari app. NFTs can then be bought, and passive income can be earned not only by Chingari users as they are transferred to the NFT holder’s wallet.Gari token is Chingari’s native token, which enables short-form video creators to monetize their content. Around 1.1 million GARI holders purchased the token in a record time of just six months since the initial launch. With this growth rate, the number of active wallet users is expected to reach 1 million in the next three months. Continue reading on DailyCoin More

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    in Cryptocurrency

    Crypto.com Announces Multimillion-Dollar Investment To Remodel Its Los Angeles Arena

    Crypto.com to Remodel It’s Los Angeles ArenaIn November 2021, Crypto.com paid a record $700 million to acquire the naming rights of the L.A. sports arena. The exchange, which bets big on sports to grow its business, has announced another multi-million dollar investment to remodel the Crypto.com arena.In its announcement, Crypto.com unveiled a nine-figure investment plan in collaboration with AEG Sports to comprehensively renovate the Crypto.com Arena and Xbox Plaza facilities at LA LIVE.The original architects of the Staples Center, Dan Meis, and Ron Turner, who have spent the past 20 years improving sports stadiums, will oversee the project. There will be screens and visible ribbon boards in the stadium for advertising Crypto.com,Building a State-of-the-Art StadiumAs per the official statement, the two companies noted their desire to continue to invest hundreds of millions of dollars to ensure the arena is considered a state-of-the-art stadium.The new state-of-the-art stadium will also have a multi-level Tunnel Club that will feature “new hospitality spaces and an exclusive viewing experience” for select members and VIP guests.Lee Zeidman, the president of Crypto.com Arena, said the renovations will provide new ways to experience their favorite sports and music events.On the FlipsideWhy You Should CareSports has been one of Crypto.com’s biggest business channels and hopes to bring new business opportunities to the company through this renovation.Read about the recent expansion of Crypto.com below:Crypto.com Secures Registration In South Korea Via Acquisition Of Local CompaniesGet more info about the Staples Center acquisition below:Crypto.com Pays $700M for L.A. Sports Arena Naming Rights – One of the Most Expensive Deals EverContinue reading on DailyCoin More

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    in Cryptocurrency

    The Dogecoin-Ethereum Bridge Will Launch In 2022, Billy Markus Speaks

    The Dogecoin-Ethereum Bridge will Launch in 2022The Dogecoin community will be getting a new DOGE-ETH bridge developed by Blue Pepper. The developers of the newest bridge recently announced that the Dogecoin-Ethereum bridge will be launched before the end of 2022. The new bridge will create a wrapped version of DOGE that would allow users to stake, lend, and perform other DeFi functions using their DOGE. Blue Pepper’s bridge uses a centralized custodian BitGo, the custodian for the wrapped version of Bitcoin.The Dogecoin Foundation and MyDoge will join Blue Pepper and BitGo as the genesis members of the decentralized autonomous organization (DAO) that will be responsible for governing the protocol.Dogecoin Founder on the BridgeAs an unofficial Dogecoin project, Dogecoin creator Billy Markus has offered his take on the project. Speaking with Dogecoin proponent, Mishaboar, on Twitter (NYSE:TWTR), Markus, said he hoped that the bridge would work.However, while Mishboar urged Blue Pepper to remain transparent with the Doge community, Markus said he won’t be held responsible for any DeFi-related activity.At this, Mishaboar noted that Blue Pepper developers should reach out to the Dogecoin Core team to discuss the implementation of the DOGE-ETH bridge in the most efficient way.Why You Should CareThe new Dogecoin-Ethereum bridge will grant DOGE users access to all the DeFi functionalities of the Ethereum chain. Find out why Musk holds DOGE in:Elon Musk Is Not Selling Tesla’s Dogecoin (DOGE) Anytime Soon: Here’s WhyWant to know more about the Shibarium? Read:Shiba Inu Team Releases Shibarium Update and Introduces Fourth Ecosystem Token “TREAT”Continue reading on DailyCoin More

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    in Economy

    Euro hits fresh 20-year low on darkening economic outlook

    The euro hit a fresh two-decade low against the dollar on Tuesday as fears of tighter US Federal Reserve monetary policy and a European energy crisis darkened investor sentiment.Europe’s common currency fell as much as 0.4 per cent to $0.9899 reaching a fresh 20-year low, having dropped below parity with the dollar on Monday, as concerns about Russia choking off gas supplies to Europe in retaliation for western support for Ukraine clouded the eurozone economic outlook. The currency has slumped 2.9 per cent against the dollar so far in August, its third straight month of declines.The move reflects both rising jitters about how the energy crisis will affect Europe’s economy and expectations that the US central bank will continue aggressively raising interest rates. Higher rates typically make a country’s debt market look more alluring to foreign investors because it boosts the payout they can receive from holding bonds issued in that currency.Surveys of business executives in the euro area, which were released on Tuesday, highlighted concerns about the bloc’s economy. The S&P Global purchasing managers’ index fell to 49.2 in August from 49.9 the previous month, pointing to a pick-up in the rate of contraction in business activity. “Today’s euro area data was in line with our expectation of subdued manufacturing activity and a slowing in services momentum,” said economists at Goldman Sachs.In equities, Europe’s Stoxx 600 share index slipped 0.3 per cent in afternoon dealings, having dropped by its most in more than a month on Monday. Futures trading on Tuesday implied that Wall Street’s S&P 500 share index would tick up 0.1 per cent on Tuesday, having closed 2.1 per cent lower in the previous session in its steepest daily drop in more than two months. The moves came ahead of the Jackson Hole central bankers’ symposium later this week, at which Fed chair Jay Powell is expected to underline a commitment to raising interest rates to quell consumer demand in order to tackle stubbornly high inflation.“Chair Powell is likely to state that the Fed will raise rates as far as it takes, and for as long as it takes,” said Standard Chartered strategist Steve Englander. Minutes from the Fed’s July monetary policy meeting — at which it raised its main interest rate by 0.75 percentage points to a target range of 2.25 per cent to 2.5 per cent — showed that policymakers discussed keeping rates at levels that would restrict the US economy.In bond markets, the benchmark 10-year US Treasury yield fell 0.01 percentage points to 3.02 per cent. This debt yield, which underpins loan pricing worldwide, had climbed in recent days as traders anticipated a hawkish tone from Powell at Jackson Hole. More