Trendin Announces the Launch of Sentience Bot and $TREND token

  • Trendin announced the launch of the $TREND token and upgrade to Trendin Bot will happen next week.
  • Trendin Bot is the guiding force behind the $TREND, states the company.
  • The upgrade to Trendin Bot will add a host of features: enhanced memory, increased speed, etc.

Trendin, a crypto project that uses Artificial Intelligence (AI) in the cryptocurrency space, announced that the launch of its AI-Conceived Token and Trendin Bot (V2) would occur next week. On its official Twitter page, Trendin claimed the launch of $TREND, its token, and Trendin Sentience, the upgraded version of Trendin Bot, would revolutionize the crypto space.

The team claims that the upgrade to Trendin Bot offer enhanced features like memory, context awareness, increased speed, live data API integration, real-time response generation, and a custom 3-part hybrid language model (LLM).

Trendin Bot, available on Telegram and Twitter, possesses intelligence, answering questions, providing information, and even remembering interactions to enhance user experience.

However, unlike other bots, Trendin bot not only answers questions and provides information but also remembers interactions and leverages its intelligence to enhance user experience, stated the company. Futhermore, the company refers to Trendin Bot as:

Trendin’s AI-powered spokesperson,  Trendin Bot, serves as the guiding force

$TREND, the token serves as a social experiment facilitated by Trendin, entirely conceptualized, developed, and managed by AI. Built on the Ethereum blockchain, $TREND tests the hypothesis that a cryptocurrency’s success can be based purely on its name, with AI playing a pivotal role in ongoing development and management.

With a total supply of 10,000,000,000 tokens and a circulating supply of 7,422,500,000, $TREND allocates tokens for liquidity, marketing efforts, ecosystem development, and marketing partnerships.

$TREND aims to drive widespread adoption and foster a vibrant community by leveraging trending phenomena and social media. With its community-centric approach, transparent tokenomics, and decentralized structure, $TREND positions itself as a pioneer in the crypto space.

Philcoin CEO Jerry Lopez on Utilizing Blockchain to Revolutionize Philanthropic Giving

Entrepreneur, philanthropist, and pastor Jerry Lopez has helped philanthropic organizations in more than 50 countries and positively impacted the lives of thousands. Presently serving as Philcoin’s CEO and Founder, he is leveraging the power of blockchain to transform digital giving.

In an exclusive interview with Coin Edition, Jerry discusses the specifics of building an ecosystem for a blockchain-based philanthropic project, explains the inherent Give-to-Earn concept, and explores how distributed ledger technology can help underprivileged communities.

Q: Can you tell us about your pastoral background and why you became interested in blockchain technology?

As a pastor, I have acted as a guide, mentor, and counselor of individuals and families and have seen their needs and challenges. When I was introduced to the blockchain space in early 2015, I realized this technology had great potential to revolutionize the way giving and earning happen. I saw how, from a ministry perspective, blockchain could provide tools to build wealth while empowering others instead of us being at the receiving end all the time.

After many years of deep study on blockchain and what it represented for humanity, I realized there was a need for a philanthropy token: the first of its kind. This was when Philcoin was born.

Q: What inspired you to start Philcoin, and what was your process for building an ecosystem?

Philcoin was made to change the way giving happens. Starting from that vision, we took on the mission to create a platform where giving is embedded into its very fabric. The idea was to create a space where people could conduct their usual activities, such as learning, earning, chatting, socializing, and listening to music while giving back to other community members.

I wanted to reach the most remote corners of the world, which meant our app needed to be easily accessible, operate on low bandwidth, and offer a great yet simple user experience.

A project like this doesn’t just require a capable team but a team who shares the same goal to make a positive impact on the world. I am grateful I found the right team to help bring this vision to life: those creating this ecosystem, those marketing it, and those doing the community building alike.

Q: Tell us more about PhilApp. What does it offer, and how does it work?

PHILApp is a decentralized super app with numerous products and features available from App Store or Google Play. Users can earn while they learn, chat, connect, refer, stake, listen to music, give back, create an account and wallet, and enjoy the numerous benefits.

Q: What web services are available through PhilApp, and what can users learn there?

There are various products and features within PHILApp. The upcoming PHILSocial is a social application where users will be able to post media, create their own causes, earn, and listen to podcasts and music. PHILStream is a space to stream one’s favorite podcasts or radio, filling their ears with all things blockchain, crypto, and Web3.

Through PHILChat, a first-of-the-kind messenger system, our users can connect with people worldwide regardless of their internet connection quality. On PHILEducation, an accredited platform, they can access free soft skills training and more;and they can also watch PHILCast for expert industry insights and more.

We also have earning opportunities: a referral program that rewards each successful and verified referral with NFTs and a staking mechanism that lets users get 15% APY on their tokens, keep half, and give back the other among them.

Q: Can you explain the Give-to-Earn concept and how it benefits underprivileged communities?

Give-to-Earn is built into each of PHILApp’s products and features. The concept is simple: to unlock your rewards, you need to give. You earn as you engage with our products, and those earnings are yours once you give back to a cause of your choice.

There are numerous non-profits listed on our app that people can give to. Alternatively, people can create their own causes in PHILSocial to help families, individuals, and communities directly, without a middleman. This is where we are pioneering peer-to-peer philanthropy.

Q: How does Philcoin promote accessible learning and communication in underprivileged communities?

Breaking out of the poverty cycle often starts with opening access to education. Philcoin’s largest communities are in Pakistan, Bangladesh, India, and Latin America. These communities have faced many challenges, specifically when it comes to accessible education.

What makes our education programs unique is their focus on emotional intelligence and soft skills training to help people grow financially, mentally, socially, and emotionally. These courses are US-accredited, with internationally recognized certificates. So, in the long run, it’s not only an educational opportunity but an employment one, too.

Q: What role do you see blockchain technology playing in philanthropy and global wealth redistribution?

We’ve seen massive adoption of blockchain technology in many traditional sectors, yet the philanthropic sector remains slow to adopt it. With my background, I’ve seen first-hand how challenging it can be to give back to those in need through traditional means. Blockchain offers enormous reinventive opportunities where giving can be faster, cheaper, more transparent, and traceable.

Q: How does Philcoin measure success, and what are some of your long-term goals for the ecosystem?

Philcoin is still in its infancy, but we are scaling faster than expected. Our success is measured by the number of active users and adoption rate: today, we have over 250,000 users in our ecosystem, which has exceeded our expectations for the first year.

This traction is only set to amplify as we launch more game-changing products and features. Success will not only be about users but also how much we’ve been able to give back as a community. When we see more people in our community thrive — financially, socially, or regarding their education — that’s when we know our vision is becoming a reality.

Q: How can interested individuals and organizations get involved with Philcoin to support its mission?

We welcome all new users and organizations into the ecosystem. We know our vision is ambitious and not easily achieved alone, but with the right people and partnerships, we can achieve far more than we ever could on our own.

DeFi and Web3 Security Interview with Ronghui Gu, Co-Founder of CertiK

CertiK’s Co-Founder Ronghui Gu discusses Web3 Security in the DeFi space, among other things, in an exclusive interview with CoinEdition. Gu is a computer science professor at Columbia University who leads a team of over 250 people who inspect crypto code for bugs. CertiK is the largest smart-contract auditor in Web3.

Q: How has CertiK helped shape the Web3 security industry in recent years?

CertiK is the largest blockchain security firm. We’ve audited over 3,800 projects and secured more than $364 billion of market capitalization. Since our founding in 2017, we’ve led the charge to make auditing an essential step for all legitimate Web3 projects. We provide a set of products and tools to assist web3 developers in securing their projects. We also publish curated security data to increase community transparency and trust.

Q: How do you ensure the security of Web3 wallets, and what measures do you take to protect against potential threats such as phishing attacks or malware?

As a blockchain security company, all aspects of Web3 security fall under our purview. This includes wallet security, and we’ve published a number of research articles on this subject recently. Our team of security experts also conduct proactive security research, which recently led to us uncovering a vulnerability in the popular ZenGo wallet application. We reported this vulnerability to the ZenGo team and worked with them to patch it. Our comprehensive penetration testing services also cover wallet applications, from their interactions with Web3 smart contracts to the Web 2.0 backend.

Q: What steps do you take to mitigate the risk of rug pulls and exit scams in the decentralized finance (DeFi) space, and how do you identify warning signs of such activities?

We flag the centralization and privilege issues that lead to teams being able to pull off an exit scam each and every time we find them. We make audit reports public so users can see the risks that may or may not be involved with a project. We also publish educational content to raise awareness about the shared characteristics of these types of scams. Our KYC for project teams service also helps protect users from the threat of rug pulls. They can identify the projects that have earned a KYC Badge by verifying their team and publicly standing behind their platform, stay away from those that don’t, and rest assured that in the event of an exit scam any team that has undergone KYC will be swiftly referred to law enforcement.

Q: Can you discuss the importance of secure coding practices in the development of web3 applications?

Security is paramount. Blockchain technology cannot deliver on its promise if it is not secure. The most successful Web3 applications are those that take security seriously. As a consequence, they work as intended and are around to serve their users for a long time.

As a blockchain security company, we aim to raise the standard of security and transparency across the entire Web3 ecosystem. We publish a lot of technical and developer-focused content, including a series on secure coding practices.

In general, developers should be trained on common code vulnerabilities and coding practices to avoid them and hold frequent design reviews to catch issues early. They should also use an unbiased security team to create a threat model around what’s being developed to improve security.

Q: How do you approach the challenge of ensuring cross-chain interoperability while maintaining the security of the entire web3 ecosystem?

That’s a great question, and it’s one that many of the brightest minds in Web3 are working on. Security must be a primary concern in the development of cross-chain bridges. Bridges aren’t functional if they’re not secure; connecting to multiple chains or being the fastest bridge out there means an insecure bridge is just going to lose your money faster and more efficiently. As we’ve seen, bridges are high-value targets. While there is strong demand for this kind of infrastructure, secure engineering of blockchain bridges must be given the time it is due.

Q: Can you discuss your experience in developing and implementing disaster recovery and business continuity plans for web3 platforms?

We’ve worked closely with projects that have been affected by security incidents to help them develop a response plan. This is best prepared ahead of time, but we recognize that it is not always possible to plan for every scenario. We have a dedicated team that is on call around the clock to assist with incident response for any and all affected projects.

Q: Can you discuss the implications of centralization issues when it comes to Web3 security?

Centralization is in many ways antithetical to Web3. In some cases, however, some degree of centralization is necessary in order to build a functional product. Not everything can be a completely autonomous smart contract running on a decentralized blockchain. Treading this line and prioritizing decentralization is the challenge. Centralization gives certain people heightened privileges, and there should always be a good reason for why this must be the case. We flag all centralization issues in our publicly-available audit reports so users know what they’re getting into.

Q: How can people stay updated on the latest security threats and vulnerabilities in the web3 space?

Following our Twitter accounts (@CertiKAlert, @CertiK, and @CertiKCommunity) is one of the best ways to stay up to date. Reading our blog, where we have hundreds of educational and technical articles, is another way. You can find our blog resources and Skynet leaderboard on our official website.

Q: What is your perspective on the role of KYC practices in the context of Web3 security?

CertiK has developed an industry-leading KYC Badge program for Web3 projects who wish to stand behind their project publicly and build trust with their community. Anonymity and pseudo-anonymity have a strong tradition in crypto, going all the way back to Satoshi Nakamoto’s creation of Bitcoin, but the difference is that Satoshi was not building an explicitly financial product, nor were they soliciting investment from the community. Plus, Bitcoin’s code is all open-source and the network is highly decentralized. A Web3 founder who launches a project should take their investors’ security seriously and should be willing to stand behind their project. Any founder who does not want to undergo their own KYC verification (the details of which are always kept securely) must have a good reason for doing so. In the absence of a codebase as transparent and an application as decentralized as Bitcoin, a KYC Badge goes a long way toward building trust.

Q: How do you see AI being used in the context of web3 security, and what are some potential benefits and drawbacks of this approach?

We’ve published some interesting research on this topic. What we’ve found so far is that AI-powered tools are oftentimes correct with their findings, but too often incorrect so as to be unreliable as they currently are. Current AI also overlooks critical flaws. Both the false positive and false negative rates are generally high. They can be useful for quickly understanding the code and performing a quick sanity check, but not for in-depth analysis.

Our team of experienced human auditors reviews each and every project that comes to us, and while they’d surely appreciate any tool that makes their job easier, we won’t be sacrificing the quality of our audits for speed or a lower cost. Our current set of automated tools combines well with the expertise of our auditors to deliver fast and comprehensive audits at an extremely competitive price point. AI will surely improve in the coming years, and we look forward to incorporating it where applicable.

Lookonchain Reveals Stunning SHIB and DOGE Transactions: Are They Linked?

  • The 5th largest holders of SHIB and DOGE might be linked.
  • A wallet with the address “0x73AF” transferred 20 trillion SHIB tokens.
  • Ethereum influx amplifies SHIB & DOGE coin puzzle.

Lookonchain, a blockchain analytics platform, has speculated a correlation between two of the most popular meme coins in the crypto space: Shiba Inu (SHIB) and Dogecoin (DOGE). The 5th largest holders of SHIB and DOGE might be linked, with solid indications pointing towards the involvement of renowned trading firm Jump Trading or one of its partners.

Just 12 hours ago, a flurry of significant transactions allegedly took place, sending shockwaves through the crypto community. Lookonchain’s analysis shows that a wallet with the address “0x73AF” transferred 20 trillion SHIB tokens, equivalent to a whopping $176 million, to the address “0x40B3.” Consequently, “0x40B3” swiftly ascended to become the 5th largest holder of SHIB.

The post Lookonchain Reveals Stunning SHIB and DOGE Transactions: Are They Linked? appeared first on Coin Edition.

Altcoins Struggle to Keep Up with Bitcoin’s Rally; Expert Predicts Volatility

  • Altcoins’ key bull market support band raises concerns about long-term viability.
  • Bitcoin is expected to experience a significant drop in value before next year’s halving event.
  • This prediction about BTC is because investors tend to become cautious and sell holdings before halving events, causing temporary dips.

Crypto influencer Benjamin Cowen, the CEO, and founder of Into The Cryptoverse, recently stated in a YouTube video that many altcoins are currently in unsystematic downtrends against Bitcoin, which makes him view the altcoin market as too risky.

As per Cowen, while some may argue that the altcoin market is doing well, the sobering reality is that it has yet to achieve a new local high, even as Bitcoin has rallied significantly over the past few months.

The volatile nature of the cryptocurrency market has sparked concerns among experts about the prospects of altcoins that fall below the bull market support band, specifically those positioned under the 20-week SMA and the 21-week EMA. With a flurry of speculation and hype surrounding the market, the number of altcoins available has surged, prompting warnings of an impending reckoning for these digi…

The post Altcoins Struggle to Keep Up with Bitcoin’s Rally; Expert Predicts Volatility appeared first on Coin Edition.

Finance Minister of India Calls for Responsible Digital Currency Use

  • The Finance Minister of India has emphasized the need for proper regulation and government backing in the digital currency market.
  • The Reserve Bank of India is testing its retail and wholesale CBDC for cross-border payments.
  • India plans to introduce cryptocurrency and AI lessons in schools to prepare students for the digital world.

In a recent event in Bengaluru, India, the Finance Minister of India, Smt. Nirmala Sitharaman has declared that India is not against financial technology but emphasized that when it comes to digital currency, it must be backed by either the government or the central bank. According to the Finance Minister, without their guidance, there is a risk of events like FTX, which caused massive spillover effects worldwide.

Sitharaman pointed out that India was an early adopter of digital currency. The Reserve Bank of India has been testing its retail and wholesale CBDC to facilitate cross-border payments in bulk. While the digital currency has much potential, she warned that the technology must be used cautiously and responsibly and only under proper regulation.

The Finance Minister stressed that digital currency technology has many other applications beyond just currency, and India should take advantage of this to promote collective benefit. She added that the government or central bank must take the lead to ensure the stability and security of the digital currency market.

India is still catching up as the world continues to experience the digital revolution. However, the country is allegedly taking a cautious and measured approach to digital currency to avoid the pitfalls of unregulated markets. According to cryptocurrency proponents, other countries need to take a cue from India and regulate the digital currency market to prevent the chaos witnessed in the past.

The South Asian country also plans to introduce lessons on cryptocurrency and artificial intelligence in some school curriculums starting next academic year. The move aims to prepare students for the digital world and keep up with technological advancements.

Crypto Influencer Calls for Ethereum Transaction Processing Boost

  • Foobar reveals Ethereum’s top priority upgrades for 2023.
  • Rising gas fees spark concern among Ethereum traders.
  • Ethereum’s market cap drops amidst upgrades and gas fee worries.

Ethereum, the world’s second-largest cryptocurrency by market capitalization, is poised to make significant upgrades in the coming year. According to Foobar, a DeFi and NFT founder, the platform should prioritize transaction processing parallelization and increase the target block size from 15 million gas to 30 million gas.

Foobar`s tweet emphasizes the importance of Ethereum remaining a leading retail platform. It suggests solutions such as increasing the target block size, reducing congestion, lowering transaction fees, and implementing parallelization to improve transaction speed.

These suggestions notably align with ongoing upgrades like the Shapella upgrade, which aims to enhance Ethereum`s efficiency and scalability. Additionally, EIP-4844 proposes a new transaction type for Ethereum that temporarily allows “blobs” of data to be stored in the beacon node. These upgrades are essential for Ethereum to stay accessible and user-friendly as digital currencies become more widespread.

In other related reports, the rising gas fees charged for processing transactions on the Ethereum blockchain are causing concern among traders. According to Hildobby, a data scientist who shared information from Dune, the median ETH gas price hit a weekly average of 87 gwei, sparking fears of further increases.

According to Coinmarketcap data, Ethereum has had a rough day. With a current trading price of $1,844.78 and a 24-hour trading volume of $8,531,305,913, Ethereum is down 3.28% in the last 24 hours, and its market cap sits at $221,991,058,620. While Ethereum has a significant circulating supply of 120,334,908 ETH coins, investors will be watching closely to see if the price continues to dip or if it will make a comeback in the near future.

EU’s Failure to Attract Top Crypto VCs: A Cause for Concern

  • The EU needs to catch up in funding for web3/crypto projects, with none of the top 25 crypto VCs based in the region.
  • The lack of VCs has raised concerns about the EU`s competitiveness in the crypto industry.
  • Regulatory uncertainty and lack of capital are alleged as major contributing factors to the concern.

Despite the growing interest in cryptocurrency and blockchain technology, the European Union (EU) needs to catch up in funding such projects. According to Patrick Hansen, the head of policy at Circle, only some of the top 25 crypto venture capitalists (VCs) are based in the EU, which raises concerns about the region’s competitiveness in the web3/crypto industry.

The lack of venture capital in the EU has allegedly been a persistent issue in the past, hindering the development of Web2/tech startups. This trend has carried over to the web3/crypto industry as well. While there are several reasons why the EU has been unable to attract top crypto VCs, regulatory uncertainty and lack of capital have been major contributing factors, according to some of the commenters in Hansen`s Twitter post.

Further, according to other commenters, the venture capital scene in the EU may not be as welcoming as it seems. While the region may provide excellent opportunities for startups with a profitable business model and product-market fit (PMF) that are ready to scale, securing funding for pre-seed rounds may take more work.

The EU’s lack of top crypto VCs is a cause for concern and calls for immediate action. According to cryptocurrency proponents, while the region has the potential to become a hub for blockchain technology and cryptocurrencies, it needs to provide a conducive environment for investment and growth.

In other related reports, the European Parliament reportedly approved the first Cryptoassets Regulation Act, which has been the subject of lengthy discussions and debates in recent months. After several consultations, 529 votes were cast in favor of the Act, with 29 against and 14 abstentions. This marks the first European legislation concerning crypto assets.

OFAC Imposes $7.6 Million Fine on Poloniex For Violating Sanctions

  • The U.S. Department of Treasury’s OFAC has imposed a $7.59 million penalty on crypto exchange Poloniex.
  • Poloniex has agreed to pay the multi-million-dollar penalty to settle the violation charges.
  • OFAC alleged that Poloniex violated multiple sanctions programs by allowing customers from sanctioned regions to trade.

The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has levied a $7.59 penalty on California-based crypto exchange Poloniex. The crypto exchange has agreed to pay the amount in order to settle the charges related to the alleged violation of multiple sanctions programs.

As per a press release from the Office of Foreign Assets Control (OFAC), the multi-million dollar penalty is part of a settlement agreement that will clear Poloniex of any potential civil liability associated with the violations that allegedly occurred over the past decade.

The Treasury Department’s OFAC alleged that between January 2014 and November 2019, Poloniex allowed customers from sanctioned jurisdictions including Crimea, Cuba, Iran, Sudan, and Syria, to engage in online digital asset-related transactions on its platform. Users were allegedly allowed to trade, deposit, and withdraw a combined sum of $15.3 million.

OFAC accused the crypto exchange of offering services to customers from sanctioned regions, despite having sufficient data of their location from know-your-customer (KYC) formalities and internet protocol (IP) address data. The exchange was also accused of failing to screen existing customers to identify users from sanctioned jurisdictions.

However, Poloniex reportedly took corrective action and started implementing a block on IP addresses from sanctioned regions starting in June 2017. In fact, the crypto exchange implemented a sanctions compliance program in May 2015, which required a review of KYC information for new customers in jurisdictions subject to OFAC sanctions.

OFAC revealed that as per its Economic Sanctions Enforcement Guidelines, the penalty on the exchange would be more than $99 million. “The settlement amount reflects OFAC’s determination that Poloniex’s apparent violations were not voluntarily self-disclosed and were not egregious,” the agency added.

CoinMarketCap To Launch Shark Tank Themed Reality Crypto Show

  • CoinMarketCap has partnered up with Hello Labs to launch a reality TV show called Killer Whales. 
  • Killer Whales is inspired by the popular investing show Shark Tank which features the likes of Mark Cuban and Kevin O’Leary. 
  • News of the show has led to a 12% hike in the price of Hello Labs’ HELLO token.

Crypto data aggregator CoinMarketCap is set to launch a reality TV show called Killer Whales, in partnership with Web3 entertainment firm Hello Labs. The upcoming TV show will follow the theme of the popular investing show Shark Tank, where millionaire investors hear pitches from aspiring entrepreneurs and invest in their start-ups. 

According to a recent update posted by Hello Labs on CoinMarketCap’s blog, Killer Whales will feature popular crypto influencers including Altcoin Daily, Champ Medici as well as the Hello Labs team. An exclusive Show Producer NFT collection will be launched parallel to the TV show’s release later this year. 

Crypto projects will pitch to a panel of five industry experts referred to as whales in the hopes to receive their investment and mentorship in order to navigate the Web3 business world. Applications for the global search for crypto and NFT projects are currently live and will end on May 2, 2023. Killer Whales will begin filming in June. 

The latest developments have led to a significant hike in the price of Hello Labs’ token. HELLO has gained more than 12% over the past 24 hours, going from $0.057 to $0.062. The token’s daily trading volume has surged by over 90% in the last 30 days. With a market capitalization of $34 million, HELLO is the world’s 496th largest token. 

Killer Whales has been dubbed the Shark Tank of the crypto world. Speaking on the show, Altcoin Daily’s Aaron Arnold stated, “We are very excited to be an integral part of a quality show like Killer Whales. Like on our YouTube show, we hope to provide education & perspective to help everyday people better understand the crypto markets.”

Gemini And Genesis to Enter 30-Day Mediation Period For Resolution

  • Crypto exchange Gemini has agreed to enter a month-long meditation period to reach a final resolution.
  • The mediation will see participation from Genesis and its Unsecured Creditors Committee as well as parent firm DCG.
  • Gemini has also taken issue with the current pace of progress concerning Genesis’ restructuring process.

Gemini has agreed to start a 30-day mediation process with Genesis and the Digital Currency Group (DCG). The process will also see participation from Genesis’ Unsecured Creditors Committee (UCC), as well as an ad hoc Creditors Committee, formed and led by Gemini Exchange. The mediation process aims to reach a final resolution as soon as possible.

In an update shared by Gemini on Twitter earlier today, the Winklevoss-owned crypto exchange revealed that it agreed to enter the mediation period with bankrupt crypto firm Genesis in the interest of a quick resolution regarding the hundreds of millions of dollars owed to its Earn users.

According to Gemini’s update, Bankruptcy judge Sean Lane is expected to issue an order today directing the mediation process. “The mediation will be narrowly focused on DCG’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to bring resolution to the Genesis bankruptcy plan,” the update read.

The proposed mediation process lays out two meetings before May 8, 2023. This is a significant date given that on May 9 and 11, two loans owed to Genesis by its parent firm DCG are set to mature. The loans will provide a combined $630 million to the bankruptcy estate of Genesis, which will benefit all of its creditors including Gemini which happens to be the largest creditor.

Gemini has stated that if DCG fails to pay or restructure its debt to its subsidiary, it will risk defaulting on its obligations. To that end, all parties involved in the mediation process are expected to work expeditiously towards agreement as soon as the period starts, despite it being a month-long process.

Gemini has stated that it is largely in support of the mediation process and that it looks forward to working with all parties to reach a final resolution. The exchange has also gone on record to express its frustration with the current pace of progress and emphasized the need for urgency.

Profi Group Leaders Vladko Romanyshyn and Andrzej Frankowsky On AI and Trading

Andrzej Frankowsky has a background in the banking and technology sectors and has a strong finance experience. With his enthusiasm for technology, Andrzej aims to improve accessibility in the financial industry.

Combined with the skills of Vladko Romanyshyn who studies AI and how it can be used to automate trading processes, analysis and error reduction, the leadership plans to revolutionize the AI Trading space.

Q: What do you think about artificial intelligence and other developments related to the AI space?

Vladko Romanyshyn: For the last six months, an information bomb has raged on the Internet: AI is a sensation. People are studying this technology and trying to apply it to all areas of life. But for the average user AI at the moment is nothing more than sending an email or text translation with an explanation and a 3D cyberpunk style avatar in the social network. However, we’ve already seen designers revolt against the “artist without a soul” and write a college degree in 15 minutes.

Andrzej Frankowsky: Artificial Intelligence can learn — its most important feature — combined with its ever-increasing computing power. Based on data and history, the level of quality of proposed answers and decision making on the part of AI is constantly increasing. Therefore, it is unsurprising that most large companies are now investing in developing innovations in this sector. For example, AI as a train traffic controller has long been an enabler, it’s smart and good for society.

Q: What are you guys working on at the moment?

Andrzej Frankowsky: We are building an ecosystem that challenges typical trading with its risks. Trading takes many human resources, requiring experience and a stable psyche. You need to constantly monitor the market, analyze it, and often traders sit in front of the monitor all day and only sometimes make deals. In this case, there is the human factor, but what if it is removed? Suppose that AI trades for you, takes care of all the analysis, and makes decisions. Efficient and profitable decisions.

Q: Will it be a human-ready interface or a browser extension?

Vladko Romanyshyn: We are already testing our second version of AI with a group of like-minded people and on the whole, we see positive dynamics. There is a stable profit from trades.

Andrzej Frankowsky: Yes, as I said before, AI is learning, and we see more specific behavior every day. I want to look into the future and enjoy fully automated processes. This is where it’s all headed.

Q: Is the AI geared toward stock exchange trading, or are you also working on cryptocurrency?

Andrzej Frankowsky: Initially, it was only an analysis of the stock exchange, with traders and journalists setting up the process. We studied information sources, news impact, and politicians’ behavior on prices inside the exchange. Recently we also connected the crypto market to the analysis. There are pleasant results.

Q: What average yield can we talk about?

Andrzej Frankowsky: If we talk about an average, about 70-80% yearly. It’s not the percentage many young projects expect when they participate in IDO, but it is very stable. Again, with each quarter, AI feels more confident and the dynamics will improve.

Q: Do you think this buzz around AI will go away as interest in NFT begins to fade?

Andrzej Frankowsky: I’m sure it won’t because AI replaces common areas of human life, it’s a beneficial technology. NFTs are useless for the wider society and can easily be dispensed with.

Vladko Romanyshyn: NFT is a promising technology, but half a million dollars a picture is just hype. The most significant funds are invested in startups that are developing AI. This utopian technology will probably optimize and routine structure processes within society and unleash many people’s creativity. Have you heard the music from AI, with the generated vocals from Freddie Mercury?

Q: How do you think the market for the influence of AI will be divided because we are constantly hearing about new projects? Won’t the competition in the industry stifle the technology?

Andrzej Frankowsky: On the contrary, it will stimulate the development of AI. If one or two companies created their technologies, they would be expensive and probably different from the same quality. Now we see a lot of free or cheap solutions, and the quality is noticeably growing.

Vladko Romanyshyn: As the industry evolves, I expect more collaboration and partnerships between different projects to help drive growth and adoption. I believe that AI will make people’s lives easier, not in words, but in deeds.

Binance Japan Set To Go Live After June 2023

  • Binance Japan will begin operations in the Japanese market after June this year.
  • Binance-owned Sakura Exchange BitCoin will terminate services and subsequently debut as Binance Japan.
  • The move comes nearly five years after Binance exited the Japanese market after a fallout with local regulators.

The world’s largest crypto exchange Binance is set to begin offering services to users in Japan. The move comes more than four months after Binance acquired local Sakura Exchange BitCoin (SEBC) for an undisclosed amount. The Japanese crypto exchange is registered with the Japanese Financial Services Agency (JFSA).

According to Japanese local media, Sakura Exchange announced the latest development earlier today. SEBC plans to terminate all services on its platform and launch a new service under the name “Binance Japan” after June this year. The firm will disclose other details related to the launch in the coming days.

Sakura Exchange will also stop providing brokerage services for local exchanges on May 31, 2023. The firm has asked users to sell their crypto assets and withdraw all funds before the deadline. Binance acquired a 100% stake in SEBC back in November 2022. Its existing JFSA license will allow Binance to enter the Japanese market with appropriate regulatory compliance.

SEBC has clarified that the personal information and account details of its existing users will not be carried over to Binance Japan after its launch. Those interested in trading on the new crypto exchange will have to register again and undergo the mandatory know-your-customer (KYC) formalities.

The regulators in Japan subject crypto firms and their products to a relatively high standard. All tokens are required to be approved by the Japan Virtual Currencies Exchange Association (JVCEA) before getting listed on crypto exchanges. As of now, SEBC offers 11 pairs for trading.

Binance’s re-entry into the Japanese market comes almost five years after it exited the country after a fallout with local financial regulators. Japan’s Financial Services Agency issued a warning to the exchange in 2021, reminding it that it wasn’t allowed to conduct business in the country.

Crypto Trading: Risks and Solutions for Retail and Institutional Traders

Cryptocurrencies aren’t a new phenomenon. Everyone has heard of digital assets. In recent years, some countries have imposed restrictions, while others have accepted cryptocurrencies as legal tender. The crypto industry has become so common that more retail investors and large market players are entering the market. Still, risks related to regulation, security, and market liquidity exist for retail and institutional traders, which prevent them from fully trading.

Why Is the Cryptocurrency Market Still Risky for Traders?

Bitcoin was launched in 2009. Since then, more and more traders have been entering the market. The attractiveness of cryptos has led to a growth in the number of cryptocurrency exchanges and brokerage firms. Although it’s been over a decade since Bitcoin was launched, the reliability of brokerages remains questionable.

Brokerage firms allow traders to buy, sell, and exchange cryptocurrencies through a single platform, which is supposed to ensure a high level of security and effectiveness of trade execution. However, this is not entirely true. Most brokers provide derivative trading, including contracts for differences (CFDs), meaning traders cannot own digital assets. Additionally, some brokers manipulate trade orders and offer bid and ask prices with their own spreads.

Traders, whether retail or institutional, should also be aware of the lack of regulation in the overall cryptocurrency market. While some countries are working on legal, tax, and regulatory frameworks for cryptocurrencies, many have yet to finalize their policies. This creates an environment where unscrupulous brokerage firms can thrive, particularly in jurisdictions with little or no cryptocurrency trading regulation.

The lack of regulation creates issues such as unlicensed brokers and a lack of deposit insurance. Only a few traders pay attention to the information about deposit insurance that the firm provides. However, this is one of the key aspects traders must consider before depositing funds. Without insurance coverage, traders risk losing their funds if the company goes bankrupt or its assets are stolen.

Aside from this, there is another issue traders do not suspect. Some brokerage firms provide agreements, saying that by depositing funds with them, a trader grants the company the authority to use, invest, or transfer their funds. Such an agreement treats the client as an unsecured creditor, which allows the company to not return funds if they go bankrupt.

Security is another significant issue in the cryptocurrency market, with hacking being a prevalent problem. Only a few brokerage firms can provide a high level of security that protects their clients from fund loss or identity theft.

The trade execution process is also a challenge for traders in the cryptocurrency market. With over 1,000 exchanges of different sizes, it’s challenging to choose one reliable exchange with a high level of protection.

The recent case of FTX, a successful crypto exchange with over 1 million users and one of the largest trading volumes, going bankrupt in November 2022, serves as a reminder of the risks involved. The collapse occurred due to a problem with the liquidity of FTT, FTX’s native token, and the lack of collateralized assets. The company could not cover customer demand when it faced enormous fund withdrawals.

In addition, liquidity issues can cause significant slippage and price differences between platforms. The level of liquidity determines how difficult it is for a trader to buy or sell an asset at a stable price on a given market.

Are There Solutions for Institutional and Corporate Traders?

The strong bull run in the cryptocurrency market began in 2017 when Bitcoin managed to stick above $1,000. Since then, the number of fund investments in cryptocurrencies has increased significantly.

The market needs institutional and corporate investors, as they can bring significant capital, increasing its market capitalization dramatically. According to the analysis by Morgan Stanley conducted in 2021, institutional investors and limited partners account for over 85% of the trading volume of the U.S. stock market. However, institutional investors face even more limitations in the cryptocurrency industry than retail traders due to higher security requirements and the market execution process.

Like retail traders, institutional investors consider regulation the most important aspect when choosing brokerage firms to enter the cryptocurrency market. The cryptocurrency market is known for manipulation and unethical practices, including wash trading.

Moreover, institutional investors have difficulty meeting know-your-customer (KYC) and anti-money laundering (AML) regulation requirements due to decentralization, one of the key principles of blockchain. This technology makes it impossible to identify the other party in a trade.

Protection of institutional investor funds can barely be fulfilled by the brokerages available in the market. Mostly, weak technical solutions are the reasons for firms’ inability to prevent hacking attacks and money loss.

Although a vast number of exchanges provide different products and services, including centralized order books, custodial storage, lending, alternative investment instruments, NFT, contests and bonuses, crypto payment cards, and project crowdfunding, with their own interfaces and requirements, they operate in jurisdictions with low legal frameworks and non-transparent legal responsibilities.

Another issue related to the wide range of firms is the low level of user experience. Different interfaces, wallets, instruments, and APIs make trading even more time-consuming. Also, whales experience a high entry threshold. Hardware wallets, protocols, screeners, and portfolio trackers require significant funds for setting up trading processes. When working with different exchanges, institutional and corporate traders do not have a single interface to organize information, so they have to use spreadsheets or third-party web services, which also increases operating costs and negatively affects the level of security.

Fiat transfers are a limitation that both retail and institutional traders face. While retail traders can find ways to deal with fiat, such as using P2P trading, larger investors have a limited number of options for fiat payments in banking systems. However, the market is developing along with regulations and brokerage firms. There are already companies that can solve most of the crucial issues of the cryptocurrency market.

Who Can Help Institutional and Corporate Traders?

Single Broker is a financial institution that combines brokerage services and a trading platform and enables institutional and prop traders to manage digital assets on different exchanges through one interface.

Single Broker is a Swiss-based and regulated company. It stores cryptocurrencies and fiat funds in a reliable jurisdiction and provides custodial storage with insurance coverage for any client. Traders access cryptocurrency instruments within the platform’s framework and a closed wallet system. Funds are transferred between exchanges and trading accounts from a single interface, a closed secure infrastructure of segregated custodial wallets and exchange sub-accounts, which guarantees additional protection.

The platform enables access to cryptocurrency trading on various centralized and decentralized cryptocurrency exchanges, and DeFi instruments, including staking and liquidity pools, OTC platforms, and aggregated liquidity. However, more importantly, a client can access all instruments via a single platform. This means that traders do not have to deal with different APIs and interfaces, register on different trading platforms, and deal with third-party terminals to manage API keys.

Unlike most cryptocurrency brokers, which only aggregate liquidity, Single Broker creates an independent sub-account on an exchange that the client chooses and grants the client direct access to it. Traders can execute trades directly, without spreads and hidden commissions. Furthermore, the problem of fiat transfers is solved by Single Broker, by allowing deposits and withdrawals using fiat currencies.

In conclusion, despite skepticism, the cryptocurrency market will continue to grow and develop. However, this does not necessarily mean that the number of professional and reliable brokers will increase. There is still a risk of a surge in the number of unscrupulous brokerage firms. Therefore, traders must be cautious and choose brokers that prioritize security and regulation.

Binance’s Changpeng Zhao Denies $28 Billion Net Worth Claim

  • Binance CEO Changpeng Zhao has denied a Bloomberg report which claimed his net worth is over $28 billion.
  • Zhao stated that the report’s numbers are wrong and that he doesn’t have anywhere near as much wealth.
  • The CEO also took issue with the report’s description of his exchange’s business activities.

Binance CEO Changpeng Zhao has denied a recent report from Bloomberg, which claimed that his net worth exceeded $28 billion. Bloomberg’s Rich List, which was released earlier this week, named the Binance Chief as the third richest person in Finance with a supposed net worth of a whopping $28.2 billion.

Changpeng Zhao took to Twitter earlier today to address the matter and clarified that his wealth was nowhere close to what was purported by the report. The Binance CEO tweeted “4”, which is often used by him to flag certain reports as false. “Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this,” Zhao added.

Zhao also took issue with the report’s characterization of FTX as a “rival exchange”. He revealed that he never viewed FTX as a rival. According to him, well run crypto exchanges are welcome in the crypto space. Responding to a Twitter user who claimed that Zhao was richer than Elon Musk and Vladimir Putin, the Binance Chief stated that he was “a small potato in a small (but growing) industry.

The report further claimed that based on Bloomberg’s estimations on April 5, 2023, Binance raked in an annual revenue of more than $12 billion. Zhao did not respond to this claim. Changpeng Zhao has long been one of the wealthiest individuals in crypto. He was previously accompanied by the likes of FTX founder Sam Bankman-Fried in the billionaire club before his exchange collapsed in November last year.

Apart from the spotlight on Zhao’s wealth, the report highlighted his legal troubles, the latest being the lawsuit filed against him by the U.S Commodities and Futures Trading Commission (CFTC) for allegedly helping clients evade trading restrictions.

Celsius Creditors Seek Info From FTX Over Suspicious CEL Trades

  • Celsius’ Creditors Committee wants to subpoena FTX to get info on some suspicious trades made last year.
  • The trades are believed to have manipulated the price of Celsius’ native token CEL.
  • The creditors are seeking the details of the users behind the FTX wallets that executed the CEL trades.

Creditors of the defunct crypto lender Celsius Network are looking to issue a subpoena to FTX in order to extract info about the bankrupt crypto exchange’s users who participated in a series of suspicious trades last year. The trades involved Celsius’ native token CEL, which is one of the cryptocurrencies at the center of the lender’s ongoing bankruptcy case.

According to a report by Bloomberg, the Celsius Official Committee of Unsecured Creditors entered an application in the U.S. Bankruptcy Court for the Southern District of New York, seeking the bankruptcy judge’s permission to issue subpoenas to FTX debtors for information regarding the users behind the wallets that executed the trades in question.

The Creditors Committee had reportedly retained the services of blockchain consultant Elementus Inc, which identified 947 suspicious transactions from last year. The transactions involved a “near one-to-one relationship” between CEL token deposits and withdrawals between 10 private crypto wallets and wallets on FTX.

The suspicious CEL trades reportedly occurred between April and August 2022. Incidentally, Celsius paused customer withdrawals and filed for Chapter 11 bankruptcy during this period. Its creditor committee believes that the trades made by FTX users may have manipulated the price of CEL during this period.

The subpoena to FTX would help extract information that will allow the creditors to determine if the trades were made to artificially pump CEL. The creditors’ committee will also be able to determine the negative impact of any short trades executed during the concerned period.

The issue carries considerable significance because it will determine the repayment to Celsius’ creditors. The bankrupt crypto lender valued the CEL tokens at 20 cents in its bankruptcy plan. However, the creditors believe that this is an unfair valuation since the potential manipulation hasn’t been accounted for.

Blockchain Association CEO Sees Better U.S. Crypto Regulation Ahead

  • Blockchain Association CEO Kristin Smith believes the U.S. crypto policy will get better.
  • Smith has stated that the crypto industry will likely get comprehensive crypto regulation in the next two years.
  • The lobbyist revealed that pro-crypto lawmakers are gearing up for the next election cycle to support crypto.

Kristin Smith, the Chief Executive of the Blockchain Association, sees better days for crypto policy and regulation in the United States. The pro-crypto lobbyist believes that the stance of policymakers, regulators, and legislators in the country is starting to shift for the better.

In a recent interview with CoinDesk, Kristin Smith reflected on the regulatory landscape for crypto in the United States and her role as a lobbyist in Washington, D.C. Kristin believes that the American crypto industry may have to wait between 18 to 22 months before policymakers introduce comprehensive crypto regulations for the sector.

The Blockchain Association CEO revealed that her organization is in the process of investigating claims of crypto de-banking, which is part of a larger scheme referred to as Operation Choke Point 2.0. This operation is believed to be a coordinated effort by various U.S. federal agencies, including the SEC, to keep crypto from mass adoption.

Speaking on her role as a lobbyist in Washington, D.C., Smith stated that one of the top priorities of her organization is to educate policymakers in the country. According to the CEO, learning about blockchain technology will lead to wider acceptance of the crypto industry. When asked to describe in a word her outlook regarding the U.S. crypto policy, Smith said: Bright.

Furthermore, the anti-crypto stance is reportedly starting to transition into something less hostile, according to Smith. She further talked about Elizabeth Warren, the Democratic Senator from Massachusetts, embracing the term “anti-crypto.” However, Smith stated that Warren’s colleagues in the Democratic party don’t share her view. She added that pro-crypto legislators are already pushing back on such views ahead of the upcoming election cycle.

Standard Chartered’s Note Predicts BTC to Hit $100K by End of 2024

  • Bitcoin’s value might reach $100,000 by the end of 2024: Standard Chartered.
  • The BTC/USD pair could benefit from the recent turmoil in the banking sector.
  • Bitcoin is trading at $29,752 at press time, a 0.33% fall in the past 24 hours.

Standard Chartered, the British multinational bank, has predicted in a recent note that Bitcoin’s value might reach $100,000 by the end of 2024 due to several variables that increase its desirability as a digital asset. According to the note, “crypto winter” has ended, and Bitcoin will thrive due to its reputation as a haven, a store of value, and a means of sending money abroad.

The note highlights the decreasing supply of new Bitcoins, which will be cut in half in 2024, as a significant catalyst for a potential price surge. Furthermore, as the Federal Reserve approaches the end of its tightening cycle, Bitcoin may trade better due to improved risk sentiment and a preference for risk-on assets.

According to Geoff Kendrick, head of digital assets research at Standard Chartered, Bitcoin could benefit from the recent turmoil in the banking sector. It is known to stabilize risk assets as the U.S. Federal Reserve ends its interes…

The post Standard Chartered’s Note Predicts BTC to Hit $100K by End of 2024 appeared first on Coin Edition.

Google’s New Privacy Update May Not Be Completely Secure

  • Google recently updated its two-factor authentication app to add a cross-device sync feature.
  • Analysis of the privacy update revealed that the sync process is not end-to-end encrypted.
  • Cybersecurity experts have asked users to exercise caution as the new feature may not be completely secure.

Google’s recent update for its two-factor authentication app introduced a widely demanded feature where users can synchronize secrets across multiple devices. However, a thorough analysis of the privacy update revealed that the secrets were not completely encrypted and Google has the ability to see the secrets.

Cybersecurity duo Mysk took to Twitter earlier today to share the results of their analysis of Google’s new privacy update. According to the security researchers, the network traffic when the app syncs the secrets is not end-to-end encrypted. This essentially means that Google can see the secrets, even when they’re stored on its servers.

While the update allows users to sign in with their Google Account and sync two-factor authentication secrets across their iOS and Android devices, the secrets are technically vulnerable. If a malicious actor manages to gain access to the secret, it will be relatively easy to generate a one-time OTP and beat the two-factor authentication measures in place.

In addition to that, 2FA QR codes usually contain other information including the account name and name of the service. Since Google has access to the secrets, it can potentially use private information for its benefit to display personalized advertisements.

The cybersecurity experts also found that when a user exports his/her data from Google, the two-factor authentication secrets stored in the user’s account are not included in the exported data. Mysk has recommended users to exercise caution while dealing with the new privacy update.

“The bottom line: although syncing 2FA secrets across devices is convenient, it comes at the expense of your privacy. Fortunately, Google Authenticator still offers the option to use the app without signing in or syncing secrets,” Mysk tweeted.

Crypto Twitter Bashes SEC Chair Over Hypocrisy In Resurfaced Video

  • A resurfaced video of SEC Chair Gary Gensler showed him acknowledging that most cryptos are not securities.
  • The video dates back to 2018 when Gensler was a professor at the Massachusetts Institute of Technology.
  • The crypto community has called out the hypocrisy of the SEC Chairman in light of his recent actions.

The crypto community on Twitter is having a field day with an old video of Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission. The resurfaced video shows Gensler making statements related to cryptocurrencies that are in stark contrast to his current stance on the industry.

The video dates back to the fall of 2018 when Gary Gensler taught a graduate course called “Blockchain and Money” at the Massachusetts Institute of Technology. In the video, Gensler can be seen stating that 3/4th of the market is not considered securities in the United States. By saying three fourth, the SEC Chair was referring to three-quarters of the crypto market.

Likewise Gensler told his class:

“Three-quarters of the market is non-securities, it’s just a commodity, a cash crypto. You’ll hear debates about initial coin offerings (ICOs), what’s a security, what’s not a security. Relevant and important debate but for three-quarters of the market it’s not particularly relevant as a legal matter, as a regulatory matter,”

The statements made by Gary Gensler in the video are contradictory to what he has been saying since being appointed as the Chairman of the SEC. Time and again Gensler has claimed that the majority of the crypto market, barring Bitcoin, is to be considered securities and not commodities. His stance has intensified amid the ongoing crypto winter.

Crypto Twitter has called out Gensler for his evident hypocrisy regarding what constitutes security with regard to crypto. Coinbase CEO Brian Armstrong appeared to be amused and shocked when he retweeted the video with the caption “Wow”. Popular trader Peter Brandt also took to Twitter to highlight Gensler’s questionable tenure as the Chief of the CFTC.

Brighty App Co-founder Nikolay Denisenko On Neobanks and Crypto Adoption In Europe

Coin Edition set to exclusively interview Nikolay Denisenko, the co-founder and CTO of Swiss neobanking startup Brighty App and a Revolut alumnus. Nikolay has an extensive background in Applied Mathematics, Business Process Management, and developing applications. As a Lead Backend Engineer, he developed Revolut Business, considered the company’s most profitable division.

In the wake of the recent regulatory move of the EU, Nikolay shares insights on building a fintech startup, solving existing problems in crypto and fiat neobanking, and reflects on the current state of European fintech, the future of crypto adoption, and AI technology.

Q: We have witnessed the serial failures of the US and EU banks, and the fintech startups are riding the wave. What is your take on this? Do you see this as a problem — or an opportunity where you could show your colors?

Fintech startups can’t ignore the regulatory uncertainty, market volatility, and, in particular, the trust issue existing in the market. I see the failures of legacy banks as a unique opportunity because fintech startups are made to keep up with shifting consumer demands and solve problems that haven’t been solved correctly before — way faster than any other market players.

In this situation, fintechs like Brighty App can offer new solutions that customers need. They have the potential to bridge the gap between the traditional banking systems and the unbanked (or underbanked) population, promoting financial inclusion on a broader scale.

Q: Do you still see a gap in the neobanking sector in Europe and globally?

Yes. To begin with, that’s why we actually started building a neobank. The biggest issue is the lack of seamless integration of fiat and crypto. Many neobanks offer traditional banking or crypto services, but not both, so there is a demand for a one-stop solution that would provide better integration of fiat and crypto services.

Secondly, there’s the limited adoption of DeFi among neobanks. The DeFi products give the users the opportunity to yield and earn on the stablecoins in crypto; still, few neobanks offer such products as staking, yield farming, and lending. Combining traditional banking and DeFi can be a win-win deal and attract a broader use case: for example, banks can provide deposits, and crypto neobanks can offer access to DeFi products.

Next, neobanks should aim to provide proof of reserves. That will allow them to boost the customer trust, as all transactions are operated in the blockchain. This is rather challenging, but it should be done.

And lastly, low accessibility is a barrier to the mass adoption of crypto neobanks. In general, the user experience still needs improvement. As an active user myself, I do care and know how the blockchain works, but I don’t understand why the fees are so high. We were targeting to solve these gaps when developing the Brighty App’s product for Europe.

Q: You mentioned some bottlenecks already, and my third question is: what are the major challenges you see for neobanks globally and in Europe?

The EU market is fragmented by nature: with different languages, cultures, and regulatory frameworks across the member states. This makes it difficult for neobanks to scale operations and establish a uniform presence across the region: every state of the European Union has something specific. They have to adjust the application based on the different languages and get a solid understanding of the audience. This is challenging but interesting nonetheless.

Then, there’s the issue of profitability. Sometimes, neobanks focus on growing the customer base but forget that they should get profits to survive in the current turbulent market without relying too much on available investments.

Q: As we know, the SEC has been going after many crypto companies. Regarding Europe, how is their regulation, and are they infringing on crypto adoption?

The trend is generally positive. There are many EU initiatives like MiCA aiming to provide a clear and balanced framework for digital assets, develop crypto regulation, stimulate innovation, and help establish Europe as the hub of blockchain and fintech development.

I like where it’s all going. All these efforts will help drive mass adoption of crypto in the region and positively affect the Web3-connected companies in Europe.

Q: What do you think banks will look like and will function in, say, ten years from today? How do you see that?

That’s all guesswork, but I think blockchain and AI will significantly improve the banking sector in the next ten years. For one, blockchain tech will optimize daily operations: for instance, exchanging information between banks. Banks will prioritize environmental, social, and governmental factors and become more human-oriented.

The KYC (Know Your Customer) procedures will also improve: e.g., there will be no need to go through the KYC again once you open a new account.

Q: What are the main things to consider before building an application like Brighty App?

We prioritize transparency, regulation, compliance, and security.  As such, all the decisions we make in building Brighty App are based on these principles. Does it make our app more secure? Is it user-friendly and transparent as we ourselves would like to have it? Are we providing the best service?

We keep the same approach when it comes to any partnerships: which is the best on the market and most convenient to our customers? We partnered with FireBlocks because they provide the best custody service on the market. We integrated their services into our app and plan to improve the overall customer experience.

It’s very important to us: even if the services are costly, we aim to provide the most secure and top-notch technologies to our customers, e.g., cloud services like Amazon that are certified and follow all European GDPR policies. As a Swiss-born company, we are convinced that private trustful wealth management should be in the DNA of the product.

Q: How do you differentiate Brighty App from other wealth management apps? Or why should I use your app rather than anything else?

Our goal is to create an accessible, easy-to-use crypto-fiat application. It offers the most secure and trustable DeFi products we have tested and certified, humanizing crypto and making it easily understandable. Brighty App will help you to use crypto in your everyday life: for example, buying coffee with your Bitcoin.

We also plan to work with businesses providing business accounts and services for crypto startups and companies. This is an issue we know too well: as a startup, it took us two or three months even just to open a bank account for employee payouts. So it is an excellent space to expand.

Q: What is your take on artificial intelligence? Do you have any hopes of integrating AI into the Brighty App?

Yeah, for sure. We have already started to use ChatGPT in our everyday life because it helps to boost productivity. So it is pretty reasonable to implement AI power in development, operations, and, definitely, customer service to make it ‘more human.’ You see, banks are rarely about people: they communicate in a techy language that customers don’t understand, and I think ChatGPT will help solve this issue.

Another thing AI can do is offer personalized financial advice and portfolio management — but it might need some regulation, I assume. And the third pillar is security. We’ll start integrating AI-driven fraud detection systems in Brighty App and have already integrated AI in chats.

I believe a startup should be agile, reacting to whatever happens around you, which technologies are trending, what happens around regulations, etc. That’s what it takes to stay in the market — and to succeed as a company.

Former Ohio and Indiana Congressmen Lead Pro-bitcoin Push

  • Former Congressmen teams up to promote Bitcoin’s benefits through BPI Action.
  • The team aims to educate policymakers and the public about Bitcoin’s economic and social advantages.
  • Tim Ryan believes that Bitcoin and other digital innovations have the potential to create jobs and foster financial inclusion.

According to a recent report, former Congressmen Tim Ryan of Ohio and David McIntosh of Indiana are leading a non-partisan effort to promote the benefits of Bitcoin. The two former representatives will head BPI Action, an advocacy group tied to the Bitcoin Policy Institute to educate policymakers and the public about Bitcoin’s economic and social advantages and other digital innovations.

With their new roles, Ryan and McIntosh will spearhead a push to rally support for Bitcoin on Capitol Hill. The advocacy group they will lead will work to increase awareness of the advantages of using Bitcoin, such as increased security and reduced transaction fees.

Familiar sources suggest that by bringing their combined political experience and expertise to the table, Ryan and McIntosh aim to help policymakers and the public better understand the potential of Bitcoin and other digital innovations to drive economic growth and social progress.

Former Congressman Tim Ryan, a Democrat who previously worked on crypto-specific legislation, has highlighted the potential of Bitcoin and other digital innovations to drive financial inclusion and create jobs in underserved communities. Ryan emphasized that traditional financial services have not adequately served many communities, leaving them without proper guardrails that encourage innovation.

He believes that Bitcoin and other digital innovations can address this issue by bringing more underserved communities into financial inclusion and fostering the development of alternative energy sources to create more American jobs.

According to Ryan, his advocacy work with BPI Action will focus on educating policymakers and the public about the potential of Bitcoin and other digital technologies to drive economic growth and social progress. By doing so, he hopes to contribute to a more inclusive and prosperous economy that benefits all Americans.

Maximize Profits with Bitget’s High Liquidity and Low Transaction Fee

For many people wanting to enter the crypto markets, the world of digital currencies may seem daunting. On the one hand, investors may see the tremendous potential of this relatively new realm in the financial world and fear missing out on the great opportunities it presents. On the other hand, there is the fear of the unknown, a lack of knowledge about the basic mechanics involved in cryptocurrencies, and confusion about the many different types of digital investment vehicles available. And, of course, there is the aversion to risk in a market that often resembles a wild rollercoaster ride.

Forbes reports that the CoinMarketCap record shows approximately 22,932 cryptocurrencies of different types launched since Bitcoin first emerged just a decade and a half ago. Meanwhile, nearly 600 cryptocurrency exchanges are currently available worldwide, which can vary greatly in terms of costs, quality, level of service, and safety.

With such a myriad of options, the question begs: Where to start?

One great option for budding crypto investors, as well as experienced traders of all levels, is an up-and-coming centralized exchange called Bitget. For beginners, it offers innovative features, such as copy trading in spot and futures markets, and the Bitget Insight platform, which eases newbies into the overwhelming first steps and immediately gets them started with confidence. For veteran crypto investors, Bitget provides a range of advanced trading tools, including real-time market data, charting tools, and technical analysis indicators that allow traders to make informed trading decisions and stay updated with market trends.

With over 8 million registered users in more than 100 countries and regions around the world, as well as top investment institutions on board, like Dragonfly Capital and SNK, the platform boasts a high degree of liquidity. In fact, CoinMarketCap reported that Bitget’s liquidity score of 610 is higher than other major exchanges like OKX (580), KuCoin (588), and (586). This means traders can buy and sell cryptocurrencies quickly and easily without having to worry about the market being slow or illiquid.

Bitget also offers some of the lowest transaction fees in the industry. For spot trades, Bitget charges a flat 0.1% for both maker and taker fees. For holders of the platform’s BGB utility token, the crypto exchange offers a 20% discount, making the fee 0.08%, which is very competitive and comparable to top platforms like Binance, Phemex, and KuCoin. There is a standard fee of 0.02% for makers and 0.06% for takers on its futures platform.

According to CoinGecko, Bitget is currently a top 10 spot trading platform and a top 5 futures trading platform. It provides a spot exchange for most mainstream cryptocurrencies, supporting USDT, USDC, BTC, ETH, BGB, and a total of over 470 cryptocurrencies and more than 500 trading pairs as of December 2022. It also supports USDT-margined futures, USDC-margined futures, and Coin-margined futures with 120 trading pairs.

Copy Trading

For new investors, as well as those who may not have time to closely follow the crypto markets, Bitget has launched copy trading for the crypto spot and futures markets, becoming the first exchange offering this feature.

Copy trading makes it possible to copy the behavior of elite traders and strategists. This allows investors to copy elite traders’ orders in the spot and futures markets, acquiring the same portfolio or positions that they have or mimicking whatever trades a strategist will make.

Copy trading is beneficial for elite investors as well. By sharing their trading strategies, they can build their influence in the crypto space while generating a passive stream of income that can amount to up to 10% of their followers’ revenue.

In addition, elite traders’ detailed portfolios and historical performance, including total Profit and Loss (PnL), win rate, and Asset Under Management (AUM), are available for followers to review on the platform. This allows users to determine if a trader’s strategy meets their risk/return expectations before subscribing to them.

Since Bitget introduced its copy trading feature in 2020, more than 80,000 elite traders and 380,000 followers have participated, with over 47 million profitable trades made as of January 2023. The gains reached $300 million, and profits shared with elite traders amounted to $20 million.

Crypto Futures and Derivative Trading

One of Bitget’s key advantages is its sophisticated products for futures and derivative trading in digital coins.

According to a report published by the Boston Consulting Group in July of 2022, Bitget is the number three crypto derivative exchange in the world. The platform saw a total increase in derivatives transaction volume of 300% in 2022 and has witnessed tremendous growth in trading volume and market share since the recent collapse of FTX.

In fact, a report released by TokenInsight shows that Bitget was the biggest beneficiary of the FTX collapse, with its share of the crypto derivatives market skyrocketing from 3% to 11% in the aftermath.

In May 2019, Bitget introduced a USDT-margined futures product that is more user-friendly for beginners than coin-margined futures, as it does not require investors to hold corresponding coins before going long or short.

In July 2021, Bitget became the first crypto exchange to launch USDC-margined futures through a partnership with Circle. Currently, Bitget supports USDT-margined futures, USDC-margined futures, and coin-margined futures with 120 trading pairs.

In December 2022, when the 24-hour Open Interest (OI) of the top 10 derivatives exchanges plummeted by about 40%, Bitget was the only exchange to see an increase in OI, from about $800 million to $3.74 billion. According to CoinMarketCap and CoinGecko, Bitget is consistently a top-5 derivatives trading platform in terms of volume and OI.


Security-wise, Bitget boasts top-notch features for both new and veteran crypto investors leery about security. The platform created the Bitget Protection Fund in 2022 to ensure its users’ assets are safeguarded in the event of unforeseen incidents. It is now the second largest user protection fund among CEXs, with 6,500 BTC, 160 million USDT, and 40 million USDC, currently valued at $300 million. The assets are stored in seven wallet addresses that are public for users to track in real-time, and Bitget has pledged to maintain the fund’s value without any withdrawal for the next three years.

In December 2022, Bitget also launched a Proof of Reserves page to make the assets on the platform more transparent. The page is updated monthly, ensuring at least a 1:1 reserve ratio with customer funds. Additionally, the platform has developed an open-sourced ‘Merklevalidator’ tool available on GitHub, allowing users to verify their assets on the platform. The total reserve ratio is around 246%, according to the data updated on April 3.

With its copy trading features and advanced derivative trading vehicles, not to mention high liquidity and low fees, Bitget will appeal to crypto traders of all levels and, no doubt, inspire many people who have been hesitant about jumping into the cryptocurrency market in the past to finally take the plunge.

SHIB’s Short-term Correction Offers Potential Bullish Opportunity

  • Shiba Inu (SHIB) was changing hands at $0.00001021 at press time.
  • SHIB could face another level of support if it continues to experience downward pressure.
  • During the decline, SHIB found support at $0.00001015 and faced resistance at $0.00001037.

Shiba Inu (SHIB) has recently been one of the most talked-about cryptocurrencies, thanks to its explosive price movements and growing popularity among investors. With a current value of $0.00001021, SHIB has seen a slight decline from its previous highs, but its 1-day support level of $0.00001015 suggests that it may soon recover.

However, the proximity of the intraday low to the 7-day low of $0.00001012 indicates that SHIB could face another level of support if it continues to experience downward pressure. On the other hand, if the $0.00001037 resistance level is breached, the following resistance levels may be at $0.00001052 and $0.00001073, respectively, which could indicate a potential upward trend for SHIB.

During the correction, the market capitalization and 24-hour trading volume dipped by 1.24% and 4.96% to $6,005,646,749 and $122,815,673, respectively.

The 1-day Shiba Inu price analysis reveals that a downtrend has occurred in the previous hours. A rise in volatility has been experienced as the Bollinger Band indicator has diverged. The upper band is placed at $0.00001177, while the lower band is seen at $0.00001005. Conversely, the MACD indicator shows bearish action, as the histogram shows negative values.

Further, the MACD line (blue) is below the signal line (red), revealing that the bearish momentum is strengthening. This suggests that there may be a potential downward trend in the near future, and investors should monitor the stock closely for any further indications of a bearish market.

SHIB/USD 24-hour price chart, Source: TradingView

On the 4-hour technical analysis, the volatility, as shown by the Bollinger Bands indicator, is decreasing. The upper band is $0.00001047, while the lower band is $0.00001014. This shows that the asset’s price is trading within a narrow range, indicating a period of consolidation. Traders may look for a breakout above the upper band or below the lower band to signal a potential trend reversal or continuation.

The Moving Average Convergence Divergence (MACD) indicator shows potential correction, with the MACD line (blue) moving above the signal line (red) and the histogram heading to positive territory. This move indicates that the bearish momentum may be losing strength, and a possible bullish trend could be forming in the short term, but further analysis is needed to confirm the trend reversal.

SHIB/USD 4-hour price chart, Source: TradingView

While SHIB’s long-term analysis shows a potential bearish run, its short-term correction could be an opportunity for traders to enter the market and take advantage of the possible bullish trend in the near future.

Disclaimer: The views, opinions, and information shared in this price analysis are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

Terra Co-founder Daniel Shin Indicted by South Korean Authorities

  • South Korean prosecutors have indicted Terraform Labs co-founder Daniel Shin.
  • Shin was indicted along with nine others on multiple charges including violations of capital markets law.
  • The prosecutors have alleged that Terra’s algorithmic stablecoin was deemed to fail from its inception.

Terraform Labs co-founder Shin Hyun-Seong aka Daniel Shin has reportedly been indicted by prosecutors in South Korea. The indictment comes just a day after the Seoul Southern District Court dismissed securities violation charges that were filed against Shin by local prosecutors for his role in the collapse of Terra last year.

According to a report by Reuters, Daniel Shin was indicted for multiple charges including fraud, illegal trading, and violation of the capital markets law. In a press briefing earlier today, the Seoul Southern District Prosecutors’ Office revealed that it has frozen assets worth 246.8 billion won ($187.7 million) in connection with the case.

All of the charged individuals are directly linked to Terraform Labs. These people reportedly held different roles at the firm including marketing, systems development, and management. The South Korean officials further revealed that the charged individuals took 463 billion won in profit before the firm collapsed in May last year.

South Korean prosecutors believe that Terraform Labs’ algorithmic stablecoin and related projects were a “fabrication” since their inception. According to them, the algorithm that was developed to keep the token’s price stable and pegged was not possible in the first place. The actions of the co-founder and his employees lead to astronomical damage for investors around the world.

Daniel Shin has maintained his innocence in the matter since last year. His legal representatives previously stated that he hadn’t been involved in Terraform Labs’ operations since 2020. The firm’s other co-founder, Do Kwon, was indicted by prosecutors on similar charges in late 2022. Kwon’s extradition from Montenegro is currently being sought by South Korean officials.

Floki Inu (FLOKI) Jumps 50% Following Listing On Binance.US

  • Binance.US recently listed the Floki ecosystem’s native token FLOKI on its trading platform.
  • The token rallied 50% to reach a six-week high of $0.000047 following the listing.
  • FLOKI is now among the world’s 100 largest cryptocurrencies by market capitalization.

FLOKI has gained more than 35% over the past 24 hours. The massive rally came after the world’s largest crypto exchange listed the Floki ecosystem’s native token on its American arm. The initial rally took the token as high as $0.000047, marking a six-week high. FLOKI is now among the 100 largest cryptocurrencies on CoinMarketCap.

According to the announcement on Binance.US on its official website, users will be able to trade FLOKI today at 5 a.m. PDT / 8 a.m. EDT. “The FLOKI ecosystem currently consists of a Play-to-Earn game, FlokiFi (DeFi), crypto education, Floki prepaid card (Visa/Mastercard), as well as NFT collections and marketplaces, with more applications to come,” the announcement read.

Floki broke the news on Twitter, describing the listing as a massive step that will do well to legitimize the project. With the listing on Binance.US, FLOKI joins the likes of popular memecoins…

The post Floki Inu (FLOKI) Jumps 50% Following Listing On Binance.US appeared first on Coin Edition.

Celsius’ Potential Buyers Plan to Keep the Company Running

  • A consortium of investors backed by Arrington Capital and Coinbase is set to bid on Celsius tomorrow.
  • The potential buyers have a roadmap for Celsius which includes exploring mining and institutional lending.
  • The consortium will face competition from another group of investors backed by Gemini.

Michael Arrington, one of the buyers lined up to acquire the assets of Celsius Network, is planning to place the bankrupt crypto lender into a new company and branch out into other sectors like mining and institutional lending. The new company would reportedly explore venture capital investing as well.

Arrington’s Arrington Capital is part of a consortium of investors that is set to bid on Celsius tomorrow. The consortium is backed by the likes of Coinbase, U.S. Data Mining Group, the former CEO of Algorand Steven Kokinos, and investment banker Ravi Kaza. The group will bid as Fahrenheit LLC.

Fahrenheit LLC’s Celsius bid will face competition from the Blockchain Recovery Investment Committee, a separate consortium of investors backed by Van Eck Absolute Return Advisers Corporation, Global X Digital, Plutus Lending, and the Winklevoss-owned Gemini Trust Company. This group will also be bidding for the bankrupt crypto lender tomorrow.

Arrington took to Twitter recently to lay out his vision for Celsius in the event that his group emerges as the top bidder in the auction.

Our bid is not structured as a simple asset purchase. We are proposing that the assets be placed into a new company and run with the sole goal of growing those assets to make stakeholders whole.

The Arrington Capital chief plans to venture into bitcoin mining, retail, and institutional lending, in addition to owning core crypto assets and a venture capital portfolio. For this part of the business, his consortium has tapped the US Bitcoin Corp and Proof Group’s Noah Jessop. Arrington has expressed his desire to not liquidate Celsius and keep it functional. The live auction is scheduled for April 25 at 2 pm at Kirkland & Ellis’ Manhattan office.

UniSat Halts Marketplace Following Double-Spend Attacks

  • UniSat has shut down its marketplace after experiencing several double-spend attacks.
  • A vulnerability in the marketplace’s underlying code affected dozens of transactions.
  • The firm is currently conducting an investigation and will compensate all affected users in the coming days.

UniSat Wallet, the open-source browser extension for Bitcoin ordinals, has temporarily shut down its recently launched Inscriptions Marketplace following a large number of double-spend attacks on the platform. The issues were discovered earlier today after the UniSat community raised concerns about the authenticity of the marketplace’s offerings.

UniSat took to Twitter earlier today to share the developments of its Inscriptions Marketplace. According to the firm, a vulnerability in the marketplace’s underlying code led to the double-spend attacks on the platform. After a preliminary investigation, it was found that out of the total 383 transactions, 70 were affected by the attacks.

According to UniSat, the attacks came in spite of thorough testing of the platform last week. The firm reportedly simulated different approaches to double-spend attacks and made improvements and enhancements to the code in order to improve security. UniSat will continue to investigate over the next few days. The marketplace’s services will remain closed until further notice.

“Please understand that brc-20 is still very young and there have been numerous issues identified and resolved in the past 30 days. As the first brc-20 wallet provider and the first marketplace provider, UniSat is constantly facing numerous issues and moving forward with your full support,” UniSat Wallet tweeted.

The firm has assured that all affected users will be compensated for their losses in the coming days. UniSat will conduct a comprehensive inspection and consolidation of the platform’s issues and determine all users associated with the incident. Users seeking reimbursement will have to create a support ticket on UniSat’s Discord server and share proof including screenshots of transactions.

LetMeSpeak’s Learn-and-Earn: Financial Motivation in Language-Learning

Education is often considered the key to unlocking one’s potential and achieving success in life. However, for many, the pursuit of education can be a challenging and sometimes daunting task. This is where financial motivation comes in, as it has the power to unlock the treasure trove of learning and turn the pursuit of education into an exciting and rewarding journey.

Financial motivation in education is an approach that incentivizes students to learn by providing them with financial rewards. The rewards can be in the form of scholarships, grants, prizes, or even earning in-game currency that can be exchanged for real money. The goal is to inspire students to develop a love for learning by making it fun, engaging, and rewarding.

One model that has been gaining popularity in recent years is the “Learn-and-Earn” approach. This style provides students with the opportunity to study at their own pace and cultivates a habit of learning by rewarding them with LSTAR, an in-game currency that can be exchanged for real money. The LSTAR currency is used within the LetMeSpeak ecosystem, a revolutionary language-learning platform that incentivizes and rewards users for learning English.

The results of this approach have been nothing short of astounding. Users of LetMeSpeak have reported a 4x increase in the number of words learned in the first 30 days of using the platform compared to traditional language-learning methods. This success can be attributed to the platform’s advanced AI-powered language model, which analyzes and provides detailed explanations of users’ grammar mistakes. The platform’s virtual assistant, Jennifer, is a true game-changer, revolutionizing the way users learn grammar. With the “Explain my answer” function, Jennifer offers an in-depth analysis of the grammar rule and clarifies the mistake in the user’s native language, making learning easier and more enjoyable.

Financial motivation in education doesn’t just benefit the students. LetMeSpeak also offers scholarships, which provide an opportunity for anyone to benefit from the Learn-and-Earn experience without an initial capital outlay. For NFT Character owners, it’s an opportunity to own more NFTs and sponsor others to learn. It’s a win-win situation, where both the sponsor and the student benefit.

In essence, financial motivation in education is like a treasure map that leads students to the pot of gold at the end of the rainbow. It motivates and incentivizes students to put in the extra effort required to succeed, while also offering a fun and rewarding learning experience. It’s a model that is changing the face of education, unlocking the potential of students all over the world.

As we continue to see the rise of technology in education, the potential for financial motivation to transform the way we learn is only set to grow. By harnessing the power of financial motivation, we can unlock the treasure trove of learning and discover the limitless possibilities that education has to offer.

AMLBot, PureFi CEO Slava Demchuk On Crypto Compliance and Security

AMLBot and PureFi are well-known organizations in the crypto sphere that specialize in crypto AML/KYC compliance and security. In this exclusive Coin Edition interview, Slava Demchuk, the co-founder of AMLBot and CEO of PureFi shares his insights about the latest happening in the field and what investors need to be on the lookout for.

Q: To begin with, can you tell us how you started AMLBot and PureFi?

We started back in 2018. The crypto sphere was quite popular then but had yet to reach today’s popularity. A friend of mine (currently a partner at AMLBot) was running an OTC business, meaning he exchanged crypto for fiat and vice versa. Once, he had a problem with dirty crypto, where one of his accounts got locked with a significant amount of US dollars on it.

It was then that we realized that it is a common and pressing issue and made it our goal to find a technical solution. First, we created AMLBot as a chatbot in Telegram, then expanded the web version to the API version and proposed it to some of our friends in the community. After testing the solution, we established the company and started serving clients and growing.

Two years ago, when DeFi became popular, we created PureFi, essentially the same product built for decentralized finance, Dapps, GameFi, etc.

Q: So do both these businesses focus on regulations?

Yes, our solutions primarily focus on compliance rather than cybersecurity. (To some extent, compliance is a part of cybersecurity.) Our services include an anti-money laundering solution, essential for businesses to prevent connections to illicit clusters and bad actors in the crypto space.

“Know your transaction” and “Know your customer” are two pillars of our services. Our KYC solution has become quite popular among centralized exchanges. This way, the regulator can control money flow between centralized exchanges and, perhaps, decentralized in the future.

Q: How does AMLBot differentiate itself from other security companies?

First, we provide a one-stop solution for AML checks, KYC, and crypto payment processing. Additionally, we offer help with the paperwork to those establishing a company or getting a license.

If a company’s money gets stolen, we can help investigate the case. That’s our second focus. We get our data from different sources; we’ve partnered with the major providers, so we probably have the most comprehensive database in the market and provide the most accurate risk score.

Q: Can you share your opinion on what is happening with the crypto industry right now regarding compliance and regulation?

We are witnessing massive turbulence in the entire industry, touching the whole regulatory framework. It was likely caused by a number of hacks that have happened recently and a lot of losses by the investors. My guess is, they went to the authorities and asked for their help.

The space is rather fragmented and not well-established: unlike what we have in traditional finance. Then, again, we see what has happened with the classical banks that worked with fiat currency: the traditional framework didn’t help them either. At the same time, regulators try to apply the same regulatory norms and factors to the crypto space. Maybe, it’s not the example the blockchain industry should follow.

Q: Let’s move on to the European markets. How do you feel about the recent regulation of MiCA, and how would it reflect on American and global markets?

Right now, the only thing we have is the EU’s 5th anti-money laundering Directive. Countries are implementing it differently: some have adopted very soft regulations, others, super strict ones. There isn’t a single long-read document on how to do it properly.

MiCA is changing it right now, creating an advantage for us, in a way, as the demand for our services increases: for PureFi in particular.

Q: From 2018 to now, what challenges have you faced in running AMLBot and how did you overcome them?

First, there was the general unawareness of the problem. In 2019, we would come to businesses and say, “You need to be compliant; we have perfect analytics for you.” They would ask: “What is compliance?”. To reach our customers back then, we had to explain the necessity of being compliant or following regulations first.

There were a few companies like Chainalysis, Crystal, and probably CipherTrace providing education for the market. Regulators did the same, much more efficiently, even if in a much rougher way.

Right now, we are encountering the same challenge in PureFi, as the DeFi space is around the same stage as centralized, traditional crypto was in 2019. Still, the industry is growing super quickly, and we have more and more requests each month.

Q: You’ve mentioned “dirty crypto.” Would you please explain what it means and the exact measures AMLBot and PureFi have taken to eradicate that?

The term “dirty crypto” means your wallet has transactions with wallets that have a connection (even if a distant one) to the dark market, drug dealers, stolen coins, money laundering, etc. We have had cases that were reported and stored in our database.

You are in the no-risk zone if you have received your Bitcoin or Ethereum only from certified centralized exchanges and never bought coins from an unknown person. Still, if you are a business and our solution is aimed at businesses the risk is much higher, as there are a lot of bad actors in the space.

We protect them by assessing specific transactions or a specific wallet. We assign the risk score to them, and the business can accept or reject the transaction. We provide analytics only, so it’s always their decision.

The risk levels may differ. For example, gambling: is it risky or not? It depends on the country you’re operating in. In some, it’s safe to interact with gambling clusters. In some countries, you’d have to reject the transaction to avoid problems.

Q: You said the crypto market is constantly changing. How do you keep up-to-date with these changes?

It’s probably the most challenging part of our business, you always have to be on the lookout for new information. We have to update our database with new cases, constantly monitor news, Twitter, Reddit, and others to keep the information about our partners up-to-date. Also, we must keep track of the latest regulations, as we are responsible to the businesses we provide services to.

Q: Finally, what are your plans for AMLBot and PureFi, and what is the current activity that is in the pipeline?

For AMLBot, we have a huge backlog of technical tasks we need to implement just to catch up with the constantly changing environment. The same goes for PureFi: there is an even bigger issue there, as we need to be deployed on as many blockchains as possible, with new networks appearing every month.

We are also preparing to launch SafeTransact: a solution designed to notify users about suspicious activity. Using sophisticated risk assessment techniques, we help them avoid malicious contracts, phishing schemes, and other potential dangers that could result in substantial losses.

All in all, we aim to equip the mass user with a safety net, so they can transact with peace of mind, knowing their hard-earned assets are safe. As SafeTransact can be seamlessly integrated with different wallets, I believe it will promote a more active crypto adoption.