7 July

“On Monday, Los Angeles-based money manager Arca began selling shares in the “Arca U.S. Treasury Fund,” an SEC-registered closed-end fund whose digital shares – ArCoins – trade atop the Ethereum blockchain. The fund invests a majority of its assets in short-term U.S Treasury bills and notes.

The launch marks the first time the crypto-skeptical SEC has allowed a fund represented by cryptographic tokens to enter the investment markets under the Investment Company Act of 1940. Arca has been pushing for various forms of the ArCoin proposal for nearly 20 months.

Our announcement today is a ground-breaking and transformative step toward the unification of traditional finance with digital asset investing as this new category of regulated, digital investment products is made available to investors.

ArCoin, which uses the ERC-1404 protocol, restricts where holders can send a token to a collection of whitelisted addresses. That’s a crucial point for regulators wary of letting tokens outside their scope.”

“China is imposing checks on large banking transactions. The measure is in response to fears of surging bad debt by China’s small lenders.

Over time they may also cause larger depositors gradually to switch their accounts from riskier local banks to the larger, less risky banks, something that Beijing might actually prefer if it wants to re-centralize the banking system.

Last month authorities stepped in to halt bank runs at two local lenders, and last year, the Chinese state was forced to bail out and seize several struggling banks. China’s bad debt problem is expected to worsen this year, with an increase of 8 trillion yuan ($1.1 trillion).”

See Also: World’s Largest Pension Fund Lost the Equivalent of Bitcoin’s Entire Market Cap in Just Three Months

“The company is looking for a ‘strong developer experienced with Ethereum and blockchain architecture‘ to join its Global Commercial Payments team.

Successful applicants will be tasked with working on Visa’s generically titled, ‘Non-Card based payment innovation and product.

Visa’s new initiative looks set to leverage Hyperledger blockchain technology.”

“Strike, which has now entered the public beta phase, enables interaction with the Bitcoin and Lightning protocols with no wallet, seed, channels, liquidity or white papers, while Know Your Customer protocols are kept to a bare minimum.

While Strike does let one purchase Bitcoin with a debit card or bank account, it can also be used for remittances and personal payments, micropayments and both online and offline purchases.

Strike has also been working to provide merchants with tools to process contactless payments, and an improved e-commerce system is also being rolled out.”

“Savvy attackers might be able to “loot” bitcoin from others by way of the Lightning Network if users aren’t careful.

Developers have long known about this attack vector. But before Harris’ and Zohar’s report, no one had done a deep analysis to measure in detail how feasible such an attack would be. These researchers found an attack is not very hard and it could be lucrative for attackers.

Harris notes an attacker targeting 100 channels leads to a reward of “at least” 7402 HTLCs, with the average HTLC today holding about $138 worth of bitcoin. That could mean a payday of roughly $1,021,476.

The researchers argue the attack is systemic and ‘eliminating the risk entirely seems to be a complicated task.’ That said, Harris suggests several strategies for solving the problem, or at least ameliorating it if the issue can’t be stomped out entirely.”

See Also: Blockchain Firm Bluzelle Uncovers a Critical Bug in Cosmos’ Consensus Algorithm

More than 40 companies in the blockchain and cryptocurrency industry collected at least $18 million in payroll loans from the U.S. government. The PPP was created by the Trump administration during the COVID-19 outbreak to help businesses pay their employees during the ongoing economic crisis.

Loan recipients included Zcash developer Electric Coin Company, Ethereum venture studio ConsenSys and Rainberry Inc., the U.S. entity acquired by Justin Sun’s Tron Foundation at the time of its BitTorrent acquisition in 2018. Crypto venture firms were also represented on the list, including Polychain Capital and Unchained Capital.”

The Chinese government sees new technologies as a “leapfrog opportunity” to chip away at the dollar’s hegemony.

If you’re approaching this [DCEP] from a crypto or blockchain framework, I think you’re going to really have a hard time understanding what it is and what and why it’s so important.

DCEP’s not about Bitcoin. It’s about potentially internationalizing renminbi, at least to some extent.”

See Also: As Bitcoiners Watch Dollar, Deutsche Bank Sees Trump Win Hurting Reserve Status
See Also: Chinese Courts Use Blockchain for Property E-Sealing

“Voice was originally destined for the EOS public blockchain, but now runs on a private version of the protocol.

The website is open for people to browse, however only early access registrants will be able to publish content before August 15 [and requires KYC].

The platform rewards users with Voice tokens for posting quality content, thus incentivizing good contributions.”

See Also: Voice

The moves ratchet up the volume on a longstanding debate and raise important questions about free speech in the modern internet era, including what constitutes hate speech, whether platforms are obligated to allow hateful content and, most of all, who should get to make decisions about the nature of content.

The standards for describing the targeted speech are overly vague and broad, meaning they give full power of discretion to those that enforce them. Giving individuals that power means they’ll enforce them in accordance with their personal views and may mean that speech by minority views and voices is disproportionately censored.

Even if you disagree with information, censoring it doesn’t destroy it, it just allows it to spread without counterpoints. But on the positive side, it highlights the profound censorship.. on Web 2.0, and the more widespread [the] awareness about it, the better.

Rather than going after legislative fixes for Section 230, James said solutions offered by blockchain and the decentralized Web 3.0 provide a better path, which would not allow for centralized censorship.”

“Binance cannot market or offer derivative services of any type in Brazil, irrespective of the contract’s underlying asset, without CVM approval, the order said. That’s because Brazilian law treats all derivatives products as securities.

Brazil threatened the exchange giant with a R$ 1,000 ($186) daily fine.” 🤔🤣

See Also: Meet DerivaDEX, a Coinbase-backed Decentralized Derivatives Exchange

The Disrupt Weekend

“Beneath the rivalry on Crypto Twitter, the bitcoin-on-Ethereum trend says more about complementarity than competition. To describe it, an analogy is useful: bitcoin is the dollar, and Ethereum is SWIFT, the international network that coordinates cross-border payments among banks.

To declare bitcoin the winner based on its appeal as a reserve asset is to compare apples to oranges. Ether is increasingly viewed not as a payment or store-of-value currency but for what it was intended: as a commodity that fuels the decentralized computing network orchestrating its smart contracts.

This system is being fueled by a global innovation and development pool bigger than Bitcoin’s. As of June last year, there were 1,243 full-time developers working on Ethereum compared with 319 working on Bitcoin Core. The size of its community gives Ethereum the advantage of network effects.

At the same time, the inclusion of bitcoin in Ethereum smart contracts is inherently strengthening the DeFi system.”

“Markets are driven by central banks, not only their actions but their desire to be an owner of those assets. Their priorities about that ownership when they buy and when they sell are not the same as the classic free-market allocations. And as a result, the capital markets are not free.

Dalio said, the economy and the markets are more driven by the ownership of assets by central banks.”

See Also: Former US Treasury Secretary Larry Summers Expects ‘A Ton of Innovation’ Around Stablecoins

“Transaction volumes for decentralized applications (dapps) hit $12 billion in Q2 of 2020—a $4.5 billion (37%) increase from Q1 of the same year.

Ethereum dapps accounted for 82% of that $12 billion figure, with the majority of value coming from the use of decentralized finance (DeFi) apps.”

“Ethereum is the blockchain of choice for the majority of European startups and corporations involved in the rapidly growing blockchain industry.

Blockchain protocols now have three dominant players with Ethereum, Hyperledger, and Corda accounting for [around] 65% of the protocols used by enterprise blockchain start-ups. These protocols are also favored by corporates which are increasingly bringing blockchain into production.

The researchers also highlighted a big gap between the amount of funds being invested in blockchain startups in the US and Europe. Their data showed that currently there is less than €100 million ($113 million) in assets managed by EU venture capital blockchain funds. In comparison, this figure exceeds $2 billion in the US.”

See Also: Irish Charity Receives $1.1M Grant to Build Blockchain Platform for Aid Distribution

“As we continue to decentralize control of 0x protocol, the platform will take on an identity of its own and our organization will transition into one of the many productive stakeholders moving the ecosystem forward.

As 0x Labs, we aim to build a healthy business on top of 0x while we continue to work towards our vision for 0x as a community owned and operated platform.

As part of the introduction to 0x Labs, we’re also delighted to announce the formation of a special division within our organization, Periscope Trading. Periscope is a crypto-native trading desk that will help surface competitive prices and bring liquidity to DeFi and other nascent p2p markets.”

See Also: Ethereum’s Automation Protocol — Gelato Network launches on Mainnet
See Also: 150 Integrations: What This Milestone Means for ENS

“The Bank of Japan has announced it will begin experimenting with a central bank digital currency, or CBDC, to check its feasibility from a technical perspective.

The bank stated it would ‘check the feasibility of CBDC from technical perspectives, collaborate with other central banks and relevant institutions, and consider introducing a CBDC.'”


“Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.

I, Brock Pierce, am running for President of the United States of America.”

See Also: Campaign Website

3 July

“Charts showing stocks denominated in gold and Bitcoin in 2020 show that far from having their best quarter in ten years, markets had no “recovery” at all.

In January, the S&P 500 traded at around 0.45 BTC, with this decreasing until mid-March when a sudden spike to 0.5 BTC occurred. Thereafter, a drop below 0.3 BTC in May spelled the end of any real U-turn, with current levels circling 0.33 BTC.

The same is true for crude oil. Denominated in BTC, its recovery to 433,000 satoshis at press time from lows of 150,000 satoshis in April pales in comparison to its January price of 900,000 satoshis.

In my opinion there is no stock market recovery – it’s all inflation.”

See Also: Boomer and Gen-X Interest in Bitcoin Surges During Pandemic
See Also: Lebanese Pound Falls 50% in 10 Days — Now Worth 1 Satoshi
See Also: Bitcoin Startup Zap Is Working With Visa

“IRS-CI Cyber Crimes Unit challenged its “industry partners” to explain where the crypto tracing community stands on privacy coins, Layer 2 protocols, sidechains and the Schnorr signature algorithm in a June 30 Request for Information (RFI).

There are few investigative resources for tracing transactions that move across these privacy-enhancing vectors. The CI Cyber Crimes program is working to get in front of this trend.”

See Also: Sun Sets on Offshore Banking as Assets Worth $11 Trillion Uncovered
See Also: China Police Said to Detain Crypto OTC Traders Amid Money Laundering Crackdown

People can use the mainnet from July 7. From then on, holders of ADA, the platform’s native token, can move their funds to a wallet that supports the new upgrade. They’ll also be eligible for staking.

IOHK also announced the launch of Atala PRISM, a decentralized identity system. Atala PRISM will give people, including those without access to a bank account, “self-sovereign identities” with which they can access decentralized finance (DeFi) services. IOHK said that the technology is currently being piloted with the Ethiopian government.”

“In particular, there is big demand coming from hedge funds and more professional investors for our product, they want multi-millions of cover. As a result, we’ve hit our current capacity limits on the key yield-farming protocols such as Compound, Balancer and Curve.

Nexus is run as a mutual company by holders of the NXM token. They have set limits of $630,000 in coverage on each protocol. That amount is based on how much is on hand to pay out claims. The token is designed to recruit more capital when it’s needed, however, so they may be able to take on more policies soon.

Nexus Mutual provides a way to hedge against the risk posed by smart contracts, with policies that pay out against a failure in the underlying software of a DeFi product within a given time frame.”

“Total sales of blockchain-based non-fungible tokens (NFTs) have exceeded $100 million for the first time since their emergence in 2017.

Once considered trivial playthings, non-fungible tokens representing collectibles, artworks and virtual land parcels could grow into a trillion dollar industry.

“Everyone’s favorite way to use Ethereum applications now comes with a host of new features!

Perhaps the most obvious change to version 8 is a refreshed MetaMask UI. You can [also] control which accounts interact with different sites across the decentralized web.”

See Also: MetaMask Tips and Tricks (Video)
See Also: Omen Prediction Market Officially Launched

“Blockchain sleuths at ZenGo, a wallet startup, have found a vulnerability that affected at least three major competing crypto wallets – Ledger Live, Edge and Breadwallet (BRD) – and potentially more.

The bug, which the Tel Aviv-based firm calls BigSpender, allows a hacker to double-spend a user’s funds and possibly prevent them from ever using their wallet again. It works by exploiting how certain wallet’s handle Bitcoin’s replace-by-fee (RBF) function, a failsafe that enables users to swap an unconfirmed transaction with one that has a higher fee.

Ledger and BRD have released code changes to prevent the attack from happening, and paid undisclosed bug bounties to ZenGo.”

“While LBCOIN is technically a CBDC based on the NEM blockchain and issued by the central bank of Lithuania, the financial institution prefers to call it “the world’s first blockchain-based digital collector coin”.

Each token will feature a portrait of one of the 20 Lithuanian historical figures who signed the country’s declaration of independence in 1918. Collectors will be able to exchange them for a physical silver coin.

LBCOIN helps to gain practical hands-on experience in issuing a (kind of) retail Central Bank Digital Currency (CBDC) in a real environment.”

“Analysts from Flipside Crypto suggested that one possible reason for the swap is that Tron was paying a premium to keep Binance’s USDT on its blockchain, and this deal may have now come to an end.

Another possibility is that Binance, or one of its customers, wants to participate in yield farming using ERC-20 tokens.”

2 July

“Beijing has unveiled a 20-point plan to accelerate the development and deployment of distributed ledger technologies (DLT) and turn Beijing into both a global and national hub for blockchain tech.

Fostering a good business climate for blockchain innovation is cited as a top objective of Beijing, with “cultivating a group of unicorn enterprises” listed among the plan’s goals.

In addition to fostering private innovation, the plan outlines numerous public applications for DLT, including developing a blockchain-based directory system, digital identity platform, government data-sharing platform, and unified social credit applications.”

See Also: Swiss Government Makes Moves to Encourage Crypto Businesses
See Also: Japanese Blockchain Sector Grows Over 30% Since 2019
See Also: Kazakh Gov Plans to Double Its Investment in Digital Currency Mining

“SKALE is rolling out the first phase of its mainnet release, providing a new way to efficiently scale decentralized applications on Ethereum. SKALE provides an elastic validator network developers can tap to generate unique decentralized blockchains that are fully compatible with the Ethereum chain.

The first phase of the SKALE mainnet launch will enable users and developers to get a taste of the functionality of the protocol, including more than 2,000 transactions per second, sub-second block times, and smart-contract compatibility.

SKALE pricing supports Ethereum by giving dapps their own blockchain with a charge for the amount of server space over a period of time, rather than by transaction.

On SKALE it will be thousands of times less expensive to run transactions while not losing sync with Ethereum.”

“The American Bankers Association, a private consortium of American banks, said in a testimony at a US FinTech task force hearing earlier this month that a central bank digital currency (CBDC) puts an uncomfortable amount of power in the hands of the Federal Reserve.

The Federal Reserve would quickly become politicized as the central control point for monitoring and potentially denying transactions.

The right of people to transact outside the view of the central bank is a cherished civil liberty that is preserved and protected by the due process of a competitive private banking sector.”

See Also: Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing

“Big names in digital assets are getting ready for the launch of Ethereum 2.0.

Blockchain infrastructure-as-a-service company Bison Trails announced today early support for features of Ethereum 2.0 (Eth2), including ETH staking and automatically managed validator nodes.

Bison Trails is a natural fit for users with more than a single node’s worth of ETH to stake, providing the remote hardware and service to set up as many nodes as is required.”

“Deutsche Boerse has listed an exchange-traded product (ETP) that tracks the value of bitcoin.

Bitcoin ETPs provide exposure to bitcoin in a regulated asset class. In contrast to the U.S., where regulators have been loathe to sign off on bitcoin ETF applications, there are already three to four entities offering crypto-backed products across Europe.

“The “mini-ETF” allows holders to earn interest on decentralized lender Compound and gain exposure to “yield farming.” The portfolio will “yield farm” – borrow against itself to release free COMP tokens on users’ behalf – sometime later this year.

Alongside the Compound vehicle, Techemy also launched bitcoin- and ether-based investment portfolios. All three portfolios are built on Ethereum and are self-custodial, only available to accredited investors.”

See Also: BZx about to jump on the DeFi yield farming bandwagon

“Pavillion Hub, powered by Phantasma blockchain, acts as a kind of blockchain-enhanced front end for Steam.

Gamers can simply link their Steam accounts to the downloaded app, and play all of their existing Steam content. However, the app will also create a Phantasma wallet for the player, allowing them to seamlessly utilize tradable non-fungible tokens, or NFTs, along with their Steam inventory.

With Pavillion Hub’s NFT marketplace, any item represented as an NFT can be bought and sold. It also enables the modding community to monetize their skill, as game mods and extensions can also be freely traded.”

“Cryptocurrency can now be used to pay for legal services as long as the fee agreement is fair and is only permissible if the lawyer is able to safely store the payment.

Bar associations in other jurisdictions, such as North Carolina, Nebraska and New York City, have previously approved accepting cryptocurrency as payment.

[Attorneys] cannot hold back the tides of change even if they would like to, and cryptocurrency is increasingly accepted as a payment method by vendors and service providers, including lawyers.”

“Bolt Labs has launched a private payment solution, zkChannels, on Tezos. Akinyele said the team built on top of Tezos to act as a testing ground of sorts for other blockchains.

A current problem with Lightning – a payment solution built on top of the Bitcoin blockchain – is that in certain settings, you can see other people’s de facto bank accounts, called funding channels. zkChannel hides that information from merchants.

zkChannels is a chain-agnostic anonymous off-chain protocol that enables cheap and private value transfer between a customer and merchant.”

“Many crypto experts have noticed that Bitcoin’s choice of secp256k1 elliptic curve was unusual for its time, as it was not yet well researched.

According to Okamoto, there are two alternative explanations for this choice: Either Satoshi picked because it offers greater efficiency or because it may have offered a secret backdoor.

There could still exist some suspicion that some backdoor might be secretly set up in the curve parameters.”

“The Fifth Circuit Court of Appeals in New Orleans rejected defendant Richard Gratkowski’s claims his blockchain and Coinbase-held bitcoin transaction records could not be used as evidence against him.

Gratkowski based his motion to suppress that evidence on the Fourth Amendment’s prohibition of unreasonable search and seizure.

The court effectively found that agents did not need a warrant to search those records. The court said the public nature of bitcoin’s permissionless blockchain undercuts any user’s claims to a reasonable expectation of privacy.

See Also: US Senators Float Bill Requiring Congressional Watchdog Study Crypto’s Role in Trafficking

“The market cap of leading stablecoin Tether (USDT) has surpassed $10 billion for the first time. Alongside Bitcoin (BTC) and Ethereum (ETH), Tether is now one of three crypto assets with an eleven-figure capitalization.

Tether’s reported $10 billion market cap comes after year-to-date growth of 144% — with Tether representing $4.1 billion at the start of 2020.”

“We’ve just taken another step forward by decentralizing the hosting of the Uniswap Interface using IPFS. The Uniswap Interface is now deployed at least once per day to IPFS.

The domain uniswap.exchange is now redirected to app.uniswap.org, which is an alias to the Cloudflare IPFS gateway that serves the Uniswap Interface from IPFS.”

1 July

Geth makes up only one of 11 client specifications, but 79% of Ethereum nodes run on it. Developers worry that a bug could temporarily freeze the network – something blockchains aren’t supposed to do, ever.

In light of this, Ethereum Core developers decided Friday to postpone work on the Berlin hard fork until at least August in an effort to give other clients a chance to increase their share of the network.

Having a diversity of clients is good for the network. It allows different projects to join Ethereum’s developer community – from the tiniest startup to JPMorgan.

The main reason [to postpone Berlin] would be to reduce dependency on Geth and allow it to fail without bringing down the whole network.”

“Compound governance proposal #11 passed today [and] will go into effect in two days. When that happens, it’s very likely yield farmers will exit the riskiest markets of basic attention token (BAT) and 0x (ZRX) and move their activity into safer assets, stablecoins such as USDC and DAI.

Under the original rules, users are given COMP based on the amount of interest they earn or the amount of interest they pay. Under the new rules, users will simply earn COMP on the dollar value of assets they have put in or borrowed from the system.

By simply allocating COMP based on dollars in the system, stakeholders say the overall interest in COMP yield is unlikely to drop, but the assets will almost certainly shift to different markets.

By distributing on the basis of total borrow, the incentive to self-deal in niche asset pools largely dries up, and we’re likely to see much of this capital (particularly the BAT market) flow out of the protocol.

The goal of the COMP distribution is to allocate COMP to users who are generating value for the protocol.

When the Compound token distribution began, no one really knew what to expect. Our team was surprised by how powerful the impact of the distribution was on incentives, and so was the community.”

See Also: DeFi’s ‘Agricultural Revolution’ Has Ethereum Users Turning to Decentralized Exchanges
See Also: Matcha Launched
See Also: Incognito Blockchain Launches DeFi Privacy for Kyber
See Also: Coinbase Ventures Invests in $5M Token Sale for Ethereum Data Firm ‘The Graph’

“The Bank for International Settlements (BIS) will establish four additional “Innovation Hub” branches – in Toronto, Stockholm, London and a joint location for Paris and Frankfurt – over the next two years in a major expansion of its year-old effort to ponder the future of money.

These new locations will be well placed to advance work‘ on digital currency and distributed ledger technology (DLT) alongside other central banking issues including cyber security, artificial intelligence and digital payments, said Innovation Hub chief Benoît Cœuré in a press statement.

BIS, often referred to as the central bank for central banks, also announced its Innovation Hub will form a strategic partnership with the U.S. Federal Reserve System.

The expansion solidifies the Swiss-based institution’s multifaceted drive to incubate fintech at the highest levels of monetary policymaking.”

See Also: Digital Dollars Take Center Stage in Hearing Before US Senate

“The “v2” rollout has been slated for release on July 28, and will represent an entirely new deployment of the Augur core protocol on the Ethereum network. Augur v2 will offer a new version of the platform’s native REP token called “REPv2.”

Action is only required by REP holders after Augur’s v2 deployment has gone live. A migration tool will be provided within the platform’s user interface, along with a tutorial on how to carry out the swap.”

“The firm’s Retrievable Transfer feature works by building a new layer onto existing blockchain protocols. Users then have the ability to “cancel” a transaction sent to an incorrect cryptocurrency wallet address.

The company’s logic layer functions by providing a unique transaction code that must be entered by the recipient in order to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time.

Kirobo’s Retrievable Transfer feature is now available for bitcoin transfers on wallets from France-headquartered firm Ledger, while support in other wallets is expected to roll out over coming months.”

“ETH2 scaling for data will be available before ETH2 scaling for general computation.

This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with ETH1 as data layer, then ~100k TPS with ETH2 (phase 1).”

“Sorare, the Ethereum-based fantasy soccer game that lets players own digital cards based on real professional players, announced today that it has added the 700+ players that compete in North America’s Major League Soccer.

Sorare allows players to purchase and collect cards based on players from a variety of professional soccer teams, and then form a five-player lineup to enter divisional matchups against other Sorare users. Players earn points based on the pros’ respective real-world performances.

We’re excited fans worldwide now have the chance to collect, manage, and own licensed digital cards of their favorite players.”

“In simplified terms, traditional stocks entitle their holders to a voting share in the corporate board of the company and a portion of the dividends it may distribute.

Given the clear analogies with company stocks, there is an intervention risk from the Securities and Exchange Commission, which might deem these tokens as securities.

The decentralization of the network appears to be a key distinction when evaluating if a token is a security.

I agree there are some components of [governance tokens] that look security-like, but doesn’t necessarily mean that they are securities.”

“Dfinity has announced its “Internet Computer” is now open to third-party developers. Projects already being built atop of Dfinity’s Internet Computer include a decentralized payment app as well as a platform for luxury goods.

The firm said it’s already operating on a “network of independent data centers” across the U.S. and Europe, enabling developers and businesses to build and launch their own apps and projects onto the platform.

The Internet Computer and its open services, Williams continued, create a way to ‘reboot the internet creating a public alternative to proprietary cloud infrastructure.'”

“Wuhan Kingold Jewelry, the largest privately-owned gold processor in central China’s Hubei province, used at least 83 tonnes of counterfeit gold as collateral for loans amounting to 20 billion yuan ($2.8 billion) from over a dozen Chinese financial institutions.

In short, more than four percent of China’s official gold reserves may be fake.

Kingold started off as a gold factory affiliated with the People’s Bank of China but split off from the central bank during restructuring. As of September 2019, it held assets totaling $3.3 billion, and its shares are listed on the Nasdaq stock exchange.

The latest revelations are sure to spark questions about how much gold held as collateral is genuine, and how practical gold is as a reserve asset. In the last four years, at least $50 million worth of fake gold allegedly from Swiss refineries has been found in the vaults of JPMorgan Chase.”

“Wirecard-issued crypto debit cards from companies like Crypto.com and TenX have been reactivated following permission from the United Kingdom’s Financial Conduct Authority, or FCA.

The regulator stressed that there are still ‘requirements imposed on Wirecard’s authorisation.'”