10 October

“The Trump Administration is preparing a $1.8 trillion coronavirus stimulus proposal, its largest such offer in negotiations with the Democrats, the Wall Street Journal reported.

Bitcoin (BTC) prices have been buoyed this year as investors bet that trillions of dollars of government and central bank spending around the world in response to the coronavirus-induced slowdown will inevitably result in inflation, and therefore be positive for the cryptocurrency.”

See Also: Bloomberg: Biden election would be good for Bitcoin, bad for DeFi

A group of seven central banks and the BIS had collaborated on the report, ‘identifying the foundational principles necessary for any publicly available CBDCs to help central banks meet their public policy objectives.’

The Bank of England, the U.S. Federal Reserve and the Bank of Japan sit among the governing bodies involved in crafting the document, titled: Central bank digital currencies: foundational principles and core features.

A central bank should not compromise monetary or financial stability by issuing a CBDC; (ii) a CBDC would need to coexist with and complement existing forms of money; and (iii) a CBDC should promote innovation and efficiency.

See Also: Bank of Japan to begin digital currency proof-of-concept in 2021
See Also: China’s Central Bank, Major City to Hand Out $1.5M in Digital Yuan

“Investment bank Standard Chartered is planning to grow its cryptocurrency holdings on its balance sheet on behalf of institutional investors. The bank has put out three job applications in the last two weeks to build out a crypto asset team to support this goal.

The bank already revealed it was planning on building a custody solution three months ago. However, two of the bank’s recently published vacancies show that Standard Chartered wants to actively grow its crypto assets under management. This puts Standard Chartered in a position to compete with investment giants like Fidelity, which has already launched a Bitcoin fund for wealthy investors.”

See Also: SBI Subsidiary to Hold Security Token Offering Later This Month
See Also: JPMorgan’s Blockchain Lead Is Now in Charge of Ethereum-Based Interbank Information Network

“The Chicago Mercantile Exchange (CME), the largest U.S. regulated market for bitcoin futures, has been sounding out cryptocurrency traders to gauge their interest in a listing of futures and options for the Ethereum blockchain’s native currency.

Partly due to the explosive development of decentralized finance (DeFi) this year, there has been rising demand from traders for ether derivatives that can be used to make leveraged bets on price moves or simply to hedge.

For now, the biggest venues for trading ether futures are on non-U.S. exchanges led by OKEx, Huobi and Binance.”

“Uphold, an app for trading cryptocurrencies, fiat, and precious metals, announced on Wednesday the launch of a new 24/7 trading service for US public equities, freeing international investors from the time constraints held over from the days of stock floor trading.

Uphold will offer trading services for 50 of the most popular US equities, including Tesla (TSLA), Apple (AAPL), Facebook (FB), and more, as well as several exchange-traded funds (ETFs) that aggregate stock picks into a single tradable equity.

Uphold also offers services for buying, selling, and trading more than 30 cryptocurrencies.

U.S. equity trading has been stuck in the 20th century with archaic market hours that no longer meet the expectations of millennials who’ve grown up with ‘always-open’ digital asset markets.”

Andre Cronje, the prolific coder and creator of Yearn, said he’s quit the project – and decentralized finance (DeFi) altogether – out of frustration with its realities.

I’m not building anything at all anymore. I do it because I’m passionate, but if people are going to use my test environments, then lose money, and then hold me liable, it means there is 0 upside and only risk for me.

As Cronje explained, thanks to the fee built within Yearn, which replenishes the token treasury, the decentralized autonomous organization (DAO) has funding now to support a staff that can carry on his work.

Yearn’s strongest asset is its incredible community that has coalesced in a short period of time. I’m extremely confident the project will continue to thrive, even if for some reason Andre decided to depart the project.”

See Also: Dapper Labs Raises $18M in Token Sale for NFT-Centric Flow Blockchain

“The former chief technology officer of the troubled BitMEX exchange has been released from custody after a bond for $5 million was paid in the U.S.

Samuel Reed pledged to appear in court and comply with sentencing or risk the loss of the bond.

A vulnerability in LND versions 0.10.x and below has been disclosed to the Lightning Labs team. Lightning Labs – one of three major implementations of the Lightning Network – released its newest v0.11.1-beta on Oct. 1.

No known exploitations of the vulnerability have been found to date, but ‘circumstances surrounding the discovery resulted in a compressed disclosure timeline.‘”

Energy, Oracles and AI

“Aragon provides a technology stack for DAOs [and] a framework for a virtual court, where contestants have to stake some amount of crypto and then submit to the decision of the decentralized jurors.

Cuende believes that the moderation woes experienced by social media platforms present a perfect use case for Aragon’s technology once the tech matures.

I think censorship is when the rules are defined by one party, moderation is when there’s a consensus on the rules.”

“The trustee for long-defunct Bitcoin (BTC) exchange Mt. Gox has spent another $1.2 million in fees in the last six months.

Creditors are complaining that Nobuaki Kobayashi, the platform’s bankruptcy trustee, gave few updates on what the money was spent on—and whether any progress has been made.

Kobayashi has delayed the refund process several times, publishing nearly identical statements in April 2019 and March 2020. The current submission deadline for the rehabilitation plan is October 15.”