19 January

EY’s Nightfall, a five-years-in-the-making system allowing businesses to shield the content of transactions on the public Ethereum blockchain, has entered its final phase of production readiness for deployment using the Polygon network. The goal for EY and Nightfall, which teamed up with scaling specialist Polygon in September 2022, has always been to harness the power of the public Ethereum network for big business.

The latest updates to Nightfall have made its code fully decentralized, meaning it can run anywhere with no single entity being in charge, as well as adding industry standard X.509 identification certificates. These final updates herald the product going live in May of this year, said EY Global Blockchain Leader Paul Brody.

We currently have a beta client for the supply chain work that is ongoing now, and we expect to show the first production ready product that uses this network layer at our Global Summit in May.”

See Also: Ethereum Layer 2 Network Optimism Sees Bump in Transactional Activity

Every day, about $2.2 trillion in foreign-exchange (FX) transactions carry a risk that the yet-to-be settled side of an agreement won’t meet obligations. But a new paper from Circle Internet Financial and decentralized exchange Uniswap Labs finds that a distributed ledger could solve that problem with simultaneous settlement.

Researchers from the two digital-finance companies contend that crypto’s innovations could be an answer to this major ongoing financial-stability concern for regulators. That’s one conclusion of their 20-page paper to be released in Davos for a panel at the World Economic Forum on Thursday. The researchers also say remittances – money that people send across international borders – could see their costs cut by 80% through decentralized finance (DeFi).

On-chain FX can offer faster and more affordable transaction processes, as well as greater liquidity and stability.”

See Also: In Davos, Blockchain Yields More Promises Than Problems
See Also: Davos Day 3 Shows Conflicting Visions for the Metaverse, CBDCs

The Block reported Genesis is in talks with creditors about a prepackaged bankruptcy plan, which would mean that the two sides would come to a restructuring agreement prior to any filing and that the deal would be then be made final in bankruptcy court.

Bloomberg reported Genesis is in confidential negotiations with various creditor groups, with the company warning it could seek bankruptcy protection if it fails to raise capital.”

See Also: MakerDAO Favors Holding GUSD Stablecoin as Part of Reserve in Early Voting
See Also: Crypto Lawyers Share Blame for FTX, Other Disasters, CFTC Commissioner Says

“Just two hours after surging to a four-month high of about $21,550, the price of bitcoin (BTC) tumbled nearly $1,000, down 2.6% to $20,600.

Helping to spur the slump was the U.S. Department of Justice (DOJ) teasing the announcement of a major international crypto enforcement action coming at noon ET. There were also some hawkish comments from St. Louis Federal Reserve President Jim Bullard, who suggested the central bank should hike interest rates by 50 basis points at its next meeting in February versus market expectations for a 25 basis point move.

The government has charged little-known crypto platform Bitzlato with laundering funds tied to illicit Russian finance and its founder has been arrested. With the “major” perhaps somewhat overhyped, bitcoin has bounced, now trading just below $21,000.”

See Also: Crypto Panics, Then Jeers at DOJ Announcement of ‘Major Action’ Against Tiny Chinese Exchange Bitzlato
See Also: Crypto Observers Maintain Risk-On Bias as US Debt Ceiling Nears

️Ethereum’s KZG Ceremony