Daily Web3 Headlines You Need To Know
23 August #NFT #Metaverse #DeFi&Trading #Policy&Law
NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately 15,000 ETH was lent using the mechanism. To save the protocol from a credit crisis, the Bend Dao dev team suggested that the liquidation threshold for collateral would be constrained to 70% of the loan value, down from 85%…(Read More)
Facebook and Twitter will soon be obsolete thanks to blockchain technology
Today’s social media landscape is dominated by Web2 corporations — mostly Meta (Facebook) and Twitter. The companies collect data from billions of users and collect billions of dollars in revenue from user-generated content. While it’s great for the corporations and their shareholders, it comes at a cost for average users and professional content creators. But in the near future, decentralized social media — or Web3 — is likely to end that old model by giving power back to users…(Read More)
📈 DeFi & Trading
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls’ dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant…(Read More)
Samsung Securities Joins Giant Brokerages In Bitcoin, Crypto Exchange Push: Report
Seven large domestic securities companies in South Korea have filed to establish exchanges for bitcoin and other cryptocurrencies, per a local report from NewsPim. Only two of the companies, Samsung Securities and Mirae Asset Securities, were cited in the report. However, all seven companies have applied for preliminary approval to operate an exchange within the first-half of 2023…(Read More)
⚖️ Policy & Law
Tencent receives patent for blockchain-based missing persons poster
The patent consists of a data generation request upon user submission that a person has gone missing. The proposal is then unveiled publicly on the blockchain for verification. Once a consensus has been reached regarding the request, it is then stored in the public ledger and forwarded to nodes for broadcasting to a wider audience. Tencent said in the patent application that the design seeks to improve the efficiency of looking for missing persons….(Read More)
Why Coinbase Welcomed PayPal To Its Compliance Solution “TRUST”
Payment giant PayPal joined the Coinbase-led compliance initiative called Travel Rule Universal Solution Technology (TRUST). Launched in 2022, the solution was created to “protect the security and privacy” of its members’ customers while complying with the Travel Rule…(Read More)
Launched in February 2022, Travel Rule Universal Solution Technology (TRUST) is designed to comply with ‘Travel Rule’ while protecting the security and privacy of the users on Coinbase. Travel Rule is a US law under FinCEN, written before crypto even existed, that requires financial institutions and companies to share certain information about a customer if they are sending money above a threshold.
In short, TRUST is a platform that allows cryptocurrency exchanges to securely send the information required by travel rules. It is called TRUST because this is what customers want to instil when using the products and services.
How is TRUST important?
TRUST helps to achieve top-tier compliance with the Travel Rule, while fully honoring customers’ expectations over the right to use their data.
To date, TRUST provides the following safeguards:
- Decentralized the data storage
TRUST will not store customer information in any forms, information is sent directly from one TRUST member to another through an end-to-end encrypted channel.
- Proof of Ownership
To ensure that the information is sent to the right exchange, TRUST has a mechanism for the receiving exchange to verify their identity before customer information is sent.
- Security and privacy standards
All TRUST members have to meet the core anti-money laundering (AML), security and privacy requirements before joining the solution.
Coinbase is on its track to regaining the community’s trust
Coinbase is an American publicly traded company that operates a cryptocurrency exchange platform. Its compliance solutions and partnerships have been in the spotlight for several months. Some from the crypto community expressed concerns about the cryptocurrency trading platform when the US and international watchdogs crack down harder on the crypto industry.
Now, with Paypal’s partnership with TRUST, the payment giant might be able to bring optimism to the community. It is joining the Amber Group, Anchorage Digital, Binance.US, bitFlyer, BitGo, Bittrex, BlockFi, BlocPal, Circle, Crypto.com, Robinhood, Tetra Trust, Voyager, Kraken, Gemini, Consmart, Netcoins, Nexo, Paxos, and other members that comprised a total of 38, expanding the landscape of the compliance scheme.
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