fbpx
Connect with us

Bit Coin

Sberbank to Conduct First Digital Asset Transaction on Own Platform

Published

on

Sberbank to Conduct First Digital Asset Transaction on Own Platform

Sberbank to Conduct First Digital Asset Transaction on Own Platform

Russia’s largest bank, Sberbank, is going to carry out the first transfer of digital assets on its own dedicated platform within a month, a top executive revealed this week. The announcement comes after earlier this year, the bank was authorized to issue digital financial assets.

Sberbank Prepares for Deal With Digital Financial Assets on Proprietary Platform

Russian majority state-owned bank Sberbank (Sber) will perform the first transaction with digital financial assets (DFAs) on a platform developed by the institution within a month, Tass reported. The news agency quoted Anatoly Popov, deputy chairman of the Management Board of the banking and financial services company.

Speaking on the sidelines of the St. Petersburg International Economic Forum, the high-ranking executive reminded that Sberbank, which accounts for about a third of all bank assets in Russia, was added to the Central Bank of Russia’s register of information system operators permitted to issue DFAs this spring.

‘Digital financial assets’ is the current term in Russian law describing cryptocurrencies and other digital assets. Additional legislation is on the way, with a bill “On Digital Currency,” proposed by the Ministry of Finance to comprehensively regulate the country’s crypto market, likely to be adopted during the fall session of the State Dima, the lower house of parliament.

“We are watching the development of new technologies, including in the field of distributed ledgers. We are studying how blockchain technologies are developing,” Popov commented. “Currently, there are many projects using them, and in Sber, of course, too.”

Sberbank’s deputy chairman also noted that the bank’s digital asset platform has already passed acceptance tests. A press release published in March detailed that DFAs will be issued and circulated through the platform which has been built with blockchain technologies.

Other companies will be allowed to use it to issue their own digital assets to attract investments. They will also be able to make transactions with DFAs under applicable regulations in the Russian Federation.

For now, the law “On Digital Financial Assets,” which went into force in January of 2021, is the main piece of legislation regulating cryptocurrencies and tokens in Russia. While it introduced rules to govern activities such as the issuance of digital coins and fundraising through tokens, key operations with cryptocurrencies like mining and trading are yet to be regulated.

Do you expect other Russian banks to start working with digital assets? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Mino Surkala

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Go to Source

Bit Coin

Crypto Exchange Zipmex Moves to Release Some BTC, ETH Holdings This Week

Published

on

Crypto Exchange Zipmex Moves to Release Some BTC, ETH Holdings This Week

Shortly after resuming withdrawals for some altcoins, Asian crypto exchange Zipmex announced that it will be easing withdrawal amounts of Bitcoin and Ether later this week.

The statement comes after the platform had assured its users on August 4 that it is “committed to resuming all services on the Zipmex platform ASAP and to rebuild confidence and alleviate customer concerns.”

August 11, 16 earmarked for release

Zipmex, a cryptocurrency exchange with offices in Singapore and Thailand, announced a temporary halt to client withdrawals from the platform back on July 20. While the exchange blamed falling crypto asset prices and loan defaults by industry heavyweights for the decision, it said it will resume withdrawals less than 24 hours after suspending operations.

Now, despite the exchange’s battle with Babel and Celsius, it intends to release a specific amount of ETH and BTC on August 11 and 16, respectively.

Zipmex is planning to release a specific amount of ETH and BTC on 11 and 16 August respectively. We’re working hard to release the balance of Z Wallet holdings ASAP.

Thank you for your ongoing patience and support.

Zipmex Team

#Zipmex pic.twitter.com/moywJffXau

— ZIPMEX (@zipmex) August 8, 2022

Previously on August 2, 100% of users’ SOL was released, 100% of XRP was announced for release on August 4, and Zipmex said it will make 100% of ADA available on August 9, 2022. Stablecoins, on the other hand, will remain inaccessible for the time being.

Meanwhile, in Singapore, Zipmex has requested bankruptcy protection to address its financial concerns by way of a moratorium for five of its businesses. While the hearing is to take place on August 15, it is crucial to reiterate that Zipmex has raised a total of $62.9 million in investment over the course of 6 rounds. As per Crunchbase, Coinbase and B Capital Group were the most recent investors.

That said, co-founder Akalarp Yimwilai had also stated on Twitter last month that the “primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.”

We reiterate that we have an audit trail and written evidence on all sequence of events. However, our primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.

— Akalarp Yimwilai (@akalarp) July 29, 2022

Will the Singapore court go the Vauld way?

Just last week, the High Court of Singapore granted the troubled cryptocurrency lender Vauld a three-month moratorium period. As a result, the corporation will be effectively protected from any prospective legal action from creditors during this time. Therefore, a similar route for Zipmex will allow the platform to resolve its liquidity issues and re-enable its Z wallet.

Just to reiterate, Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Thailand-based Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd are among the businesses asking for assistance under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. According to Singaporean legislation, these businesses must be given an automatic moratorium for 30 days or until the court issues a ruling.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Continue Reading

Bit Coin

Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

Published

on

Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

The Barstool Sports founder panic-sold Bitcoin in 2020 and has expressed fleeting interest in digital assets ever since.

1258 Total views

48 Total shares

Dave Portnoy's SafeMoon position is down 94%, claims he's being sued by project

Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market. 

The stock trader and media personality took to Twitter on Monday to lament his $40,000 investment in the memecoin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.”

I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being sued. https://t.co/qRAyBegQMm

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy claimed that he’s also being sued by SafeMoon, possibly for “trashing” the project on his show, but didn’t elaborate much further. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing displeasure with the Barstool Sports frontman for giving the company “a bad look and unfair representation.” Portnoy “mentioned his SafeMoon losses on air but failed to mention he hasn’t upgraded his holdings to V2 yet,” the manager said.

And let’s not forget when @safemoon themselves complained about me trashing them. pic.twitter.com/1Fg2i9lijC

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy is no stranger to cryptocurrencies, having bought Bitcoin (BTC) in August 2020 only to sell it one week later due to volatility. He later expressed regret over his lack of conviction and went on to make several additional bets on cryptos, which included SafeMoon.

Related: Dogecoin founder speaks out against ‘meme coins’

As far as prices go, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021, according to CoinMarketCap. The coin has a lifetime return on investment of negative 86%. 

SafeMoon was audited in May 2021 by blockchain security firm HashEx. At the time, the firm identified 12 smart contract vulnerabilities, including a “temporary ownership renounce” that made it especially prone to a rug pull.

Go to Source

Continue Reading

Bit Coin

Circle freezes blacklisted Tornado Cash smart contract addresses

Published

on

Circle freezes blacklisted Tornado Cash smart contract addresses

Stablecoin issuers can blacklist interactions with the Tornado Cash DApp on the Ethereum smart contract level.

997 Total views

19 Total shares

Circle freezes blacklisted Tornado Cash smart contract addresses

Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application, or DApp, used to obfuscate the trail of previous cryptocurrency transactions on the Ethereum blockchain. 

All U.S. persons and entities are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. An estimated $437 million worth of assets, consisting of stablecoins, Ethereum, and wrapped Bitcoin (WBTC), are currently held in Tornado Cash’s smart contract addresses. As a result, issuers are expected to take steps to prevent the transaction or redemption of such assets. 

Both the entities behind USDC and Tether can freeze their stablecoin transfers to and from Tornado Cash on the Ethereum smart contract level. Meanwhile, Palo Alto, California-based BitGo, would also, theoretically, need to restrict access to Tornado Cash to comply with such sanctions. One possible method is suspending the redemption of Tornado Cash-linked WBTC.

As told by pseudonymous DeFi educator BowTiedIguana, the new Tornado Cash sanctions apply across the board for U.S. individuals and entities. Simple interactions such as Gitcoin donations, working for the project, running or downloading its software, visiting its website, and depositing/withdrawing from smart contracts could be interpreted as violations. 

Circle just frozen 75,000 USDC belonging to unsuspecting Tornado users, as well as 149 USDC donated to the project. pic.twitter.com/GBS41FtZvB

— banteg (@bantg) August 8, 2022

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Sberbank to Conduct First Digital Asset Transaction on Own Platform
a

Market

Trending