Draper Associates, the VC firm led by the legendary investor Tim Draper, has led the $3.5 million seed round of Zest Protocol, a Stacks-based Bitcoin lending market. The round, which also had the participation of Binance Labs, Flow Traders, Trust Machines, and others, seeks to allow bitcoin holders to put their capital to use using
The pilot program tested a method of bringing traditional finance fund data onto blockchains with big banks JPMorgan and BNY Mellon also involved.
Cardano whales have added 11% more ADA tokens to their wallets last month. ADA was trading at $0.4594 with over 1% increase in the last 24 hours. Continue Reading: Cardano Whales Accumulate ADA Tokens
Neel Somani, Founder of Ethereum Layer-2 Blockchain Eclipse, has been replaced as Chief Executive Officer (CEO) due to accusations of sexual misconduct. Eclipse Labs announced Vijay Chetty, the company’s Chief Growth office (CGO), as the new CEO, taking over Somani’s responsibilities. Related Reading: Altcoin Season On The Horizon? Analyst Predicts Ethereum Breakout That Will Kickstart
FTX has a new plan, and Bitcoin might just benefit from it all.
The Depository Trust and Clearing Corporation (DTCC) has partnered with blockchain oracle Chainlink and several prominent banking institutions in the United States to conduct a successful pilot aimed at accelerating the tokenization of funds. The collaboration has not only paved the way for the adoption of blockchain technology in the traditional asset management sector but has also had a significant impact on the price of Chainlink’s native cryptocurrency, LINK, which has surged past the $14 threshold. Major Asset Managers Join DTCC And Chainlink The pilot, called Smart NAV, was developed by DTCC to explore the extension of its Mutual Fund Profile Service I (MFPS I), an industry-standard platform that transmits “Price and Rate” data, also known as “NAV data.” Related Reading: Why Is This Crypto Pundit Warning XRP Investors To Be At Alert For The Next 3-12 Months By leveraging Chainlink’s cross-chain interoperability and blockchain abstraction capabilities, the pilot aimed to investigate the potential of on-chain price and rate data as a key enabler for new initiatives, particularly in the realm of mutual fund tokenization. To evaluate the industry value of a DLT-based price and rate dissemination solution, DTCC collaborated with asset managers, service providers, and distributors, including American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, and State Street. On-Chain Data Delivery For Fund Tokenization According to the announcement, the results of the pilot were positive. The collaboration between DTCC, the US banking institutions, and Chainlink reportedly showed that structured data can be delivered on-chain, enabling the embedding of foundational data into multiple on-chain use cases. This capability has far-reaching implications, including supporting brokerage portfolio applications and facilitating real-time, automated data dissemination. Moreover, Smart NAV aims to provide built-in access to historical data and simplify the relay of price and rate data through new interfaces for data consumption. Furthermore, the pilot reportedly achieved several key milestones, including validating user interfaces and applications that leverage on-chain data, establishing automation of data routing through smart contracts for dynamic data management, and preventing future fragmentation through Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Related Reading: QCP Capital Sees Bitcoin Reclaiming $74K Highs – Here’s Why BTC Could Continue Its Rally Ultimately, the DTCC stated that the partnership with Chainlink has played a key role in the success of the Smart NAV use case. By providing an abstraction layer through its cross-chain interoperability capabilities, Chainlink has facilitated “seamless” transmission of data across multiple blockchains. This approach eliminates the need for DTCC to establish individual connections to each blockchain, mitigating costs and operational complexities while ensuring data accessibility and optimization. Bullish Momentum For LINK As of the time of this press release, the LINK token has successfully surged above the $14.88 mark, experiencing a notable 6.8% increase in price since the initial announcement on Thursday. Data from CoinGecko indicates that the token’s trading volume has also seen a significant surge of 17% in the last hours, reaching a substantial figure of $400 million. However, for LINK to recover from its 72% losses from its all-time high of $52.70 reached in May 2021, it faces two key resistance levels as shown on the token’s daily LINK/USD chart above. These resistance walls are located at $15.18 and $17.8 respectively, before potentially moving towards the $20 mark. It remains to be seen whether the current bullish momentum will persist and further propel the price of LINK beyond these levels. Featured image from Shutterstock, chart from TradingView.com
A customer at a US bank says $9,100 was mysteriously drained from his account even after he notified the lender about suspicious activity. Military veteran Roberto Rangel says USAA then refused to reimburse his account – and demanded he pay a negative balance of $2,800 that was triggered by the theft, reports the Fox-affiliated news The post $9,100 Drained From US Veteran’s Bank Account – Bank Rejects Responsibility, Demands Victim Pay $2,800 Negative Balance: Report appeared first on The Daily Hodl .
Reddit stock spiked on the news while critics of the social discussion platform predicted AI bias would get worse.
The revenue cryptocurrency users can get for staking some of the most popular digital assets has dropping significantly over the past year, with the yield earned for staking Ethereum ($ETH), for example, plunging from over 5% to around 3.18% at the time of writing. That’s according to data from CCData shared with CryptoGlobe, which shows
Juno Finance acknowledges the disruption in banking services and is collaborating with its brokerage and banking service providers, Synapse and Evolve Bank & Trust, to restore full service as soon as possible. Juno is a financial platform that integrates checking and savings accounts with cryptocurrency trading. “Currently, Evolve Bank & Trust has frozen all card