Sergey Lavrov, the Russian Minister of Foreign Affairs, has stated that there is a growing understanding about increasing the use of national currencies in settlements between the member states of the Shanghai Cooperation Organisation (SCO). The statement was made following discussions with counterparts in Panaji, the capital of the Indian state of Goa. To achieve
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Billionaire Bill Ackman, CEO of Pershing Square Capital Management, has voiced concerns over the US regional banking system and warned that time is running out for the government to fix the banking system. Ackman has pointed the finger at the Federal Deposit Insurance Corporation (FDIC), blaming the agency’s “failure” to update and expand its insurance
Nomba, a Nigerian fintech startup, has successfully raised $30 million in a pre-Series B funding round. The equity round was led by San Francisco-based Base10 Partners and saw participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures. The startup, formerly known as Kudi, plans to use the investment to develop a payments solution that
According to Kommersant, Russia saw seven placements of digital financial assets (DFAs) worth about 1 billion rubles ($13 million) in April. DFAs are a relatively new type of asset defined in Russia’s “On Digital Financial Assets” law, which came into effect in January 2021. Unlike decentralized cryptocurrencies, DFAs represent “digital rights” to securities or utility
New York State Attorney General Letitia James has put forth a proposal for landmark legislation to regulate the cryptocurrency industry. This proposal aims to provide protection for investors, consumers, and the broader economy. The proposed bill, titled “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” is considered the strongest and most comprehensive set of regulations
As of May 6, 2023, the total value locked (TVL) across all defi platforms has reached $49.31 billion. Lido Finance currently leads the pack with a 24.82% share of $12.24 billion. Over the past month, Lido’s TVL has grown by 9%, while posting a moderate 2.42% increase in the preceding week. This growth has helped
Bitcoin Cash is set for a network upgrade on May 15 and one of the most discussed improvement proposals is the Cashtokens CHIP. Pro-freedom technologies advocate and software developer, Jason Dreyzehner, believes the upgrade will permit advanced on-chain applications, such as higher-security vaults, decentralized exchanges, and bridged sidechains, making it comparable to ethereum, more scalable,
Binance, the cryptocurrency exchange, has had an interim proprietary injunction set aside by the United Kingdom high court. The injunction was issued after a victim of cryptocurrency fraud claimed to have traced the stolen funds to accounts held with Binance. The claimant had sought the preservation of a certain amount of cryptocurrency, but Binance argued
The Bitcoin network is currently experiencing a significant traffic jam with an overwhelming number of unconfirmed transactions. As of May 7, 2023, the latest statistics reveal that over 390,000 transfers are currently stuck in limbo, waiting for confirmation. The backlog is a result of the surge in minting and transferring of BRC20 tokens and Ordinal
The US banking industry has faced chaos in recent months after the second, third, and fourth-largest bank failures in the country’s history. Despite this, Fed chairman Jerome Powell has stated that the US banking system is “sound and resilient.” However, financial expert Greg Foss believes that Powell is a “horrible poker player” and that there