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DeFi Startup Compound Finance Raises $25 Million Series A Led by A16z

Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to date. According to DeFi Pulse, Compound has nearly $103 million worth of crypto locked up in its automated system, which can generate returns for users comparable to interest. Today’s announcement of the Series A follows Compound’s $8.2 million seed round in 2018. …

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Binance Exchange Is First Client for Paxos’ New Dollar Gateway

Regulated blockchain company Paxos has launched a product allowing crypto exchange customers to more easily fund their accounts with traditional money. With its new Fiat Gateway service, Paxos said Tuesday that users will be able to execute simple swaps between U.S. dollars and stablecoins, including the firm’s own Paxos Standard (PAX). Notably, Binance, the world’s largest cryptocurrency exchange by trading volume, will be the first to integrate the product. The firm will also have its stablecoin, …

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Tether Says Its Stablecoin Is ‘Fully Backed’ Again

USDT tokens are now fully backed by Tether’s reserves, the stablecoin issuer said Thursday. Tether published a response to what it described as “a flawed paper” written by John Griffin, a professor of finance at the University of Texas at Austin, and Amin Shams, an instructor the Ohio State University which claimed a single address on the Bitfinex exchange was responsible for manipulating the bitcoin market in late 2017, sparking the bull market. The paper …

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McAfee Champions Importance of Stablecoins for Decentralized Exchanges

American entrepreneur and staunch crypto advocate, John McAfee, has argued for the importance of stablecoins for decentralized exchange (DEX) adoption. McAfee made his argument in a tweet posted on Oct. 20. Stablecoins as an interim solution McAfee’s video begins by tackling the main obstacle to crypto-fiat currency conversions that use of a decentralized exchange poses for users:  “What’s the main issue with decentralized exchanges? It’s how do you get your fiat currencies in and out? …

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Tourists in Popular Japanese Region Could Soon Use a Local Cryptocurrency

Mitsubishi Research Institute (MRI) and an Osaka-based railway company are issuing a local cryptocurrency for use in a popular tourist area in Japan’s Mie Prefecture. The MRI, formed in 1970 by Mitsubishi Group companies, said on Wednesday that the token, dubbed Kintetsu Shimakaze Coin, will be utilizing blockchain and is available only from Nov. 11 to Jan. 31 next year. It is the fourth such unit created by the two companies as they work to refine …

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Bitcoin Has Failed But Global Stablecoins a Threat, Say BIS and G7

Bitcoin and other early cryptocurrencies have failed as an “attractive means of payment or store of value,” says a new report from the G7 and Bank of International Settlements (BIS). However, the October report, argues that widely adopted asset-pegged cryptocurrencies, or stablecoins, such as Libra are a growing threat to monetary policy, financial stability and competition. Widely adopted stablecoins, dubbed “global stablecoins” in the report, have the potential to reach an international audience and have …

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FATF Joins BIS in Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

Stablecoins pose a money laundering and terrorist financing risk to the world, the Financial Action Task Force (FATF) said Friday. In documents released after its latest meeting, the intergovernmental organization referred to cryptocurrencies as a “major strategic initiative,” and said cryptos whose values are pegged to fiat currencies could have a particularly big impact. Some 800 representatives from 205 jurisdictions met from Oct. 16 to Oct. 18 to discuss various issues under the jurisdiction of …

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WATCH: How JET8 Is Injecting Crypto Into the Social Media Value Chain

Jet8 is taking a new approach to social media and data ownership using blockchain. Chief strategy officer Joshua Thomson sat down with CoinDesk to discuss how his firm is putting users “back in the center of the value chain.” First, the platform enables anyone to create “instagram-like” applications centered on their own interests, hobbies or career. Secondly, members and content creators receive a portion of advertising revenue in the form of a U.S. dollar-backed stablecoin …

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Swiss Federal Council Continues to Monitor Stablecoins and Blockchain

The Swiss Federal Council is continuing to keep close tabs on global stablecoin projects and their possible opportunities and challenges. Switzerland is seen as very crypto-friendly In a press release on Oct. 16, the Swiss Federal Council stated that it was recently informed about “current opportunities and challenges associated with stablecoins” and that Switzerland will continue to monitor new digital technology developments, such as blockchain and distributed ledger technology. The Federal Council states that, while …

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Former Employees of JP Morgan, Intel and TrustToken Launch Stablecoin

The Global Currency Organization (GCO) is launching a new U.S. dollar-backed stablecoin, dubbed the USD Digital (USDD). In an Oct. 1 press release shared with Cointelegraph, the GCO announced the launch of the USDD, a new stablecoin pegged to the U.S. dollar. The organization, which is a new project led by former employees of JPMorgan, Intel and TrustToken, said that it plans to make the stablecoin model available to a worldwide network of partners, to …

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