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Figure Technologies releases fund services offerings on blockchain

 Figure Technologies launched its new digital fund services products for investment firms on a blockchain, the company said in a statement.The San Francisco-based financial technology firm used the Provenance blockchain and aims to use the technology to automate much of the paper-based processes in fundraising and fund management. Services include capital raising, investor onboarding, know-your-customer, anti-money laundering and Bank Secrecy Act activities, digital subscriptions, capital calls, and transfer agents.Mike Cagney, co-founder and CEO...

DeFi platform bZX sees new $8M hack from one misplaced line of code

The Fulcrum DeFi protocol developed by bZX, which had recently relaunched after a series of hacks in February forced the team to regroup, was hacked once again to the tune of about $8 million.According to the incident disclosure by bZX, the culprit is one line of code placed at the wrong location in the contract for its “iTokens,” the token representing a user’s share in the pool of supplied assets — essentially a...

Elastic Finance makes its case in the DeFi discussion

The DeFi frenzy has been making the headlines in the last few months, as crypto exchanges rush to list popular tokens within the decentralized finance sphere. However, another concept called “Elastic Finance” has emerged, which could be the next generation of financial platforms that can use unique supply elastic assets, said an expert.During an interview with Cointelegraph, digital asset protocol firm Ampleforth Foundation CEO Evan Kuo said that Elastic Finance began with its...

Blockstream’s Liquid pushes for DeFi with new decentralized exchange

A decentralized exchange built on the Liquid network is opening for early access on Monday.Called TDEX, the project has announced its entry into an Open Alpha stage. It’s being built by Sevenlabs — a firm that provides consulting and white-labeling services in addition to its current work.The exchange provides a fairly unique twist to the Automated Market Makers currently dominating on-chain exchange volume. The TSWAP protocol used by the exchange focuses on ad-hoc...

Scaling DeFi with Optimistic Rollups is not the best option, says Matter Labs CEO

Since Ethereum 2.0 is likely to take a few more years to begin increasing the throughput of the network, community focus is centering on layer-two solutions that could take some of the burden in the short-term.Several solutions that support token transfers are already implemented live, including Matter Labs’ ZkSync and OMG Network’s Plasma. But the “holy grail” of layer two is generalized smart contract support, which would let DApps and DeFi move out...

US warns of resurgence of North Korea’s BeagleBoyz hacking gang

A group of North Korean hackers is engaged in a massive campaign targeting U.S. financial institutions and cryptocurrency exchanges around the world — with US authorities warning of the high level of threat it poses to the country.According to an alert issued by the U.S. Department of Homeland Security (DHS), agencies including the FBI, the U.S. Cyber Command, and the Department of the Treasury are moinotiring the resurgence of the North Korea-sponsored hacking...

With Blockchain, Fraud Will Not Be Able to Steal Digital Ad Revenues

Recent statistics show that digital advertising spending worldwide will reach a total of $335 billion dollars in 2020. While impressive, the digital media landscape is rife with issues due to a lack of supply chain transparency. As a result, digital ad fraud increases annually. Even with automated advertising technology designed to efficiently power digital advertising on publishers’ sites, challenges persist. In turn, advertisers are losing billions of dollars each year. It’s been estimated that...

Equilibrium Offers a Promotional Token Swap for Test-Driving Its DeFi Platform

Having set up shop on Polkadot just a week and a half ago, an EOS-based decentralized finance project called Equilibrium will bring its governance token NUT to the Polkadot ecosystem for sake of facilitating a promotional token swap.The token swap will run from August 31 to September 29. During this time, people who want to test-drive Equilibrium can exchange their BTC for NUT, then use that NUT to experiment with the newly launched...

Chinese State Grid Launches Blockchain-Based Blackout Insurance Policy

A branch of China’s state-backed grid released its first blockchain-powered blackout insurance policy issued to the chairman of a local company that needed to compensate for a power outage loss suffered recently.According to Shupeidian, Zhejiang Ningbo Power Supply Company, in partnership with Yingda Taihe Property Insurance Co., Ltd., released the policy to a sprinkler manufacturing company in Ningbo, Zhejiang province.Both companies believe that the process of issuing insurance via a blockchain network provides...

China’s State-Run Banks Reportedly Testing Wallet for Digital Yuan

A group of state-run commercial banks in China are reportedly conducting a large-scale internal testing of a digital wallet designed for China’s national digital currency, the digital yuan.According to an Aug. 5 report by Reuters, the banks are testing the wallet application to transfer money and make payments in China’s central bank digital currency, or CBDC. As reported, the development was initially revealed to China’s state-backed newspaper the 21st Century Business Herald by...
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