Editor's Choice
AI will bring $164 billion to the banking sector by the end of 2024 💰: North America and Asia lead with $50 billion and $49 billion in profit, expected growth of $20 billion 📈
Artificial intelligence (AI) will bring $164 billion to the banking sector by the end of 2024, with the largest profits expected in North America ($50 billion) and Asia ($49 billion). The expected revenue growth will be $20 billion compared to 2023. The implementation of AI allows automation of tasks, risk management, and fraud prevention. According to an Nvidia survey, 91% of financial companies are considering or already using AI to enhance efficiency. Leading banks such as Wells Fargo and Deutsche Bank are actively using AI to improve customer service.
Spirit Blockchain Capital Inc. acquires Dogecoin Portfolio Holdings Corp. to drive Dogecoin (DOGE) growth and support its decentralized future 🚀
Spirit Blockchain Capital Inc. has acquired Dogecoin Portfolio Holdings Corp., aimed at supporting the growth of Dogecoin (DOGE). Over more than ten years, Dogecoin has become a highly decentralized and liquid cryptocurrency with over 6.7 million active addresses.Spirit Blockchain CEO Lewis Bateman noted that the acquisition will enable the development of new financial products and strengthen the company’s position in the blockchain sector. Also, Chandler Song, co-founder of Ankr, has invested in Dogecoin Holdings and become an advisor to the company.DOGE is trading at $0.197, with a market capitalization of $28.84 billion.
Bolt deactivated more than 5,000 drivers in 2023 as part of database clean-up – evaluation system stays despite drivers' union protests 💬
Bolt in Nigeria reported that it deactivated more than 5,000 drivers in 2023 as part of a regular database clean-up. Regional manager Lola Mashi explained that this was not related to specific violations but was part of an ongoing process based on driver evaluations.Meanwhile, the AUATON drivers' union demands the cancellation of the evaluation system, claiming it limits drivers' earnings and causes stress. However, Mashi stated that the system remains in place because it is transparent, and drivers know how it works.
Norway supports the EU MiCA regulation and is considering the implementation of a Central Bank Digital Currency (CBDC) to enhance financial stability and improve cross-border payments 💶
Norway supports MiCA regulation and is considering the introduction of a Central Bank Digital Currency (CBDC). Ketil Vatne from Norges Bank stated that, as part of the EEA, the country welcomes MiCA but has not yet made a decision on issuing a CBDC. In 2023, Norway participated in the "Project Icebreaker" to explore international transactions with CBDC. Vatne emphasized that CBDC would complement cash rather than replace it.
Saudi Arabia invests $100 billion in the artificial intelligence project "Project Transcendence" to create AI infrastructure and attract talent 🌐
Hong Kong launches testing of anonymous KYC system for Chinese residents, enabling stablecoin use and tokenized financial products 💸
Lilian Wen, Vice President of Research and Safety, announced her departure from OpenAI after 7 years of service: another outflow of key AI security specialists 👩💻
Polkadot Blockchain Academy launches PBA-X course for Web3 education: 4 weeks, starting January 6, available with no technical skills required, covering cryptography, economics, and Polkadot SDK ⚙️
Roman Sterligov has been sentenced to 12.5 years in prison for organizing the Bitcoin Fog money laundering service, through which over 1.2 million bitcoins, worth 400 million dollars, passed 💰
Tether helped recover stolen cryptocurrency worth 10,000 Canadian dollars (CAD) through cooperation with the Ontario Provincial Police (OPP) 💰🚔
Tether announced the financing of a $45 million deal in physical oil between a major oil company and a commodity trader, completed in October 2024, including the transportation of 670,000 barrels of oil from the Middle East 🚢
Chinese official Wang sentenced to life imprisonment for espionage after selling state secrets to foreign agents for over 1 million yuan in cryptocurrency to cover losses from failed investments in crypto 💰
Binance Labs invested in BIO Protocol: a first step in decentralized science aimed at accelerating the treatment of rare diseases and long COVID 💰🔬
Binance Labs invested in BIO Protocol, a protocol that transforms the funding and commercialization of scientific research using blockchain. This is Binance Labs' first investment in decentralized science (DeSci).BIO Protocol connects scientists, patients, and investors to co-fund and develop new drugs through Bio-Decentralized Autonomous Organizations (BioDAOs). There are already seven BioDAOs in the BIO network working in various fields, including rare diseases and mental health.The new funding will help expand the BioDAO ecosystem, including support for new projects and service providers. “BIO Protocol is a significant step in DeSci that will help free minds from bureaucracy and focus on solving global problems,” noted Paul Kolias, founder of BIO Protocol.
The Federal Court in Abuja found Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited guilty of illegal conversion of USDT to naira without a license 💰 and confiscated 50 million naira 💵, as well as imposed a fine of 1 million naira ⚖️
The Federal Court in Abuja found two Nigerian crypto companies, Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited, guilty of illegal conversion of USDT to naira without a banking license. Judge Joyce AbdulMalik issued the ruling following an agreement with the Economic and Financial Crimes Commission (EFCC) and ordered the confiscation of 50 million naira held in the companies' accounts.The companies were accused of failing to report their operations to the Special Control Unit Against Money Laundering (SCUML) of the EFCC. The director of the companies, Chukwubuka Felix Ogumba, admitted guilt. The court imposed a fine of 500,000 naira and required the director to provide an affidavit of good behavior.
The federal court in New York dismissed a copyright infringement lawsuit against OpenAI over the use of news articles to train ChatGPT, allowing it to be refiled with additional evidence 📄⚖️
The federal court in New York dismissed a copyright infringement lawsuit against OpenAI related to the use of news articles to train ChatGPT. Judge Colleen McMahon noted that the plaintiffs, Raw Story and AlterNet, did not provide sufficient evidence of damage but allowed the claim to be refiled with new evidence.The plaintiffs' attorneys are confident they can address the deficiencies in an amended lawsuit. Previously, they claimed that thousands of articles were illegally used to train the chatbot. Additionally, in December 2023, The New York Times filed a lawsuit against OpenAI for using "millions" of its articles.
TRON DAO officially launched TRON-Peg USD Coin on the TRON blockchain to simplify cross-border transfers and expand the stablecoin ecosystem 💱
TRON DAO has launched TRON-Peg USD Coin on the TRON blockchain to simplify cross-border transactions and expand the stablecoin ecosystem. The new token allows for convenient transfers of USDC between Ethereum and TRON networks.TRON-Peg USD Coin provides free cross-chain transactions and full transparency of reserves, guaranteeing a 1:1 exchange with USDC on Ethereum. A security audit from ChainSecurity confirms the stability and reliability of the system.
Best news of the last 10 days
Deutsche Bundesbank has joined the Project Guardian initiative of the Monetary Authority of Singapore to enhance liquidity and efficiency in financial markets through asset tokenization 🌍
Putin congratulated Trump on his election victory, calling him a "brave man"; noted readiness for dialogue on ending the war in Ukraine and impressions from the July assassination attempt 🎉
Korbit has signed an agreement with Coinbase to support Base Chain: deposits and withdrawals between Ethereum and USD Coin are available with transaction costs of less than 1 cent 💰🔗
The California Department of Financial Protection revoked the license of BlockFi Lending LLC due to violations of the financing law and imposed a fine of $175,000 💰📉
The Central Bank of Nigeria issued Currenzo an IMTO license, allowing direct processing of money transfers and collaboration with local banks to enhance payment efficiency 💰
The Central Bank of Nigeria (CBN) has granted Currenzo, a subsidiary of Africhange, an international money transfer operator (IMTO) license. This allows them to process transfers directly to Nigeria without intermediaries, offering faster and more favorable rates.Currenzo can partner with local banks to improve payment efficiency and has already partnered with three of them. Africhange serves over 200,000 users and has completed over 2 million transactions in 100 countries.The company’s CEO, David Ajala, noted that the IMTO license will allow affordable ways to send money, enhancing the lives of customers. In July 2024, the CBN also granted IMTOs access to liquidity in naira at the official rate, potentially increasing remittance volumes from the diaspora, which constituted 38% of Sub-Saharan Africa's total flow in 2023.
Detroit will be the first major city in the U.S. to allow residents to pay taxes and city fees using cryptocurrency through a secure PayPal platform, with access starting in mid-2025 🏙️
Starting next year, residents of Detroit will be able to pay taxes and city fees using cryptocurrency, making it the largest city in the U.S. to offer this option. Payments will be processed through a secure PayPal platform, with the new feature becoming available in mid-2025, according to City Treasurer Nihal Patel.Mayor Mike Duggan noted that this is a step toward creating a technology-friendly environment for residents and entrepreneurs. The idea to use cryptocurrency arose at a public meeting thanks to resident Daniel Easterly.The city will not be investing in cryptocurrency, as PayPal will convert payments into U.S. dollars. Additionally, the city is inviting entrepreneurs to submit ideas for using blockchain technology for public benefit by December 15 of this year.
Spark has launched a fully on-chain order book on Ethereum using second-layer technology Fuel Network, providing fast trading for professional traders and addressing high-frequency trading issues. 💹
The company Spark has launched an on-chain order book on Ethereum using second-layer technology Fuel Network. It is designed for the rapid trading of professional traders and addresses the issues of existing order books that struggle with high-frequency trading.The Central Limit Order Book (CLOB) system provides users access to order depth and liquidity, protecting against manipulation and front-running. Spark's CLOB was launched on the Fuel network on October 16, becoming one of the first decentralized protocols on the new Ethereum solution.
Coinbase is launching cbBTC to restore liquidity on the DeFi platform of Solana after the collapse of FTX, providing $10 million in liquidity for Bitcoin 🚀
FTX has collapsed the DeFi market on Solana, and now Coinbase with cbBTC is trying to fill the resulting gap.Coinbase has introduced cbBTC, which allows the use of Bitcoin on the Solana blockchain. This simplifies trading and lending in DeFi, which has been lacking since the collapse of FTX and the disappearance of soBTC, which was considered the standard for Bitcoin on Solana.cbBTC launches with the promise of increasing liquidity and activity on the platform. Unlike other tokens, cbBTC already has about $10 million ready for use in Solana DeFi. With the launch of cbBTC, Coinbase hopes to create a sustainable ecosystem for Bitcoin on Solana, increasing its utility and expanding opportunities for users.