Author: Steven Sahiounie

Token incentive models may become obsolete as layer-2 networks focus on ease of functionality and low fees, but how will this impact decentralization? Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022.  Moreover, the Polygon ecosystem recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine. As a result, Polygon’s native token, Polygon  MATIC$1.0720, maintains a bullish narrative. While notable, some believe layer-2 networks offering token incentive…

According to Dua Crypto’s research, The Netherlands rank as the most interested European nation in cryptocurrencies. Russia (where the local central bank is predominantly negative on the asset class) is at the bottom of the list. Bitcoin (BTC) is the most popular digital currency in most countries, while Dogecoin (DOGE) is second. The Dutch Reached the Top The study estimated that the residents of The Netherlands had conducted the highest number of crypto-related searches per capita (0.1299). The leading digital asset by market capitalization – Bitcoin – is the locals’ favorite, while the popular memecoin – Dogecoin – and Cardano…

The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” Customer Permissioned Data Sharing The Central Bank of Nigeria said on March 7 that it had issued what it called the operational guidelines for open banking in Nigeria. According to the central bank, the guidelines are expected to foster the “sharing of customer-permissioned data between banks and third-party firms to enable the building…

After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in the United States failing has started to unwind after Silicon Valley Bank (SVB) was shut down by the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI). California’s DFPI explained that the chaos at SVB started on Wednesday and by Thursday, customers…

Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed. Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says The turnover of crypto assets in Russia is growing, according to Yury Chikhanchin, director of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), who reported to President Vladimir Putin about the agency’s current operations. The watchdog is monitoring the activities of over 25,000 participants in crypto transactions,…

This month many in the UK will still be looking anxiously at their energy bills and thinking twice about switching the heating on. Ofgem has announced that its cap on the amount suppliers can charge for energy for average dual fuel, direct debit customers will fall by 23 per cent for the three months from 1 April to £3,280, from £4,279 for the January to March quarter. But campaigners warn that imminent changes to the government support measures, introduced last year to tackle soaring domestic energy costs, mean many could actually end up paying more. Chancellor Jeremy Hunt has announced that the energy price guarantee…

Germany’s Verdi trade union has called for strikes on March 13 at the country’s northern airports, including Berlin, which it said would likely cause longer queues for passengers and flight cancellations. The strikes will affect Berlin’s international airport, as well as the smaller airports of Hamburg, Hanover and Bremen, the relevant regional branches of the services sector trade union said on Saturday in separate statements. Verdi said it was calling for security staff to strike at Berlin airport due to disputes over pay for working nights, weekends and bank holidays that had been going on for years. The strike at…

The company plans to use corporate resources to fill the gap, including external capital. Circle Internet Financial said Saturday it will “cover any shortfall” in the assets backing its stablecoin USDC in the event it does not receive the entirety of a $3.3 billion cash reserve it was holding at Silicon Valley Bank. In a blog post, Circle said it “will stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.” The pledge came as crypto traders fretted over the value of USDC, a stablecoin meant to be pegged to the U.S. dollar but which fell…

The Spanish government and corporate boards will soon be obliged to include at least 40% women Spanish lawmakers have passed new legislation this week making it mandatory for businesses to ensure that their corporate boards include more female executives. The Equal Representation Law, which has been approved at a weekly cabinet meeting this week, will seek to ensure that boards feature at least 40% “of the least represented gender.” It will also require similar levels of equality in top management positions. Apart from the boards of directors of big companies, the bill also covers electoral lists and governing boards of professional associations.…

Several regional lenders have seen stocks plunge, sparking fears that more insolvencies could follow. US regulators are discussing a mechanism which would help avoid a repeat of the Silicon Valley Bank (SVB) insolvency at other lenders, Bloomberg reported on Saturday, citing sources close to the discussions. According to the report, the US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) could create a fund that would allow regulators to backstop more deposits at banks that are facing problems. A number of lenders focused on the venture capital and startup communities have already seen their stocks plunge following the news…