The industry will be able to “tap into future talent” as the partnership sees Judo Bank and Web3 firm Banxa and co-creating content, hosting lectures, providing case studies and even giving students access to their networks.
Australia’s Swinburne University of Technology has partnered with two financial technology firms which will provide its students exposure to the financial technology and cryptocurrency business world.
The partnership is between Swinburne and small business loan provider Judo Bank along with Banxa, a payment service provider with a fiat to crypto platform whose clients include Binance, KuCoin, and Trezor amongst others.
Students of the university’s Master of Financial Technology (FinTech) course will be “exposed to real life examples and cases across the spectrum of financial services,” Dr. Dimitrios Salampasis Swinburne’s Director of the Master of FinTech told Cointelegraph.
Dr. Salampasis said Judo Bank is “one of the most innovative FinTech unicorns, one of the very few unicorns in Australia” while Banxa is a “massively interesting organization” who are “very serious in the job that they do in the blockchain and the crypto space”.
“This space is very new. I mean, when I put together the course a couple of years ago, we didn’t really know what that meant. Other universities around the globe have different FinTech offerings, but I believe, particularly for the FinTech space, you need some proper working experience.”
“Maybe they want to show our students some simulations of their processes, do some sort of presentation on their products and services or have a debate,” he said, “maybe even give our students a real project to work on.”
The partnership sees Banxa and Judo Bank co-creating content, hosting lectures and providing case studies. Students will have access to each of the companies networks as part of the partnership, which Dr. Salampasis says will allow the industry to “tap into future talent”.
“The whole vision behind this degree is to bring industry in to ensure relevance on the things we teach, to be able to bring these real life insights for leadership in the classroom. We can ensure the students get exposed to whatever the latest developments are in the space, because the general FinTech space is moving so quickly.”
Dr. Salampasis was 2021’s Blockchain Educator of the Year Awardee from the country’s main industry body Blockchain Australia.
Cointelegraph reported last week that Dr. Salampasis had been one of the few people Finder spoke to for its regular predictions survey who warned about the inherent risks in the Terra ecosystem which subsequently collapsed.
He said the event had caused terrible publicity for the space, but he was hopeful with more education such situations could be avoided in future.
“In general, blockchain and crypto have received a lot of negative attention and publicity. Part of our role as a university is to ‘de-risk’ the space, to provide real information, real awareness, and educate our students to become the next leaders in the space, to work with people who actually know what they’re doing.”
In a May 25 blog post, Buterin noted that the increased amount of scrutiny placed on crypto and DeFi since the Terra crash is “highly welcome,” but he warned against writing off all algo-stablecoins entirely.
“What we need is not stablecoin boosterism or stablecoin doomerism, but rather a return to principles-based thinking,” he said:
“While there are plenty of automated stablecoin designs that are fundamentally flawed and doomed to collapse eventually, and plenty more that can survive theoretically but are highly risky, there are also many stablecoins that are highly robust in theory, and have survived extreme tests of crypto market conditions in practice.”
His blog focused on Reflexer’s fully Ether (ETH)-collateralized RAI stablecoin in particular, which isn’t pegged to the value of fiat currency and relies on algorithms to automatically set an interest rate to proportionally oppose price movements and incentivize users to return RAI to its target price range.
Buterin stated that it “exemplifies the pure ‘ideal type’ of a collateralized automated stablecoin” and its structure also gives users an opportunity to extract their liquidity in ETH if faith in the stablecoin crumbles significantly.
The Ethereum co-founder offered two thought experiments to determine if an algorithmic stablecoin is “truly a stable one.”
1: Can the stablecoin ‘wind down’ to zero users?
In Buterin’s view, if market activity for a stablecoin project “drops to near zero”, users should be able to extract the fair value of their liquidity out of the asset.
Buterin highlighted that UST doesn’t meet this parameter due to its structure in which LUNA, or what he calls a volume coin (volcoin), needs to maintain its price and user demand to keep its USD peg. If the opposite happens, it then almost becomes impossible to avoid a collapse of both assets.
“First, the volcoin price drops. Then, the stablecoin starts to shake. The system attempts to shore up stablecoin demand by issuing more volcoins. With confidence in the system low, there are few buyers, so the volcoin price rapidly falls. Finally, once the volcoin price is near-zero, the stablecoin too collapses.”
In contrast, as RAI is backed by ETH, Buterin argued that declining confidence in the stablecoin would not cause a negative feedback loop between the two assets, resulting in less chance of a broader collapse. While users would also still be able to exchange RAI for the ETH locked in vaults which back the stablecoin and its lending mechanism.
2: Negative interest rates option required
Buterin also feels it is vital for an algo-stablecoin to be able to implement a negative interest rate when it is tracking “a basket of assets, a consumer price index, or some arbitrarily complex formula” that grows by 20% per year.
“Obviously, there is no genuine investment that can get anywhere close to 20% returns per year, and there is definitely no genuine investment that can keep increasing its return rate by 4% per year forever. But what happens if you try?” he said.
He stated that there are only two outcomes in this instance, either the project “charges some kind of negative interest rate on holders that equilibrates to basically cancel out the USD-denominated growth rate built into the index.”
Or”: “It turns into a Ponzi, giving stablecoin holders amazing returns for some time until one day it suddenly collapses with a bang.”
Buterin concluded by pointing out that just because an algo-stablecoin is able to handle the scenarios above, does not make it “safe”.
“It could still be fragile for other reasons (eg. insufficient collateral ratios), or have bugs or governance vulnerabilities. But steady-state and extreme-case soundness should always be one of the first things that we check for.”
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Crypto spam increases 4000% in two years: LunarCrush
Would be owner Elon Musk plans to shake the crypto spammers out of Twitter, disputing their claims that fake accounts only account for 5% of the total.
Spam and bots have been the bane of anyone that uses the internet for years, but recently this digital scourge has ramped up activity in the crypto sector in a big way.
Crypto intelligence provider LunarCrush has revealed spam in the cryptosphere has increased by an astonishing 3,894%. The firm has been collecting crypto-specific social data since 2019, and says not only is spam at an all-time high, it’s also “the fastest growing metric on social media.”
The findings were published in a May 25 report, stating that “more spam accounts than you would think are actually people.” For this reason, it is often a challenge for software to detect and flag spam.
Twitter is the social media platform of choice for the crypto industry, and it is awash with spam and bots. There has been an estimated 1,374% increase in Twitter spam volume over the past two years, according to LunarCrush.
LunarCrush CEO Joe Vezzani told Quantum Economics founder Matti Greenspan in his crypto newsletter:
“For a Web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform.”
Tokenized Web3 platforms (such as Aave’s Lens Protocol or Orbis) differ in that they want to have as many genuine users as possible holding the asset rather than trying to extract value from the community, he added.
Billionaire Tesla CEO Elon Musk’s sensational takeover of the platform was put on hold earlier this month pending further details supporting Twitter’s assertion that spam and fake accounts represent less than 5% of the platform’s traffic.
Musk plans to crack down on spam bots that have plagued the platform and suggests that the company’s claim of 95% genuine users is too high.
Twitter claims that >95% of daily active users are real, unique humans. Does anyone have that experience?
Purging the bot accounts would drop the number of followers most genuine accounts have. One estimate from SparkToro suggested that Musk could lose half of his 95 million followers. Earlier this month, the software firm conducted in-depth analysis reporting that almost 20% of all active Twitter accounts are fake or spammers.
Until Musk gets his way and shakes the spammers out of the Twitter tree, users of the platform and other social media sites will have to be extra vigilant regarding the rising tide of crypto scams and spam which none of them appear to have the power to control.
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Billionaire Bill Miller calls Bitcoin ‘insurance’ against financial catastrophe
Miller said Bitcoin “functioned without the Fed and without any interference” during times of market turmoil, concluding that “it’s an insurance policy, the way I look at it.”
Bill Miller the billionaire founder and Chief Investment Officer of investment firm Miller Value Partners, has said he considers Bitcoin (BTC) an “insurance policy against financial catastrophe.”
Appearing on an episode of the “Richer, Wiser, Happier” podcast on May 24 Miller backed the cryptocurrency as a means for those caught in conflict to still access financial products. He used the collapse of financial infrastructure in Afghanistan after the US withdrawal in August 2021 as an example.
“When the US pulled out of Afghanistan, Western Union stopped sending remittances there or taking them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone.”
Miller said examples of how the crypto can function as insurance don’t “have to be all or nothing” and noted how Bitcoin performed during the early stages of the pandemic and the Federal Reserve’s reaction to it.
“When the Fed stepped in and started gunning the money supply and bailing out, in essence, the mortgage rates […] Bitcoin functioned fine. There was no run on Bitcoin. The system functioned without the Fed and without any interference. Everybody got their Bitcoin, the price adjusted, and then when the Bitcoiners realized, ‘Wait, we’re going to have inflation down the road,’ Bitcoin went through the roof.”
“It’s an insurance policy, the way I look at it,” he added.
“He’s said that Bitcoin is a non-productive asset and therefore he can’t value it. Fair enough. If the only thing that you think you can value are productive assets, then no one’s making you buy it, right? So ignore it.”
He later followed up his comment, adding “the objective of investing is not to own productive assets, the objective is to make money”.
When asked if he still held that position Miller confirmed that about “40% to 50%” of his money was in Amazon stock and his Bitcoin holdings were “about the same as Amazon”, adding that 80% of his net worth is split between the two assets.
“Somebody had sent me a picture of Mike Novogratz where he got a Luna tattoo on his arm months ago of the wolf howling at the moon, and it’s big. It’s like, whoops, maybe you should have got a Bitcoin on your arm, it’d be a little more enduring than that one.”
Novogratz has said that the tattoo will be a “constant reminder that venture investing requires humility” as Galaxy Digital posted a $300 million loss on its Luna investments.
“I felt bad for him when I saw some story of him going from something like $10 billion to $2 billion,” Miller said, “I’m like, yeah, that’s really tragic”.
JPMorgan trials blockchain for collateral settlement in after-hours trading
“What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis,” stated JPMorgan’s global head of trading services Ben Challice.
Multinational investment bank JPMorgan Chase & Co is reportedly trialing the use of its own private blockchain for collateral settlements.
According to Bloomberg JPMorgan conducted a pilot transaction last Friday which saw two of its entities transfer a tokenized representation of Black Rock Inc. money market fund shares
A money market fund is a type of mutual fund that is considered as a low risk investment as it offers exposure to liquid and short term assets such as cash, cash equivalents and debt-securities with high credit ratings.
In terms of JPMorgan’s broader vision for its private blockchain, the bank said that it intends to enable investors to put forward a wide range of assets as collateral that can also be used outside of regular market hours. It pointed to equities and fixed income in particular.
“What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis,” stated JPMorgan’s global head of trading services Ben Challice. BlackRock wasn’t a counterparty but it has been heavily involved in the initiative “since day one and are exploring use of this technology.”
JPMorgan has been actively involved with crypto and blockchain tech for quite some time now, and also founded Onyx Digital Assets (ODA) in late 2020. The project is described as a “blockchain-based network that enables the processing, recording and Delivery-versus-Payment (DVP) exchange of digital assets across asset classes.”
While it wasn’t specifically outlined if JPMorgan used the ODA in this instance, the network is geared up for the exchange of cash for different types of tokenized collateral, providing intraday liquidity, and offering access to the bank’s digital payment infrastructure and token JPM Coin.
Tyrone Lobban, head of JPMorgan’s Blockchain Launch and the ODA said the bank is aiming to get ahead of a trend in which it sees a broader range of traditional financial services being offered via blockchain tech:
“There will be a growing set of financial activities that happen on the public blockchain, so we want to make sure that we are able to not only support that but also be ready to provide related-services.”
Earlier this week, European bank BNP Paribas conducted its first trade through the ODA to explore tokenized fixed income market trading.
Speaking on the move, BNP Paribas Global Markets managing director and head of US repo trading and sales Christopher Korpi, highlighted the significance of being able to streamline its processes via blockchain tech:
“Tokenized assets and Onyx Digital Assets will allow for precise intraday liquidity management. As such, they could be foundational to adding velocity to collateral, security settlement and ultimately decreasing systemic risks through reduction of intraday credit. Onyx Digital Assets will further reinforce the intraday fungibility of UST and USD Cash.”
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Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first
ETH dropped below a key support in its USD and BTC pair, but analysts say a bullish trading pattern could eventually spark a sharp trend reversal.
The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH/BTC pair also dropped below what traders deem to be an important ascending trendline, a move that traders say could result in Ether price correcting to new lows.
Here’s a rundown of what several analysts in the market are saying about the move lower for Ethereum and what it could mean for its price in the near term.
Price consolidation will eventually result in a sharp move
A brief check-in on what levels of support and resistance to keep an eye on was provided by independent market analyst Michaël van de Poppe, who posted the following chart showing Ether trading near its range low.
Van de Poppe said,
“The question will be whether we can bounce from here and break the $1,940 level. If that happens, I’m assuming we’ll continue $2,050. If it doesn’t, then the markets are looking at
ETH could make new lows into a bullish falling wedge
According to Twitter analyst Crypto Tony, Ether price is “still looking for that leg down to load up on.”
While it might look negative, this development is actually a positive sign, according to Cointelegraph contributor Jon Morgan, who noted that the pattern outlined on this chart is a falling wedge, a “bullish standard candlestick/bar chart pattern that is indicative of a market that has moved to an extreme and is likely to reverse.”
“Very high expectancy rate of creating either a violent corrective move higher or an entirely new uptrend.”
According to economist Caleb Franzen, the ETH/BTC pair lost a key support and this is notable because:
“This means that at least one of these statements will be true: $ETH is weakening relative to $BTC; $BTC will outperform $ETH; Alts will underperform $BTC.”
Adding to the ETH/BTC discussion, Twitter user CrediBULL Crypto noted that the price is “starting to take some of our local lows.”
The analyst said,
“Any relief here is temporary until we traverse to the bottom of this range, imo. In fact, we may head even lower than pictured here before staging a recovery, but will assess once we hit my target.”
In general, continued weakness with the ETH/BTC pair has the potential to result in the price of Ether and altcoins trending lower while BTC could hold at its current price or even head higher as traders rotate out of underperforming positions into Bitcoin.
The overall cryptocurrency market cap now stands at $1.235 trillion and Bitcoin’s dominance rate is 46.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Brainard tells House committee about potential role of CBDC, future of stablecoins
The Fed vice chair told the House Financial Services Committee that a CBDC offers stability, interoperability in increasingly complex economic system.
United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee’s virtual hearing, “On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC),” that took place Thursday. That was a sound strategic move, considering that more than 25 legislators lined up to ask questions.
Brainard’s appearance before the committee came just after the close of the comment period for the Fed’s discussion paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” However, recent events on the stablecoin market played a preemptive role in the framing of her statement.
Brainard acknowledged the position of stablecoins in the economy, saying in her written statement. She said:
“In some future circumstances, CBDC could coexist with and be complementary to stablecoins and commercial bank money by providing a safe central bank liability in the digital financial ecosystem, much like cash currently coexists with commercial bank money.”
In the Q&A, Brainard spoke in a conversation with Anthony Gonzalez of Ohio of “very robust regulation akin to bank-like regulation” to ensure the stability of stablecoins.
Two questions were touched on extensively in Brainard’s written statement and in the Q&A: the role of banks, and whether their role in the economy will be diminished even without disintermediation; plus the fragmentation of the payment system, and how a CBDC would affect the situation as it already exists.
In addition to those points, several of the participants pressed Brainard on the statement in the discussion paper that “The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.” Lawmakers wanted to know what non-ideal options the Fed would consider in deciding to issue a CBDC. The question was raised even by the final participant, Jake Auchincloss of Massachusetts.
Chairwoman Maxine Waters spoke of a “digital assets space race” and the benefits Americans receive from having a currency that is accepted abroad.
Brainard suggested that limits on CBDC holdings and not offering interest on CBDC accounts could help preserve the place of credit unions in the economy and maintain the role of traditional banking.
A CBDC would help ease, but not prevent, fragmentation of the payment system through interoperability by providing a settlement currency for competing private-sector systems, which are already drawing money out of banking system, Brainard told Gonzalez. Since 2017, the share of cash in United States has declined from 31% to 20%. In addition, a CBDC would have full faith in the government behind it, Brainard told Ted Budd of North Carolina.
‘Other flavors of Tether’ will bridge users to USDT: Paolo Ardoino
Through a peso-backed stablecoin, Tether is basically “recreating forex markets with Tether products,” Ardoino said.
Tether’s decision to launch a new digital asset pegged to the Mexican peso will be a boon to crypto adoption in the Central American country by providing more onramps to the USDT stablecoin, according to Paolo Ardoino.
In an exclusive interview with Cointelegraph on the sidelines of the World Economic Forum summit, the Tether and Bitfinex chief technology officer said the reason he came to Davos was to showcase the utility of cryptocurrencies.
“I didn’t participate in Davos to meet CEOs of big banks,” he said. “We are here to send our message [that] there is a big world out there that needs crypto in a safe way.”
Tether CTO Paolo Ardoino said that the increase in crypto demand in the Latin America region pushed their decision to expand. https://t.co/Ig7Y524VT2
Tether has identified a growing demand for crypto and stablecoin products in Mexico, especially among businesses. To meet that demand, the company announced Thursday that it will launch a new peso-backed stablecoin on the Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks. Ardoino confirmed to Cointelegraph that “MXNT” pairs will begin trading on Bitfinex next week.
Describing USDT as a bridge to Bitcoin (BTC), Ardoino said he believes the dollar-pegged stablecoin will be successful in onboarding the next 2 billion crypto users. However, to bridge more people to USDT, his company must work with local banks by offering “other flavors of Tether.”
When asked about the prospect of Mexico adopting Bitcoin as legal tender, which became a distinct possibility after a Mexican senator advanced the idea of creating crypto regulations based on El Salvador’s BTC Law, Ardoino said he’s “bullish on the case that many countries will need, sooner rather than later, [to accept] Bitcoin.”
A Mexican senator renews efforts to make #Bitcoin legal tender in Mexico, arguing that Bitcoin adoption can drive global financial inclusion. https://t.co/4Yzs3zUUNU
However, the path to Bitcoin becoming legal tender in Mexico will be more complicated than in El Salvador because the former already has an official currency. So, while Bitcoin may not achieve the status of legal tender in the near term, it could become a “de facto legal tender” that is used alongside the peso, he said.
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Algorithmic Stablecoin Resiliency More Important Than Growth: Vitalik Buterin
Vitalik Buterin has shared his thoughts on algorithmic stablecoins in a blog post, arguing that protocols should strive for resiliency above all else. Withstanding Extreme Market Conditions Creator and co-founder…
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