Miami’s Mayor Leads The Charge To Bring Bitcoin To America’s Largest Cities

Miami’s mayor, Mayor Francis Suarez, has been busy adding a personalized touch in trying to bring tech entrepreneurs to Miami. Striving to combine the financial elements of New York City and the technology character of San Francisco into a South Florida finance and tech oasis, the mayor is bringing a different attitude and policy outlook on innovation. Among one of the many areas this vision affects is bitcoin — something he believes, in an interview with Forbes, will be the “biggest story of the next few years.”

The mayor admits he’s always been fascinated with the idea of bitcoin. Its mathematical nature appeals to him and he’s aware of the growing popularity of bitcoin among the American people. There are three tangible paths the city is taking to expand its bitcoin-friendly nature:

  1. Miami is considering giving city employees the opportunity to get their salaries paid in bitcoin
  2. Local fees and taxes could be paid in bitcoin or some other cryptocurrency
  3. Finally, the city’s treasury might place some of its investment capital into bitcoin, which would be a first for major cities in the United States (and perhaps in the world)

Continue reading at forbes.com

How Blockchain Smart Contracts Are Reinventing the Insurance Industry

defi-tech

If 2020 has taught us anything, it's that the world is growing increasingly unpredictable. Be it from pandemics, market swings, wildfires, and more, we’ve gone through global shocks that we never dreamed would happen in our lifetime. The insurance industry needs to prepare itself for this increasingly volatile future with a reliable infrastructure that can quickly and objectively settle claims around even the most unforeseeable events. 

Recent advances in blockchain technology, combined with increased demand for insurance products across the world, has set the stage for the rise of parametric insurance, or insurance that automatically pays out when certain events occur. The rise of smart contract technology along with increased demand for insurance products in the developing world could make 2021 the year that parametric insurance model finally moves from pipe dream to production. 

The Advantage of Parametric Insurance

Today, the insurance claims payment process still largely relies on an adjuster’s subjective assessment of damages and loss. Everyday people can’t afford to challenge a large insurance company in court, so most customers are ultimately forced to trust their insurance providers to pay out fair claims. 

Continue reading at nasdaq.com

Bitcoin and How Crypto will Transform the Financial World

blockchain-bits

The US Office of the Comptroller of the Currency (OCC) announced that it had given conditional approval to Anchorage Trust Company, a chartered trust firm, to become Anchorage Digital Bank. This has made Anchorage the first cryptocurrency services provider to have received the national bank charter in the United States. The company was quick to announce that it intended to launch innovative digital currency-based financial products in the near future.

Such recognition for the use cases of cryptocurrency in the financial sector has been pouring in over the past couple of years. In 2019, Visa, in partnership with Coinbase, released a debit card backed by cryptocurrency, which lets users convert digital currency into fiat currency to make payments. In 2020, JPMorgan and PayPal joined in, to permit crypto-based payments on their platforms.

Institutional acceptance of cryptocurrencies has also come in the form of an explosion of DeFi projects. DeFi or Decentralised Finance refers to financial products that are created on a decentralised network, not controlled by any large corporation or government. It is being viewed as a worldwide move to open financial systems. These projects have also received an endorsement from large financial institutions. On December 1, 2020, Visa announced that it had entered into a partnership with BlockFi, a DeFi startup, to offer credit cards that would reward users in Bitcoin.

Continue reading at newsbtc.com

DeFi Project Spotlight: Degenerative Finance and uGas Ethereum Futures

defi

uGas is the first project launched by Degenerative Finance, itself a partnership between last summer’s popular DeFi platform, YAM Finance, and UMA Protocol.

The uGas offering will be the focus of this week’s Project Spotlight feature.

uGas offers decentralized gas futures for users within the Ethereum ecosystem. For the uninitiated, every transaction on Ethereum costs gas. Sometimes the network can be so congested that the cost to transact can make even simple operations prohibitively expensive.

There have been many examples of such limiting conditions. Each example has also been used to promote alternative blockchains and speed up development for various Layer-2 solutions.

Continue reading at cryptobriefing.com

1inch Funded Pantera Capital Launches Ethereum-Based DeFi Token

ethereum-congestion

The DeFi market is one of the fastest growing areas in the crypto market. At the time of going to press, there are over $ 13.43 billion Ethereum DeFi Applications. The all-time high could be reached on December 20, 2020, with a value of $ 14.06 billion. Analysts repeatedly point out that the DeFi market will be the future of the new financial system.

1inch publishes a governance and utility token

A new project or token that could cause a stir is 1INCH. The token will be used for the platform’s automated market maker protocol. The governance module “Aggregation Protocol” will allow stakers to vote on the distribution of distributed surplus coins. In addition, a liquidity extraction program will be launched for 6 new pools. The token supply will be 1.5 billion 1INCH. 30% are reserved for community incentives over the next 4 years. 14.5% is reserved for the development fund, which will also be gradually released over the next few years.

Continue reading at explica.co

Digital Currencies May Make SWIFT Redundant, Says Russian Central Bank Report

digital-dollar

Digital currencies may challenge and someday could make redundant the SWIFT global banking payment system, according to a Central Bank of Russia official, Russia Today reported.

Given the pace of development of central bank currencies, several countries may launch one in the next five to seven years, according to First Deputy Governor Olga Skorobogatova, RT said.

“Then we can deal with direct integration issues. In this case SWIFT it may not be necessary, because it will be a different kind of technological interaction”

Skorobogatova said at a meeting last week, RT reported.

SWIFT is a messaging network that banks and other financial institutions use to securely transmit information and instructions via codes. It enables cross-border payments along with other services between more than 10,000 financial institutions in countries around the world.

Continue reading at nasdaq.com

DeFi Is The Only Start Of a Much Bigger Change: Interview With Ilia Maksimenka

defi

Maksimenka PlasmaPay uses blockchain to allow users to store, buy, exchange, send and receive currency (cryptographic and fiduciary). They are also working on solutions across chains, stimulating development and keeping rates low. In Maksimenka's opinion, The DeFi this year is the only start of a much bigger change: Banking 3.0.

Recently, we have seen more engagement in cryptography by governments , both negative and positive. Government regulation in particular has been a controversial issue. Maksimenka thinks there's a golden way to be nice to governments.

"The second round of stimulus financing, the CARES Act and the Fed's bond-buying programs, have added $3 trillion to this year's balance sheet. That equates to about three-quarters of the amount of money previously created in the Fed's 100-year existence. This increases the abundance of money available to invest, and bitcoin is one of the assets through which funds are flowing. The case of bitcoin is therefore optimistic," Maksimenka said.

Read the entire interview at: beincrypto.com.

Curve Finance Wants To Promote Euro Stablecoins In DeFi

DeFi-token

As announced in a tweet on Sunday, Curve now has a liquidity pool to switch between Stablecoin Stasis Euro (EURS) and a synthetic euro, SEUR, on the Synthetix derivatives platform. Currently, the stable currency market is dominated by currencies tied to the U.S. dollar, which means that European and Asian users often have no option but to assume some exposure to the U.S. dollar, either they wish or not.

Curve expects the new pool to develop the euro markets on the platform, assess interest in other currency options in Ethereum, and ultimately represent a step toward opening curve's foreign exchange markets. A governance proposal was approved to enable curve DAO token, CRV, rewards for liquidity providers in the pool. However, this did not seem to have been enacted until the time of this publication.

The platform's token and governance agreement were prematurely deployed by a community member in August. After the developers frantically verified that the contracts and parameters were legitimate, it was decided to adopt the deployment as the official release. The following month, Curve was one of 10 new members who joined Huobi's Global DeFi Alliance.

Read the full story at: cointelegraph.com.

Ethereum Gaining Interest As Institutional Asset Class As Decentralized Finance Gains Momentum With Bitcoin Focused On DeFi Platform

DeFi

Ethereum (ETH), the world's largest smart contract platform, and major decentralized finance (DeFi) assets have fallen over the past week. However, DeFi-related infrastructure is getting a boost from Bitcoin (BTC), according to an OKCoin report. Over the past week, major DeFi platforms such as Yearn.finance (YFI) and Aave (AAVE) have faced moderate price corrections, while some smaller-cap initiatives have experienced strong gains.

The Ethereum is trading at about $557 at the time this article was written, below last week's highs of just over $600. Major DeFi currencies such as YFI, Uniswap's UNI token, Ren Network's REN and Chainlink (LINK) are among the DeFi currencies that fell by double digits last week, the OKCoin report confirmed. He also mentioned that the only large-cap DeFi asset "spared" by the fall was Composite (COMP), which may be "benefiting from rumors" about a planned upgrade of its protocol.

Binance's digital asset swap notes in a separate report that after last week's historic record for BTC, this week marked a period of market correction for crypto-assets. Bitcoin had been trading above $19,000 for most of Saturday through Tuesday, which was right "before two big falls sending the price to $17,900 on Wednesday and $17,640 on Friday, before closing the week just above $18,000," Binance's report confirmed. BTC is trading at over $18,300 at the time of this publication.

Read the full story at: crowdfundinsider.com.