California DMV taps Tezos blockchain for digital car title transfers

The California Department of Motor Vehicles (DMV) is trying to digitise car titles and title transfers on a private Tezos-built blockchain. The state agency has collaborated with Tezos and blockchain software firm Oxhead Alpha to build a successful proof-of-concept. The move is part of a wider push to modernise the state’s in-place systems for car titles and increase transparency in title transfers. California’s DMV is responsible for all vehicle registrations and driver’s licences in the state. Oxhead Alpha has built a Tezos testnet designed as a blockchain-based replica of the…

Bank of England governor questions need for digital pound

Andrew Bailey, the Bank of England (BoE) governor, expressed skepticism on the need for a digital pound shortly after finance ministers from eurozone countries backed further work on a digital euro.  The BoE governor recently questioned the need for a wholesale central bank digital currency (CBDC), citing that there already is a “wholesale central bank money settlement system with a major upgrade.” In addition, Bailey also expressed that there are no plans to abolish cash regarding retail use. The BoE governor does not believe that retail payments need to change…

Digital Currency Group under investigation by U.S. authorities: Report

Crypto conglomerate Digital Currency Group, or DCG, are under investigation by the United States Department of Justice’s Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC), according to a Bloomberg report.  The authorities are digging into internal transfers between DCG and its subsidiary crypto lending firm Genesis Global Capital, noted the report citing people familiar with the matter. Prosecutors have already requested interviews and documents from both the companies, while the SEC is running an early-stage similar inquiry. As of yet, no indictment has been brought…

Marathon Digital experiments with overclocking to increase competitive advantage

One of the largest Bitcoin mining operations in North America, Marathon Digital Holdings, has shared in an update that it has been experimenting with overclocking to increase its competitive advantage in the Bitcoin mining industry. Overclocking is the practice of increasing the clock speed of a computer’s central processing unit (CPU) or graphics processing unit (GPU) beyond the manufacturer’s rated maximum speed, potentially leading to improved performance in certain tasks.  According to the company’s press release, it produced 475 BTC in December 2022, bringing its total mined Bitcoins in the…

The Next Wave of Institutional Digital Asset Adoption

There’s also added complexity in the fact that different regulations might have to be taken into account for different digital assets. While the global regulatory landscape continues to evolve, when a firm retains custody of an asset, some of these questions fall under its responsibility. For example, determining whether a particular asset is considered a security or a commodity, and how it may be treated differently in other jurisdictions, becomes relevant to how it needs to be managed by the firm. Author: Sean Lee Source link

Coinbase Says It’s Focusing on Digital Wallet, NFTs and More To Accelerate Crypto and Web3 Adoption

Top US-based crypto exchange Coinbase says it’s focusing on accelerating the adoption of crypto assets and Web3 protocols. In a new company blog post, the second-largest digital asset exchange in the world says its goal is “serving as the bridge” to Web3 for its customers by “supercharging” the key building blocks. First, Coinbase says it will focus on upgrading the safety of its proprietary crypto wallet as bad actors have recently been airdropping tokens into user wallets, attempting to lure them into websites that would compromise their safety. “We recently…

Galaxy Digital Expands Brokerage Services With GK8 Acquisition

U.S. economy added an unexpected robust 263,000 jobs in November. Bitcoin was recently hovering near $17,000, recovering from an earlier slide on the news, whereas equities were mixed following the strong job report. The S&P 500 and Nasdaq Composite closed down 0.12% and 0.18%, respectively, while the Dow Jones Industrial Average was up 0.1%. Data from crypto analysis firm IntoTheBlock shows bitcoin’s 30-day correlation with the S&P 500 dropped to -0.8, hitting its lowest point since May 2019. “The contrast between crypto’s internal troubles and macro’s positive tailwinds have led…

Mike Novogratz’s Galaxy Digital Agrees to Buy Self Custody Firm GK8 From Celsius

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CFTC Chair Proposes Pause to Overhaul Digital Commodities Consumer Protection Bill

U.S. Fed Chair Jerome Powell’s remarks on Wednesday signaled a likely slowing down in interest rate hikes as soon as the central bank’s mid-December meeting, causing mixed results in equity markets. The S&P 500 index and Dow Jones Industrial Average closed down 0.09% and 0.56%, respectively, while the Nasdaq Composite was up 0.13%. Nicholas Colas, co-founder of the market analysis firm DataTrek Research, wrote in a note that as much as Powell is “trying to contain investors’ animal spirits by talking about persistently high interest rates, markets are rejecting that…

EIB settles €100 million digital bond on private blockchain

According to a new press release on Nov. 29, the European Investment Bank, or EIB, issued a first-ever euro-denominated €100 million digital bond on a private blockchain-underpinned platform with tokenization help from Goldman Sachs. The latter, along with Société Générale Luxembourg, also act as the on-chain custodians for the financial instrument. The bond bears interest at a coupon rate of 2.57% per year with a maturity date of Nov. 29, 2024, and is governed by Luxembourger laws.  Banque de France and the Banque Centrale du Luxembourg participated in the project…