Browsing:Fintech News

Coinbase CEO Brian Armstrong Faces Allegations of Insider Trading in High-Profile Stock Sale
11 months ago 2 mins read

Coinbase CEO Brian Armstrong Accused of Insider Trading in Controversial $1.7 Million Stock Sale

Recent allegations of insider trading against Coinbase CEO Brian Armstrong have sparked concerns within the investment community and industry experts. Armstrong sold over $1.7 million worth of Coinbase shares just days before the Securities and Exchange Commission (SEC) initiated enforcement action against the company. According to a Form 4 filed with the Securities and Exchange Commission, Coinbase CEO Brian Armstrong sold a substantial 29,730 shares of the company’s Class A Common Stock on June 5, 2023. The sale, conducted in eight separate transactions, took place at an average price of $60.3 per share, resulting in a total of over $1.7

Google Cloud feature is designed to protect customers from the financial and security risks posed by crypto mining attacks.
11 months ago 1 min read

Google Launches $1M Crypto Mining Attack Protection for Enhanced Security

Google Cloud has announced a new protection feature that offers up to $1 million in coverage to subscribers of its Security Command Center Premium. The feature is designed to protect customers from the financial and security risks posed by crypto mining attacks. Cryptomining attacks are a type of cyberattack in which hackers use a victim’s computer to mine cryptocurrency. This can lead to a number of problems, including increased energy consumption, performance degradation, and security vulnerabilities. Google Cloud’s new protection feature uses a combination of machine learning and artificial intelligence to detect and prevent crypto mining attacks. If an attack

A reputable Manhattan-based financial publication has shed light on Ripple's endeavors in the development of CBDCs and stablecoins.
11 months ago 2 mins read

Ripple Continues to Lead CBDC Development Efforts

American Banker, a reputable Manhattan-based financial publication, has shed light on Ripple’s endeavors in the development of Central Bank Digital Currencies (CBDCs) and stablecoins. According to the publication, Ripple has been focused on ensuring the secure minting and distribution of these digital currencies. Ripple recently launched its CBDC platform, which aims to enable central banks, financial institutions, and governments to create and manage their digital currencies and stablecoins in a secure and seamless manner. The platform, launched on May 18, 2023, builds upon Ripple’s original Private Ledger launched in 2021 and offers enhanced capabilities for managing fiat-based CBDCs, including minting

Jiangsu Province
12 months ago 1 min read

China’s Jiangsu Province to Expand Digital Yuan Adoption in Education Sector

Jiangsu Province, one of China’s most populous provinces, is set to expand the use of the digital yuan in the education sector. The province has already piloted the use of the digital yuan in schools and universities, and the expansion will see the digital yuan used for a wider range of payments, including tuition fees, school meals, and textbooks. The expansion of the digital yuan in the education sector is part of China’s broader efforts to promote the use of digital currency. The Chinese government sees the digital yuan as a way to modernize the country’s payment system and reduce

Samsung has announced that it will be collaborating with the country’s central bank to research the use of CBDC
12 months ago 1 min read

Samsung to Research South Korea’s CBDC for Offline Payments

South Korean tech giant Samsung has announced that it will be collaborating with the country’s central bank to research the use of central bank digital currency (CBDC) for offline payments. The research will focus on developing a prototype CBDC that can be used to make payments without an internet connection. This is important for South Korea, as many rural areas do not have reliable internet access. The research is being conducted by Samsung’s research and development (R&D) arm, Samsung Research. The company has been working on CBDC technology for several years, and it has already developed a prototype that can

Silvergate Bank prepares for staff reduction as it commences NYSE delisting process
12 months ago 1 min read

Silvergate Bank initiates NYSE delisting proceedings amid plans to lay off 230 employees

Silvergate Capital, the parent company of the defunct Silvergate Bank, has revealed that 230 employees will be let go as it prepares to be delisted from the New York Stock Exchange (NYSE). In a filing to the US Securities and Exchange Commission (SEC) on May 11, Silvergate Capital announced the suspension of trading in its stock, with the delisting to commence “shortly” after. The staff cut is estimated to cost the firm around $13.6 million, including expenses on severance, retention, bonus pays, and job placement programs. After the cuts, approximately 80 officers and employees will be left behind to continue

the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards
12 months ago 3 mins read

Wealth Technologies: The Future of Wealth Management 

Over the past two days, the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards was concluded, leaving behind the resonance of the copious knowledge and insight shared during the course of its duration. “Technology will create new paths in investment decisions and asset management which probably don’t  exist today.” A statement made by Robert Hahm – Chief Executive Officer at Mashreq Capital (DIFC) Ltd. perfectly reflects the purpose of this year’s forum.   Captivating discussions during the summit focused on the future trajectory of wealth & asset management and the dynamic characteristics of the market,

China continues to forge ahead with its digital yuan adoption plans, with the latest move seeing the CBDC being integrated into the education and public transport sectors. The province of Jiangsu has revealed that it is set to launch a platform that will enable its citizens to pay education and exam fees using the digital yuan before the end of the year. Additionally, the province's Department of Education will allow scholarship grants to be paid out in the CBDC. Jiangsu has plans to "comprehensively promote" digital yuan pilot work in the education field and aims to have each provincial-level school promoting at least one digital yuan application project by the end of 2025. Meanwhile, in Guangdong Province, the city of Jiangmen has announced that digital yuan payments will be accepted on its entire bus network. State-owned operator Jiangmen Bus said that all of its public buses, school buses, and park transport systems would allow CBDC payments. The city has updated its buses with new software that allows card readers to scan QR codes from digital yuan wallets. These latest developments come after a digital yuan partnership was announced earlier this month between BNP Paribas China and the state-owned Bank of China. The deal will enable BNP Paribas China's corporate clients to pay in digital yuan via a CBDC management platform.
12 months ago 1 min read

Chinese Province Introduces Plan to Adopt Digital Yuan

Chinese provinces are taking further steps towards digital yuan adoption as the central bank digital currency (CBDC) continues to be used in education and public transport. Jiangsu, a coastal province, has announced plans to launch a platform for citizens to pay education and exam fees using the digital yuan. It will also enable scholarship grants to be paid out in CBDC, and all provincial-level schools will be required to promote at least one digital yuan application project. Jiangmen, a city in Guangdong Province, has announced that digital yuan payments will now be accepted on all its public buses. The update

Cosmose AI
1 year ago 1 min read

Cosmose AI’s Valuation Skyrockets to $500 Million Following NEAR Protocol Integration

Cosmose AI, an AI-based company focused mainly on retail shopping, has teamed up with NEAR Protocol, the Layer 1 blockchain, to make crypto payments more cost-efficient. The partnership includes undisclosed funding from NEAR Protocol, which enables Cosmose to have a $500 million valuation. Cosmose’s KaiKai app will use NEAR’s blockchain infrastructure to make online payments cheaper. KaiKai has its native stablecoin, Kai-Ching, equivalent to $0.01. Users can on-ramp fiat and then convert it to Kai-Ching to use it for payment purposes. According to Miron Mironiuk, the founder of Cosmose, KaiKai can reduce the cost of transactions by approximately 50 times

DeepMind to Lead Google's Consolidated AI Teams
1 year ago 1 min read

Google Announces Launch of Google DeepMind to Accelerate Progress in AI

Alphabet, the parent company of Google, has unveiled Google DeepMind, a new group focused on advancing artificial intelligence (AI). The group brings together the existing DeepMind and Brain teams under one banner to work on building more capable and responsible general AI systems. According to Google and Alphabet CEO Sundar Pichai, the move will significantly accelerate progress in AI and ensure its bold and responsible development. The new group will be led by DeepMind CEO Demis Hassabis as CEO, while Jeff Dean, co-founder of Brain, will serve as Google and Google DeepMind’s chief scientist. Dean’s first project will be to

Elon Musk Launches AI Company
1 year ago 1 min read

Elon Musk Unveils New AI Company

Reports have emerged that Tesla and SpaceX CEO Elon Musk is setting up X.AI Corp, a new artificial intelligence (AI) company that will supposedly rival OpenAI’s ChatGPT. The Wall Street Journal and the Financial Times have both reported on the development, stating that Musk has been hiring AI researchers and engineers and is in talks with investors from Tesla and SpaceX to raise capital for the firm. The recent state filing in Nevada shows that Musk is serving as the only director of X.AI Corp, with Jared Birchall, director of Musk’s family office, as the company secretary. Although Musk has

Two Google employees tried to stop the company from launching its own AI chatbot
1 year ago 1 min read

Google’s AI Competitor to ChatGPT faces internal opposition: Report

Artificial Intelligence (AI) technology is being met with resistance as more people express concerns about its impact on society. With AI chatbot ChatGPT from OpenAI and generative AI image makers like Midjourney and DALL-E 2, AI has become a major talking point. However, not everyone is on board with this emerging technology. According to a report from The New York Times (NYT), two Google employees tried to stop the company from launching its own AI chatbot, which is intended to rival OpenAI’s ChatGPT, as they believed the technology generated “inaccurate and dangerous statements.” Similarly, Microsoft employees and ethicists had raised

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