Shapeshift is Ending Its KYC Program to Embrace DeFi

As the DeFi space continues to develop and increase, many entities are migrating into the industry to increase customers’ privacy. The most recent institute to transition into the DeFi space is the Switzerland-based digital assets trading company, ShapeShift.io. In a press release published on Wednesday, the digital assets trading company announced that it would be ditching its traditional Know Your Customer(KYC) protocol to welcome decentralized finance (DeFi) protocols. The company made this transition into DeFi to provide its customers with an increased level of anonymity since it will allow ShapeShift customers to run transactions on the exchange’s trading platform directly

SEC Chair Jay Clayton to Step Down in December, Bitcoiners Mull ETF Approval in 2021

According to a press release today, Jay Clayton, the Chairman of the United States Security and Exchange Commission (SEC), will be stepping down from office in December 2020, six months before his due date.  As a long-serving Chairman in office, Clayton enhanced the strength of the U.S. financial markets while also making significant impacts in the cryptocurrency industry.  Clayton expresses the cordial support from his team. “Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” he said.  “I am proud of our collective efforts to advance each part of the

Chainalysis to Help Government Agencies Sell Confiscated Bitcoin (BTC)

Following the recent confiscation of $1 billion worth of bitcoin (BTC) by the United States government, popular blockchain analysis company, Chainalysis today announced that it had been awarded the government contract to sell out cryptocurrencies tracked and seized from fraudsters. Chainalysis said its tools and investigative assistance helped the US authorities in investigating and tracking the crypto wallets involved in the $1billion case, which was meant to promote the sales of narcotics on Silk Road.  According to the announcement, the analysis company will be partnering with the confiscated assets management company, Asset Reality to structure a program primarily for storing and

RippleNet Launches Line Of Credit For Instant Cross Border Payments

In a bid to actualize it dreams to enable Internet Of Value, the U.S-based fintech company Ripple has announced the launch of Line Of Credit, a new beta service built on RippleNet. According to the announcement, the latest launch will enable instant cross-border payment solution for Ripple’s customers using the On-Demand-Liquidity (ODL) platform.  The Line Of Credit solution is an initiative geared towards meeting the demands of companies with potentials for growth but lack substantial capital to implement business projects. Per the announcement, the new credit services solution is not a loan subject to tax payment but a project that

Vitalik Buterin Says He Done With DeFi Yield Farming Until Dust Settles

An increasing number of cryptocurrency investors are embracing yield farming, one of the latest innovations in the crypto industry, where crypto assets are used to aggregate income for the investors, in some cases up to 100% Annual Percentage Yield (APY). Even though yield farming as a form of decentralized finance (DeFi) can be profitable, some key players in the industry like the co-founder of Ethereum, Vitalik Buterin,  are still skeptical about the real sustainability and activities of the booming DeFi sector. For Buterin, in addition to disappointments associated with the DeFi craze like yield farming, he can only watch yield