Uniswap breaches $1T volume, WEF 2022 discussion on Terra, and more

The decentralized finance (DeFi) ecosystem continues to struggle with the ongoing market volatility and after-effects of the Terra ecosystem collapse. Over the past week, major DeFi protocols showed signs of increased trading activity, with Uniswap breaching the $1 trillion trading volume mark.

Terra remained the focus of most of the discussions around blockchain and crypto at the World Economic Forum (WEF), with analysts suggesting Terra was offering unsustainable yields. DeFi insurance protocol to pay out millions after Terra collapse, while interest in Ethereum Name Services (ENS) shattered new records.

Top DeFi tokens by market cap had a mixed week of price action, with several tokens in the top 100 registering double-digit gains over the past week, while many others continue to trade in the red.

WEF 2022: Terra was offering unsustainable yields and DeFi can support financial inclusion

Reporting from the inaugural day of the Blockchain Hub Davos 2022 conference, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, hosted a panel discussion centered around DeFi titled “Programmable Money is Here — and It’s Changing the World as We Know It.”

Coral Capital’s Horsman shared that the Terra crisis partly occurred because “they were essentially offering yields that were unsustainable, and [that] there were venture capital firms that were bootstrapping those yields in order to bootstrap an ecosystem.” He noted that his firm decided to withdraw funds from the project in November–December 2021 after their reserve modeling data predicted worrying calculations for the future.

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InsurAce says it will pay millions to claimants after Terra’s collapse

DeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the TerraUSD (UST) depegging event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million.

InsurAce (INSUR) is the third-largest insurance provider for decentralized finance (DeFi) protocols, with a market cap of $15 million. On May 13, InsurAce caused a stir when it announced it had shortened the claims window for those with cover related to Anchor (ANC), Mirror (MIR), and stablecoin UST following the collapse of the Terra layer-1 blockchain.

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Uniswap breaks $1T in volume — but has only been used by 3.9M addresses

Decentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018.

That comes from a relatively small user base, however, indicating that there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years.

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Interest in Ethereum Name Service reaching ‘critical mass’

The Ethereum Name Service is having its best month on record for new registrations, account renewals and revenue, thanks to community awareness and low gas fees.

Lead developer at ENS Nick Johnson tweeted on Monday that the metrics for the Web3 domain service through May so far. He noted that numbers were poised to shatter existing records because they were already at all-time highs, “and there’s still a week of May left.”

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DeFi market overview

Analytical data reveals that DeFi’s total value locked continued to show outflow in the past week as well, falling to $79 billion, a $5 billion decline over the past week. Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization registered a week filled with volatile price action and constant bearish pressure.

Majority of the DeFi tokens in the top-100 ranking by market cap traded in red, barring a few. Aave (AAVE) was the biggest gainer with a 15% surge, followed by Loopring (LRC) with 14%. Tezos (XTZ) saw an11% price rise while Kava (KAVA) grew by 10%.

Before you go!

Do Kown’s Terra revival proposal finally got approved. Kwon’s “Terra Ecosystem Restoration Plan” is to create new coins and give them out to investors who lost money. “Let’s call the existing Terra blockchain network ‘Terra Classic,’ and the present Luna blockchain, ‘Luna Classic,’ and create a new Terra blockchain,” CEO Kwon tweeted on May 18.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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Consumer Affairs Ministry Says Will Develop Framework to Protect Online Consumers From Fake Reviews

The government on Saturday said it will develop a framework to keep a check on fake reviews posted on e-commerce websites to protect consumer interest. The consumer affairs ministry along with the Advertising Standards Council of India (ASCI) held a virtual meeting on Friday with stakeholders, including e-commerce entities, to discuss the magnitude of fake reviews on their platforms.

Fake reviews mislead consumers into buying online products and services.

According to an official statement, the Department of Consumer Affairs (DoCA) will develop these frameworks after studying the present mechanism being followed by the e-commerce entities in India and best practices available globally.

Consumer forums, law universities, lawyers, FICCI, CII and consumer rights activists, among others, participated in the meeting to discuss the magnitude of the problem and roadmap ahead for fake reviews on websites.

Since e-commerce involves a virtual shopping experience without any opportunity to physically view or examine the product, consumers heavily rely on reviews posted on platforms to see the opinion and experience of users who have already purchased the goods or service.

“Traceability by ensuring the authenticity of the reviewer and the associated liability of the platform are the two key issues here. Also, e-commerce players must disclose as to how they choose the ‘most relevant reviews’ for display in a fair and transparent manner,” Consumer Affairs Secretary Rohit Kumar Singh said.

All stakeholders agreed that the issue deserves to be monitored closely and appropriate framework governing the fake reviews should be developed for protection of consumer interest, the statement said.

Stakeholders from e-commerce companies claimed they have frameworks in place by which they monitor fake reviews and would be pleased to take part in developing a legal framework on the issue, it added.

Nidhi Khare, additional secretary and Anupam Mishra, joint secretary in the Department of Consumer Affairs also attended the meeting.

Manisha Kapoor, CEO, ASCI highlighted the categories of fake and misleading reviews and their impact on consumer interest.

The issues discussed in the meeting included how paid reviews, unverifiable reviews and absence of disclosure in case of incentivised reviews make it challenging for consumers to recognise genuine reviews.


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Google, Big Tech Say New Cyber Security Rule to Make Doing Business in India Tougher

India’s new directive which mandates reporting of cyberattack incidents within six hours and storing users’ logs for 5 years will make it difficult for companies to do business in the country, 11 international bodies having tech giants like Google, Facebook and HP as members said in a joint letter to the government. The joint letter written by 11 organisations that mainly represent technology companies based in the US, Europe and Asia was sent to the Indian Computer Emergency Response Team (CERT-In) director general Sanjay Bahl on May 26.

The international bodies have expressed concerned that the directive, as written, will have a detrimental impact on cybersecurity for organisations that operate in India, and create a disjointed approach to cyber security across jurisdictions, undermining the security posture of India and its allies in the Quad countries, Europe and beyond.

“The onerous nature of the requirements may also make it more difficult for companies to do business in India,” the letter said.

The global bodies that have jointly expressed concern include Information Technology Industry Council (ITI), Asia Securities Industry & Financial Markets Association (ASIFMA), Bank Policy Institute, BSA – The Software Alliance, Coalition to Reduce Cyber Risk (CR2), Cybersecurity Coalition, Digital Europe, techUK, US Chamber of Commerce, US-India Business Council and US-India Strategic Partnership Forum.

The new directive issued on April 28 mandates companies to report any cyber breach to CERT-In within six hours of noticing it.

It mandates data centres, virtual private server (VPS) providers, cloud service providers and virtual Private Network (VPN) service providers to validate names of subscribers and customers hiring the services, period of hiring, ownership pattern of the subscribers etc. and maintain the records for a period of 5 years or longer duration as mandated by the law.

As per the directive, IT companies need to maintain all information obtained as part of Know-Your-Customer (KYC) and records of financial transactions for a period of five years to ensure cyber security in the area of payments and financial markets for citizens.

The international bodies have raised concern over the 6-hour timeline provided for cyber incident reporting and demanded that it should be increased to 72 hours.

“CERT-In has not provided any rationale as to why the 6-hour timeline is necessary, nor is it proportionate or aligned with global standards. Such a timeline is unnecessarily brief and injects additional complexity at a time when entities are more appropriately focused on the difficult task of understanding, responding to, and remediating a cyber incident,” the letter said.

It said in case of the six-hour mandate, entities will also unlikely have sufficient information to make a reasonable determination of whether a cyber incident has in fact occurred that would warrant the triggering of the notification.

The international bodies said that their member companies operate advanced security infrastructures with high-quality internal incident management procedures, which will yield more efficient and agile responses than a government directed instruction regarding a third-party system that CERT-In is not familiar with.

The joint letter said that the current definition of reportable incidents, to include activities such as probing and scanning, is far too broad given probes and scans are everyday occurrences.

It said that the clarification provided by CERT-In to the directive mentions that logs are not required to be stored in India but the directive does not mention it.

“Even if this change is made, however, we have concerns about some of the types of log data that the Indian government is requiring be furnished upon request, as some of it is sensitive and, if accessed, could create new security risk by providing insight into an organisation’s security posture,” the letter said.

The joint letter said that internet service providers commonly collect customer information but extending these obligations to VSP, CSP and VPN providers is burdensome and onerous.

“A data centre provider does not assign IP addresses. It will be an onerous task for the data centre provider to collect and record all IP addresses assigned to their customers by ISPs. This could be a nearly impossible task when IP addresses are dynamically assigned,” letter said.

The global bodies said that storing the data locally for the life cycle of the customer and thereafter for five years will require storage and security resources for which the costs must be passed on to the customer, who notably has not asked for this data to be stored after their service termination.

“We share the government’s goal to improve cyber security. However, we remain concerned about the CERT-In directive, despite the release of the recent FAQs document intended to clarify the directive, because the FAQ is not a legal document, it does not grant companies with the legal certainty required to conduct everyday business,” ITI senior director of policy Courtney Lang said.

Lang said additionally, the FAQ issued by the CERT-In does not address problematic provisions, including the six-hour reporting timeline.

“We continue to urge CERT-In to pause implementation of the directive and open a stakeholder consultation to fully address the concerns articulated in the letter,” Lang said.


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Gilbert Arenas told 76ers not to hire Doc Rivers: “After he won a championship, what did he do after that? Nothing”

Photo: Darron Cummings/Associated Press

Former NBA star Gilbert Arenas, to put it mildly, did not favor the appointment of Doc Rivers as the head coach of the Philadelphia 76ers.

Recently he revealed that he told the Sixers general manager Elton Brand not to hire Rivers who led the Celtics to a championship in 2008.

Arenas pointed to the fact that the Boston team was loaded with stars which made it easier to win a title. Agent Zero also noted that Rivers had no achievements prior to and after winning a championship.

Via Angelo Guinhawa of ClutchPoints:

“It’s those gimme championships that solidify some of these coaches. I’m like ‘wait hold on, he was a losing coach before you gave him rockstars’ and then he won a championship, now his legacy is built on a championship. Y’all value championship. After he won a championship, what did he do after that? Nothing. What has he done since then? Nothing.”

Arenas also told Brand that Rivers would ruin the team and he would not know how to coach Ben Simmons which would result in him leaving the team.

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Elon Musk Says No Plant in India Until Tesla Allowed to Sell, Service Imported Cars

Hinting that Tesla will not put a manufacturing plant in India the carmaker’s chief executive officer (CEO) Elon Musk said on Friday tweeted that until the company is first allowed to sell and service imported cars in the country there will be no setting up of the bases.
Responding to an individual on Twitter, who questioned Musk vis-a-vis Tesla’s plans to put up a manufacturing plant in India, the billionaire responded, “Tesla will not put a manufacturing plant in any location where we are not allowed first to sell and service cars.”

These comments suggest that the standstill between the government and Tesla in regard to setting up the manufacturing plant in the country continues.

Earlier in April, highlighting the conducive environment for automobile manufacturing in India, Union Minister for Road Transport and Highways Nitin Gadkari said that Elon Musk is welcome to manufacture e-vehicles in India, but in case the Tesla owner desires to build in China and sell here, it cannot be a “good proposition”.

Gadkari made the remarks while speaking at a private event in Delhi answering a question on Tesla’s concerns on “high duties” in India.

“It is a very easy alternative; if Elon Musk is ready to manufacture a Tesla in India, there is no problem. We have got all competencies, the vendors are available. We have got all types of technology and because of that, he can reduce the cost,” Gadkari said.

Inviting Tesla to start manufacturing in India, the Union Minister highlighted that India is a huge market, and infrastructure like ports are available to enable exports.

“He is welcome in India. We don’t have any problem, but, suppose, he wants to manufacture in China and sell in India, it cannot be a good proposition for India. Our request to him is, come to India and manufacture here,” Gadkari said.

Citing the tremendous growth in the e-vehicles sector in India over the last few years, Gadkari further said that “my suggestion to Elon Musk is, in India, he will get a good market and Indian market is very huge. It is a win-win situation for both.”

He added that India has all the quality vendors and automobile spare parts that are available in China and that “it can be easier for him to make here in India and sell in India. He will get good profits from that, and good economics is there. I will request him to come to India and start manufacturing here.”

Echoing similar sentiments, the Minister of State for Heavy Industries Krishan Pal Gurjar earlier in February told the Lok Sabha during Question Hour that there cannot be a situation where the market is in India but jobs are created in China.

In 2020, Musk announced plans to open the production of Tesla electric vehicles in India. A subsidiary of Tesla, India Motors and Energy Private Limited was established in Bengaluru in southwest India. Musk said he was ready to build a Tesla factory in India if the country reduces the cost of importing electric vehicles.

Elon Musk, an American entrepreneur and the founder of Tesla, said that the electric vehicle company continues to face “a lot of challenges” with the government regarding the setting up of car production in India.

Earlier in January, a Twitter user posted a tweet asking Musk whether there was any further update on Tesla’s manufacturing launch in India and saying the vehicles “deserve to be in every corner of the world.”

“Still working through a lot of challenges with the government, ” Musk answered on Twitter.


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COVID and Discrimination Aggravated Maternal Mortality in Latin America — Global Issues

Adequate maternal care during pregnancy, childbirth and the postpartum period is essential to curbing the high maternal mortality rates in Latin America, which stopped falling due to women’s health care problems during the COVID pandemic. CREDIT: Government of Tigre / Argentina
  • by Mario Osava (rio de janeiro)
  • Inter Press Service

A total of 1,575 women died in childbirth or in the following six weeks in the year prior to the pandemic in Latin America’s largest and most populous country, with a population of 214 million. Two years later the total had climbed to 2,787, according to preliminary data from the Health Ministry’s Mortality Information System.

In Mexico, the second-most populated country in the region, with 129 million inhabitants, the increase was 49 percent, to 1,036 maternal deaths in 2021. And in Peru, a country of 33 million people, the total rose by 63 percent to 493 maternal deaths.

In Colombia, recent data are not available. But authorities acknowledge that in 2021 COVID-19 became the leading cause of maternal deaths, as it was in Mexico.

Brazil is the extreme example of multiple mistakes and of stubborn denialism that led to many avoidable deaths, particularly of pregnant women, according to experts and women’s rights activists on the occasion of the International Day of Action for Women’s Health, celebrated May 28.

In Latin America maternal mortality remains a major problem.

The Pan American Health Organization (PAHO), the regional office of the World Health Organization (WHO), states that “maternal mortality is unacceptably high” and that they are “mostly preventable” deaths, which especially affect pregnant women in rural areas.

These levels, the agency adds, will delay reaching target 3.1 of the 17 Sustainable Development Goals (SDGs): to reduce the global maternal mortality ratio to less than 70 per 100,000 live births by 2030.

Something smells rotten

“Inadequate prenatal and obstetric care,” largely due to inadequate medical training in these areas, is the cause of the tragedy in Brazil, said physician and epidemiologist Daphne Rattner, a professor at the University of Brasilia and president of the Network for the Humanization of Childbirth.

“Hypertensive syndrome is the main cause of death in Brazil, while in the world it is hemorrhage. In other words, there is some failure in a simple diagnosis like hypertension and in managing it during pregnancy and childbirth,” she said in an interview with IPS from Brasilia.

Of the 38,919 maternal deaths between 1996 and 2018 in Brazil, 8,186 were due to hypertension and 5,160 to hemorrhage, according to a Health Ministry report. These are direct obstetric causes, which accounted for just over two-thirds of the deaths. The rest had indirect causes, pre-existing conditions that complicate childbirth, such as diabetes, cancer or heart disease.

An excess of cesarean sections is another factor in mortality. It is “an epidemic” of 1.6 million operations per year, the Health Ministry acknowledges. This is equivalent to about 56 percent of the total number of deliveries. The proportion reaches 85 percent in private hospitals and stands at 40 percent in public services, well above the 10 percent rate recommended by the WHO.

“They don’t practice obstetrics, they practice surgery, they don’t know how to provide clinical care, and the result is more maternal deaths,” Rattner lamented.

And the pandemic made the situation more tragic.

The stork doesn’t come anymore

Brazil missed the target of reducing maternal mortality by 75 percent by 2015, from 1990 levels, but it was moving in that direction. The maternal mortality ratio (MMR) per 100,000 live births in the country fell from 143 to 60, a 58 percent drop.

The Stork Network, a government strategy adopted in 2011 to improve assistance to pregnant women and the infrastructure of maternity hospitals, humanize childbirth, ensure family planning and better care for children, helped bring the MMR down.

But COVID-19 and the government’s response to it caused a setback of at least two decades in Brazil’s maternal mortality rate.

Coronavirus killed more than 2,000 pregnant and postpartum women in the last two years and there are at least 383 other deaths from severe acute respiratory syndrome that may have been caused by COVID-19, according to the Feminist Health Network, an activist movement that has been fighting for sexual and reproductive rights since 1991.

The way the government of far-right President Jair Bolsonaro acted “was a maternal genocide, not just a disaster,” said Vania Nequer Soares, a nurse with a PhD in public health who is a member of the Feminist Health Network.

The government’s denialism and its response to the pandemic aggravated mortality in general, which already exceeds 666,000 deaths, as well as maternal mortality. Health authorities took more than a year to recognize that pregnant women were a high-risk group for COVID-19, made it difficult for them to receive intensive care and delayed their vaccination, Soares said.

To make matters worse, they decided to dismantle the Stork Network, whose public policies had promising results, and adopted new rules of “obstetric violence” included in the brand new Maternal and Child Care Network (Rami), which concentrates all power in doctors and hospitals, to the detriment of other actors and dialogue, she told IPS by telephone from Lisbon.

Undernotification and negligence

But the numbers of maternal deaths are probably higher. Brazil was slow to begin using COVID-19 diagnostic tests and did not test widely. And because clinical identification of the new disease was doubtful, many mothers probably died without the correct diagnosis, especially in the first year of the pandemic, Rattner argued.

A study published this month in the scientific journal The Lancet Regional Health – Americas, with accounts from the families of 25 pregnant women who died of COVID-19, revealed three practices that condemned many women to death on the verge of childbirth.

First, doctors refused to hospitalize or better examine those who complained, for example, of difficulty breathing. They attributed it to late pregnancy and delayed a diagnosis that could have saved at least one life.

In other cases, health centers turned away pregnant women because they were dedicated to the COVID-19 emergency, arguing that they could not accept pregnant women because of the risk of infecting them. And in maternity wards, pregnant women were turned away because of the risk that they could bring in coronavirus and affect other women.

Finally, pregnant women who managed to be accepted in hospitals were denied intensive care, under the argument of protecting the baby’s life. In other words, the choice was made to save the child, to the detriment of the mothers, without consulting the families.

This was confirmed by the fact that all 25 pregnant women died, but 19 babies survived. Four families told the health professionals that they wanted the mother to be saved, even arguing that she could have other children in the future, but this proved to be in vain.

The study by three researchers from the Anis Institute of Bioethics, Human Rights and Gender, based in Brasilia, corroborates the complaint of the Feminist Health Network that 20 percent of the pregnant and postpartum women did not have access to intensive care and 32.3 percent were not put on ventilators.

Women must be given protagonism, so that “they can take ownership of the process of motherhood, including childbirth,” said Ligia Cardieri, a sociologist who is executive coordinator of the Feminist Health Network.

Fewer mechanical interventions, a reduction of c-sections that increase risks, including anesthetics, and greater involvement of nurses and other maternal health actors are other recommendations to avoid so many maternal deaths, she told IPS from Curitiba, capital of the southern state of Paraná.

In other Latin American countries, pregnant women with COVID-19 suffered a similar lack of attention and problems.

Nearly a third of them were not given intensive care or respiratory support during the pandemic, revealed a study of 447 pregnant women from eight countries, including five from South America, two from Central America and one from the Caribbean, according to PAHO data.

The study, published in The Lancet Regional Health – Americas, is from PAHO’s Latin American Center for Perinatology/Women’s Health and Reproductive Health (CLAP/WR).

© Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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Luka Doncic on Jalen Brunon’s free agency: “He’s going to deserve all the money he gets”

Jalen Brunson made a leap this season, becoming one of the top players for the Mavericks behind Luka Doncic. The 25-year-old point guard averaged 16.3 points, 3.9 rebounds and 4.8 assists in 31.9 minutes per game – an increase in all categories compared to the year before.

He stepped up even during during 18 playoff games this year. Brunson averaged 21.6 points, 4.6 rebounds and 3.7 assists in 34.9 minutes per game.

This summer he will become an unrestricted free agent and will be able to test the market. Doncic thinks that Brunson is going to deserve the money that he will be offered.

“All the conversation around him, he stayed focused. He wanted to win. The step — the huge leap — he took this year was unbelievable, and he’s going to deserve all the money he gets,” the Slovenian superstar said, per Callie Caplan.



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Siberian Tundra Could Virtually Disappear Due To Rising Global Temperatures, Says Study

Global warming is posing an existential threat to the Siberian tundra, the frozen lands near the Arctic Circle, researchers have said in a new study. The researchers from the Alfred Wegener Institute for Polar and Marine Research, Germany, prepared a computer simulation of how global warming could affect the tundra — a special ecosystem consisting of dwarf shrubs, sedges, grasses, mosses and lichens. They said that the tundra could virtually disappear by mid-millennium if temperatures continued to grow rapidly. In the best-case scenario, only 30 percent of today’s tundra could be saved, they said. This is bound to have serious consequences for the planet.

The tundra soil is rich in nitrogen and phosphorus and contains large amounts of biomass stored as methane in the frozen ground, which becomes a carbon sink for the planet. But global warming is leading to a rapid rise in temperatures in the Arctic. As a result, the treeline for Siberian larch forests is steadily advancing to the north, invading the tundra biodiversity. If the tundra disappears in the coming decades, a huge carbon sink for the planet will also disappear with it.

Researchers said only consistent climate protection measures will allow roughly 30 percent of the Siberian tundra to survive to mid-millennium. In all other, less favourable scenarios, the unique habitat is likely to disappear entirely. They have released their finding in the journal eLife.

“For the Arctic Ocean and the sea ice, the current and future warming will have serious consequences,” Prof Ulrike Herzschuh, a co-author of the study said. “In the worst-case scenario, there will be virtually no tundra left by the middle of the millennium.”

For their simulation, Prof Herzschuh and AWI modeller Dr Stefan Kruse employed the AWI vegetation model LAVESI, which Dr Krusay said could “very realistically” depict the advancing treeline in a warming climate.

Researchers have found that the larch forests could spread northward at a rate of up to 30 kilometres per decade and the tundra habitat, which can’t shift to colder regions due to the adjacent Arctic Ocean, would increasingly decrease. In the majority of scenarios the researchers simulated, they found that only 6 percent of today’s tundra would remain by mid-millennium. If we implement aggressive measures to reduce greenhouse gases, roughly 30 percent could be saved.

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Binance Says It Has Registered With Italy Regulator, Seeks to Gain Traction in Europe

Binance said on Friday its legal entity in Italy had registered with the regulator in the country, as the major cryptocurrency exchange seeks to gain traction in Europe.

The registration of Binance Italy, which was established in recent months, could potentially make the company more accountable and reduce the prospects for money laundering.

Binance said it could now open offices in Italy and expand the local team. The company is one of the 14 virtual asset operators to be registered with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.

The move comes almost a year after Binance was forced to dial back on its product offerings across Europe after coming under scrutiny from regulators. In Italy, the company had to wind down its futures and derivatives business.

Earlier this month, Binance’s Chief Executive Officer Changpeng Zhao said the company had also registered with France’s market regulator. Binance is also seeking registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

© Thomson Reuters 2022


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Tether Expands Into Latin America With Peso-Pegged Stablecoin Launch

Tether, the firm behind the most popular stablecoin linked to the US dollar, USDT, has debuted a new stablecoin pegged to the Mexican peso marking the company’s entrance into the Latin American crypto market. The company operating the blockchain-enabled platform announced that the new stablecoin would get added to Tether’s expanding product range, which now includes four fiat currency-backed assets. The new token will trade under the ticker MXNT with initial support including Ethereum, Tron, and Polygon with support for additional networks expected to be launched at a future date.

The announcement follows on from the firm’s previous stablecoins USDT, EURT, and CNHT, which got pegged to the US dollar, Euro, and Chinese Yuan, respectively. MXNT was built by the same team of developers who created Tether USDT and is backed by the tether.to.

Tether has both Euro and Yuan-pegged stablecoins, but its USD-pegged stablecoin, USDT, is more popular. The present total quantity of USDT is greater than $77 billion (roughly Rs. 5,97,370 crore). However, Tether’s supply has decreased by over 15 billion during the LUNA crash over the last month.

“We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” said Paolo Ardoino, CTO of Tether.

“Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”

The entrance into Mexico has been met with enthusiasm and support from cryptocurrency investors. The news provides some comfort in a market that currently holds a negative view of stablecoins. When the crypto market panicked over LUNA and UST, Tether broke below its $1 (roughly Rs. 77.5) peg.


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