Seeds of Wisdom RV and Economic Updates Sunday Morning 12-29-24

EGood Morning Dinar Recaps,

CRYPTO INDUSTRY CALLS ON CONGRESS TO BLOCK NEW DEFI BROKER RULES

The final regulations classifying several decentralized finance (DeFi) protocols as brokers have sparked immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules.

Disclosed on Dec. 27 by the US Internal Revenue Service, the new regulations treat front-end protocols facilitating digital asset transactions as brokers, requiring Know Your Customer disclosures of transactions. According to the agency, the regulations will affect up to 875 DeFi brokers.

*************************

The new rules have sparked a widespread backlash on social media, with many legal experts suggesting that the IRS may be overstepping its authority and infringing constitutional rights.

“This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration,” said Jake Chervinsky, chief legal officer at venture capital firm Variant.

For Alexander Grieve, vice-president of government affairs at venture firm Paradigm, “the new pro-crypto Congress can, and should, roll these back via the CRA process next year,” he said on X.

The CRA, or Congressional Review Act, allows Congress to review and potentially disapprove of regulations issued by agencies like the IRS.

The DeFi broker definition encompasses platforms performing intermediary functions in facilitating transactions, including a group of persons facilitating transactions “whether or not the group operates through a legal entity.”

Miles Jennings, general counsel of a16z Crypto, claimed the rule represents “a fantastical expansion of the words “effectuate transactions” to enable the IRS to ban DeFi.”

According to Miles Fuller, director of government solutions at TaxBit, the definition covers any provider that knows “or is in a position to know whether the nature of the transaction involved gives rise to reportable gross proceeds from the sale of digital assets.”

Fuller explained that two specific groups are specifically excluded from the definition: validation services and wallet software providers.

Advocacy group Blockchain Association called the rule “a final attempt” to send the US crypto industry offshore. A statement by the group’s CEO, Kristin Smith, said:

***********************************

 “On behalf of the industry, we’re prepared to take aggressive action to fight back. We also look forward to working with the new pro-crypto Congress and Administration to roll back this and other anti-innovation rules.”

According to the IRS, the new regulations are expected to affect as many as 2.6 million taxpayers.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🇷🇺 Russian Foreign Minister Lavrov slams the Biden-Harris administration for Prioritizing Ukraine over US citizens.

"When the USA was hit by a hurricane, President Biden paid the victims ridiculous compensations of $700 per person while sending over $150 billion to Ukraine."

@ Newshounds News™

Source:  @BRICSNews

~~~~~~~~~

The US dollar's share of global foreign exchange reserves has dropped to its lowest level in nearly 30 years.

This is according to the International Monetary Fund.

Countries are diversifying their reserves and stockpiling gold.

This should be the top story around the world.

@ Newshounds News™

Source:  X . com

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Saturday Morning 12-28-24

Good Morning Dinar Recaps

IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES

▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.

▪️They are challenging its new regulation that classifies DeFi platforms as brokers.

▪️The crypto community and some lawmakers have also criticized the regulation.

Three prominent pro-crypto groups — the Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council — have initiated legal action against the US Internal Revenue Service (IRS).

The lawsuit challenges the IRS and Treasury Department’s recent decision to categorize decentralized finance (DeFi) platforms as brokers, a ruling that has sparked significant controversy within the crypto sector.

IRS Broker Redefinition Triggers Legal and Legislative Issues

On December 27, the IRS finalized new regulations targeting the DeFi industry by expanding the definition of a broker to include decentralized exchanges and other front-end platforms.

This adjustment mandates that these entities report all crypto and other digital asset transactions, including details about the taxpayers involved. Set to be enforced starting in 2027, these regulations aim to enhance transparency in digital asset transactions.

However, the crypto advocacy groups contest that the IRS’s extension of broker status to DeFi platforms overreaches the statutory authority granted to the agency. They also argued that the move infringes upon the Administrative Procedure Act (APA) while deeming the action unconstitutional.

Further, they argue that the rule imposes undue compliance burdens on software developers, particularly those creating trading interfaces. According to them, this could severely inhibit innovation and significantly strain American entrepreneurs.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions.

Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” Marisa Coppel, the Head of Legal for the Blockchain Association, said.

Meanwhile, the regulatory change has also provoked a strong reaction from the broader crypto community, with several industry leaders calling for legislative intervention.

Bill Hughes, a lawyer at Consensys, criticized the rule’s release during the holiday season as a strategic move to minimize industry pushback. Similarly, Miles Jennings, General Counsel at a16z Crypto, described the rule as a drastic overreach intended to clamp down on DeFi operations.

Moreover, Alexander Grieve, Vice President of Government Affairs at Paradigm, has urged the upcoming Congress to reassess and possibly reject these new stipulations.

US lawmakers like French Hill and Patrick McHenry have already spoken against the move, suggesting they might oppose it.

“The Biden-Harris Treasury chose to defy both Democrats and Republicans in Congress by finalizing its controversial broker tax reporting rule today. This rule is an overreach by the Treasury, a blatant and poorly crafted attempt to target DeFi, and should never have been finalized in the final days of the Biden-Harris Admin,” Hill stated.

@ Newshounds News™

Source:  Be In Crypto

~~~~~~~~~

9 NEW COUNTRIES WILL OFFICIALLY JOIN BRICS AS PARTNER COUNTRIES (NOT FULL MEMBERS) ON JANUARY 1, 2025.

 Belarus   Bolivia    Cuba   Indonesia   Kazakhstan   Malaysia   Thailand   Uganda   Uzbekistan

@ Newshounds News™

Source:  @BRICSNews

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Friday Morning 12-27-24

Good Morning Dinar Recaps,

RUSSIA USES BITCOIN TO AVOID SANCTIONS, FINANCE MINISTER SAYS

Russia has begun using Bitcoin to avoid Western sanctions, according to the country’s Finance Minister Anton Siluanov. In a TV interview this week, the FM confirmed the country is now using cryptocurrency to make and receive international payments, thanks to a new law.

The Kremlin last month created an experimental legal framework for cryptocurrency miners. It included a provision whereby approved entities can use crypto for international trade.

Russia is one of several countries in BRICS that are embracing crypto, especially Bitcoin. Russia in particular has embraced the new digital ruble, and now has Bitcoin as a new alternative to fiat currency.

Additionally, the new Bitcoin law is a benefit for Russian energy companies. Now, the companies can sell to a power-hungry group of domestic bitcoin miners, in an industry that continues to grow. While not all countries that Russia does deals with cater to crypto yet, being one of the first in the region to embrace Bitcoin is a huge step.

In the realm of de-dollarization, Russia’s decision to use Bitcoin in trade is also a plus. While Russia claims that the BRICS bloc is not trying to rid the world of the greenback, the USD is still a rival Russia hopes to overshadow soon. Bitcoin is becoming a more popular alternative to USD and fiat. Even the US is considering a Bitcoin reserve for the greenback’s safety net.

Earlier this year, State Duma deputy Anton Tkachev proposed a Bitcoin Reserve in Russia to protect against Western sanctions. The move goes hand-in-hand with this new law allowing Russia to trade internationally with BTC. 

Furthermore, Tkachev told Finance Minister Anton Siluanov that cryptocurrencies are “virtually the only instrument for international trade” under current restrictions. Russia’s newest law could create a challenge for President-elect Donald Trump as well.

The incoming US president is both a crypto supporter and advocate for U.S. dollar dominance and faces challenges from Putin and Russia. Therefore, his support of both BTC and Fiat could create a conflict in the future.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

LAWMAKERS PREPARE TO INTRODUCE NEW CRYPTOCURRENCY REGULATIONS IN 2024

▪️U.S. Congress prepares to introduce new cryptocurrency regulations in 2024.

▪️Legislation focuses on stablecoins and market structures like FIT21.

▪️Future approval of these bills depends on congressional priorities in 2025.

@ Newshounds News™

Read More:  Coin-Turk

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Thursday Morning 12-26-24

Good Morning Dinar Recaps,

BRICS TO DITCH US DOLLAR FOR GOLD-BACKED CRYPTOCURRENCY

Over the last year, the BRICS bloc’s ongoing de-dollarization efforts have been a focal point. The collective has sought to limit Western hegemony and establish itself on the grander world stage. Amid its ongoing pursuits, could the BRICS bloc be in line to ditch the US dollar for a gold-backed cryptocurrency?

The economic alliance has been stashing gold reserves for much of 2024, with many believing it could be for its own trade currency. Although the bloc has affirmed that it has no interest in a native currency, it has shown a recent embrace of cryptocurrency. Both could converge on a perfect answer for its ongoing greenback dilemma.

BRICS Cryptocurrency? Why Alliance Could Build Combine Gold & Bitcoin to Take Down US Dollar

The last two years have seen the global south continue to champion the term de-dollarization. Indeed, the economic alliance has sought greater ways to limit Western economic dominance. Throughout last year, the emergence of a BRICS currency has been the focal point of that.

Now, that pursuit has taken center stage. With Donald Trump emerging victorious in the 2024 presidential election, he has threatened 100% tariffs on nations abandoning the dollar. Truthfully, that presents BRICS with one true option: double down or abandon the idea.

To this point, they have opted for the former. But it may not stay that way, as BRICS could ditch the US dollar with a gold-backed cryptocurrency. Although the bloc has not yet announced such an idea, its maneuvering does favor its presence.

For the last two years, the bloc has ferociously accumulated gold reserves. That was supposed to be for an alliance trade settlement currency. Moreover, in 2024 they have opted to dial back opposition to the cryptocurrency sector. Earlier this month, Russian President Vladimir Putin said that no one could control Bitcoin.

That appeared to show his favor of the currency. Nations like China have followed suit, with many believing both could soon embrace digital assets. With an AI and technology alliance being formed under BRICS, blockchain technology could soon be at the forefront.

That would not stop the bloc from developing its very own currency that combines both matters. It would illicit some issues with the West but would also fast-track its ongoing de-dollarization plans. Moreover, it would establish BRICS as a clear global force.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

@ Newshounds News™ will be running only one Newsletter input to Dinar Recaps through the New Year.  Visit our Telegram rooms, Website and Youtube Channel for RV related learning material, podcasts. documents, projects, news and more.  Links below! 

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-24-24

Good Morning Dinar Recaps,

RIPPLE CEO REVEALS GROWING REAL ESTATE DEMAND FOR XRP TESTING

▪️Brad Garlinghouse revealed that there has been an increase in demand for XRP not only as a payment solution within the real estate sector but also in the trade finance and insurance sectors.

▪️With the financial landscape shifting towards more efficient and secure solutions, Ripple stands at the forefront of this transformation, leveraging the advantages of XRP to enhance cross-border payment systems securely.

Ripple CEO Brad Garlinghouse has revealed that there is an increase in demand for XRP as a preferred payment solution within the real estate sector. Ripple is proactively working to boost the asset’s adoption, recognizing its potential in transforming transaction methodologies.

This growing interest is not only a testament to the efficacy of blockchain technology in facilitating seamless transactions but also highlights the evolving landscape of property sales and investments.

The real estate market has traditionally been bogged down by lengthy processes, high transaction costs, and a lack of transparency, making it a prime candidate for disruption. 

The founder identified other industries ripe for innovation, including insurance, trade finance, and identity management, in the interview shared on X by RippleLord, a Ripple enthusiast.

Ripple’s Payment Network in Real Estate

Ripple and the real estate sector stand to mutually benefit from each other, particularly as there is a growing demand from customers for Ripple’s deeper involvement in trade finance.

Ripple’s solutions have the potential to streamline processes and enhance operational efficiency, particularly in areas like global payments and title management, where inefficiencies have long hindered the real estate industry.

At the core of Ripple’s offerings is Ripple Payments, which was previously named RippleNet and utilizes advanced blockchain technology to facilitate efficient fund transfers for institutions around the world. Brad Garlinghouse emphasized that businesses are keen to explore how Ripple’s cutting-edge solutions can improve cross-border payments and minimize transaction friction. 

This need for modernization is particularly relevant today, as existing payment systems often leave users waiting weeks for transactions and facing high fees.

Ripple Payments provides a decentralized network for banks and financial institutions globally, utilizing products built on the XRP blockchain, such as xCurrent for cross-border payments and xRapid for cheap and fast transactions. 

Ripple seeks to collaborate with traditional financial institutions and real estate companies rather than replace them. Garlinghouse compares Ripple’s transformative potential to the internet’s evolution, noting its ability to change various sectors, including real estate, fundamentally.

As revealed in a CNF article, XRP’s permissionless nature and its On-Demand Liquidity (ODL) feature are particularly advantageous for real estate transactions. ODL enables international payments by using XRP to facilitate more efficient cross-border transactions.

This feature also provides instantaneous settlement, enhanced reliability, and reduced transaction costs, critical elements for real estate deals that often involve multiple currencies.

Currently, Ripple Payments supports over 55 countries and connects to more than 120 fiat currencies, simplifying the management of international transactions for real estate professionals. 

As XRP continues to gain recognition in the payments landscape, each unit is trading at $2.21, with a notable decrease of 2.94% in the last 24 hours. XRP’s trading volume of $ 11 billion has decreased by 9.30%, signaling a recent fall in market activity.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

HOW MOONPAY PLANS TO REVOLUTIONIZE CRYPTO PAYMENTS

MoonPay, a fintech company has become a major player in crypto since its launch in 2018. Led by CEO Ivan Soto Wright, the platform helps investors buy and sell cryptos as well as NFTs easily. It is like a PayPal but for cryptocurrencies. The project is capturing the spotlight as there are news about them acquiring Helio pay, a crypto payment gateway.

MoonPay Role in Crypto Space

MoonPay has launched innovative crypto payment solutions like MoonPay Balance. This is a fiat to crypto transfer tool that works seamlessly with wallets like MetaMask. Rolled out in 27 European countries last month, this feature gives users a straightforward way to interact with decentralized finance (DeFi) protocols. But the company isn’t stopping there. A potential acquisition of Helio Pay, rumored to cost $150 million, might be their next big leap.

Helio Pay Acquisition News

Helio Pay is no small name in the crypto world. The platform is like Coinbase Commerce, helping over 6,000 merchants and creators accept payments in Bitcoin, Ether, and other digital currencies. It even integrates Solana Pay into Shopify, a platform with millions of users globally. This is going to be an amazing combo as MoonPay already serves more than 20 million users in over 160 countries.

According to Eleanor Terrett from Fox Business, MoonPay is in in talks to acquire helio for about $150 million.

If this acquisition goes through, this is going to be a big thing for crypto space especially for e-commerce merchants and their users. MoonPay will get to expand its reach and e-commerce will get enhancement with its services. How great would it be if you could use crypto to buy stuff online just like using a credit card — easy and simple.

Why This Matters

This potential deal highlights MoonPay’s ambitions of making crypto transactions easier for individuals. This will reshape how businesses and users interact with cryptocurrencies. Adding Helio Pay to their portfolio would strengthen their infrastructure. This would finally bring crypto payments into the mainstream. As crypto adoption grows globally, this is the perfect time to bring such enhancements to crypto payments.

What to Expect Next

If the Helio acquisition deal is closed, this will likely spark even more innovations in the crypto payment space. The company already has a bright name because of its focus on easing the crypto payments, the new takeover will shine the name even more. It’s just a matter of time before the actual confirmation comes out.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Morning 12-23-24

Good Morning Dinar Recaps,

TRUMP TAPS PRO-CRYPTO ECONOMIST STEPHEN MIRAN TO LEAD COUNCIL OF ECONOMIC ADVISERS

Miran will advise Trump on policy and help shape the administration's economic agenda to achieve its goals.

President-elect Donald Trump has nominated Stephen Miran, a former Treasury official from his first administration, to lead the Council of Economic Advisers. By selecting Miran, Trump is bringing experienced leadership back to Washington to help shape economic policy.

“Steve will work with the rest of my Economic Team to deliver a Great Economic Boom that lifts up all Americans,” Trump said in a Truth Social post on Sunday.

Miran has openly criticized the Biden administration, specifically targeting Fed Chair Jerome Powell. He condemned Powell for calling for more aggressive fiscal and monetary stimulus in Oct. 2020, just a month before the election, to boost the economic recovery during the pandemic.

Stephen Miran to Help Craft Trump’s Vision for a Booming Economy

The White House Council of Economic Advisers is a three-member team. It advises the president on economic policy. Miran will guide Trump on policy matters and be a key spokesperson to promote those decisions. He will provide insights and recommendations to shape the administration’s economic agenda. His work will help achieve its broader goals.

Currently a senior strategist at hedge fund Hudson Bay Capital Management, Miran said he was honored to be chosen. “I look forward to working to help implement the President’s policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans!” he posted on X.

Miran’s appointment requires Senate confirmation. Last month, Trump named Kevin Hassett as chair of the National Economic Council. And he nominated Paul Atkins to replace Gary Gensler as SEC Chair.

Miran Sees Crypto as Catalyst for Prosperity Under Trump’s Agenda

The crypto community has shown strong support for Miran, including Michael Saylor, executive chairman of MicroStrategy. In a recent interview with The Bitcoin Layer, Miran criticized the current financial regulatory framework, calling it overly restrictive and a barrier to financial institutions.

He also pointed out the importance of innovation for economic growth, highlighting cryptocurrency’s potential role.

“I think crypto will have a big role in innovation and ushering in a Trump administration economic boom,” he said in the interview.

Milan said on X on Sunday that he looks forward “to working to help implement the President’s policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans.”

@ Newshounds News™

Source:  CryptoNews

~~~~~~~~~

TRUMP APPOINTS FORMER COLLEGE FOOTBALL PLAYER, GOP HOUSE NOMINEE BO HINES TO HEAD CRYPTO COUNCIL

President-elect Donald Trump announced that Bo Hines, a former college football player who ran unsuccessfully for the House of Representatives in 2022, to lead his “Crypto Council” as the Executive Director of the Presidential Council of Advisers for Digital Assets.

“In his new role, Bo will work with David [Sacks] to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed,” Trump wrote.

Trump also earlier appointed Stephen Miran to head his Council of Economic Advisers. Miran has previously stated that regulations inhibit innovation in the crypto sector.

In posts on Truth Social Sunday, Donald Trump appointed two new figures as advisers on economic issues.

Foremost of concern to crypto investors, Trump announced on Sunday that Bo Hines, a former college football player who secured the Republican nomination for North Carolina's 13th congressional district before succumbing to his Democratic opponent in the general election, will serve as the Executive Director of the Presidential Council of Advisers for Digital Assets, which Trump refers to as the "Crypto Council."

Trump had previously appointed David Sacks to spearhead crypto and A.I. issues at the White House, and refers to Hines working alongside Sacks in his announcement.
"In his new role, Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed," Trump wrote. "Together, they will create an environment where this industry can flourish, and remain a cornerstone of our Nation's technological advancement."

Hines received funding in his 2022 Congressional race from pro-crypto PACs, The Block previously reported. Some of the money came from FTX executive Ryan Salame, according to Business Insider, who is currently serving a seven-and-a-half year prison sentence after pleading guilty to charges including conspiring to make unlawful political contributions.

Hines ran in the same district in 2024, but failed to secure the Republican nomination, coming in fourth place with 14.4% of the vote. Republican Addison McDowell later won the district in the general election with 69.2% of the overall vote.

Earlier on Sunday, Trump appointed former Treasury Department official Stephen Miran to chair his Council of Economic Advisers.

"I think financial regulation is excessively burdensome and prevents banks from...lending into the economy as much as they as much as they would. And I think sometimes [that] can really inhibit innovation in areas like the crypto-economy," Miran told podcast The Bitcoin Layer earlier this month.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

🎄 Holiday Announcement from the Seeds of Wisdom Team 🎄

As the holiday season approaches, we want to ensure everyone has time to enjoy their families and count their blessings. We will be closing our rooms for a few days during Christmas and New Year's to celebrate and recharge.

Telegram Holiday Hours:
Rooms will remain open for READ Only

Closed: December 23rd - December 25th
Open: December 26th
Closed for New Year's: December 30th
Reopen: January 2nd

Newshounds will continue to post in the Morning Newsletter during the Holidays except on Christmas Day and New Year's Day. 

Wishing all of you a joyous holiday season filled with love, laughter, and cherished moments. Enjoy your holidays and see you in the New Year! 

@ Newshounds News™

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-22-24

Good Afternoon Dinar Recaps,

WHAT ARE COMPRESSED NFTS AND MINTING CNFTS

Understanding compressed NFTs

Compressed NFTs are a type of non-fungible token (NFT) designed to reduce the cost of storing and transacting with NFTs on the Solana blockchain.

With the increasing adoption of NFTs, developers face difficulties maximizing storage and lowering minting costs for these digital assets. The Solana blockchain introduced compressed NFTs (cNFTs) to overcome such challenges.

CNFTs are a newer type of non-fungible token that leverages state compression technology to store data more efficiently on Solana. Unlike traditional NFTs, which store all the token’s metadata directly onchain or via external links (like IPFS), cNFTs use Merkle trees to optimize data storage.

In simpler terms, while regular NFTs store individual ownership and metadata records for each token onchain, cNFTs group these records in a highly compressed format. This significantly reduces storage costs and improves transaction speeds.

Although the technology is still in its infancy, it accounts for most NFTs minted on Solana.

Did you know? In March 2023, Crossmint produced the first large-scale mint of compressed NFTs on Solana. Minting 300,000 NFTs the traditional way would cost over $74,000, but with state compression technology, Crossmint reduced this cost to less than $200!

Key features of compressed NFTs

With cNFTs, artists and developers can mint thousands, even millions, of tokens at a fraction of the cost of traditional NFTs, boosting innovation.

Let’s look at some key features and benefits of cNFTs:

Cost efficiency: Minting thousands of compressed NFTs costs only a fraction of what it would for regular NFTs. For instance, as per Solana’s report, about 24,000 SOL are needed to create and mint 1 million traditional NFTs utilizing the traditional metadata route. It is possible to organize cNFTs so that the same setup and mint cost 10 SOL or less. This implies that anyone utilizing NFTs on a large scale may use cNFTs instead of standard NFTs to reduce expenses by more than 1000x. Research by Helius shows cost comparison with and without compression NFTs, as seen below:

Scalability: Designed for high-volume use cases like gaming, social media and metaverse assets, where thousands or millions of tokens might be needed.

Onchain and offchain flexibility: While ownership is tracked onchain, much of the metadata can be stored offchain, further reducing costs without sacrificing utility.

Compressed NFTs offer several key benefits that stand out in the blockchain ecosystem. Their affordability significantly lowers minting and storage costs, enabling creators and businesses to access blockchain technology without financial barriers.

Additionally, cNFTs contribute to greener blockchain practices by reducing storage requirements and, consequently, energy usage. These attributes position cNFTs as a potential game-changer for scalable, eco-friendly and innovative applications.

Did you know? DRiP on Solana has distributed over 4 million free compressed NFTs, making it one of the most accessible NFT platforms for onboarding new users. This innovative approach allows artists to create and share digital art with minimal costs, reshaping how people experience NFTs.

Compressed NFTs vs regular NFTs

While both cNFTs and traditional NFTs aim to tokenize digital assets, their design and use cases differ significantly.

Traditional NFTs are known for their uniqueness and exclusivity, but their minting and storage costs can be prohibitively high for large-scale applications.

Compressed NFTs solve this problem by utilizing state compression, drastically reducing costs and enabling affordable mass production of tokens.

Unlike traditional NFTs, which often store all data onchain, cNFTs offload metadata to offchain systems, maintaining utility while minimizing blockchain storage needs.

Some key differences include:

Regular NFTs are best suited for high-value, one-of-a-kind digital art or collectibles.

Compressed NFTs, on the other hand, excel in scenarios that require high scalability, such as distributing gaming assets or digital collectibles to millions of users.

How to mint cNFTs: A step-by-step guide

CNFTs use state compression and Merkle trees to store data in a compact format.

Minting cNFTs may seem daunting at first, but with the right tools and knowledge, it’s a straightforward process to mint and distribute. While each platform will have its own instructions, here is a general guide to get started on cNFTs:

Step 1: Set up a wallet: Use a Solana-compatible wallet like Phantom or Solflare to manage your funds and interact with blockchain tools.

Step 2: Fund your wallet: Add SOL (Solana’s native cryptocurrency) to cover the cost of minting. CNFTs are highly cost-efficient, so even small amounts are sufficient.

Step 3: Select a minting platform: Platforms like Crossmint, Metaplex and Candy Machine (on Solana) support cNFTs. Based on your project’s scale and features, choose one.

Step 4: Prepare metadata: Define the details of your NFT collection, including artwork, descriptions, attributes and other metadata. Use offchain storage solutions like IPFS if needed.

Step 5: Mint your cNFTs and set up a Merkle tree: CNFTs use Merkle trees to organize data. Most minting platforms automate this process. Follow the platform’s interface to mint your compressed NFTs. Confirm transactions through your wallet, and voila — your cNFTs are live!

Where are compressed NFTs stored?

Unlike ordinary NFTs, in cNFTs, the Merkle root is stored onchain, and the Merkle leaves are stored offchain.

CNFTs leverage a hybrid storage model that balances onchain and offchain storage, ensuring cost efficiency and scalability. Ownership of cNFTs is always tracked onchain, ensuring the authenticity and provenance of the asset.

Still, much of the asset’s metadata, including images or detailed information, is typically stored offchain. This decentralized offchain storage often uses protocols like IPFS to ensure that the data is distributed and can be accessed by anyone.

This combination of onchain ownership with offchain metadata helps to reduce costs significantly, as storing large amounts of data directly on the blockchain can be expensive and inefficient.

In the case of Solana’s cNFTs, the metadata is compressed and stored in a way that drastically reduces the blockchain’s storage needs while maintaining the integrity of the asset’s information.
@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Someone asked in our Living room 'how will we know when the RV will happen?'

Here was the response:

If you have not signed up for the 64 Group I urge you to do so.  Salty Toes will try to get everyone signed up into the group so you will receive an email from them when the RV happens. No promises but she does have some contacts. Read her post above.  

More about the group in the Seeds of Wisdom Team Newsletter here.  And you can go directly to the website to sign up for 64 Group and dont forget to check the box to allow the group to send you an email.  

Also Salty Toes will be sending out a Newsletter as well with all the information she has when the time comes.  You can subscribe to the Seeds of Wisdom Team Newsletter here:   Newsletter

Have a blessed Christmas.❤️

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Sunday Morning 12-22-24

Good Morning Dinar Recaps,

XRP LAWSUIT NEWS: EX-SEC LAWYER REVEALS RIPPLE WAS DISCUSSED WEEKLY, PREDICTS POSSIBLE DISMISSAL OF APPEAL

Ripple-SEC closed meeting sparks rumors of potential case dismissal, fueling XRP community's hope for a major rally ahead.

Former SEC lawyer predicts possible XRP case closure, as government shutdowns and RLUSD launch impact Ripple's future prospects.

There are rumors that Ripple and the SEC will have a closed meeting, which could lead to a significant development in the XRP case. Speculation suggests that the meeting may result in the case being closed or dropped entirely, with answers expected soon.

A user reacted to this, praising the XRP community for its unwavering perseverance. Despite being wrong many times, the community continues to stay positive and hopeful, showing up every month for updates.

Ex-SEC lawyer Marc Fagel believes the SEC will continue on its current path for now, filing the opening brief as planned. He also pointed out that the new SEC chair could take some time to be confirmed, and it’s possible that they may vote to dismiss the appeal. Though it’s an unusual step, Fagel thinks it’s a possibility if the right people are in charge.

SEC’s Shutdown, RLUSD Live and More

In other news, the SEC is preparing for a government shutdown, which could impact its operations. Government shutdowns and financial instability, like the US government’s debt issues, have added pressure on the market.

Ripple’s RLUSD launch had positive price action initially but has since been impacted by market downturns. Brad Garlinghouse, Ripple’s CEO, believes RLUSD will be big for the company’s future. With SEC’s clarity and possible case dismissal, XRP might be up for a massive rally.

@ Newshounds News™

 Source:  Coinpedia

~~~~~~~~~

GOOGLE TO REQUIRE UK CRYPTO ADS TO REGISTER WITH FINANCIAL REGULATOR STARTING JANUARY 2025

The new policy will take effect on January 15, 2025.

Hello, World!

Google has announced a policy update requiring advertisements for digital asset exchanges and wallets in the United Kingdom to register with the Financial Conduct Authority (FCA) before being allowed to run on its platform.

The new policy will take effect on January 15, 2025, the search engine company said in a recent announcement.

Under the updated rules, advertisers offering crypto exchange services or software wallets in the UK must meet specific conditions to promote their products.

UK Crypto Firms Need to Register with FCA

Chief among these is registration with the FCA, ensuring compliance with the country’s financial regulations.

Additionally, Google will permit advertisements for hardware wallets that store cryptocurrency private keys, non-fungible tokens (NFTs), or other digital assets.

However, these hardware wallet providers must avoid offering ancillary services such as buying, selling, or trading digital assets.

While the search giant did not provide additional requirements for hardware wallet ads, it emphasized that all advertisers must adhere to local laws in their targeted regions.

“As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products,” Google said.

The new policy underscores the growing scrutiny of crypto-related advertisements worldwide as regulators attempt to curb misleading promotions.

In the UK, the FCA recently issued a warning about the Solana-based memecoin and NFT project “Retardio.”

The regulator flagged the project for unauthorized promotions targeting UK consumers, cautioning that investors might face financial losses if the company fails.

Elsewhere, Nigeria’s Securities and Exchange Commission (SEC) has also introduced stricter advertising guidelines for crypto products.

The SEC now requires virtual asset service providers and influencers to secure agency approval before publishing promotional materials.

Google Ads Promotes Fake Crypto Websites

As reported, a sponsored Google ad posing as a link to Sony’s blockchain project, Soneium, was exposed as a cleverly disguised crypto wallet drainer.

In October, a search for “soneium” on Google led users to a phishing site designed to steal crypto assets.

The ad linked to a website with a domain name similar to Soneium’s official site, which appeared as a legitimate yet unfinished landing page for a radiology service based in the UK.

In another incident, a fraudulent cryptocurrency wallet app on Google Play reportedly stole $70,000 from users in a sophisticated scam that has been described as a world-first for targeting mobile users exclusively.

The malicious app, named WalletConnect, mimicked the reputable WalletConnect protocol but was, in fact, a sophisticated scheme to drain crypto wallets.

The deceptive app managed to deceive over 10,000 users into downloading it, according to Check Point Research (CPR), the cybersecurity firm that uncovered the scam.

The scammers behind the app were well aware of the typical challenges faced by web3 users, such as compatibility issues and the lack of widespread support for WalletConnect across different wallets.

@ Newshounds News™

Source:  CryptoNews

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 12-21-24

Good Afternoon Dinar Recaps,

NOT BRICS, THIS COUNTRY POSES BIGGEST THREAT TO THE US DOLLAR

The BRICS alliance aims to pull the US dollar down from the global reserve currency and trample its dominance. Despite multiple efforts to uproot the USD, the bloc remains unsuccessful in attempts to de-dollarize.

The greenback remains the dominant currency and a force to reckon with in the forex markets. Around 58% of the world’s reserves are in the USD, and cutting ties with the currency will prove fatal to the prospects of emerging economies.

The US pressing sanctions on countries of their dislike is what led to the de-dollarization process in the first place. Countries such as Russia, Iran, and Belarus, among others, have been severely impacted by sanctions pressed by the US. 

On the other hand, BRICS member China has teamed up with these nations to further the de-dollarization agenda. China is looking to capture the global economy by pushing the Chinese yuan ahead for trade and not the US dollar.

BRICS: US Biggest Threat to the Dollar

A recent Bloomberg opinion report states that the biggest threat to the dollar is not BRICS but the US itself. The report explains that Trump’s threats won’t do much as the USD’s power is mostly dependent on American reliability.

 America’s larger-than-life GDP made it gain an “exorbitant privilege” to control the reserves of the world’s central banks. The development made the Federal Reserve, US officials, and politicians tolerate deficits that could have tanked the economies of any other country.

Therefore, the US poses the biggest threat to the dollar compared to BRICS or any other alliances of developing countries. “If Trump wants to maintain the dollar’s primacy, he should recognize that its value is not dependent on American power and threats, but on American reliability.

Overreach — whether through ad hoc sanctions, meddling with the Federal Reserve, unilateral tariffs or geopolitical confrontations — poses a far greater threat to the US currency than anything the BRICS countries could possibly devise,” it read.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

HEDERA (HBAR) GAINS INSTITUTIONAL TRACTION WITH STRONG BACKING FROM TECH GIANTS AND FINANCIAL SECTORS

▪️Hedera’s key partnerships with NVIDIA and Intel aim to leverage its technology for creating “Verifiable Compute,” a hardware-based solution.

▪️Valour Digital Securities Limited (VDSL) and The Hashgraph Group (THG) have introduced the first physically-backed Hedera HBAR Exchange-Traded Product (ETP) on Euronext Amsterdam.

Hedera (HBAR) finds its standing in a majorly leading light as it associates with the traditional finance setting, the enterprise technology sectors, and artificial intelligence. This could potentially lay the groundwork for the network growth curve this year, 2025.

European Markets Register First Physically-Backed Hedera ETP

Valour Digital Securities Limited (VDSL), in partnership with The Hashgraph Group (THG), has launched the first physically-backed Hedera HBAR Exchange-Traded Product (ETP) on Euronext Amsterdam. This is a landmark step toward making HBAR accessible to institutional and retail investors through regulated financial channels.

The product is launched under the prospectus of VDSL, allowing investors to approach HBAR in a depository-regulated manner without facing exposure to direct cryptocurrency investment. Olivier Roussy Newton, CEO of DeFi Technologies, which owns Valour, further adds that “this listing expands the scope for institutional and retail investors to engage with Hedera’s dynamic, sustainable ecosystem.”

NVIDIA and Intel are going to utilize the hashgraph technology offered by Hedera to produce their chips. Along with EQTY Lab, the new “Verifiable Compute” has been born, a hardware-based solution made to meet EU regulations surrounding AI operations, per the CNF report.

This will log the decentralized cryptographic certificates verifying the computations the AI does on the said network, hence accurate and accountable. Slated for 2025 release, this will be providing impenetrable records on AI processes.

What’s Next For HBAR Price?

Santiment has ranked Hedera among the top three cryptocurrencies in terms of activity over the past month, along with Internet Computer and Chainlink. Eric Balchunas and James Seyffart of Bloomberg highlighted that Hedera may lead the list to secure U.S. ETF approval, putting it at the same level as Bitcoin and Ethereum, reported CNF.

One benefit is that the native Hedera token, HBAR, was not classified as a security. In that regard, it stands at an advantage over some others, such as XRP or Solana, in their pursuit through regulatory processes.

Although the main focus remains on combined Bitcoin and Ethereum ETFs, Canary Capital has emerged as the sole applicant for a Hedera ETF. This signals early interest in bringing HBAR into mainstream investment portfolios.

At press time, HBAR price stood at $0.2638, down 10.26% in the last 24 hours. However, the token has gained 113% over the last 30 days and 411% over the last 90 days. Hedera’s critical support level is $0.270. Moreover, it is now eyeing breaking the resistance level of $0.31.

The HBAR price chart highlights a symmetric triangle on the 4-hour timeframe. Thus, Market forecasts suggest that HBAR may target $0.37 and $0.61, with projections hinting at a potential surge to $1.00. Analysts attribute these price targets to:

• Growing institutional interest
• Prospects of ETF approval
• Collaboration with prominent tech firms
• Sustained development activity
• Hedera Receives Recognition for Tokenization Innovation

Moreover, the list of Hedera’s achievements is growing, with analysts predicting the HBAR price rally to $3 by 2025, reported CNF. The team announced on X that its Asset Tokenization Studio has been nominated for the INATBA Awards 2025 in the “Most Exciting Tokenization Solution” category.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

ISAAC'S LEADERSHIP UNLEASHES FINANCIAL FREEDOM  |  Youtube

Relax and wait for Isaac to post "VICTORY"!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Saturday Morning 12-21-24

Good Morning Dinar Recaps,

SEC APPROVES FIRST-EVER BITCOIN & ETHEREUM COMBO ETFS

▪️These new ETFs are unique because they combine Bitcoin and Ethereum, offering investors diversified exposure to the two largest cryptos.

▪️By simplifying the investment process and reducing the perceived risks, these ETFs aim to make crypto investing more accessible.

▪️The SEC's approval of these ETFs signifies a significant step forward for the crypto industry.

The U.S. Securities and Exchange Commission (SEC) has just made a groundbreaking move in the crypto world. It has approved two new exchange-traded funds (ETFs)—the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF—and they are unlike anything we’ve seen before.

These ETFs combine the power of both Bitcoin and Ethereum into a single investment, making it easier for everyday investors to tap into the world of digital currencies.

But what makes these ETFs so special, and why is the SEC’s approval a big deal? Let’s understand.

What Makes These ETFs Different?

While crypto ETFs are already on the market, these two stand out. Instead of focusing just on Bitcoin or Ethereum, they mix both. The share of each cryptocurrency is based on its market value, giving investors a balanced exposure to both.

Why is this important? Putting all your money into one cryptocurrency can feel risky, especially with how volatile the market can be. By holding both Bitcoin and Ethereum, these ETFs help spread out the risk and let investors take advantage of the strengths of each cryptocurrency.

A Simpler Way to Get Into Crypto

For many, buying Bitcoin or Ethereum directly can be intimidating. These ETFs make it easier by taking away the need to manage wallets or store digital assets on your own. This makes crypto investments more accessible, particularly for people who are new to the space or don’t want the hassle of managing their own assets.

A Major Milestone for Crypto Regulation

The SEC’s approval of these ETFs is a big moment, not only for the crypto industry but for regulators too. It shows that the SEC is taking the market more seriously and is open to more crypto-based financial products.

So, why were these ETFs approved? A key reason is the strong connection between Bitcoin and Ethereum futures and their spot prices. This link helps keep prices stable and reduces the chances of market manipulation, which is important for investors looking for safer options.

Setting Strict Standards for Investors

Both funds have agreements with the Chicago Mercantile Exchange (CME) to closely track trading activity, ensuring everything stays above board. The SEC’s approval shows that these ETFs meet high standards for security and transparency, giving investors more confidence.

What’s Next for Crypto ETFs?

The approval of these ETFs could open the door to even more creative investment options in the future. By combining Bitcoin and Ethereum, these ETFs offer a streamlined way to enter the crypto market. They take away the complexities of buying, storing, and managing digital assets, making it easier for people to get involved.

Looking ahead, there’s a possibility that other cryptocurrencies could be added to similar ETFs, expanding the market even further. But for now, these Bitcoin-Ethereum combos are a significant step forward.

If you’ve been waiting for an easier way to get into crypto without all the complications, these ETFs might be exactly what you’ve been looking for.

FAQs

How do the new crypto ETFs differ from others?
These ETFs blend Bitcoin and Ethereum, offering balanced exposure to both, reducing risk compared to investing in a single cryptocurrency.

Are these crypto ETFs safe for new investors?
Yes, these ETFs are designed to be safer by tracking Bitcoin and Ethereum futures, offering simpler, less risky exposure to crypto investments.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

GERMANY FINALLY PASSES LEGISLATION NEEDED FOR FULL CRYPTO MICAR IMPLEMENTATION

A month ago we wrote that the collapse of the German government coalition was creating problems with implementing the EU’s cryptocurrency regulation MiCA, because it had failed to pass legislation. 

However, on Wednesday the German parliament (Bundestag) finally passed the bill, the Digitalization of Financial Markets Act (Finanzmarktdigitalisierungsgesetz of FinmadiG). Apparently, it was added to the agenda at short notice. Parliament responded to industry requests to ensure the legislation was in place before MiCAR comes fully into force on December 30.

FinmadiG isn’t only about crypto and MiCAR as it also impacts other EU laws such as DORA and the Transfer of Funds Regulation. However, for MiCAR it introduced the Supervision of Crypto Markets Act (KMAG), the piece of legislation that supplants Germany’s old crypto rules with MiCAR.

Technically MiCAR is a regulation, so it does not require local laws. However, legislation was required to designate BaFin as the regulator. Without that, BaFin could not award licenses. That would have allowed EU firms with crypto licenses from other countries to operate in Germany, but German firms would not have been able to operate in the EU.

Additionally, MiCAR has grandfathering clauses allowing firms with existing licenses to continue to operate for up to 18 months, with each jurisdiction deciding on the transition period. The new German legislation specifies a year.

Different EU MiCAR transition periods

However, this week the European regulator ESMA noted that the varying transition periods mean crypto asset service providers (CASPs) need to get new authorizations under MiCAR sooner rather than later. 

For example, if a German CASP doesn’t have a new license by July 2025, they cannot operate in EU countries that have imposed a six month transition period. That includes Latvia, Hungary, Netherlands, Poland, Slovenia and Finland. Lithuania’s transition is five months, and four jurisdictions had not specified the timing when ESMA published its note.

We believe ESMA may have been responding to a letter from the Electronic Money Association (EMA) and three EU crypto trade bodies. They highlighted that the latest regulatory technical standards for licensing were only endorsed by the European Commission at the end of October. That doesn’t give national authorities much time to adopt them or for CASPs to apply.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Friday Afternoon 12-20-24

Good Afternoon Dinar Recaps,

US COURT SCHEDULES KEY DATES FOR RIPPLE CASE

▪️The US Court of Appeals sets critical dates for the Ripple lawsuit.

▪️Bradley Sostack must submit key documents by specified deadlines.

▪️Ripple remains hopeful amidst ongoing legal challenges with the SEC.

The United States Court of Appeals has announced important dates related to a new lawsuit filed by Bradley Sostack against Ripple $2. The court will outline filing deadlines and the dates for presenting major arguments during the appeals process.

Ripple Case Dates

The appellate court received the appeal notification concerning the Ripple case and assigned a case number. The court requested that any motions filed in this process be submitted individually.

Plaintiff Bradley Sostack must submit the Mediation Questionnaire by December 23. The court also expects to receive the Appeals Transcript Order and the Appeals Transcript by December 31 and January 30, respectively.

The plaintiff will initiate the appeals process by submitting the opening brief on March 6 against Ripple and CEO Brad Garlinghouse. Ripple Labs, XRP II, and Garlinghouse are required to respond to the plaintiff’s main assertion by April 7, 2025.

“If there are reported hearings, parties should identify transcripts and make assignments mutually if necessary” – Court

Previous Court Rulings

Ripple, having benefited from prior dividend court rulings, has been appealed by Bradley Sostack. Judge Phyllis Hamilton approved the request to modify the decision and hearing request in the XRP case.

The lawsuit between Ripple and the SEC continues in the Second Circuit Court of Appeals. Ripple executives and the crypto community remain hopeful about the dismissal or withdrawal of the case. SEC Chairman Gary Gensler’s resignation on January 20 has fostered optimism regarding the case’s future.

As developments unfold in the Ripple case, stakeholders are preparing for the ongoing process. Keeping track of the dates set by the court will be crucial for the case’s progression.

@ Newshounds News™

Source:  Coin-Turk

~~~~~~~~~

METALLICUS ACQUIRES FINTECH OPERATOR CONNECTED TO 70 CREDIT UNIONS

The acquisition brings Metal blockchain solutions to Bonifii’s portfolio of credit unions.

Digital banking and blockchain platform Metallicus recently announced the acquisition of fintech service company Bonifii, a credit union service operator (CUSO) connected to 70 credit unions.

The partnership will purportedly establish a separate CUSO for credit union partners that establish and deploy on The Digital Banking Network (TDBN), a multilayer blockchain network servicing the fintech and financial services industry.

According to a blog post from Bonifii, the organization is currently the only CUSO directly connected to a blockchain core developer.

Marshall Hayner, founder and CEO of Metallicus and board member of the Dogecoin Foundation, told Cointelegraph that the acquisition brought the company’s total credit union partners to more than 80, with more than 16 of those already leveraging Metal blockchain technology. He explained:

“Our plan is to continue onboarding more financial institutions and credit unions onto The Digital Banking Network, providing them with bespoke solutions that allow them to move onchain, enhance their operational requirements, reduce costs and enhance services for credit union members globally.”

Digital banking and FedNow

Metallicus has been among the more active blockchain firms in the digital banking space. Its early involvement in the US Federal Reserve’s FedNow digital payments system has positioned it as a core blockchain with inroads to US government programs.

FedNow is a digital payments infrastructure that allows qualified banking institutions to provide government-backed instant payment solutions to their customers. As Cointelegraph reported in May 2023, Metal Blockchain was one of the first chains accepted for integration with the program.

The recent acquisition of Bonifii could allow Metallicus to expand its footprint into the credit union space. Hayner told Cointelegraph that Bonifii president John Ainsworth will transition to the Metallicus team, where he will lead Metal Blockchain’s expansion into the credit union sector as General Manager.

A cursory review of the company’s finances indicates that, prior to the acquisition, Bonifii had raised roughly $20 million over several early investment and seed rounds. While details on Metallicus’ financials do not appear to be publicly available, CoinMarketCap reports a market capitalization of $13.65 million for the Metal Blockchain.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

TOP ECONOMIST SHARES WHY SILVER IS THE SAFEST BET RIGHT NOW  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps