Visa, the global payment giant, is doubling down on its commitment to artificial intelligence (AI) in the realm of commerce and settlements.
They’ve unveiled a fresh initiative, committing a substantial $100 million to fund generative AI ventures.
The primary focus of this initiative is to support companies dedicated to advancing generative AI technologies and their applications in the fields of commerce and payments.
This investment endeavor will be spearheaded by Visa’s global corporate investment arm, Visa Ventures, which has been a driving force behind fostering innovation in the payments and commerce sectors since 2007.
Generative AI stands out as a remarkable AI technology capable of creating diverse content types such as text, imagery, audio, and synthetic data.
Prominent AI chatbots like OpenAI’s ChatGPT and Google’s Bard exemplify the immense potential of generative AI by comprehending and generating human-like written content.
Visa’s Chief Product and Strategy Officer, Jack Forestell, envisions a bright future for generative AI in the financial domain.
He believes that this technology will not only reshape our lifestyles and professional landscapes but also significantly transform commerce in unprecedented ways.
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Visa’s latest foray into generative AI builds upon their substantial efforts to integrate AI technology into their ecosystem. Back in 1993, Visa was among the pioneers in adopting AI for payment systems, particularly for risk and fraud management.
In 2022, their real-time payment fraud monitoring solution, Visa Advanced Authorization, played a pivotal role in thwarting an estimated $27 billion in fraudulent transactions.
In 2021, Visa introduced VisaNet +AI, a comprehensive suite of AI-based services dedicated to streamlining account balance management and resolving everyday settlement issues for financial institutions.
This suite includes innovative features such as Smarter Stand-In Processing, which enhances payment experiences during outages by replicating issuer approval decisions, and Smarter Posting, which expedites consumer payments while reducing the complications associated with posting delays.
In addition to their significant investments in AI, Visa has exhibited a strong interest in leveraging cryptocurrency technology for payments.
In April 2021, the company unveiled plans for a new crypto product aimed at popularizing the adoption of public blockchain networks and stablecoin payments within the mainstream financial landscape.
This demonstrates Visa’s commitment to staying at the forefront of technological innovation in the payments industry.
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Former FTX CEO, Sam “SBF” Bankman-Fried, once explored the idea of paying Donald Trump not to run for the United States presidency, as revealed by Michael Lewis, the author of the book “Going Infinite: The Rise and Fall of a New Tycoon.”
In an interview on October 1st, Michael Lewis shed light on the enigmatic journey of the former crypto billionaire and FTX founder.
One of the most astonishing revelations from the book was SBF’s contemplation of offering a hefty sum to dissuade Donald Trump from pursuing another presidential campaign.
Lewis commented on this by saying, “That only shocks you if you don’t know Sam,” hinting at SBF’s unconventional thinking.
The proposed sum to deter Trump from running was a staggering $5 billion, although it remained uncertain whether this figure came directly from Donald Trump.
Additionally, SBF sought to determine the legality of such an arrangement.
However, this plan never came to fruition because Bankman-Fried no longer possessed the required $5 billion.
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Lewis pointed out that SBF viewed Trump as a potential threat to American democracy, considering him an “existential risk” to the nation.
Lewis spent over 70 days in the Bahamas during various trips in 2022 to closely observe SBF’s life and character, allowing him unique insights into the former CEO’s world.
Discussing the aftermath of FTX’s collapse in November 2022, Lewis vividly described it as reminiscent of Pompeii, with abandoned clothes and belongings, as employees rushed to the airport, leaving company cars with keys inside.
When contacted for comment, legal representatives for Bankman-Fried and Trump remained tight-lipped. Mark Botnick, handling communications for SBF’s case, indicated that there was no official statement from SBF’s legal team.
The high-profile trial of Sam Bankman-Fried is scheduled to commence on October 3rd with jury selection, followed by the trial proceedings beginning on October 4th.
The trial encompasses seven fraud cases against SBF, including two substantive charges where the prosecution must prove Bankman-Fried’s guilt and five other conspiracy charges.
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It’s unfortunate to hear about the significant losses in the cryptocurrency space during September and the third quarter of 2023. Here’s a breakdown of the key information from your provided text:
- September 2023: It was a particularly bad month for crypto-related exploits, with approximately $332 million lost due to various incidents, including the Mixin Network attack, CoinEx exchange attack, Stake.com attack, exit scams, flash loan attacks, and phishing attacks. The Mixin Network attack alone accounted for $200 million in losses.
- Lazarus Group Involvement: The Lazarus Group, a North Korean hacking collective, was implicated in the attacks on both CoinEx and Stake.com, and they were reported to hold approximately $45.6 million in stolen crypto assets.
- Yearly Total: The total losses in 2023 to exploits, scams, and hacks amounted to $1.34 billion, with September being the worst month.
- Q3 2023: According to Beosin, the losses from hacks, phishing scams, and exit scams in the third quarter of 2023 were nearly $890 million, surpassing the combined losses of the first two quarters, which were $330 million in Q1 and $333 million in Q2.
It’s crucial for anyone involved in the cryptocurrency space to exercise caution, use secure practices, and stay informed about security threats and best practices to protect their assets.
Cryptocurrency markets can be vulnerable to various forms of exploitation, and security remains a top concern.
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Coinbase, a prominent United States-based cryptocurrency exchange, is expanding its operations in Singapore following significant regulatory approval from the country’s central bank.
On October 1st, Coinbase announced that it had secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This milestone comes one year after Coinbase initially received in-principle approval in Singapore, granting the company the authority to extend its digital payment token services to individuals and institutions within the nation.
The MPI license allows approved firms to conduct payment services without being bound by transaction limits, specifically the 3 million Singapore dollars ($2.2 million) cap for any payment service and the 6 million SG$ ($4.4 million) monthly transaction limit for two or more payment services, excluding e-money account issuance and money-changing services, as outlined by MAS.
Coinbase views this newly acquired license as a validation of its operations and as a commitment to the burgeoning crypto and Web3 community in Singapore.
The company has been actively developing products tailored for the Singaporean market, such as the launch of PayNow and FAST bank transfers in March 2023.
Furthermore, Coinbase has integrated Singapore’s digital identity service, SingPass, to streamline onboarding procedures.
Additionally, the exchange has collaborated with prominent local blockchain companies like Nansen.ai, Blockdaemon, and Infura to expand its product offerings, including Base blockchain and wallet-as-a-service.
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The exchange expressed its commitment to Singapore as a pivotal market, citing its recent survey that revealed over 30% of Singaporeans have been current or past owners of cryptocurrencies. Coinbase also highlighted Singapore’s significance in the crypto and Web3 economy, with more than 700 Web3 companies calling the city-state home.
It’s worth noting that Coinbase has not provided a response to Cointelegraph’s request for comment at this time.
This development aligns with a broader trend, as major global cryptocurrency firms increasingly seek to obtain Singapore’s MPI license.
In August 2023, Blockchain.com, a crypto data and wallet provider, became the 12th firm to secure this license. Prior to that, in June 2023, Circle, the issuer of the USD Coin (USDC) stablecoin, also received the MPI license, following in the footsteps of crypto exchange Crypto.com.
Singapore’s regulatory framework is becoming increasingly attractive to cryptocurrency companies, positioning the nation as a significant hub for the crypto and Web3 industries.
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Friend.tech, the decentralized social media platform built on Coinbase’s layer-2 protocol, Base, has achieved remarkable milestones in terms of revenue growth and total value locked (TVL) on its platform.
Recent data from Dune Analytics reveals that Friend.tech’s revenue has surged to an impressive 10,663 Ether, while its TVL has exceeded 30,000 ETH as of October 2nd.
These accomplishments are especially noteworthy as they come at a time when the initial hype surrounding the platform has subsided.
Launched in August 2023, Friend.tech offers users a unique experience by allowing them to exchange “keys” associated with X accounts, formerly Twitter handles, belonging to their friends or influencers.
These keys grant users access to private in-app chatrooms and exclusive content restricted to the respective X account holder.
Additionally, users have the opportunity to invest in shares of their friends and favorite influencers within the platform.
The concept of a decentralized social network with a revenue-sharing model received praise within the Web3 community.
However, it also attracted its fair share of critics. Some skeptics declared Friend.tech “dead” shortly after its launch, citing concerns about its revenue model.
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Predictions were made that the platform would lose its charm within six to eight weeks, and doubts were raised about the sustainability of the rapid share price increases observed in the initial weeks.
Despite the skepticism, Friend.tech has defied expectations by continually achieving record-breaking revenue and user growth.
Notably, the recent surge in revenue coincides with a significant increase in communicative transactions on the platform, reaching a staggering 9,200,882.
While current trading metrics have dipped from their peak in the first week of September, the consistent growth in both revenue and TVL indicates that the platform is still gaining traction among users.
In conclusion, Friend.tech’s decentralized social media platform, built on Coinbase’s Base protocol, has demonstrated its resilience and appeal in the face of initial doubts and criticisms.
Its impressive revenue growth and rising TVL attest to its ability to capture and retain user interest, even as the initial hype has waned.
Friend.tech appears to be well on its way to establishing itself as a significant player in the decentralized social networking space.
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Global asset manager VanEck has pledged to donate 10% of profits generated from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers over a span of 10 years.
The announcement was made via the company’s X (formerly Twitter) account on September 29.
The recipient of these donations will be the Protocol Guild, a collective of more than 150 developers responsible for maintaining Ethereum’s core technology.
VanEck emphasized the importance of asset managers giving back to the community that underpins the crypto protocol, stating:
“As traditional finance (TradFi) stands to benefit from the contributions of Ethereum’s core developers, it is only right that we contribute to their ongoing efforts.
We encourage other asset managers and ETF issuers to consider adopting a similar approach.”
This commitment by VanEck aligns them with other crypto-native entities that actively support the Ethereum network, such as Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO.
The donations made to the Protocol Guild are tracked through a public dashboard, revealing that 4,846 contributions have amassed over $12 million.
These funds are then distributed among guild members based on a weighted ratio that takes into account their contribution periods.
Ethereum’s core developers are currently focused on Ethereum Improvement Proposal EIP-4844 (Proto-Danksharding), an upgrade that will introduce a novel transaction type to the Ethereum ecosystem.
This development aims to reduce transaction fees for layer-2 protocols, further enhancing the network’s efficiency.
VanEck recently disclosed its plans for an Ethereum Strategy ETF on September 28.
This ETF will invest in Ether futures contracts and will be actively managed by Greg Krenzer, the head of active trading at VanEck.
It is anticipated to be listed on the Chicago Board Options Exchange in the near future.
In addition to VanEck, other traditional investment firms like Valkyrie and Bitwise are gearing up to offer exposure to Ether futures.
Furthermore, there is a growing lineup of firms waiting for regulatory approval to launch a spot Ether ETF, including Invesco Galaxy, ARK 21Shares, and VanEck.
The United States Securities and Exchange Commission (SEC) recently postponed its decision on approving a spot Ether product until December, highlighting the continued interest and potential growth in the crypto investment space.
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In the lead-up to its eventual collapse in November 2022, crypto exchange FTX was ensnared in a web of increasingly perilous decisions, fueled by the ideology of effective altruism, according to a former software engineer at Alameda Research, Aditya Baradwaj.
Just days before FTX founder Sam “SBF” Bankman-Fried’s trial on October 3, Baradwaj provided insights into the role this philosophy played in the demise of the company, shedding light on his experiences working under the former billionaire.
Effective altruism, which encourages individuals to amass wealth to later donate for the greater good, took hold at FTX, gradually shifting the decision-making process towards irrationality.
Baradwaj remarked, “This ideology was used to justify increasingly risky and ridiculous actions that, honestly, should have been looked at with a saner mind.”
Despite being prevalent in Silicon Valley and quantitative finance circles, effective altruism led to a skewed perspective at FTX and Alameda Research.
Baradwaj highlighted the allure of the ideology, saying, “All of us at the company had this vision of, ‘I think altruism is good, and I think doing things effectively is good.’
So, you put these things together, and it’s like, ‘Obviously this thing is good.'”
However, he emphasized the danger when this philosophy turns into a means-to-an-end mentality, especially when the ends are bizarre and irrational.
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Under the guise of effective altruism, Bankman-Fried made substantial donations to prevent pandemics and combat malaria in developing nations.
He was also a major donor to the Democratic party but later admitted to contributing to Republicans as well.
Notably, he even proposed paying Donald Trump $5 billion not to run for president in 2024, claiming it was to “protect democracy,” as revealed by Big Short author Michael Lewis in a recent interview.
Despite allegations that Bankman-Fried hid behind a fabricated altruistic persona, Baradwaj maintained that the former FTX founder genuinely believed in his mission.
He described Bankman-Fried as highly motivated and trustworthy, which may explain his staunch denial of the charges pressed against him.
Baradwaj reflected on Bankman-Fried’s possible mindset, stating, “Maybe he does genuinely believe that what he did was fine, or he actually believes that he did nothing wrong.”
He emphasized the importance of the truth and expressed hope that the trial would provide clarity on the events that transpired, leaving many questions unanswered.
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The Department of Justice (DOJ) has confirmed its plan to summon former FTX clients, investors, and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former CEO of FTX.
In a letter motion submitted on September 30, the DOJ outlined its intention to call witnesses who can shed light on FTX’s handling of customer assets.
These testimonies aim to provide insights into the interactions between the accused and the witnesses and to gauge the witnesses’ understanding of Bankman-Fried’s statements and actions, particularly concerning FTX’s asset management.
The DOJ seeks to emphasize the experiences of both retail and institutional clients who entrusted substantial assets to FTX with the belief that their assets would be securely safeguarded.
However, a complication has arisen regarding one of the DOJ’s witnesses, identified as “FTX Customer-1,” who resides in Ukraine.
Given the ongoing conflict in Ukraine, the prospect of traveling to the U.S. to testify poses significant challenges.
To address this, the DOJ has proposed using video conferencing as a viable alternative, although Bankman-Fried’s defense has not yet approved this proposal.
Meanwhile, Bankman-Fried’s legal team, led by attorney Mark Cohen, has raised concerns about the jury questions presented by the DOJ.
Bankman-Fried’s defense argues that these inquiries could imply guilt on his part, potentially undermining the fundamental principle of “innocent until proven guilty.”
Furthermore, they assert that these questions may not effectively uncover potential biases among jurors, particularly concerning their familiarity with cryptocurrencies.
Specific questions could inadvertently influence the jury’s perspective rather than eliciting genuine insights, potentially compromising the trial’s impartiality.
As the jury selection is scheduled to commence on October 3, followed closely by the trial, all eyes are on this high-stakes legal showdown.
The proceedings will not only scrutinize the actions of Sam Bankman-Fried but also the integrity of the legal process itself, as both the prosecution and defense grapple with issues related to witness testimony and jury questions.
The outcome of this trial is eagerly anticipated by the cryptocurrency community and the broader financial industry.
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In recent updates shared by Spot On Chain, it has been revealed that an address associated with the FTX exploit, known as 0x3e9, has been actively involved in transferring over 10,000 Ether, with an estimated value of approximately $17 million, across five distinct addresses since September 30th.
Remarkably, these addresses had lain dormant for an extended period before the sudden resurgence of activity.
Notably, a significant portion of the aforementioned 10,000-plus Ether, valued at around $13 million, found its way to the THORChain router and Railgun contract.
Additionally, the exploit operator conducted a swap involving 2,500 ETH, equivalent to approximately $4.19 million, converting it into 153.4 tBTC tokens at an average rate of $27,281 per token.
It’s worth recalling that the initial hack on September 30th resulted in losses nearing 50,000 ETH, causing significant concern within the crypto community.
These developments have unfolded amidst the crypto market’s anticipation of the launch of Ethereum futures ETFs scheduled for October 2nd.
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Looking beyond the exploits and market developments, legal proceedings involving prominent FTX founder Bankman-Fried have garnered attention.
The trial, expected to span six weeks, is set to commence with jury selection on October 3rd, followed by initial court proceedings on October 4th.
Bankman-Fried is facing seven charges related to fraudulent activities, encompassing two substantive charges and five conspiracy charges.
Throughout the legal proceedings, Bankman-Fried has staunchly maintained his innocence, pleading not guilty to all allegations.
Despite numerous attempts to secure temporary release, he remains in custody, with Judge Lewis Kaplan recently denying his most recent request for release due to concerns about the potential flight risk posed by the defendant.
In light of these ongoing developments, the crypto community continues to monitor the evolving situation closely, with both market dynamics and legal outcomes poised to have far-reaching implications.
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The World Federation of Exchanges (WFE) has highlighted the growing potential of crypto-asset trading platforms (CTPs) in contributing to the broader economy and society.
In a paper released on September 28, the WFE emphasized the need for regulation to enhance the appeal and legitimacy of these platforms.
One of the primary principles proposed by the WFE is the segregation of functions within CTPs to prevent conflicts of interest, a concern echoed by Gary Gensler, the Chairman of the United States Securities and Exchange Commission.
Until CTPs adhere to these standards, the WFE recommends that they refrain from referring to themselves as exchanges.
The WFE also expressed concerns about the integration of distributed ledger technology (DLT) into traditional financial (TradFi) exchanges it represents.
Regulators are urged to consider the mutual benefits of this integration, rather than stifling regulated institutions from offering crypto asset services, potentially pushing such activities into less-regulated spaces.
Regarding decentralized finance (DeFi), the WFE noted that although it operates differently from traditional and centralized finance (TradFi and CeFi), the distinctions are not as pronounced as they might seem. DeFi platforms, where buyers and sellers interact, inherently possess central elements.
The WFE pointed out that even the Ethereum Merge, which transitioned the network from proof-of-work to proof-of-stake, was largely driven by a centralized team at the Ethereum Foundation.
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Consequently, the WFE suggested regulating DeFi on the level of decentralized applications (DApps) rather than at the protocol level.
Furthermore, the WFE commended the Financial Action Task Force (FATF) for its efforts to extend Know Your Customer (KYC) regulations, commonly referred to as the “travel rule,” to the crypto sector.
It also endorsed the International Organization of Securities Commissions (IOSCO) Principles for Secondary and Other Markets, aiming to elevate standards in crypto markets.
In summary, the WFE believes that CTPs have the potential to become significant contributors to the real economy and society.
However, to realize this potential, adherence to regulatory principles is essential.
The organization also underscores the need to balance innovation and regulation while acknowledging the interconnectedness of DeFi with centralized elements.
Finally, the WFE supports the application of KYC regulations and the elevation of market standards in the crypto industry.
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