SEC - Page 340

Singapore, Aug. 21, 2022 — XT.com, the world’s first social infused digital asset trading platform, is delighted to announce that it will soon list the Redlight Finance (REDLC) coin on Aug. 20, 2022, at 1 pm UTC. REDLC and Tether (USDT) is the available trading pair that will be onboarded under the exchange’s main zone, or metaverse.

REDLC is the blockchain governance coin of the Redlight Finance ecosystem. It functions as the platform’s primary medium of exchange for all transactions. Redlight Finance aims to solve blockchain scalability, security and decentralization challenges through its optimized gasless blockchain. Without the involvement of a third party, Redlight Finance’s main objective is to showcase how REDLC can serve as the true bridge from the decentralized finance (DeFi) world to the real world without any hassle.

XT.com encourages crypto enthusiasts and REDLC coin holders to proceed with depositing crypto assets on Aug. 19, 2022, at 1 pm UTC. Furthermore, everyone can participate in and capitalize on REDLC by trading it. XT.com will offer REDLC-USDT withdrawal options specifically on Aug. 21, 2022, at 1 UTC.

The XT team highlights that, in line with its continuous coin listing, this forms a huge part of its long-term goal of building an efficient, secure and inclusive virtual asset ecosystem for its users. Investors are welcome to take advantage of the listing to make a liveable income by trading REDLC-USDT when it goes live.

Jonathan Shih, head of Middle East and Africa at XT.com, said, “We are delighted to partner with Redlight Finance and have their coin listed on our platform. By onboarding the REDLC coin for trading, we will further extend our arms and support Redlight Finance to achieve its aims of solving the security, decentralization and scalability trilemma of blockchains by projecting its REDLC utility coin on our exchange for trading.”

About Redlight Finance

Redlight Finance is a layer-1, Ethereum Virtual Machine-compatible blockchain. It aims to solve the main trilemma of blockchain, which includes scalability, decentralization and security. Moreover, one of Redlight Finance’s goals is to provide a sophisticated blockchain bridge to close the gap between the DeFi world and the real world and connect hospitals, financial institutions and other governmental organizations to securely transition into Web3. To achieve this, the company has developed its one-of-a-kind gasless blockchain with an intuitive use case for traditional crypto investors by integrating smart contracts.

Website: https://redlight.finance

Twitter: https://twitter.com/redlight

About XT.com

By consistently expanding its ecosystem, XT.com is dedicated to providing users with the most secure, trusted and hassle-free digital asset trading services. Its exchange is built from a desire to give everyone access to digital assets regardless of location.

Founded in 2018, XT.com now serves more than 4.5 million registered users, over 500,000 monthly active users and 30-plus million users in the ecosystem. Covering a rich variety of trading categories, together with a nonfungible token aggregated marketplace, its platform strives to cater to its large user base by providing a secure, trusted and intuitive trading experience.

As the world’s first social infused digital assets trading platform, XT.com also supports social networking platform-based transactions to make its crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, XT.com sees user security as its top priority. 

Website: https://www.xt.com

Telegram: https://t.me/XTsupport_EN

Twitter: https://twitter.com/XTexchange

---

FTX, the crypto exchange controlled by Sam Bankman-Fried, received a cease-and-desist warning on Friday from the Federal Deposit Insurance Corporation, telling the company to stop “misleading” consumers about the insurance status of their funds.

The FDIC issued letters to five crypto companies, including FTX US. Unlike deposits held at U.S. banks, cryptocurrencies stored with brokerages are not protected by the government.

“Based upon evidence collected by the FDIC, each of these companies made false representations —including on their websites and social media accounts — stating or suggesting that certain crypto-related products are FDIC-insured or that stocks held in brokerage accounts are FDIC-insured,” the regulator said in a press release.

In addition to FTX US, the FDIC notified Cryptonews.com, Cryptosec.info, SmartAsset.com and FDICCrypto.com. The FDIC said the companies must “take immediate corrective action to address these false or misleading statements.” The agency said knowingly misrepresenting or implying that an uninsured product is FDIC-insured is prohibited by the Federal Deposit Insurance Act.

In the letter specifically to FTX, the FDIC said it appeared that on July 20, Brett Harrison, the president of FTX.US, published a tweet stating that direct deposits from employers are stored in FDIC-insured accounts in the user’s name.

Harrison tweeted on Friday that he deleted that post and didn’t mean to indicate that crypto assets stored in FTX are insured by the FDIC, but rather “USD deposits from employers were held at insured banks.”

“We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance,” Harrison wrote.

FTX.US is a U.S. cryptocurrency exchange owned by FTX, which is based in the Bahamas and has been largely focused on building its business outside of the U.S.

The FDIC also said that the websites for SmartAsset and CryptoSec identify FTX as an ”‘FDIC-insured’ cryptocurrency exchange.”

---

Follow Crypto Intelligence on Google News to never miss a story

The AIBC Summit has always prided itself on being a global hub for innovation, technological foresight and proactive entrepreneurship.

From combining the leading minds in the Deep Tech space to empowering visionary-led projects in the areas of IoT, blockchain, AI, quantum computing and more, the summit has always served as a nexus of discussion and debate. This year, the inaugural summit in Belgrade will platform some of the leading minds in the space to discuss some of the most exciting topics in deep tech.

Deep tech thought: Top topics at AIBC Belgrade

Spread out over two days, the summit is set to cover a series of the most vital areas of technological innovation in both the digital and physical worlds. Spread over five thematic agendas, AIBC will use Belgrade’s thriving ecosystem of developers and technical innovators to platform pertinent discussions on:

• DeFi and payments
• Web3 and the Metaverse
• Blockchain regulation, crypto Innovation and cybersecurity
• NFTs and crypto trends
• Emerging technologies and the future of AI

DeFi and payments: Tomorrow’s finance

From mass adoption to building in a bear market, this agenda will provide a glimpse into the next generation of payment strategies and microeconomics. With finance being the lifeblood of any industry as well as a pillar for adoption as a whole, discussions on crypto’s place in the global financial ecosystem as well as the presence of new players such as neobanks and DAOs are of vital importance.

Luckily enough, attendees will be guided through this journey by leading figures from ventures such as Brickken, 100xPartners, Unigrid and many more through keynotes and panels illuminating the role of tomorrow’s money.

Web3 and the Metaverse: Bridging the physical and digital

With the Metaverse being one of the hottest topics in the ecosystem, the lattice of interrelated technologies (AR, VR, Web3, blockchain and more) that will serve as the foundation for the next generation of the internet will take center stage at AIBC’s Belgrade show. Leading technologists will be showing lucky delegates how the netizens of the future will be able to interface with cyberspace in new and exciting ways, so anyone with a foot in digital assets will want to stay tuned for this.

From the pioneers and engineers of the Metaverse to entrepreneurs in the Web3 space, our speakers have come from all four corners of the Earth and cyberspace to share their insights with our delegates.

Blockchain regulation, NFTs and the future of DLT

At the forefront of innovation, blockchain and DLT technology as a whole represent a disruptive force in a wide portfolio of industries. From medical technology to data sovereignty, the ongoing wave of mass adoption stands to leave nothing untouched, with regulation and legal reform being one of the main focuses in this year’s Belgrade summit.

Covering issues such as the legal potential of DAOs to investment in digital assets, our handpicked selection of industry leaders will drive the debate on the future of blockchain forward. From Metaverse architects to leading DLT lawyers, the Belgrade Summit will bridge today’s bear market with tomorrow’s bull run.

Emerging technology and the future of AI:

With the Fourth Industrial Revolution under way, the role of deep tech has never been more fundamental in the future of society. From the incoming AI revolution to the disruptive arms race between quantum computing and blockchain security, the economy of tomorrow might not resemble anything we may be used to today. Therefore, AIBC’s thought leadership could bridge the knowledge gap between what we know, what we don’t know, and what we don’t know that we don’t know.

Some of the leading technologists from across the world will be in the spotlight at AIBC Belgrade to discuss the latest advances in artificial intelligence and its use cases, the power of IoT and the latest quantum leaps in quantum computing.

The summit

AIBC Belgrade Summit will be taking place in Belgrade, Serbia from Aug. 22 to 25, 2022. With the peninsula well-known for its natural beauty, rich cultural landscape and fantastic delicacies, the Balkans are renowned for having some of the most quintessentially Mediterranean vistas and experiences. From the Adriatic coastline of Split to the fairytale-esque castle of Lake Bled, the region has a lot to offer the world. That being said, something that fewer may know is the fact that Balkan nations are incubating a nascent but powerfully growing technical expertise when it comes to frontier technology such as blockchain, GameFi, AI and more. Therefore, the region may not only be a rich adventure into the past but may also serve as a window into the very near future.

Join the event in Belgrade for the best the industry has to offer and for a window into the future of deep tech. To learn more about sponsorship and speaking opportunities, or to inquire about attending the event, send an email to Sophie. Those interested in being one of the leading speakers at AIDC Belgrade should contact Lygia.

---

Ever heard of the saying “When the money goes, you find out who your real friends are?” – the bear market has given us the perfect opportunity to uncover the real gamers present in Web 3.0, and the outlook isn’t that bright after all.

The mass exodus from GameFi’s ‘Rising Stars’ such as Axie Infinity and SolChicks have shown us one thing – the gameplay just isn’t there. GameFi isn’t as much for the gamers as it is for the earners, and this is becoming crystal clear in the bear-market backdrop. 

So, what’s the solution? 

Putting the ‘Game’ Back Into ‘GameFi’

Marketing itself as a ‘Play-AND-Earn’ ecosystem, Ryber is bringing its addictive state-of-the-art gameplay up to the level of the earning potential. Sure, Ryber’s NFT owners can earn 220% APY from staking, but they’ll stick around for the immersion, the lore, the competitive racing, exploration and never-ending fun from a never-ending selection of AAA blockchain games. 

“P2E games over the past few years have served primarily as a form of income instead of a good medium for entertainment. With Ryber, we’re disrupting this trend, aiming to inflate the industry with AAA gameplay – it’s going to be epic” – Dmitry Nevskiiy, Ryber’s CEO

Okay – but what’s Ryber? A platform for game developers? Steam but blockchain? A gamified metaverse? 

A 3-in-1 GameFi Spectacle to be Reckoned With 

Ryber is a triple-barreled 2022 shotgun of an ecosystem, set to change the world of GameFi for good. Let’s unpack those barrels one by one. 

– First up is the RyberVerse – a three-stage, gamified metaverse offering innovative Play-and-Earn game mechanics. Initially, the team is going to kick the show off with Ryber: The Lost Data Runner. Staying true to its philosophy of ‘play and earn’, the debut runner will introduce Robros, fascinatingly cute creatures, brilliantly talented at maneuvering vehicles through unimaginable twists and turns as commanded by the player. Second in the trilogy will come Ryber: Battle Royale, which will pay homage to the success of the game mode in the traditional gaming segment. Finally, Ryber’s fully-fledged gamified metaverse will be released, uniting the games aforementioned, while providing players with an unprecedented level of immersion. 

– Next up is the RyberMetaMaker – a tool for adding blockchain and P2E mechanics to games. Indeed, Web3 game developers are currently facing a myriad of issues associated with the fact that blockchain games are technically challenging to set up. Because of this, Ryber is in the process of developing a solution that will provide accessible, industry-grade tools to developers looking to create their own blockchain games. The RyberMetaMaker will lower barriers to entry for blockchain game development, catalyzing the mass adoption of blockchain technology

– And lastly, the RyberHub – a digital blockchain game distribution center. Ryber doesn’t just intend to help create AAA games on the blockchain through the RyberMetaMaker, but it aims to assist in their promotion, bringing them to their players. The RyberHub will feature unique rating and sorting mechanics, making sure that players are able to quickly find and access the games that they’ll surely enjoy, all under one roof. 

Sounds exciting – what about backing? 

With best-in-class partners, we’re not the only ones excited about Ryber. 

As a top 50 crypto exchange entering the market in 2017, Tidex currently has a trading volume that extends up to 2 million USD per day. The exchange itself is known for an incredibly comfortable user experience, with a transparent fee structure, fees that are significantly below the market average, and more than 100 pairs on offer. Tidex also offers a launchpad and engages in a variety of well-researched investment endeavors. Of course, Ryber is one of their most recent additions. 

Next up is Digital Finance Group (DFG), a global blockchain and cryptocurrency investment firm. The group was founded in 2015 and already manages assets valued at over 1 billion USD. Backing by DFG is a good sign, considering the extent of their analytical research processes. Indeed, DFG’s investment is notorious for only landing on the most impactful and promising blockchain and Web 3.0 projects globally. The fact that Ryber now makes up a portion of their investment portfolio speaks volumes as to the potential of the Ryber project and ecosystem. 

Then, there’s WeWay – a major stakeholder and partner in the Ryber project, and functions as a full-scale ecosystem for brand promotion in the Web 3.0 arena. They service bridges between brands, link creators with NFTs and Metaverse promotion and are even known for their work on Web 3.0 blockchain marketplaces. They offer full-cycle services when it comes to realizing ideas on the blockchain and are marketing experts. The relationship between WeWay and Ryber is very hands-on, and this will go a long way to ensure the success of the Ryber project by making sure that no stone is unturned when it comes to propagating the social momentum of the project.  

Adding its metaverse experience to the pot, the DAX estate program is a unique stakeholder in Ryber as the project aims at increasing confidence in real estate tokenization. Indeed, they look to reduce risks associated with metaverse creation, and property tokenization while protecting the rights of all participants. Dax is known for their involvement in projects functioning as a guarantor and escrow, providing due diligence, monitoring, and the necessary transparency. The RyberVerse is sure to benefit from the guidance of DAX, with their planned gamified metaverse. 

I’m in, what’s next? 

Ryber is only Just Getting Started… 

With its NFT mint imminent, now is the time for prospective gamers, investors and collectors to get involved. Slowly but surely, Ryber will be building up their ecosystem, achieving significant milestones along the way. It’s your opportunity to get in on the ground floor, so check out their whitepaper below, and make sure to follow them on all relevant social media channels. 

Site: https://ryber.io

Twitter: https://twitter.com/Ryberofficial

Discord: https://discord.gg/rybergame

---

Singapore, Aug. 17 — BENQI and Yeti Finance have chosen to partner with the highly capital efficient KyberSwap in a joint initiative to enhance liquidity and provide the best rates for sAVAX and YUSD tokens on Avalanche (AVAX).

This first phase of this joint initiative is set to bring liquidity providers over $200,000 in liquidity mining rewards, with more incentives to come in the near future.

BENQI is a decentralized non-custodial liquidity market and liquid staking protocol built on Avalanche. Benqi Liquid Staked AVAX (sAVAX) is the token that users receive when staking their AVAX on the Benqi Liquid Staking (BLS) protocol. AVAX holders can get sAVAX by staking AVAX on BENQI.

This is not the first time BENQI has partnered with KyberSwap for its capital efficiency benefits. Learn about BENQI’s first joint initiative with KyberSwap.

Yeti Finance is a cross-margin lending protocol on Avalanche that allows users to borrow up to 21-fold against their portfolio of liquidity provider (LPs) tokens, staked assets such as sAVAX and yield-bearing stablecoins in a single debt position for zero interest. Borrowers receive YUSD, an overcollateralized stablecoin that can be swapped for additional assets and subsequently re-deposited into Yeti Finance to build a leverage position.

What is KyberSwap Elastic?

KyberSwap’s newest protocol, dubbed Elastic, is a tick-based automated market maker that gives LPs the advantages of concentrated liquidity and the flexibility to achieve capital efficiency and manage risks.

With concentrated liquidity, LPs have the flexibility to supply liquidity to an Elastic pool, either by concentrating the liquidity to a narrower price range or setting it to a wider price range. Concentrated liquidity would use the pool’s liquidity more efficiently, mimicking much higher levels of liquidity and achieving better slippage, volume and earnings for LPs while a wider range would ensure liquidity for uncorrelated token pairs such as USD Coin (USDC) and Ether (ETH) to remain active even with big price swings during high market volatility.

KyberSwap Elastic also has a reinvestment curve, which compounds fees by automatically reinvesting the fee earnings of LPs back into the liquidity pool so LPs earn higher APY while saving time.

LPs on KyberSwap Elastic can also choose from multiple fee tiers to select the best-suited rates for individuals, taking into consideration factors such as token volatility, individual risk appetites and more. In addition, KyberSwap Elastic comes with a Just-In-Time (JIT) Attack Protection feature, which protects LP earnings from snipe attacks that would reduce the earnings of other honest LPs. So, LPs can earn securely while enjoying peace of mind.

Starting from Aug. 17, 2022, liquidity providers can add liquidity to the eligible sAVAX and YUSD pools on KyberSwap Elastic on Avalanche and earn KNC, QI and YETI rewards.

With KyberSwap’s Elastic protocol, LPs can enjoy benefits such as concentrated liquidity and compounding fees, providing higher capital efficiency and optimized rewards. KyberSwap Elastic also has JIT protection, so LPs will have their earnings better protected and enjoy better peace of mind.

BENQI and Yeti finance pools on KyberSwap Elastic: Avalanche

Eligible pools and fee tiers:

• sAVAX and AVAX: 0.01%
• sAVAX and YUSD: 0.04%
• USD Coin (USDC) and YUSD: 0.01%

A full list of eligible pools for yield farming on Avalanche can be viewed on kyberswap.com.

KyberSwap: Benefits for the BENQI and Yeti ecosystem

For traders: 

• Best swap rates for sAVAX and YUSD through decentralized exchange (DEX) aggregation while letting users identify other tokens even before they trend or moon via on-chain metrics.

For LPs: 

• Concentrated liquidity for sAVAX and YUSD pairs and any other tokens, stables and non-stables
• Auto-compounded LP fees
• Bonus liquidity incentives through yield farming
• Sniping and JIT attack protection to protect earnings for BENQI and Yeti LPs.

For developers

DApps can integrate with KyberSwap’s pools and aggregation API to provide the best rates for their own users, saving time and resources.

With these benefits in mind, KyberSwap is proud to partner with BENQI and Yeti Finance in this initiative to enhance liquidity on Avalanche for the benefit of all four ecosystems.

About Kyber Network

Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, its flagship DEX aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.

KyberSwap powers 100-plus integrated projects and has facilitated over $9.9 billion worth of transactions for thousands of users since its inception. It is currently deployed across 12 chains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.

---

Digital asset brokerage Genesis said on Wednesday that CEO Michael Moro is stepping down and the company is slashing 20% of its workforce, the latest casualties as the cryptocurrency market unwinds.

Derar Islim, Genesis’ operating chief, will take over as interim CEO while the company searches for a permanent replacement, the company said in a statement.

Genesis is a unit of Digital Currency Group, the crypto investor and conglomerate founded by Barry Silbert. Genesis was early in the market, launching the first over-the-counter crypto trading desk in 2013, and then expanding to become a major lender.

During the 2021 crypto boom, Genesis boosted its book dramatically. Loan originations surged more than sevenfold to $131 billion, and the company increased headcount by 22% to 170 employees. By mid-2022, that number had swelled to 260. A cut of 20% equates to the loss of about 52 jobs.

The rapid turn in the crypto market this year, which sent bitcoin and ethereum tumbling, wiped out firms whose businesses were tied directly to prices of digital assets. Hedge fund Three Arrows Capital, or 3AC, filed for bankruptcy as did brokerage Voyager Digital and crypto lender Celsius Network.

While Genesis has weathered the storm better than other players in the market, the firm suffered significant losses due its exposure to 3AC. In July, Genesis filed a $1.2 billion claim against 3AC because of breached loans.

“Genesis was not immune to the market drop and the damage to overall sentiment,” the company said in a report on second-quarter market observations. “As we’ve stated publicly, Genesis had loan exposure to Three Arrows Capital. Our parent company DCG assumed the liability related to losses on these loans, leaving our balance sheet healthy so Genesis could continue to be a source of strength for our clients.”

Moro, who joined Genesis in 2015 and took over as CEO the following year, will stay on during the leadership transition, Genesis said. The company said it also recently hired new executives as chief risk officer, chief compliance officer and chief technology officer.

---

Follow Crypto Intelligence on Google News to never miss a story