• BSP approves pilot for PHPC, a Peso-backed stablecoin, in collaboration with Coins.ph.
• Sandbox testing to evaluate PHPC’s real-world performance and impact on local fiat ecosystem.
• Transition to real-world usage subject to final evaluations and approvals by central bank.

The digital currencies landscape in the Philippines is set for a major shift after the country’s central bank, Bangko Sentral ng Pilipinas (BSP), granted approval for the commencement of a pilot program for a Philippine Peso-backed stablecoin (PHPC).

BHP’s move signals a progressive step towards exploring the potential of blockchain technology and stablecoins in the nation’s financial ecosystem.

Sandbox testing to evaluate PHPC’s viability

The pilot program, conducted within the framework of BSP’s Regulatory Sandbox, will see the collaboration between the central bank and crypto wallet provider Coins.ph.

#ICYMI: #CoinsPH has been granted @bangkosentral (BSP) approval to pilot PHPC, a Philippine Peso stablecoin

Learn more about this milestone and the pilot here: https://t.co/zpQQvr7Pv9 pic.twitter.com/a2jWB8mSeJ

— Coins.ph (@coinsph) May 9, 2024

The primary objective of the pilot program is to assess the real-world performance of the PHPC and its potential impact on the local fiat ecosystem.

Under the terms of the pilot, Coins.ph will maintain cash reserves in pesos equivalent to the circulating supply of PHPC within the sandbox environment, ensuring a stable 1:1 pegging of the digital currency to the Philippine peso.

BSP’s choice Coins.ph is strategic. Being a licensed crypto service provider in the Philippines, Coins.ph dominates Philippines crypto space, especially after its partnership with Circle in 2023 for USDC remittances in the Philippines. It was the first to add BRC-20-support in the Philippines.

The sandbox testing phase is designed to explore various use cases for PHPC, including domestic and cross-border payments, trading with other virtual assets, hedging against market volatility, and providing collateral and liquidity in decentralized finance (DeFi) applications.

These trials will provide valuable insights into PHPC’s practicality and effectiveness in facilitating financial transactions and promoting financial inclusion in the Philippines.

Transitioning from sandbox to real-world usage

While the pilot program marks an important milestone in the development of PHPC, its transition from a sandbox environment to real-world usage is contingent upon the results of the testing phase and final evaluations by the central bank.

According to local regulations, the duration of the testing period can range from three to 12 months, depending on the complexity of the project. However, no official deadline has been disclosed for the conclusion of the stablecoin experiment.

The current initiative to launch a Peso-backed stablecoin builds upon previous efforts to introduce stablecoins pegged to the Philippine peso, such as the PHX launched by UnionBank in 2019. UnionBank’s PHX, aimed at driving greater financial inclusion, is also redeemable for pesos and implemented on the bank’s i2i platform.

The emergence of PHPC and other stablecoin projects reflects the growing recognition of digital currencies as viable tools for enhancing financial services and expanding access to digital payments in the Philippines.

• Christopher Giancarlo, former CFTC chief has joined Paxos board.
• Giancarlo’s advocacy for blockchain innovation aligns with Paxos’ mission for regulated solutions.
• Paxos aims to drive financial sector innovation with Giancarlo’s guidance on board.

J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been appointed to the board of directors for Paxos, the firm that issues PayPal’s (PYUSD) stablecoin.

Giancarlo’s extensive experience in regulatory matters and advocacy for blockchain technology is expected to significantly contribute to Paxos’ strategic initiatives and further strengthen its position in the rapidly evolving digital asset market.

CryptoDad to help advance Paxos crypto advocacy and regulation

The appointment of J. Christopher Giancarlo, widely known as “CryptoDad,” to the Paxos board underscores the growing convergence between traditional finance and the burgeoning cryptocurrency sector.

With a distinguished career in regulatory oversight, including his tenure as chairman of the CFTC, Giancarlo brings a wealth of expertise to Paxos. His advocacy for blockchain technology and commitment to fostering innovation in the financial sector align well with Paxos’ mission.

Giancarlo’s involvement in the regulatory landscape has been instrumental in shaping the dialogue surrounding cryptocurrencies and blockchain technology. As the author of “CryptoDad: The Fight for the Future of Money,” he has been a vocal proponent of embracing digital innovation while ensuring appropriate regulatory safeguards are in place.

Giancarlo’s contributions to the Digital Dollar Project further demonstrate his dedication to exploring the potential of central bank digital currencies (CBDCs) and their implications for the future of finance.

Charles Cascarilla, the CEO and co-founder of Paxos, expressed enthusiasm about CryptoDad’s appointment, highlighting the alignment of their vision for advancing regulated digital asset innovation. Giancarlo himself remarked on Paxos’ leadership in regulated solutions and emphasized his honour in joining the board.

Paxos’ expansion

Paxos, renowned for its regulated stablecoins and infrastructure solutions, stands at the forefront of bridging traditional financial markets with the emerging digital asset ecosystem.

The addition of Giancarlo to Paxos’ board signals a strategic move to leverage his insights and network within the regulatory landscape.

With Paxos’ recent expansion to integrate the Solana blockchain and its ongoing efforts to enhance market infrastructure, Giancarlo’s expertise will be invaluable in navigating regulatory complexities and driving sustainable growth.

• Alexey Pertsev, Tornado Cash developer, found guilty of laundering $1.2B in the Netherlands.
• Despite Tornado Cash being non-custodial, Pertsev sentenced to over 5 years in prison.
• Verdict sparks debate on accountability of open-source developers in crypto space.

Alexey Pertsev, the founder of the cryptocurrency mixing protocol Tornado Cash, has been convicted of money laundering by Dutch judges at ‘s-Hertogenbosch court on May 14.

The ruling comes after Pertsev’s arrest in the Netherlands in August 2022. It marks a pivotal moment in the intersection of cryptocurrency technology and legal accountability.

Five years and four months in prison

Despite Tornado Cash being a non-custodial crypto mixing protocol, wherein funds passing through the platform are not held or controlled by it, Pertsev has been sentenced to five years and four months in prison for allegedly laundering a staggering $1.2 billion worth of illicit assets.

Tornado Cash gained notoriety for its ability to enhance privacy and fungibility in cryptocurrency transactions by obfuscating the origin of funds. However, its association with illicit activities led to its blacklisting by the United States government, precipitating Pertsev’s legal woes.

Despite the defence’s argument that Pertsev cannot be held accountable for the actions of Tornado Cash users due to the protocol’s decentralized nature, the court’s decision underscores the increasing scrutiny faced by developers in the crypto space.

The Tornado cash developer has a 14-days appeal window

Pertsev’s legal representatives now have 14 days to appeal the court ruling, as stakeholders across the cryptocurrency ecosystem closely monitor the outcome of this landmark case.

The verdict not only has immediate ramifications for Pertsev, but also serves as a cautionary tale for developers navigating the complex legal landscape of decentralized technologies. It raises pertinent questions about the responsibility and liability of open-source code developers in the realm of decentralized finance.

While developers typically have no direct control over the use of their code, this verdict sets a precedent that could have far-reaching implications for the broader developer community.

• Juliano steps down as dYdX CEO, Crnkovic-Rubsamen takes over.
• The transition marks Juliano’s move to Chairman and President roles.
• dYdX experiences surge in activity amid market rebound.

In a significant leadership transition within the crypto space, Antonio Juliano, the founder and long-time CEO of dYdX, has announced his decision to step down from his role.

After seven years of steering the decentralized exchange, Juliano is pivoting to the position of Chairman & President, handing over the reins to Ivo Crnkovic-Rubsamen, the former chief strategy officer of the exchange.

Julioano’s stepping down as dYdX CEO

Juliano’s departure from the CEO position was revealed through a post on May 13, where he shared his intentions to shift his focus towards broader strategic initiatives within the company.

In his statement on X, Juliano expressed confidence in Crnkovic-Rubsamen’s capabilities, emphasizing his preparedness to lead dYdX into its next phase of growth.

Crnkovic-Rubsamen, a seasoned trader with a background in finance, has been an integral part of dYdX since 2022, bringing a wealth of experience to his new role.

Reflecting on his decision, Juliano highlighted his belief in nurturing leadership within the organization, stating, “As I realized I did not need to be CEO, I worked to shepherd other leaders at the company on their own leadership journeys, until one of them was ready to run the company himself.” This move underscores Juliano’s commitment to fostering talent within dYdX and ensuring a smooth transition of leadership.

Despite stepping down as CEO, Juliano’s future plans remain uncertain. He hinted at exploring new opportunities but admitted to having no concrete plans for his next career move.

Before founding dYdX, Juliano held positions as a software engineer at notable tech companies such as Coinbase, Uber, and MongoDB, indicating a diverse background that could lead him in various directions.

dYdX witnesses a surge in activity

The leadership transition comes at a pivotal moment for dYdX, as the decentralized exchange experiences a surge in activity amid a broader rebound in the crypto markets.

Data from DefiLlama reveals impressive metrics for dYdX, with a market capitalization exceeding $1.1 billion and over $465 million in total value locked. Furthermore, the exchange’s annualized revenue stands at $35.4 million, underscoring its financial viability and market relevance.

Recent developments within the dYdX ecosystem, including the launch of its layer-1 blockchain in October 2023 and the v4 upgrade in January, have fueled heightened trading activity. These advancements, coupled with the innovative use of the DYDX token for network transactions, have positioned dYdX as a leading player in the decentralized finance (DeFi) space.

As Ivo Crnkovic-Rubsamen assumes the role of CEO, he inherits a thriving platform poised for further expansion and innovation.

With Juliano’s continued involvement as Chairman & President, dYdX remains well-positioned to navigate the evolving landscape of decentralized finance and capitalize on emerging opportunities in the crypto space.

• Peter Thiel’s venture capital firm Founders Fund co-led a $45 million Series B raise for Polymarket.
• Ethereum co-founder Vitalik Buterin also backed the Series B round.
• The predictions marketplace also announced it raised $25 million in a Series A round, led by General Catalyst and Polychain.

The latest cryptocurrency news related to venture capital funding is from predictions marketplace Polymarket. 

In an announcement on Tuesday, Polymarket revealed it had raised $45 million in its series B round and $25 million in a Series A round.

The total raise of $70 million had the backing of some of the leading venture capital firms in the market. This comes as data showed crypto VC funding crossed $1 billion in April, the second-straight month the space reached the landmark figure. 

Founders Fund and Vitalik Buterin invest in Poymarket

Founder Shayne Coplan said in a post on X that Peter Thiel’s venture capital firm Founders Fund, Dragonfly and Ethereum co-founder Vitalik Buterin led the Series B round.

Meanwhile, General Catalyst, Polychain and Airbnb co-founder Joe Gebbia led the $25 million Series A funding round.

Polymarket’s successful fundraising across the two rounds comes as the predictions platform attracts more users amid the increased betting on the upcoming US presidential elections. Polymarket is also a hot marketplace for topics such as crypto, sports and current events.

Trump is pulling ahead pic.twitter.com/bXcqtWE6cE

— Polymarket (@Polymarket) May 13, 2024

Other than the US presidential election, other top trends this week include bets on spot Ethereum ETFs, the GameStop (GME) stock and Bitcoin price.

• BNB struggles below $600, facing bearish pressure and uncertainties amid the Alex Protocol Bridge incident.
• Bitbot (BITBOT) emerges as an alternative, offering institutional-grade trading on Telegram.
• Bitbot (BITBOT) token is currently in its presale stage and it is priced at $0.018 per token.

BNB price is struggling to regain momentum amidst uncertainties and the recent Alex Protocol Bridge suspicious withdrawals that rocked the BNB Smart Chain network.

Meanwhile, Bitbot emerges as a potential alternative, promising innovative features and a new token.

BNB price recovery in limbo amid Alex Protocol Bridge incident

BNB’s journey towards recovery faces hurdles as it contends with bearish signals below the $600 mark. Despite attempts to breach resistance levels at $575 and $585, the token finds itself in a precarious position.

The failure to clear the $600 resistance zone triggered a fresh decline, exacerbating concerns among investors.

Compounding the challenges is the recent incident involving the Alex protocol bridge on the BNB Smart Chain. The protocol suffered a staggering $4.3 million in suspicious withdrawals immediately after its contract underwent a sudden upgrade. CertiK, a blockchain security platform, labeled the event as a possible private key compromise, highlighting the vulnerability of decentralized networks to malicious activities.

Bitbot (BITBOT) token offers an alternative opportunity

Amidst the uncertainties surrounding BNB, Bitbot (BITBOT) emerges as a potential alternative, offering innovative solutions in the crypto trading landscape.

Bitbot is an AI Telegram trading bot designed to empower users with institutional-grade tools, enabling seamless trading experiences directly from Telegram while maintaining full control of assets. The platform’s unique features include leveraging custom RPC nodes and institutional infrastructure to outpace the competition, handling sudden influxes of traffic during popular project launches, and ensuring assets are accessible only with user permission.

Currently conducting its presale, Bitbot has raised approximately $3,408,687 out of its $3,546,000 target. With each BITBOT token priced at $0.018 during the presale stage, Bitbot presents itself as a compelling option for traders seeking a reliable and secure trading platform.

Conclusion

In the midst of bearish pressures and uncertainties surrounding BNB, Bitbot stands out as a promising contender in the crypto trading sphere. With its innovative approach and focus on providing users with robust trading tools, Bitbot offers an alternative avenue for traders to navigate the volatile market landscape.

As investors weigh their options amidst ongoing market challenges, Bitbot’s presale success and unique features position it as a potential game-changer in the crypto trading ecosystem. The platform’s commitment to security, reliability, and user empowerment sets a new standard for trading platforms, providing traders with confidence and peace of mind in their investment endeavours.

• Robinhood Crypto has announced launch of Solana (SOL) staking for its customers in Europe.
• New customers will also enjoy a 10% bonus on net buys.

Robinhood is expanding its services and products for users in Europe.

On Wednesday, the trading platform announced it was launching new features that include Solana (SOL) staking, localized apps and crypto rewards among others. The new features will target new customers, Robinhood Crypto said in an update.

Robinhood launches SOL staking in Europe

As part of its growth efforts, Robinhood Crypto now offers its “first-ever crypto staking product”.

The platform said Solana (SOL) staking is now available directly via its app, which means users can earn rewards from their staked SOL tokens.

The product will offer the flexibility of users being able to unstake at any time.

“Robinhood Crypto is already one of the lowest cost places to trade on average with an easy-to-use interface that prioritizes education. Today’s news is a significant step forward in our mission to offer customers a more tailored in-app experience that meets their specific needs and helps them on their financial journey,” Johann Kerbrat, VP and GM of Robinhood Crypto said in a statement.

Staking rewards, bonuses

Other than the staking rewards, new customers have a chance to unlock a 10% bonus on net buys accrued over the user’s first 30 days of trading. Payouts for the bonuses will be in USDC.

New customers will also benefit from the Learn & Earn modules the platform has launched, with initial focus on Bitcoin (BTC), Avalanche (AVAX) and the USDC stablecoin. The products are tailor-made to bolster customers’ knowledge and understanding of different cryptocurrencies.

The new features also include localized apps, with local language versions of the app launched in Italy, Poland and Lithuania. Robinhood Crypto will be unveiling these localized app versions in coming weeks, the company announced.

• Altman’s AI-led Worldcoin token is alleged to launch on Monday

• Worldcoin comes at a time when curiosity in synthetic intelligence is rising, because of AltSignals, a current entrant

• AltSignals is anticipated to see a major enhance in worth as soon as the token seems in excessive demand

AI is changing into an utilized know-how in finance and past. So AI-related tasks have gotten sensational, and two of these tasks are WorldCoin and AltSignals. For instance, AltSignals, which is beginning an AI buying and selling alerts service. As a result of a advance sale After the launch of AltSignals, traders purchased the token closely and the primary part was accomplished. Within the second part, traders purchased greater than 53% of the tokens.

Worldcoin Launches On Monday – Bulletins

ChatGPT CEO Sam Altman’s controversial biometrics and AI token will reportedly launch on July 24. The token has gained numerous curiosity as OpenAI has grown in recognition because the launch of ChatGPT.

Worldcoin goals to create the world’s largest identification utilizing AI. The challenge makes use of a tool known as the Orb to scan an individual’s iris. Thus, every individual can have one identifiable Worldcoin ID.

However, Worldcoin has come below fireplace for the best way it handles biometrics. Traders aren’t fearful although, and the coin has been attracting hundreds of registrations every single day since launch. The cryptocurrency’s reported launch on Monday may very well be a litmus take a look at of how a lot potential the coin has.

In the meantime, traders are cheering that AltSignals, the booming buying and selling sign service, goes the unreal intelligence route. The AI ​​buying and selling alerts platform might be known as ActualizeAI and might be powered by the cryptocurrency token $ASI.

Since its institution in 2017 AltSignals has been good for traders due to high quality alerts. Sign accuracy averaged 64%. Launching an AI platform is usually a recreation changer and add extra worth to current and new merchants.

AltSignals is usually a potential high-earning challenge

AltSignals has change into fashionable for buying and selling alerts in Foreign exchange, Shares and Cryptocurrency markets. Because of this, Telegram’s membership has grown to over 52,000. The platform has a TrustPilot ranking of 4.9/5.

The truth that AltSignals was a profitable challenge signifies that the brand new deal with synthetic intelligence may very well be huge for traders. AI is used within the buying and selling world to generate a high quality sign utilizing the ability of machine studying. Synthetic intelligence additionally helps overcome human feelings, that are one of many largest causes of buying and selling system failures.

As AI grows and AltSignals expands the vary of monetary belongings included within the commerce, this might unlock the worth of $ASI.

Is $ASI a very good funding?

$ASI may very well be a very good funding from the attitude of speculating on a extremely sought-after service token. Traders will even get pleasure from high quality buying and selling alerts to extend their earnings.

Nonetheless, along with the above, $ASI is efficacious due to the assorted advantages ActualizeAI members will get pleasure from. Traders will get pleasure from unique future pre-sale alternatives and can be capable to earn tokens by pitching concepts on the platform.

Traders can even earn $ASI by taking part and profitable buying and selling contests. It is a great way to enhance your buying and selling abilities and competencies by studying from the AltSignals workforce and your friends.

AltSignals additionally foresees a scenario the place traders are accountable. ActualizeAI members can vote on governance points and decide the course of the platform. Traders will use their $ASIs to vote on key choices.

What it means to put money into AltSignals Presale

The worth of $ASI will increase with every part of the presale. Within the first spherical, the token was valued at $0.015, however now it’s priced at $0.01875. Nonetheless, the true worth of the token might be unlocked when 2023. the token might be listed on Uniswap within the third quarter.

Investing in AltSignals pre-sale means shopping for the token at the very best low value. The token is decrease within the preliminary part of the presale than within the later phases.

• Demand for Chancer’s pre-sale has been robust as traders place bets based mostly on the blockchain.

• Lower than 10% of Chancer tokens stay till the primary stage presale.

• Chancer’s worth might skyrocket after its Uniswap itemizing in 2023. within the third quarter and after the launch of the primary community in 2024. at the start

in 2023 June 13 Chancer, a blockchain-based predictive markets app, opens pre-sales in 2023. June 13 5 weeks later, traders purchased practically $905,000 value of tokens through the first spherical. The quantity means that Chancer will quickly promote out at its present worth of $0.01 as the primary section targets 1 million. Traders who want to buy the token can achieve this by means of the corporate’s account Web site till the worth rises within the second stage.

Why is Chancer in excessive demand?

The fast fundraising from the pre-sale reveals that traders see worth in Chancer. So what does the token provide?

$CHANCER is a local token that may energy the blockchain-enabled platform, Chancer. It’s the world’s first blockchain betting platform that enables customers to guess in opposition to one another by means of a peer-to-peer (P2P) mannequin.

The chance is to faucet into the quickly rising recognition of on-line playing and add it to the blockchain. In keeping with market storieson-line playing will develop at a CAGR of 11.6% this decade and by 2030 will attain 172 billion USD. Traders are betting that Chancer will change betting given the rising adoption of blockchain in a number of different sectors.

What’s the worth proposition of Chancer and its P2P mannequin?

Chancer gives a worth proposition by permitting customers to guess on a variety of occasions, outcomes and conditions. This occurs when customers create their very own Chancer P2P markets and decide what to foretell in these markets. They will then invite mates or be part of different markets Chancer has created.

The nice half about P2P betting is that it provides flexibility. Customers can guess on the specified occasions, changing the present mannequin the place the bookmaker creates betting markets. Customers can even set the foundations and odds for every guess utilizing Chancer.

Along with rewards for profitable bets, Chancer permits customers to earn from market making actions or creating P2P markets. This makes Chancer greater than only a betting platform. Chancer Token can be investable, permitting traders to earn passive revenue and enhance their earnings.

Chancer Roadmap and Forecast 2023, 2024

Chancer is within the pre-sale section, however demand for the mission is already excessive. Whereas Chancer’s worth will increase with every section of the presale, the token’s potential worth will probably be unlocked in 2023. third and fourth quarters. It’s then that the token will probably be listed on exchanges. The token plan factors to Uniswap’s first itemizing within the third quarter. The staff is monitoring not less than two CEX listings within the third quarter.

Product improvement will start within the fourth quarter. It’s going to begin with a testnet that goals to pave the way in which for a full mainnet launch in early 2024. quarter.

The launch of the mainnet will have an effect on Chancer because it realizes its dream of making P2P betting. Though we predict that the worth of the Chancer token could start to rise within the third quarter of 2023. quarter, 2024 may have the best affect. That is when sustainable features could be made, permitting Chancer to turn into mainstream and extra acceptable.

Making an allowance for the above motion plan, in 2023 Chancer’s worth can initially enhance by double or triple digit percentages. in 2024 the worth can rise greater than 10 instances into the long run, the place the long run adoption of Chancer will result in extra advantages.

Do you have to purchase Chancer this week?

Solely 10% of Chancer tokens stay till the top of the primary section of the presale. After that, the worth will enhance by 10 p.c within the second section.

With demand for the token displaying few indicators of slowing down, the primary section is more likely to be accomplished in just a few days. So it is likely to be time to seize the remaining tokens earlier than the worth goes as much as $0.011.