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The European Central Bank (ECB) has announced it’s starting to work toward a digital version of the euro currency as more consumers drop cash. The project is expected to take two years to create and could be followed by another two years of implementation.
Pioneering cryptocurrency trading platform ShapeShift has announced it is shutting down and handing over its legacy to a decentralized autonomous organization (DAO) controlled by FOX token holders.
The U.S. Securities and Exchange Commission (SEC) unveiled settled charges against UK-based initial coin offering (ICO) rating website Coinschedule. The website was accessible in the U.S. from 2016 to August 2019.
Join our latest Virtual Event next Monday-Thursday 19-22nd July: Rising Tide: Challenges and Opportunities for Regulated Decentralized Finance
Sponsored: REX is a cryptocurrency that can also be regarded as a Certificate of Deposit (CD), providing users with premium interest rates in exchange for staking. REX is the world’s only CD token that lets you create time deposits, name them, scrape interest before maturity, split them, and even transfer them to other addresses.
Top stories in the Crypto Roundup today:
- ECB Starts Working on Digital Euro Project
- ShapeShift to Airdrop FOX Tokens to Decentralize Itself
- SEC Fines ICO Rating Website For Undisclosed Payments
- Sponsored: “BigPayDays” And Unique DeFi Staking With REX
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ECB Starts Working on Digital Euro Project
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The European Central Bank (ECB) has announced it’s starting to work toward a digital version of the euro currency as more consumers drop cash. The project is expected to take two years and could be followed by another two years of implementation.
ECB President Christine Lagarde said:
“It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project.”
Lagarde added the project aims to “ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money.” The ECB President explained the four-year timeline was set because the project is technical and the central bank needs to be certain it’s correctly implemented.
A digital euro would allow consumers to pay electronically without the need for banknotes or coins, but it would “complement” the existing monetary system instead of replacing it.
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ShapeShift to Airdrop FOX Tokens to Decentralize Itself
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Pioneering cryptocurrency trading platform ShapeShift has announced it is shutting down and handing over its legacy to a decentralized autonomous organization (DAO) controlled by FOX token holders.
The move will see ShapeShift airdrop $98 million in FOX token to decentralized finance (DeFi) investors across multiple blockchains. The firm was founded in 2014 by Erik Voorhees and currently employs 65 people. In a few months, it will have no employees, no bank accounts, and no CEO.
Voorhees said:
“A year ago I would have thought this was sort of fanciful, but at this point I’ve seen how this tool is getting built and I’ve seen how these communities get built around a token instead of an equity structure. The fact that ShapeShift is really closing its corporate entity sets it apart.”
In total, around 900,000 addresses will be receiving airdropped FOX tokens for being users of ShapeShift, and an additional 120,000 addresses will receive tokens for using well-known DeFi protocols. In total, 340 million FOX tokens will be airdropped. These tokens will be used to vote on governance proposals.
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SEC Fines ICO Rating Website For Undisclosed Payments
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The U.S. Securities and Exchange Commission (SEC) unveiled settled charges against UK-based initial coin offering (ICO) rating website Coinschedule. The website was accessible in the U.S. from 2016 to August 2019.
Per the SEC’s order, it reportedly claimed to “list” or profile the best ICOs and initial exchange offerings (IEOs) and stated that its mission was to make it “easy and safe for people to join ICOs.” It was reportedly taking payments for more favorable reviews, however.
Failure to disclose those payments violates the Securities Act’s Section 17(b). The SEC has settled with Coinschedule’s unnamed operator, who will have to pay fines totaling roughly $200,000. The website did not admit or deny the SEC’s charges.
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Join our latest Virtual Event: Rising Tide: Challenges and Opportunities for Regulated Decentralized Finance
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Crypto and decentralized finance (DeFi) introduce a plethora of opportunities to transform financial services, making them more accessible, transparent and efficient. At the same time, they also introduce a new world of risks and uncertainties, which regulators, financial institutions and investors worldwide are just beginning to grapple with.
As blockchain-based finance continues to tap value locked within legacy infrastructures and decades-old business practices, the crypto and DeFi space will need to continually find ways to bridge finance and finance 2.0.
Please join Securrency, Solidus Labs, CryptoCompare, Global Digital Currency Association and hundreds of industry leaders and regulators for a series of thought-provoking discussions covering the tremendous potential and possible pitfalls of modernizing our financial services ecosystem.
You can learn more about the event and register for it here.
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“BigPayDays” And Unique DeFi Staking With REX
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REX is a cryptocurrency that can also be regarded as a Certificate of Deposit (CD), providing users with premium interest rates in exchange for staking. REX is the world’s only CD token that lets you create time deposits, name them, scrape interest before maturity, split them, and even transfer them to other addresses. The REX ecosystem consists of several smart contracts, which run on the Binance Smart Chain.
REX vs HEX
HEX is the leading CD token, which in contrast to REX runs on the Ethereum blockchain, meaning that HEX users have to pay higher transaction fees. HEX does not allow sending your stake to another address, nor allows you to name them, split or scrape off interest on immature stakes. This is where REX excels by providing unseen flexibility to holders.
REX – The Most Flexible High-Interest Staking Token
Some of the Unique REX Advantages are:
- The REX token supply is generated via daily auctions: 3,000,000,000 $REX will be minted in the course of 1 year
- BigPayDays – randomly selected REX holders’ addresses receive BNB daily
- Free-Claims: You can get REX for free and a further 292,000,000 $REX will be minted from free claims
TREX & MREX Tokens
Whilst $REX is the main token of the ecosystem, there are two additional tokens which provide additional benefits to holders and stakers
- TREX is an optional token that allows staking, referral rewards of withdrawing even amounts, and auctions. You can get TREX by sending exactly 1 BNB to the TREX contract, which will be automatically minted to the sender’s address.
- MREX is the second optional token, enabling up to 50% more BNB referral rewards, allows unlocking name stakes, move stakes, scrape interest, and enables auctions as well as BNB Treasury. You can get $MREX by sending a multiple of 0.1 BNB to the MREX contract
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