Uniswap's grand exit 🤑 / Kraken's bank charter 🏦 / China's BSN 🐉 / Bahamas CBDC 🇧🇸 / Société Générale 🇫🇷

A cryptocurrency which didn't exist 48 hours ago, now has a $3.5b fully diluted market capitalization...

Inside.com Part of   Network September 17, 2020

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Market Watch Bitcoin $10,911 7 day: +5.9% Ethereum $388 7 day: +6.5% All crypto $352b 7 day: +5% Bitcoin dominance 57.3% 7 day: +1% Prices as of 3:45 p.m. EDT

DeFi and unicorns A cryptocurrency that didn't exist 48 hours ago — advertised as a voting token for an exchange that has operated without voting for two years — now has a $3.5b fully diluted market capitalization. It raises many questions. Most importantly, what are the actual listing standards of the exchanges? Does anyone care, as long as everyone gets rich? In today's Inside Cryptocurrency Premium, we dive deep into the heart of the DeFi boom. Join us today risk-free, for $0 (free!) for 14 days and support independent research. UNLOCK

Kraken gains approval to launch a bank in Wyoming. Kraken cryptocurrency exchange is preparing to launch a bank in Wyoming, Kraken Financial, after securing Bank Charter Approval. Kraken Financial will be the first digital asset company in U.S. history to receive a bank charter under federal and state law. Kraken Financial will provide custody and fiduciary services for digital assets. Recently passed legislation by the Wyoming Division of Banking will regulate Kraken Financial as a Special Purpose Depository Institution. Kraken recently re-opened some of its formerly limited banking services in Japan via its Japanese subsidiary, Payward Asia Co., Ltd. Kraken Financial will initially offer accounts to U.S. based residents only but plans to expand globally. Coindesk

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China's Xi Jinping China's Blockchain Service Network (BSN) adds ShareRing, Algorand (ALGO), and Solana (SOL). BSN is one of China's largest, state-backed blockchain infrastructure projects. BSN will add the three public blockchains into its ecosystem starting in November. BSN has already added IrisNet, Nervos, NEO, Tezos, and EOSIO in the first phase addition.  He Yifan, the CEO of the Chinese company behind BSN, Red Date Technology, claims to reward numerous types of decentralized applications. The three public decentralized chains will join the government's permissioned consortium. BSN has been an efficient way for blockchain projects to enter China's market and quickly reach tens of millions of users. China's BSN is also in the process of "localizing" 24 public blockchains by making them permissioned (state-controlled). Coindesk

Bahamian Exumas The Bahamas will launch its central bank digital currency (CBDC) across all of its islands. The Bahamas calls its CBDC "sand dollar." The Central Bank of the Bahamas has confirmed plans for a nationwide roll-out of its digital currency as soon as October, Bloomberg reports. The Central Bank launched the Sand Dollar project pilot phase in the Exumas and Abaco islands. A Singapore-based company, NZIA, developed the project. Officials claim that the launch of the Sand Dollar is a continuation of the Bahamian Payments System Modernization Initiative, aiming to improve financial inclusion and make access to the domestic payment system easier for people and businesses from some remote islands.  Sand Dollar is backed 1:1 to the Bahamian Dollar, which in turn is pegged 1:1 to USD. Bloomberg

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A startup being incubated within French universal bank Société Générale selects Tezos (XTZ) for its CBDC testing. Tezos (XTZ) has a contentious history and recently settled a lawsuit for $25m. This news has been misreported as Société Générale itself selecting Tezos, which is not true. Société Générale incubates 60 startups within its ecosystem, including Forge, the one startup that selected Tezos. The startups are experimenting with blockchain technologies to "develop new digital capital market activities." Forge was appointed by Banque de France on July 20 to experiment with the utilities and feasibility of a CBDC for interbank settlements in collaboration with several technology providers and advisors. A small United Arab Emirates-based company called Sustain.Exchange recently chose Tezos to build technological solutions and infrastructure.

Tencent Security warns of a new hacking group that is installing crypto-miner malware on Microsoft SQL Servers (MSSQL). The hack, MrbMiner, has infected thousands of MSSQL databases with malware, which mines Monero cryptocurrency by abusing local server resources and generating Monero coins into the group's accounts.  More: MrbMiner launches brute-force attacks against MSSQL servers with weak passwords. Tencent researchers found evidence that the MrbMiner group was also targeting Linux servers and ARM-based systems. MSSQL is the third most used database by developers in 2020, behind only MySQL and PostgresSQL. This article first appeared in Inside Security, available ad-free with any Inside Premium membership. Give us a 14-day try free ($0!) for unlimited ad-free newsletters plus premium content. ZDnet

Quick Hits: Bitfinex wins an appeal for more time to produce documents to the New York Attorney General regarding its relationship with Tether (USDT). SEC commissioner Hester Peirce dissents with an SEC settlement with Unikrn (UKG) and its $6.1m penalty for conducting an unregistered ICO. "Crypto mom" issued her public statement voicing her disagreement with the settlement. Blomberg publishes a brief retrospective and update regarding Ethereum's (ETH) infamous DAO hack. Slack is gathering industry leaders and product experts at Slack Frontiers, a free virtual conference dedicated to digital transformation.* *This is a sponsored post. Inside is hiring! Check out our available positions: Business Researcher Director of Research Growth Marketing Manager Sales Representative

Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia.  Editor Edited by Eduardo Garcia in New York. Eduardo is a graduate of the Columbia Journalism School M.A. Science program and writes regularly for the New York Times Climate Fwd: newsletter. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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