PayPal's Jose Fernandez da Ponte, the company's senior vice president of blockchain, shared his views on crypto adoption and the key barriers to entry. A solid regulatory framework could speed up crypto adoption that focuses on stablecoins, transaction monitoring, and anti-money laundering practices. More: - In order to adopt cryptocurrency, the company aims to create a user experience very similar to what they are accustomed to. But the shift would require progress in many areas, such as regulations and policies, development efforts, and ease of integration for payment providers.
- The key difference is that blockchain offers advantages that are not available today, such as speed, cost, security, privacy, programmability, and resilience.
- Here are some barriers to entry for the cryptocurrency industry:
- First, the industry needs more developers as the total number of developers available to the blockchain infrastructure is low compared to software engineers.
- In order to adopt blockchain transactions, there need to be stable instruments of exchange such as stable coins and central bank digital currencies (CBDC) that are regulated, secure, and reliable.
- Identity verification needs to be implemented to provide adequate proof on-chain, continuous transaction monitoring, and anti-money laundering measures need to be in place.
- Lastly, custody mechanisms must offer secure storage and utility.
- It is important to make the user's journey frictionless — the complexity of gas fees, opening wallets, remembering long passphrases, and managing self-custody of assets is a big barrier to entry.
- The solution is to build a simple, safe, easy-to-use interface that will determine the success of mass adoption.
- Participation from legislators is also vital. In the U.S., the Biden administration's executive order to review digital assets is a welcome step, Fernandez da Ponte said, and a path forward to enable industry and government to work together in perfect harmony.
Coindesk 
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Morgan Stanley analysts predict that crypto revenue opportunities can reach $16B. Wholesale banks seem reluctant to adopt cryptocurrency due to the lack of regulatory framework; however, experts believe that the banks have an advantage over "native crypto" traders once policies are in place. More: - Morgan Stanley released a research report that claimed that Wholesale banks are missing out on what is now already a $4B to $5B revenue opportunity.
- The hurdle is caused by the lack of crypto regulations. But if they're successfully implemented, we could see more participation from institutional investors, leaving banks behind.
- However, banks have advantages over "crypto natives," including:
- Business model solutions that return great margins for clients and an established trusted counterparty status with institutional investors.
- Wholesale banks have large teams of experienced experts and business models to serve the market.
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 A message from AUROX A quick way to win $10,000 in Aurox’s hot wallet launch giveaway If you’re looking for a safer and more intuitive crypto wallet and an easy way to win $10.000, this is for you: A leading cryptocurrency platform is launching its multi-chain browser wallet in June, and rewards you for sharing the news with friends. Here’s what Aurox wallet is all about: We all know stories of traders who had their wallets hacked or were victims of fraud. A lot of these scams happen because hackers often take advantage of the weak security protocols of hot wallets. But Aurox Wallet offers next-generation protection against token theft, through: - Smart Contract Whitelist
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Rosfinmonitoring or Rosfin, a Russian agency, sought and received client data from Binance, the world's largest crypto exchange, one part of background operations as the company sought to grow its Russian operations. Rosfin said it wanted the data to fight crime. More: - The Russian agency was looking to trace millions of dollars in bitcoin raised by jailed Russian opposition leader Alexei Navalny. Navalny was jailed for alleged terrorist-related activities in Russia and accused of using donations to finance and expose President Vladimir Putin's government.
- In a text message, the company's regional chief said there was not "much of a choice" and that they had to comply with the request.
- As of today, Binance continues to operate in Russia since the start of Ukraine. Meanwhile, other payment companies like Paypal and American Express have halted their services.
- Trading volumes have soared since Russia's invasion of Ukraine began as Russians look to protect their assets from Western sanctions.
Reuters
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Canadians have the option to get into the cryptocurrency market by trading ETFs. The country currently has 36 ETF funds created in the past year as it looks to become a leader in this space. More: - Cryptocurrency, although a vague industry for most, is fueled by FOMO. A lot of investors want to step into the cryptocurrency space but do not have access to the right resources or educational tools to become confident in the industry.
- The advantage of ETFs is that they can offer investors an opportunity to learn about the crypto market and popular coins such as Bitcoin and Ethereum by securing them in fixed portfolios.
- Although there are several agencies bullish about crypto trading and investments, finance experts still believe that when it comes to investing in crypto: "We advise clients to exercise caution before investing in them,” says an analyst at National Bank Financial, Toronto.
The Globe and Mail
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 A message from PASSBASE In 2021 DeFi users lost more than $12 billion due to theft and fraud. It’s inevitable: crypto and DeFi regulation will continue to tighten. And the companies that cement their roles as leaders are those that will be able to meet evolving AML and KYC requirements around the world. That’s why we were excited to read the latest e-book from Passbase that unpacks how companies building for web3 can differentiate themselves with user-centric ID verification. Their free Crypto KYC Playbook covers: - Keeping up with the crypto regulatory landscape
- How to use identity verification to secure growth
- Templates for Crypto KYC (+ case studies)
Claim your playbook
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Dogecoin surged more than 12% after reports surfaced that Twitter would reconsider Elon Musk's offer to acquire the company for $43B in cash. Twitter later announced that Musk would, in fact, buy the company for $54.20 per share. More: - Dogecoin surged due to Musk being an advocate for the meme coin.
- Musk recently said in an interview in Vancouver that "Twitter has become the de facto town square, and it's really important that people have both the reality and perception that they are able to speak freely within the bounds of the law."
- Users can expect to see an edit button that will allow them to change their tweets, and he plans to put the source code on GitHub as well.
- Musk aid he believes that Twitter needs to become a public platform, and it's an important element of a functioning democracy for the U.S and other countries.
Decrypt
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Hackers stole Bored Ape Yacht Club NFTs in a phishing attack by sharing links of a fake airdrop. The attack was planned on BAYC's one-year anniversary to make the scam look legitimate by increasing the "perceived credibility" of the malicious link. More: - The attackers gained access to BAYC's Instagram account and shared malicious links with fake NFT drops.
- Crypto enthusiasts that had their MetaMask wallets connected became victims of the scam where the bad actors drained their Ape NFT collections.
- It is estimated that more than $40M worth of assets could have been stolen in the phishing attack.
- Unfortunately, phishing scams are common in the crypto world. Here are some measures that investors can take to protect themselves:
- Double-check that the link has a secure site that starts with HTTPS and a lock icon appears on the address bar.
- Always check for domain names to ensure it is spelled correctly, and never connect your wallet to a service that you are unfamiliar with.
Cointelegraph
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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