Australian government embraces blockchain with new trial and public servants’ network

The Australian government is trialing the use of blockchain technology for inter-government document exchanges with Singapore as the latest action in a series of pro-blockchain efforts. It follows hot on the heels of the establishment of a new network promoting blockchain to public servants.  On Nov. 23 the Australia Border Force launched a blockchain trade trial in collaboration with Singapore Customs and Singapore Infocomm Media Development Authority to test digital verification systems. ABF Commissioner Michael Outram explained that the trial will help digitize trade and compliance records, adding: “This initiative…

DeFi indexes aren’t as diversified as you think

New research suggests that indexes based on decentralized finance tokens lack diversification which is less than ideal for advanced investors seeking to mitigate risk. Indexes are a very popular way to get broad exposure to a market without the hassle of researching and buying individual assets. With the explosion in DeFi protocols and related tokens this year, a number of indexes have been launched. Analytics provider DeFi Pulse was one of the first to launch their own index in mid-September at the height of the boom, however, Messari analyst Roberto…

PayPal suspends user for crypto trading using PayPal’s own service

A PayPal user reports their account has been restricted after they traded crypto too frequently using the platform. According to U.S.-based Reddit user TheCoolDoc, PayPal sent them a message stating that it had permanently limited their account “due to potential risk.” The user said they had made at least 10 crypto transactions within a week, purchasing during dips and selling when the price was high, and PayPal had asked for an explanation for each transaction. “The system flagged my account thinking I was selling items worth $10,000 in one week…

Biden considering Gary Gensler for Deputy Treasury Secretary

With 55 days until his inauguration as President of the United States, Joe Biden is reportedly considering the former chairman of the Commodity Futures Trading Commission for a permanent position in his administration.  According to a Nov. 25 report from CNBC, the president-elect is floating Gary Gensler for a position as Deputy Treasury Secretary starting in 2021. The report states that “people familiar with the matter” have mentioned Gensler as a likely candidate for the role. He would be working under former Federal Reserve Chair Janet Yellen, whom Biden is…

Lolli integrates ‘free Bitcoin’ functionality for eBay before Black Friday

Online auction marketplace eBay is teaming up Lolli, a crypto-centric shopping app, to integrate Bitcoin (BTC) rewards for its 127 million users. Lolli announced Wednesday that its users can earn 1% back in Bitcoin when they shop on eBay’s marketplace. The initiative is part of a dual strategy to integrate crypto payments with online marketplaces and to raise awareness about digital assets. Lolli CEO and cofounder Alex Adelman said: “Today, we are proud to partner and make bitcoin more accessible to those users and continue our mission of furthering bitcoin…

Galaxy Digital CEO recommends investing up to 3% of one’s net worth into Bitcoin

With the price of Bitcoin continuing to test support around $19,000, Galaxy Digital founder and CEO Mike Novogratz recommends HODLing until 2025. In a Yahoo Finance Live interview published on Nov. 25, Novogratz said that the current Bitcoin (BTC) rally is being fueled by institutions and high-profile investors “slowly getting into the space.” He cited companies like PayPal and Square adopting crypto, as well as billionaire Stanley Druckenmiller recently suggesting the digital asset may pay out more than gold. “Bitcoin has become a macro asset to hedge against the debasement…

Financial institutions to boost future blockchain spending

Many financial institutions are poised to increase their blockchain spending in 2021, according to an upcoming survey from Deloitte titled Financial Services Industry Outlooks 2020. Preliminary results shared with Cointelegraph indicate that 27% of the institutions surveyed expect a “slight increase in spend” for blockchain and distributed ledger technology, while 14% are expecting a large increase. A further 33% expect no change, with the remaining 27% are looking to cut their expenditure slightly. The survey grouped blockchain with a variety of other emerging technologies. While it was not the most popular…

Facebook’s Libra hires former OCC prosecutor and central bank expert

The Libra Association, which manages Facebook’s quiet cryptocurrency project, has appointed a general counsel to oversee the development of its forthcoming payment system.  In an official press release, the Libra Association Wednesday introduced Saumya Bhavsar as the new general counsel of Libra Networks, the entity charged with operating the blockchain-based payment system. Bhavsar comes with two decades of experience in the financial services industry serving in various legal, regulatory and compliance roles. She previously worked with United State and European banks and regulatory agencies, including Credit Suisse, the European Commission…