Blockchain Press Releases
Major milestone for First Digital Group as FDUSD stablecoin debuts with Binance listing
HONG KONG, July 26, 2023 /PRNewswire/ — First Digital Group, which includes First Digital Trust, one of Asia’s leading qualified custodians and a registered trust company headquartered in Hong Kong, announces that its stablecoin, First Digital USD (FDUSD), issued under the entity FD121, will debut and list on Binance, the world’s largest cryptocurrency exchange by volume.
The FDUSD is 1:1 backed with high-quality cash and cash equivalent reserves, which are held in segregated accounts in regulated financial institutions and are monitored and audited by independent third parties. FDUSD is intended to be redeemable 1:1 for equal value in U.S. dollars. At a time of heightened uncertainty and volatility, the U.S. dollar-pegged stablecoin offers diversification and greater stability against the impact of central bank policies.
FDUSD is also designed to be a programmable digital asset that can interact with financial smart contracts, escrow services and insurance without intermediaries. This significantly enhances the efficiency, security as well as lowering the cost of financial transactions. Compatible with next generation Web3 technologies, new solutions can be built upon FDUSD in the future to unlock new value and further integrate with everyday transactions.
Vincent Chok, CEO of First Digital Trust, commented: “Recent events have shown that conventional assets are not immune to the risk and volatility posed by external events. FDUSD offers a transparent, reliable and trusted alternative that provides the predictability corporates and investors are demanding. We’re delighted to partner with Binance to meet this need and bring FDUSD to market. We look forward to continuing our innovation in the next generation asset space, as well as working with the Web3 ecosystem to build solutions to unlock even greater value from FDUSD.”
The FDUSD listing will go live at 16:00 HKT on 26 July 2023. As part of the launch, Binance will introduce a zero-maker free limited-time promotion for FDUSD trading pairs on FDUSD/BNB, FDUSD/USDT and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
FDUSD is available on Ethereum and BNB Chain with planned support for an increasing number of blockchains. For more information, visit our website or read the whitepaper.
About First Digital Labs
First Digital Labs is the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. First Digital Labs focuses on cutting-edge research and development, specializing in the innovation and advancement of digital currencies. It is the issuer of the FDUSD stablecoin.
About First Digital Trust
First Digital Trust Limited is a qualified custodian and registered trust company headquartered in Hong Kong, servicing an international client base. Established in 2019, First Digital Trust is Asia’s forward thinking, multi-faceted trust partner, bridging the gap between the traditional and digital financial worlds and using technology to tokenize, custody, trade and settle assets.
With over three decades of collective experience, First Digital Trust Limited provides expertise and innovative solutions through a comprehensive and personalized suite of trustee services to help future-proof their partners. This includes structuring, custody, payroll, escrow, and administration services. First Digital Trust was named one of the leading Emerging Giants of Hong Kong in KPMG and HSBC’s ‘Emerging Giants in Asia Pacific‘ Report 2022.
To learn more about First Digital Trust and its regulated infrastructure and products, visit www.1stdigital.com
First Digital USD (FDUSD) is a 1:1 USD-backed stablecoin issued by FD121 Limited. To learn more about First Digital’s newly launched stablecoin offering, visit www.firstdigitallabs.com
About Binance
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com
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Blockchain
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
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Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
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Blockchain
Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak
Johann Polecsak argues that existing blockchains face significant challenges in adopting post-quantum cryptography without causing substantial disruption to users. This assessment highlights the complex and multifaceted nature of transitioning to new cryptographic standards in blockchain networks.
Post-quantum cryptography refers to cryptographic algorithms that are resistant to attacks from quantum computers, which have the potential to break traditional cryptographic schemes. While post-quantum cryptography offers enhanced security, implementing it in existing blockchain networks poses technical, operational, and usability challenges.
Polecsak suggests that transitioning to post-quantum cryptography could require significant changes to blockchain protocols, consensus mechanisms, and user interfaces. These changes may disrupt existing workflows, require modifications to software and hardware infrastructure, and necessitate coordination among network participants.
Furthermore, Polecsak emphasizes the importance of ensuring backward compatibility and interoperability during the transition to post-quantum cryptography. This is crucial to prevent fragmentation of the blockchain ecosystem and maintain continuity for users and applications.
Polecsak’s assessment underscores the complexities and trade-offs involved in adopting post-quantum cryptography in existing blockchain networks. While the transition promises improved security against quantum threats, it requires careful planning, coordination, and investment to minimize disruption and ensure a smooth transition for users and stakeholders. As the field of post-quantum cryptography continues to evolve, blockchain projects will need to carefully evaluate their options and strategies for implementing these new cryptographic standards.
Source: news.bitcoin.com
The post Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak appeared first on HIPTHER Alerts.
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