The Future of Finance: Web3, Blockchain, and Beyond
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome to this episode of "Chain Train," where we dive into the whirlwind world of Web3, blockchain, and cryptocurrency. Today, we'll explore the top trends shaping this dynamic landscape in 2024, from sustainable blockchain initiatives to the social aspects of Web3. We'll also discuss the latest in the crypto market, including influential voices in the industry and major policy changes on the horizon. So buckle up and get ready for a journey through the digital currency revolution.
The top trends in Web3, blockchain, and cryptocurrency for 2024. These trends include sustainability in blockchain and Web3, social Web3, a possible Bitcoin bull run, decentralized finance (DeFi), Web3 and the immersive internet, and central bank digital currencies (CBDCs). The article also touches on the potential for high-profile fraud and other crimes in the crypto world.
JPMorgan Chase CEO Jamie Dimon has expressed his opposition to the cryptocurrency industry, stating that he would shut it down if he had the power. He believes that digital currencies are often used for illegal activities such as money laundering and tax evasion due to their lack of regulation. Senator Elizabeth Warren has called for updated banking laws to regulate the industry, but lobbyists for the crypto industry are working to block such legislation. Despite this, the price of bitcoin has surged over 150% this year.
Google is updating its cryptocurrency advertising policy in January 2024, with new requirements for advertisers promoting Cryptocurrency Coin Trusts. Advertisers must obtain certification from Google and comply with specific policies to avoid account suspension. The policy updates apply globally and advertisers must comply with local laws. Failure to comply may result in account termination.
Cryptocurrency is a form of digital money that offers many advantages for both consumers and merchants, such as lower fees, faster speeds, greater privacy, and more control over funds. However, it also faces challenges and barriers, including legal uncertainty, technical complexity, and limited acceptance. Despite these challenges, there are signs of progress and potential for cryptocurrency to become more mainstream and accessible in the future.
Anatoly Legkodymov, a Russian national, pleaded guilty to operating a money transmitting business that transported and transmitted illicit funds. He was the majority owner of Bitzlato Ltd., a cryptocurrency exchange that was used by dark market purchasers and sellers, as well as ransomware criminals. Legkodymov agreed to dissolve Bitzlato and release any claims to seized assets. The guilty plea was announced by the United States Attorney for the Eastern District of New York, Lisa O. Monaco, and other officials.
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How the youth are embracing cryptocurrency as a viable investment option, driven by their technological prowess, hunger for financial independence, and the democratization of finance that cryptocurrencies represent. The article highlights the power of social media in fueling the shift towards cryptocurrency investment and the challenges that come with it, such as volatility, regulatory uncertainties, and security concerns. Despite these challenges, the younger generation is willing to navigate these uncertain waters for the potential rewards. The article concludes that the future of finance is being shaped by the audaciousness and determination of young people, leading towards a decentralized, inclusive, and boundless future.
Robinhood has launched its cryptocurrency trading app in the European Union, offering access to over 25 coins and tokens, including Bitcoin, Ethereum, and Solana. The app offers commission-free trading and allows users to earn referral bonuses in Bitcoin. Additionally, Robinhood plans to expand its services to the UK in early 2024, but will not include UK stocks at launch. The app features 24-hour trading, 6,000 US stocks, and the ability to choose from a variety of assets.
U.S. Prosecutors Call Huge Cryptocurrency Fraud Seizure a "Game Changer" Tether crypto tokens linked to fraud frozen, even in self-managed crypto wallets. The seizure of $225 million in alleged fraud proceeds is the biggest ever against online scams. Tether executives say that transparency and centralized architecture enable them to trace and recover fraud proceeds, which they are working with police from 19 countries to use. This move represents a decision to declare open season on fraud proceeds, making it a game-changer in the fight against online fraud.
Exved has launched a cross-border cryptocurrency payment platform for legal entities in Russia, allowing them to use Tether (USDT) and other currencies for international transactions. The platform aims to eliminate the need for intermediaries and offers additional services such as legal registration and escrow. This comes as some cryptocurrency exchanges have stopped accepting Russian rubles, but local companies continue to embrace cryptocurrencies.
Franklin Templeton's CEO, Jenny Johnson, has expressed her bullish stance on blockchain technology and revealed the company's expanding crypto and blockchain integrations. The firm joined finance giants BlackRock and Fidelity in filing for regulatory approval to list a Bitcoin exchange-traded fund (ETF) in the US. Franklin Templeton also operates validator nodes on multiple blockchains including Ethereum, Solana, and Stellar to facilitate transaction validation. All three asset manager organizations have expressed their enthusiasm for Real World Assets (RWAs) on the blockchain. Johnson also revealed that her personal crypto holdings even include more speculative plays like Dex (Decentralized Exchange) governance tokens SUSHI and UNI.
According to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the use of cryptocurrency in criminal activities is expected to increase as adoption of the technology expands. The most common forms of criminal activity involving cryptocurrencies are hiding and cleaning profits from fraud, as well as ransomware attacks. FINTRAC has seen a significant dependence on mixing services and high-risk exchanges for the purpose of laundering cryptocurrency and converting ransoms back into fiat currency. The report also notes that decentralized finance (DeFi) services pose a substantial risk to Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime, and advises those who facilitate the use and adoption of DeFi services to exercise greater due diligence.
Thank you for joining us on "Chain Train" as we navigated the evolving world of cryptocurrency and blockchain. Today's insights into the trends, controversies, and advancements in this space are just a glimpse into what promises to be an exciting future. Stay tuned for more episodes as we continue to explore the digital frontier. Until next time, keep your crypto knowledge sharp and your investments secure!