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Wall Street uses political A-listener for $ 30 trillion green boom

(Bloomberg) – Mark Carney, Brookfield Asset Management. Brexit architect Nigel Farage to the DGB Group. A senior Obama advisor to BlackRock Inc. has been joined by high profile employees over the past few months, and in each case the same mandate has been repeated: To help their new employers secure and expand their burgeoning green finance The sudden onslaught, political Hugging Insiders is a powerful sign of how far responsible investing is from the eccentric fringes of finance. While business has long been a route in and out of politics, joining a company that plants trees to offset emissions was once a risky career move. Yet so much money – more than $ 30 trillion in some ways – is now tied up in green finance that the industry has been successfully wooing an illustrious list of household names and political wins to have lawmakers in London, Brussels and Washington on their side to keep the good times rolling. Other recruits include Chuka Umunna, Farage’s one-time opponent of Brexit, and Luciana Berger, another former British MP: “They don’t hire these politicians for their expertise in finance and economics – they hire them for their expertise in influencing politics, both their connections with government officials and their knowledge of how to play the system, ”said Simon Youel, director of politics at Positive Money, who advocates reform of the banking system. “This revolving door allows large institutional investors and corporations a disproportionate influence on policy making.” While fears of climate change helped build that cash cow, politics will determine whether the industry ossifies or earns trillions more dollars in the next decade. From the United States to China, governments design rubrics, standards, and regulations to define what is “green”. They are reshaping the landscape for the banks and money managers who dominate this world and want to surprisingly influence the bottom line. There are already signs that companies are exaggerating or misrepresenting their environmental problems in selling debt, a practice known as greenwashing. Questions about the impact of carbon credits, which companies use to reduce their environmental footprint, are also growing. And the financial services sector itself has been criticized for funding fossil fuel producers. With mainstream banks now recruiting familiar faces to promote their green finance brand, the industry’s feel-good veneer could crack: “Because of the effectiveness of the green finance agenda, it tends to have more supporters than critics,” said Adrienne Buller, a senior executive Research Associate at the Common Wealth Think Tank, focused on building a sustainable economy, with former UK Labor Party leader Ed Miliband as its director. “There are some people who call out greenwashing, but the answer is more like” We have to eradicate greenwashing so that green finance can do its job “rather than critically looking at green finance as a whole.” ESG – as retained Adeline Diab, head of ESG for EMEA at Bloomberg Intelligence, said key policy makers are known to expedite corporate disclosure requirements. So it is in the interests of banks and asset managers to get a little political about hiring, even though those relationships have been scrutinized more closely after former Prime Minister David Cameron’s lobbying for the collapsed lender Greensill Capital that legislative hype is fraught with trouble afflicted. The influence of finance and the economy on environmental policy already creates some problems. “We’re seeing a lot more sustainability laws in financial regulation today, and of course some people are trying to stop that back, so it’s not that strong,” said Fiona Reynolds, executive director of the United Nations-backed Principles for Responsible Investment. The change is not yet complete, but “there must be strict rules and transparency,” she said. Read More The European Union watchdog ruled in November that the European Commission did not fully consider a conflict of interest when BlackRock was hired to advise on new sustainable finance requirements for banks. The company’s separation of the advisory arm from the investment unit was insufficient to prevent employees from being influenced by the company’s general strategic interests, wrote an ombudsman. BlackRock is the world’s largest asset manager overseeing billions in green funds. The European Commission pointed to the technical quality of the company’s pitch to aid its choice. And in the UK, the government is preparing to issue the country’s first sovereign green bond following a parliamentary push led by Gareth Davies, Columbia’s former head of responsible investment, Threadneedle Investments, who is now a member of parliament for the ruling Conservative Party is. In 2019, the same year Davies was elected, Columbia wrote Threadneedle a letter calling on the UK government to release green gilts, “Davies said in an interview.” We recognize the power of the financial sector, some of the Solving problems the government is trying to solve, it’s not because we’re trying to influence the financial services sector more. ”Mark Carney, former Governor of the Bank of England and longtime advocate of sustainable investment, is the most well-known contributor to Green Finance. He joined Brookfield last year as Head of ESG. CEO Bruce Flatt said at the time that his close relationships with sovereign wealth funds and diverse business experience mean he would be instrumental in growing the company’s ESG group, including Morgan Stanley and Citigroup Inc. to sign an emissions reduction plan, and its work extends to practicing r the private and public sectors. He is currently the financial advisor to UK Prime Minister Boris Johnson for the November COP26 meeting in Glasgow, making him an important voice in the United Nations climate negotiations. He is also head of the Task Force on Scaling Voluntary Carbon Markets, which seeks to build global trade in carbon offsets for the private sector. A less likely convert is Nigel Farage, a climate change skeptic, when he heads the British Independence Party, which recently joined a Dutch company that deals with carbon offsetting. Its mission is to “facilitate adoption for politicians and business leaders in the UK and around the world,” the company said in a press release. “From a PR perspective, it’s a headline,” said Selwyn Duijvestijn, CEO of DGB Group, Farage’s new company. “The oil workers in Texas do not listen to Greta Thunberg, but they have to be aware that we have to do something,” he said in an interview, referring to the youthful climate activist. “You’d rather hear Nigel Farage than Greta Thunberg.” On the other side of the political spectrum, Chuka Umunna, Farage’s one-time sparring partner during Britain’s lengthy exit from the EU, became head of JPMorgan Chase & Co. ESG for EMEA earlier this year. Umunna arrived in parliament after almost a decade after serving as co-head of Edelman’s ESG advisory service. A bank note at the time said he was helping clients “successfully navigate the evolving ESG landscape.” Umunna’s former colleague Luciana Berger is now the new chairwoman of the ESG committee of the used car dealer Cazoo. Cazoo declined to comment beyond an earlier testimony. It’s not just a European phenomenon. BlackRock recently replaced one White House insider with another. Paul Bodnar, an Obama-era climate policy advisor, is now the company’s sustainable investment director, succeeding Brian Deese, who returned to politics as chairman of President Joe Biden’s National Economic Council. The company has recruited more than a dozen alumni from the Obama administration over the years. Where once it was beneficial for voters to take a hard line against bankers, as it did after the 2008 financial crisis, the financial industry has worked hard to rename itself as a means of change, critical to moving to a low carbon economy. This has made it easier for politicians, especially those with more progressive or left-wing liberal positions, to join their ranks. There will be no shortage of opportunities in the years to come. According to Bloomberg Intelligence, ESG assets are set to nearly double to $ 53 trillion by 2025. And while banks still make more money lending to companies on fossil fuels than marketing sustainable bonds, environmental sustainability has other benefits, not least the fact that activist shareholders, regulators, and tax collectors are pressuring the financial industry to shut down clean up. “When the policy makers go for large banks or other investment institutions that care about ESG, this is very welcome in the financial sector,” said Kenneth Haar, researcher at the Corporate Europe Observatory, a Brussels-based group of public interest. “More than anything, they need to be seen as institutions that take climate change seriously, and they need a friendly face to sell this idea.” (Adds comment from Bloomberg Intelligence.) More stories like this one are available on bloomberg.com. Subscribe now to stay ahead with the most trusted business news source. © 2021 Bloomberg LP

Cryptocurrency

All You Need To Know To Decide If This Crypto Is Worth the Investment

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Cryptocurrencies have become increasingly popular lately and this trend shows no signs of slowing down. With all the talk about these digital assets, you may be wondering if this is the right time to invest. Before you pull the trigger, however, it’s always a good idea to understand the underlying asset. Cryptocurrency is no exception and is very different from investing in stocks or bonds.

Show Support: It’s not too late to nominate your favorite small business for listing on GOBankingRates – extended until June 5th

Hence, we’re going to cover a popular blockchain technology called Ethereum (ETH). Like many blockchains, Ethereum has a native coin called Ether. Let’s take a closer look at what Ethereum is and whether you should consider investing.

Read: Dogecoin: Is It Worth Investing?

What is ethereum

Ethereum is an open source, decentralized one Blockchain technology. The native coin of Ethereum is called Ether. This coin is one of the largest cryptocurrencies by market capitalization, second only to Bitcoin (BTC). Although Ether has a smaller market capitalization than Bitcoin, Ethereum is the most widely used blockchain.

See: What Is Chainlink And Why Is It Important In The Cryptocurrency World?

With Ethereum, it is important to understand that it is not the same as Bitcoin. While Bitcoin’s purpose is primarily to be a digital currency, Ethereum is much broader. In fact, Ethereum is an open source operating system and computing platform. It also supports distributed applications (dApps) and smart contracts.

Another important aspect of Ethereum is that it allows for decentralized funding, which is an important part of how the system works. Since the system is inherently decentralized, there is not a single entity that controls it or the value of the ether.

More: How the IRS Taxes Cryptocurrency – and the Loophole That Can Lower Your Tax Bill

What is Ethereum worth?

As with many cryptocurrencies, the price of ether has fluctuated significantly since its introduction in 2015. At the time, the price was around $ 1 and stayed there for several months. The price hit $ 1,358 in January 2018, the highest price ever. The price began to fall, as did the price of many cryptocurrencies; Ether bottomed at $ 83 in December 2018.

The story goes on

The price has ebbed and flowed since then, but has increased overall. At the beginning of April 2020, the price was around $ 140; and on May 18, it’s around $ 3,349, according to Coindesk. That’s a pretty sharp increase in just over a year.

Read: Breaking Down The Basics Of Cryptocurrency

Should you invest in Ethereum?

If you decide to invest in Ether (and therefore Ethereum), the first thing you should ask yourself is why you are investing. Although the price of the coin has increased significantly over the past year, it can be extremely volatile. So if you buy ether hoping the price will go up, you can get frustrated.

On the other hand, the Etherum blockchain can be used for many different applications, said Tally Greenberg, Head of Business Development at Allnodes. “Ether is the cryptocurrency required for any transaction carried out on Ethereum, a blockchain network of applications. A blockchain, on the other hand, is a technology with unlimited potential. It doesn’t rest on Ethereum alone and can be used to make a difference with or without cryptocurrencies in our future. “

See: 10 Best Cryptocurrencies To Invest In 2021

Sam Bretzmann, the owner of Block link, agrees with this feeling. “The difference is that instead of investing in individual projects that make it or not, you can invest in the infrastructure. So you can think about going back to 1999 and instead of trying to see which emerging companies will survive, you can just pick ‘the internet’ and invest in it. “

This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.

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Last updated: May 18, 2021

This article originally appeared on GOBankingRates.com: Ethereum: Everything You Need To Know To Decide If This Crypto Is Worth Investing

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Bitcoin Taproot upgrade: what it means

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The first Bitcoin upgrade in four years has just been approved by miners around the world. It’s a rare moment of consensus among stakeholders, and crypto experts tell CNBC that it’s a pretty big deal for the world’s most popular cryptocurrency.

The upgrade is called Taproot and is scheduled to take effect in November. If so, it will mean more privacy and efficiency in transactions – and most importantly, it will unlock the potential for smart contracts, a key feature of its blockchain technology that eliminates middlemen in even the most complex transactions.

“Taproot is important because it opens up a variety of opportunities for entrepreneurs interested in expanding the uses of Bitcoin,” said Alyse Killeen, founder and managing partner of Bitcoin-focused venture company Stillmark.

Unlike the 2017 Bitcoin upgrade – dubbed the “last civil war” due to the controversial ideological divide that separates followers – Taproot has near universal support, in part because those changes are fairly incremental improvements to the code.

what changes

Bitcoin’s overhaul has to do with digital signatures, which you can think of as the fingerprint a person leaves on every transaction.

At the moment, the cryptocurrency uses the so-called “Elliptic Curve Digital Signature Algorithm”, which is created from the private key that controls a Bitcoin wallet and ensures that Bitcoin can only be issued by the rightful owner. According to Alejandro De La Torre, vice president of the large mining pool Poolin, headquartered in Hong Kong, Taproot will switch to so-called Schnorr signatures, which make transactions with multiple signatures essentially illegible.

In practice, this means more privacy as your keys are not exposed as much on the chain. “You can hide a little better who you are, what is good,” said Brandon Arvanaghi, previously a security engineer at the Gemini crypto exchange.

It does not lead to greater anonymity of your individual Bitcoin address in the public blockchain, but it makes simple transactions indistinguishable from those that are more complex and consist of several signatures.

These pimped up signatures are also a tipping point for smart contracts, which are self-executing agreements that live on the blockchain. Smart contracts can, in theory, be used for virtually any type of transaction, from paying your rental monthly to registering your vehicle.

Taproot makes smart contracts cheaper and smaller in terms of space requirements on the blockchain. Killeen says this improved functionality and efficiency offers “overwhelming potential”.

Currently, smart contracts can be created on both Bitcoin’s core protocol layer and the Lightning Network, a Bitcoin-based payment platform that enables instant transactions. Smart contracts executed in the Lightning Network usually lead to faster and cheaper transactions.

“Lightning transactions can be fractions of a cent … while a bitcoin transaction can be much more expensive at the core protocol level,” explained Killeen.

Developers have already started building on Lightning in anticipation of the upgrade that will enable very specific contracts.

“The most important thing for Taproot is … smart contracts,” said Fred Thiel, CEO of cryptocurrency mining specialist Marathon Digital Holdings. “It’s already the main driver of innovation in the Ethereum network. Smart contracts essentially give you the ability to really build applications and businesses on top of the blockchain.”

As more and more programmers build smart contracts on top of Bitcoin’s blockchain, there is also the potential for Bitcoin to become more of an actor in the world of DeFi, or decentralized finance, a term used to describe financial applications that exclude the middleman should.

Today, Ethereum dominates as the blockchain of choice for these apps, also known as “Dapps”.

Why the wait

Although the Bitcoin community has agreed to the upgrade, the rollout itself is not expected to take place until November. Doing a lot of testing in advance reduces the chance that something will go wrong during an upgrade.

“Upgrades allow the – extremely remote – possibility of a bug entering the system that destroys trust in the entire cryptocurrency system and effectively obliterates it – a ‘self-inflicted wound’ if you will,” said Jason Deane, analyst at Quantum economy.

Deane says this is why upgrade processes are so carefully tested, retested, and verified over very long periods of time before they are deployed.

Many also remember the disastrous migration of 2013 when a failed upgrade resulted in Bitcoin being temporarily split in half.

“You don’t want different clients or miners to be out of sync in the protocol. That’s how catastrophic things happen, ”Nic Carter, founding partner at Castle Island Ventures, told CNBC. “Because we don’t want a repetition in 2013, we have these extremely long lead times.”

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Top Cryptocurrencies to Buy as Investment During the Weekend, June 2021

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Watch out for these top cryptocurrencies on the weekend

Cryptocurrencies continue to make headlines with their prices rising and sometimes falling. While the bullish crypto market is helping investors make profits, the market downturn opens up several new opportunities for investment.

If you are planning on investing in cryptocurrencies anytime soon, keep a close eye on these top cryptocurrencies during the weekend. To help you get started with crypto investing, we’ve created a guide for you here.

1st star (XLM)

Stellar has grown in popularity in the crypto community because it serves a niche need. It works like PayPal from cryptocurrency networks, bridging the gap between banks and blockchain networks. Stellar can exchange any currency and enable cross-channel trading at a cheaper and faster rate than traditional banks.

2nd chain link (LINK)

Chainlink is an affordable cryptocurrency that attracts a lot of trading activity in the market. While it is steadily increasing in value, there is also room for potential growth. One of the USPs is the fact that Chainlink is a low risk, low value investment, but the price is not low enough to make it a penny stock.

3. Litecoin (LTC)

Litecoin entered the crypto market around the same time as Bitcoin, but did not reach its maximum growth potential as quickly as Bitcoin. However, there is one thing that Litecoin does better than Bitcoin, which completes transactions four times faster. So fast that in 2017 it was the first cryptocurrency to complete a Lightning Network transaction. If the company plans to use this speed for all of its transactions in the future, its value will increase dramatically.

4. Bitcoin (BTC)

Bitcoin has been a part of the crypto market for so long that it is now synonymous with the word cryptocurrency. Bitcoin doesn’t need an introduction as everyone knows about its price, market capitalization and volume, which are higher than any other crypto coin. With more than a thousand cryptocurrencies in the market, Bitcoin still holds 40% of the total crypto market cap. Many companies are now also accepting Bitcoin, which makes this an easy investment decision.

5. Ethereum (ETH)

What a lot of people don’t know is that Ethereum is actually a crypto network and Ether is the token. Ethereum serves as a network for developers to create other cryptocurrencies. While Ethers is nowhere near Bitcoin in value, it is still the second largest crypto in value. Its unique technology puts Ethereum in the spotlight when there is a conversation about cryptocurrencies with a utility.

6. Binance coin

Binance Coin was launched by one of the largest crypto exchanges, Binance. So what investors need to understand is that Binance Coin will hold stronger as long as there is activity on the Binance exchange. In 2017, the Binance coin peaked and stayed on its uptrend despite the market volatility.

7. Cardano (ADA)

Cardano’s technology has always been its unique selling point. This network uses less energy to complete transactions, while also being faster and cheaper. Cardano is also more adaptable to the dynamic market and more secure.

8. Tether (USDT)

Tether is a stable coin. Its value is pegged to the US dollar. For every unit of tether there is one dollar in the Federal Reserve Bank. So if you are an investor looking to use cryptocurrencies for transactions, Tether is your best option.

9. Polkadot (DOT)

Polkadot’s philosophy is to reward real investors who don’t trade crypto in order to make quick money. Polkadot investors also participate in the company’s decision-making process about network fees, network upgrades, and the establishment and removal of parachains. Interestingly, Tether was made by the same people who made Ethereum.

10. Waviness (XRP)

Ripple is the company and XRP is its token. XRP has a utility that makes it an investor favorite. It enables international transactions that can be completed in seconds instead of the long hours that a bank normally takes. Ripple’s network holds contracts with major banks around the world, which makes the adoption of this crypto coin easier.

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