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Ethereum-Based Shyft Network Launches, Aims for FATF-Compliant DeFi



The Shyft Network, a platform designed to help cryptocurrency companies comply with anti-money laundering (AML) compliance, has launched its main public blockchain system.

Combining elements of Ethereum and Bitcoin, the Shyft network is an open base-tier platform that houses decentralized identity applications, compliant cryptocurrency transactions, and tools to make decentralized finance (DeFi) palatable to regulators without detracting from DeFi’s open appeal.

In addition to the mainnet launch on Wednesday, the Shyft Federation will be unveiled, a diverse group of 21 entities, from core crypto development teams to large financial institutions that operate nodes on the Shyft network and make sure it has a decentralized one from the start Architecture features.

Connected: CoinMarketCap, Animoca join Huobi’s public blockchain as validators

Regulation of cryptocurrency is inevitable. The Shyft project is helping crypto companies meet the identity and data sharing requirements of the Financial Action Task Force (FATF), a global anti-money laundering group, but with the least amount of centralized trusted authority much like blockchains already work.

“Many projects follow a kind of progressive decentralization approach,” said Shyft co-founder Joseph Weinberg in an interview. “But we say this has to be hardened, ready for prime time, and with really good censorship resistance across the infrastructure from day one.”

The Shyft Federation consists of 21 private Tor nodes (referring to the “onion router,” a layered privacy protection system) operated by corporations, organizations, and even a sovereign government (Weinberg wouldn’t reveal which country) and fulfills a function similar to the mining of a blockchain. The named federation members include CoinShares, BitFury, ChainSafe and Fabric Labs.

Under the hood, Shyft operates a modified version of the Ethereum Virtual Machine (EVM), a kind of software set of rules that regulates the changing state of the blockchain, which all nodes in the network follow. In Shyft’s case, a consensus system of proving authority is run by the Federation of Nodes, with all routing being done within Tor to protect against things like denial-of-service attacks, Weinberg explained.

The story goes on

Decentralized SWIFT

Connected: Axie is benefiting from the booming NFT economy while Bitcoin struggles

In legacy finance, there are centralized technologies like SWIFT to collect counterparty information and route payments. (Blockchains were not designed to require identity information to route payments down the chain, which means there is no way to determine counterparty risk.)

Shyft’s Veriscope application, a system of smart contracts that runs on top of the network’s base structure, creates a counterparty detection and coordination layer for crypto-financing, Weinberg said. Veriscope is designed to meet the requirements of the FATF travel rule for data sharing without sacrificing the cornerstones of decentralization and open innovation, he said.

In addition to hosting the Veriscope travel rules product, the now live Shyft mainnet will host a national identity system for Bermuda created with the state’s government, as well as a series of smart contracts to help regulators accept and work with DeFi .

KYC and composability

The problem you run into when you throw a lot of “Know Your Customer” (KYC) onto a DeFi platform is that it “denatures” everything that is interesting about the platform, Weinberg emphasized.

“The moment you add KYC, you’re breaking composability,” he said, referring to the idea that DeFi projects can easily build on top of each other.

To solve this, Shyft offers an on-chain KYC rules engine that can be customized so that, for example, an institution’s KYC policy can be made available to many institutions at the same time, or predefined rules can be created for specific institutional liquidity pools and users can choose to log in, Weinberg said.

“So we can basically start by redesigning the composability,” said Weinberg, adding:

“In the future, will there be all of these institutional pools, things like Aave Pro, and the next piece will be how we tie them all together so we can recreate this experience of transitive liquidity?”

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London, England, July 26, 2021 (GLOBE NEWSWIRE) – Net Savings Link, Inc. (OTC Pink: NSAV), a cryptocurrency, blockchain and digital asset technology company, announced today that it has signed up for the August 9 is on schedule. 2021 launch of its wholly owned cryptocurrency exchange. Mr. Yuen Wong, NSAV Director and Managing Partner of the leading cryptocurrency exchange, Bitmart, will give shareholders a video address next week and update the status of the exchange which will be branded NSAV. The launch officially marks the company’s entry into the global $ 2 trillion cryptocurrency market, making NSAV the second publicly traded US company to own a cryptocurrency exchange at over Coinbase after Coinbase went public in April $ 85 billion.

NSAV’s management believes that given the expertise of its management and strategic partners, the company can capture a significant share of the massive Chinese cryptocurrency market. Currently, Huobi Cryptocurrency Exchange has over $ 6 billion in 24-hour trading volume and 40% of its users are from China. Huobi is number 3 worldwide in daily sales with $ 2.29 million, behind Upbit $ 3.42 and industry leader Binance / s with $ 3.48 million.

The NSAV added a countdown timer to their corporate website to keep shareholders informed of how much time there is before the official launch of our cryptocurrency exchange.

The management of NSAV and its partners are pioneers in the digital asset and blockchain industry. The team is led by the above mentioned NSAV director, Mr. Yuen Wong. Mr. Wong is also the CEO of LABS Group Limited, the world’s first end-to-end real estate investment ecosystem powered by blockchain and powered by decentralized finance (DeFi) and governance from the LABS ecosystem Token is powered.

The story goes on

As one of the founders of Bitmart Cryptocurrency Exchange, Mr. Wong helped BitMart become a leading global digital asset trading platform with over 2 million users worldwide and was among the top crypto exchanges on CoinMarketCap. Bitmart’s platform supports over 220 cryptocurrencies and has a 24-hour trading volume of approximately $ 2 billion.

NSAV’s management released the following statement: “We are really excited to provide weekly updates to our shareholders and to be on track with the launch of our own cryptocurrency exchange.”

NSAV’s vision is to create a fully integrated technology company providing turnkey technological solutions for the cryptocurrency, blockchain and digital asset industries. Over time, the company plans to offer a wide range of services such as software solutions, e-commerce, advisory services, financial services, and information technology.

For more information, please contact NSAV at

The NSAV’s Twitter account can be found at be called

The NSAV corporate website can be found at

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe havens it creates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, Net Savings Link, Inc.’s ability to meet its stated business plan. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable and that any such assumption may be inaccurate and, therefore, no assurance can be given that the forward-looking statements contained in this press release will prove to be substantiated to be exact. Given the significant uncertainties inherent in the forward-looking statements contained herein, inclusion of such information should not be taken as a representation by Net Savings Link, Inc. or any other person.

Net Savings Link, Inc.

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Bitcoin Jumps as Much as 20% to a Six-Week High



Bitcoin price jumped to a six-week high on Monday, with some investors blaming the rally on liquidation of short positions and speculation that Amazon.

AMZN 0.51%

com Inc. may venture into digital currencies.

Bitcoin rose to $ 39,544.29, according to CoinDesk, its highest level since mid-June. It is up 18% from its Friday at 5 p.m. ET after briefly rising more than 20% on Monday morning. The rival currency, Ether, rose more than 14%.

Recent bullish comments from high profile cryptocurrency supporters have helped prop up price gains. Last week, Elon Musk, chief executive of Tesla Inc., said he and his rocket company SpaceX are holding Bitcoin despite concerns about its environmental impact. Mr Musk also said that Tesla would likely accept the cryptocurrency as payment again if the process of creating it, known as mining, became less dependent on fossil fuels.

“There has been a lack of good news in the cryptocurrency market for the past two months,” said Bobby Lee, founder and CEO of Ballet, a hardware wallet for cryptocurrencies. “Now they are trickling out, so investors and speculators are taking this opportunity to build their positions and buy back Bitcoin, causing the price to go up pretty dramatically.”

Bitcoin is still about 40% below its high of nearly $ 65,000 in mid-April. The following month, China’s renewed efforts to crack down on Bitcoin mining and trading contributed to sharp falls in prices.

Speculation has risen in recent days about Amazon’s possible plans for cryptocurrencies and related technologies after the company posted a position for a digital currency and blockchain expert.

The online retail and cloud services giant said the person who would be on its payments team in Seattle will be tasked with developing “Amazon’s digital currency and blockchain strategy and product roadmap.” That sparked online chatter that the company might one day allow customers to pay in cryptocurrencies. Amazon did not immediately respond to a request for comment.

China’s recent warning about cryptocurrencies has left the market in a tailspin. WSJ’s Aaron Back explains why recent changes in the value of Bitcoin, Dogecoin, Ether and other cryptocurrencies may point to barriers to mainstream adoption. Photo: Dado Ruvic / Reuters

According to data from Bybt, short positions in Bitcoin worth around $ 740 million were liquidated on Monday, more than ever in the past three months.

Many cryptocurrency exchanges allow their users to bet on price drops by taking short positions in their margin trading accounts. As with stocks, traders do this by borrowing cryptocurrencies like Bitcoin – sometimes with leverage or borrowed money – and selling them before buying them back at a lower price to repay their lenders.

Mr Lee said that when prices rise unexpectedly – especially in cryptocurrencies where there are a large amount of futures and other derivatives – traders are caught short, causing what is known as a short squeeze and making the price go even higher.

Claire Wilson, partner at Singapore-based consulting firm Holland & Marie, said volatility in the crypto market caused by a variety of factors is nothing new. “In the past few months, however, these wild price fluctuations have been linked more often to comments from personalities on social media,” she said.

Write to Elaine Yu at and Caitlin Ostroff at

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Are the walls closing in on cryptocurrency ads?



Is it time to regulate ads more clearly as celebrity campaigns bring cryptocurrency to the mainstream?

This month, a keen spotlight was thrown on ads for cryptocurrencies. UK advertising regulator ASA has announced that it will now monitor cryptocurrency content better, while TikTok has warned developers that it will not tolerate the promotion of the divisive digital currency. At the same time, Google and Facebook seem to be opening the door to more advertising from crypto companies that previously banned all ads. And even ads that make it to the big screen were quickly criticized by the public, who better understand the pitfalls of the crypto boom.

When Spike Lee – the famous director behind films like “Malcolm X” – appeared on the screens last week and in a campaign for the crypto-ATM operator Coin Base touted the advantages of why “old money is out, new money is in” criticism because they did not recognize the hypocrisy.

He praised Bitcoin et al. as “the digital rebellion” against a financial system that “systematically oppresses” people of color and women, marched through Wall Street, condemning archaic financial systems and encouraging the nation to redeem its dollars for cryptocurrency.

“Do your research,” says Lee between exaggeration. Is it a warning? If not, it should be.

According to the Federal Deposit Insurance Corporation, 5.4% of US households do not have a bank account, the main reason being the lack of sufficient funds to open one.

Yet these 20 million Americans seem to be exactly the target group Lee encouraged to rush to a Coin Base ATM to exchange their “old money” for a new currency that is “inclusive and liquid”.

Critics were quick to point out that this group is arguably more vulnerable than any other to the promise of making quick money without considering the risks associated with investing in something as volatile as cryptocurrencies.

Bitcoin holders made net losses of $ 2.56 billion between May 17 and May 24, according to Glassnode. Glassnode says most of these sellers were new “bitcoiners” who had bought the currency within the past three to six months and then sold it.

In a survey of UK consumers conducted by behavioral finance experts Oxford Risk, 36% of cryptocurrency investors admitted their understanding of the sector was poor or nonexistent.

But emotional factors such as the “fear of missing out” drive growth. Around 35% of adults say they have read a lot about huge price hikes, while 15% say they were encouraged to buy by friends or family.

Spike Lee isn’t the only celebrity who gives cryptocurrency ads his star power.

In the past, crypto companies were used to marketing their products in the pockets of the internet – telegram groups, online chat rooms, and forums that were only accessible by invitation. But when Bitcoin hit the headlines, big investors like Tesla and Square endorsed various coins, and financial giants like BNY Mellon, Visa and Mastercard revised their guidelines to support crypto projects, the crypto sector began experimenting with mainstream advertising. And their marketing pockets are deep if the caliber of celebs they’ve hired for big ad campaigns is something.

Actor Neil Patrick Harris has bragged about the perks of being an early bitcoin investor on a CoinFlip campaign, Alec Baldwin poked fun at those who think trading crypto on Etoro should be everything else so quick and easy , while Tom Brady and Gisele Bündchen have become brand ambassadors for FTX to promote the adoption of the digital currency.

These companies also spend a lot on digital advertising, especially with social media influencers.

Last month, the Internet sensation Kim Kardashian West advertised Ethereummax – a so-called alternative coin or “Alt-Coin” to the more established Bitcoin – among its 228 million Instagram followers.

Over on TikTok, the young stars Charli and Dixie D’Amelio drew the attention of their 169 million followers to the Gemini cryptocurrency exchange as part of a sponsored campaign. In fact, the use of influencers by crypto companies on TikTok was so widespread that they were nicknamed “Fintok Consultants”.


However, there is growing concern within the walls of advertising regulators about the lack of control over cryptocurrency ads, especially those aimed at a young and financially naive audience.

The UK’s Advertising Standards Authority (ASA) recently said it would look more seriously at crypto advertising. It came after the UK stock exchange Luno banned an OOH campaign that ran a series of ads that read, “If you see bitcoin on the subway, it’s time to buy.”

The watchdog said it plans to offer guidance to businesses in the coming weeks and is considering “whether more action is needed” to encourage social media influencers who encourage investment in the field without disclosing enough about the risks.

In addition, the Advertising Standards Council of India (ASCI) announced this week that it is investigating the surge in crypto advertising after identifying it as an “emerging area of ​​concern”.

But it’s going slowly. Too slow for the fast pace of this sector, where scams and fraud are all too common.

“It is inevitable that investments in digital assets and cryptocurrency displays, in particular, will face tighter scrutiny and regulation. It is really a case of slow regulators catching up with rapidly evolving technology and greater public awareness, ”said Rafe Blandford, Chief Product Officer at Digitas UK.

“Due to the consumer risk associated with each investment instrument, the focus is more on this sector, especially in what is currently felt like a Wild West atmosphere. Since legislation can be slow from country to country, we can expect advertising networks to implement their own guidelines and self-regulation. “

Large networks U-turn networks

Atomic London is an advertising agency that has Etoro – a trading platform that lists numerous cryptocurrencies – among its customers.

Agency CEO Jon Goulding said he had no doubt that crypto advertising would crack down. However, he raised concerns about how effective it would be in the absence of official regulation from the Financial Conduct Authority (FCA), and agreed with Blandford that we will ultimately take a network-level stance rather than anything that is mandated by the government will.

“How are consumers really protected with most cryptocurrencies that are not regulated by the FCA?” Says Goulding. “It again depends on whether digital and social media platforms regulate themselves and crypto advertisers regulate access to theirs and not just whether, in addition to advertising messages, there is an arbitrary ‘warning that you could lose all your money’ in the small print.

But instead of moving to tighter regulation of crypto advertising, some digital and social platforms seem to be slowly opening up to it.

Facebook – which owns Instagram – already introduced crackdowns in 2018 with a blanket ban on crypto companies using its advertising product. Since then, it has lifted those restrictions to allow some ads from pre-approved brands and has no policy on its website regarding influencers promoting crypto.

Like Facebook, Google had previously taken a firm stance on crypto ads to curb scams. But it seems to be easing those restrictions on crypto exchanges and wallets as reports surfaced that this month, ahead of a policy change in August, potential advertisers were asked to apply for commercial opportunities.

“Given the track record of these platforms, I’m not very hopeful that they’ll suddenly start cracking down,” says Goulding. “Ironically, the first pop-up ad for a cryptocurrency was when you looked at articles on digital publishers’ websites related to the ASA’s ban on cryptocurrency advertising.”

However, TikTok is getting tougher. Earlier this month it updated its content policy to ban influencers from promoting cryptocurrency, among other things.

Platform aside, the ability of crypto brands to market to the masses can also depend on the ethical values ​​of the advertising agencies that want to deploy them.

Many agencies have committed to AdNetZero to help the industry tackle climate change. Led by the Advertising Association, it aims to reduce the carbon footprint of the development, production and operation of UK advertising to zero by the end of 2030 and to encourage agencies to commit to making practical changes in the way they carry out their promotional activities.

“The environmental impact of cryptocurrencies is significant. It is estimated that crypto mining was responsible for up to 15 tons of carbon dioxide emissions between early 2016 and mid-2018. The most famous cryptocurrencies – Bitcoin, Ethereum, Litecoin and Monero – used more electricity than Ireland or Hong Kong in 2017, ”says David Edwards, Chief Customer Officer at AMV BBDO, suggesting that agencies may need to take a stand to introduce cryptocurrency brands as clients .

“It is estimated that for every US dollar of Bitcoin value created, US $ 0.49 was caused in health and climate change – also known as crypto damage. It makes sense that there should be stricter advertising regulations until cryptocurrencies are subject to proper global regulations – with all controls and considerations relating to personal protection and environmental protection. “

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