Analysis Crypto by Thebittimes.Com

Ripple has announced plans to “sunset” its quarterly reports and change the way it reports its XRP holdings after previous transparency efforts were used against it by the Securities and Exchange Commission (SEC). According to the company’s Q1 2025 XRP Market Report, it launched the quarterly reports to “provide transparency into Ripple’s XRP holdings” and to “offer insights that few others in the industry were willing to share.” However, the report claims that this reporting “has not had the intended effect” and that “Ripple’s transparency has been used against the company — most notably by former SEC leadership.” It has not yet been announced exactly what form the new-look reporting will take, but CEO Brad Garlinghouse took to X to reassure those with an interest in Ripple and XRP. “Our commitment to transparency doesn’t change with this evolution — we will continue to publish our XRP holdi...

A new survey by Ramp Network, a crypto on-ramp provider, has once again confirmed that security and transparency concerns are the chief obstacles to mainstream cryptocurrency adoption.  The survey, conducted directly on Ramp’s user base (particularly first-time buyers), saw 46.8% of respondents cite security as their biggest worry, while 80% admitted that robust fraud protection would make them feel more comfortable taking the first step. Security concerns among crypto newcomers As per the survey, crypto scams, phishing attacks, and the potential for monetary loss are among the primary problems new crypto traders face. On the other hand, 69.7% of intermediate and advanced users on the platform claimed their primary concerns were, for example, user-friendly interfaces.  This suggests that security and transparency are issues that need to be solved before, not after onboarding.  In the words of one of the respondents:  “The thing about...

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Blockchain Fighting Cybercrime: A Revolutionary Approach to Cybersecurity! In the rapidly evolving world of technology, cybersecurity has become one of the most critical issues facing individuals, businesses, and governments. With the rise of cybercrimes such as data breaches, identity theft, and financial fraud, traditional security measures have struggled to keep pace with increasingly sophisticated hackers. However, blockchain technology is emerging as a powerful tool in the fight against cybercrime, offering unprecedented levels of security, transparency, and efficiency. What is Blockchain? Blockchain is a decentralized digital ledger technology that records transactions across multiple computers in a way that ensures data integrity and security. Unlike traditional centralized databases, where a single entity controls the system, blockchain uses a distributed network of nodes (computers) to validate and record transactions. Each transaction is stored in a “block” and li...

Economic data has long been the cornerstone of decision-making, from government policy to financial markets. Yet, the systems that provide this data often lag badly and are prone to manipulation. Enter Truflation’s TRUF.Network to form a decentralized economic database. Just launched this week, TRUF.Network reimagines how economic data is sourced, validated, and delivered, supplying DeFi builders with a rich trove of real-world financial metrics. For projects working within onchain verticals such as RWAs, AI, and prediction markets in particular, TRUF.Network’s debut is sure to be anticipated. What makes TRUF.Network different At its core, TRUF.Network is a web3 layer capable of aggregating and validating economic data in real time. It harnesses over 30 million data points across 80+ providers, offering insights into inflation rates, commodity prices, housing metrics, and much more. Picks for you ...

Blockchain Voting: Secure and Transparent Solutions! In the age of digital transformation, traditional voting systems are increasingly scrutinized for their vulnerabilities, from security breaches to allegations of fraud. As the demand for more secure, transparent, and trustworthy voting mechanisms grows, blockchain technology has emerged as a promising solution. By leveraging the decentralized, immutable, and transparent nature of blockchain, a new era of voting could be on the horizon—one that ensures the integrity of democratic processes worldwide. The Need for Change in Voting Systems Traditional voting methods, whether paper-based or electronic, are prone to various issues. These include voter fraud, vote tampering, and administrative errors. Moreover, in many regions, access to voting is still limited, leading to lower voter turnout and disenfranchisement. These challenges underscore the urgent need for a system that not only addresses these vulnerabilities but also enhances acce...

Nexo, a prominent establishment in the realm of digital assets, has made notable progress in enhancing the security of its cloud infrastructure by successfully obtaining the Security, Trust & Assurance Registry (STAR) Level 1 Certification from the Cloud Security Alliance (CSA).  Nexo has recently achieved notable milestones in the digital assets field, including the successful completion of the esteemed SOC 2 Type 2 audit and the standardization of ISO 27 001 in 2019. These accomplishments serve as third-party validations that enhance Nexo’s reputation by emphasizing its commitment to client data security and transparent processes. AWS, Google Maps, and VMWare are just a few of the companies that have chosen the CSA’s STAR certification, which reflects a rigorous, 261-question self-assessment procedure followed by third-party validation via the CSA Cloud Controls Matrix (CCM), as per the latest information shared with Finbold on September 20. Nexo’s sec...

The total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, Paxos report states. Stablecoin issuer Paxos has published the first transparency report for the Ethereum-based stablecoin PayPal USD (PYUSD), stating that the coin is fully backed by assets. According to the report, the total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, 2023. The total notional position value amounted to $44.5 million. The biggest share of PYUSD assets is backed by the U.S. Treasury reverse repurchase agreements held in custody by Paxos for the benefit of PYUSD holders. According to the data, as much as $43 million — or nearly 97% of total assets in PYUSD custody — are held in Treasury reverse repurchase agreements. Data from Paxos’ PYUSD transparency report. Source: Paxos A reverse repurchase agreement is a contractua...

The Dubai-based exchange released its reserve wallet addresses shortly after the FTX fiasco began, and now it launched a verification system for users to track its holdings. The cryptocurrency exchange Bybit joins the parade of exchanges in the industry pushing for transparency post the FTX catastrophe. On Dec. 12, it announced that it has launched a Merkle Tree-based proof-of-reserve system. The new transparency initiative allows its users to directly verify Bybit’s holdings, along with their personal assets deposited into the exchange. The feature is available to all users with funds in both trading accounts and funding accounts, which also includes crypto holdings in Bybit Earn products. Additionally, the new feature enables verification of Bybit’s wallet ownership, that assets are held with a 1:1 ratio. Ben Zhou, the co-founder and CEO of Bybit, commented on the usage of Merkle Trees in liquidity verification: “The cryptographic solution brings forth a crypto-native, trustless mo...