Banco Inter and Chainlink test cross-border trade finance using Brazil’s Drex and Hong Kong’s Ensemble networks in landmark blockchain pilot. Brazilian digital bank Banco Inter has completed a blockchain-based international trade finance pilot with Chainlink, the Central Bank of Brazil and the Hong Kong Monetary Authority (HKMA), showcasing how distributed ledger technology can simplify cross-border settlement. The experiment took place under Phase 2 of Brazil’s Drex central bank digital currency (CBDC) project and simulated the settlement of export transactions between Brazil’s Drex network and Hong Kong’s Ensemble platform, a blockchain system developed under the HKMA’s Project Ensemble initiative. Chainlink provided the interoperability infrastructure connecting the two networks, according to Banco Inter. Read more
The advocacy organization filed a brief opposing prosecutors’ arguments that two brothers presented themselves as “honest validators” to allegedly pull off a $25-million exploit. Cryptocurrency advocacy organization Coin Center has weighed in on the ongoing criminal trial of two brothers who allegedly exploited the Ethereum blockchain using maximal extractable value (MEV) bots. In a Monday amicus curiae brief — a document filed by an entity that is not a party to the case — Coin Center argued against one of the prosecutors’ key case theories involving Anton and James Peraire-Bueno. The two individuals are allegedly responsible for a $25 million MEV exploit in April 2023. According to Coin Center, the US government’s claims of “honest validation” lack merit and should be rejected by the court. Read more
Grants will now be distributed through a wishlist and requests for proposals, aligning funding with the Ethereum ecosystem’s goals. The Ethereum Foundation (EF) has overhauled its grants program, shifting from an open application model to a new funding approach under its Ecosystem Support Program. According to a blog post on Monday, grants will now be distributed through two main channels: a wishlist outlining focus areas set by the Foundation and requests for proposals (RFPs), targeting specific needs within the Ethereum ecosystem. The previous open grants program, which was paused earlier this year, stretched the Foundation’s resources, it said. The new model will take a more selective approach by coordinating with internal teams to direct funds toward defined ecosystem priorities. Read more
Bitcoin and altcoin’s early November performance mirrors October, where the market ignored historicals and fell to new lows. Will bulls show any interest in buying the range lows? Key points: Bitcoin will complete a double-top reversal pattern on a close below the $107,000 support. Several altcoins have broken below their immediate support levels, clearing the path for further downside. Read more
As Ripple’s Swell conference kicked off in New York this week, the company announced an expansion of OTC services following its October acquisition of a prime broker. Blockchain payments company Ripple expanded its services to include digital asset spot prime brokerage for US markets, about seven months after announcing plans to acquire Hidden Road. In a Monday notice, Ripple said that its US-based institutional clients would be able to execute over-the-counter (OTC) spot transactions across multiple cryptocurrencies. The launch of the service followed Ripple’s acquisition of crypto-friendly prime broker Hidden Road as part of a $1.25 billion deal disclosed in April and finalized in October. “The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, international CEO of Ripple Prime and former H...