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A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the digital real token can be used in public blockchains following all compliance rules set by Brazilian laws.
Digital Real Completes Stellar Blockchain Test
The digital real project, a Brazilian initiative for building a central bank digital currency, is advancing toward its possible issuance. Mercado Bitcoin, a local exchange, informed that a series of pilot tests designed to examine the interconnection of a tokenized version of the digital real, was conducted successfully.
The tests used the Stellar blockchain as a public blockchain, and included all of the steps that a regular user would have to conduct for the use of a tokenized, on-chain version of the digital real, and included traceability, know your customer and antifraud procedures, derived from a digital decentralized identity system.
The digital identity tasks were conducted by Clearsale and CPQD, which handled ID and fraud prevention processes in order to make these transactions compliant with Mercado Bitcoin Pay, the tool used by Mercado Bitcoin to process the transactions.
According to the institutions behind this test, this success shows that public networks such as the Stellar blockchain can serve as proxies for the operation of the digital real. On this, Fulvio Xavier, responsible for special projects at Mercado Bitcoin, stated:

Our thesis was to prove that it is possible, viable and safe to carry out transactions with digital assets using a representation of the real on public networks. The Central Bank is always concerned about understanding what happens when transactions leave its hands.


More Tests
The completed test is just a part of a whole array of projects that are being conducted to assess the behavior of the digital real in different situations. Mercado Bitcoin is part of the nine institutions selected by the Central Bank of Brazil to run these tests, as part of the special Laboratory of Financial and Technological Innovations (LIFT) challenge issued in 2022.
On Feb. 14, Roberto Campos Neto, president of the Central Bank of Brazil, revealed that a full pilot test would be conducted as soon as possible to deliver a comprehensive development route for the central bank digital currency on Dec. 2023, before his mandate ends.
What do you think about the latest digital real tests? Tell us in the comments section below.


A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the digital real token can be used in pu...

news.bitcoin.com

Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors

Robinhood recently announced its FY2022 Q4 results, laying out the profits and losses of its popular retail investor-friendly trading platform.
The numbers, although overall positive, were a mixed bag – with traditional asset classes outperforming crypto. However, it’s worth noting that this may soon change. After all, Robinhood’s crypto wallet was, until recently, limited to beta testers and will be rolled out to the general public shortly.
Higher Revenues, Lower Share Prices
Robinhood’s detailed Q4 earnings report was published during the company’s quarterly meeting with the board of investors. Overall, the firm’s total revenue (EBITDA) was up to $82 million, a sequential improvement of 74%.
The net interest revenue also increased by 30%, which Robinhood attributes to higher short-term interest rates and a marked increase in interest-earning assets.
Unfortunately, the bottom line doesn’t look too rosy. Overall, Robinhood lost $166 million over the last quarter, leading to a $0.19 drop in earnings per share. There is a silver lining, however – Q3 saw a $0.20 drop in EPS, meaning Robinhood’s shares performed better over the past quarter.
Crypto Revenue Tanking, Robinhood to Buy Back Shares From SBF
As Robinhood prepares to launch its cryptocurrency wallets to all users, crypto-related revenues have taken a hit. Only about $39 million in revenues were generated by crypto-related products, a 24% decrease since the last quarter.
However, Vlad Tenev – the CEO of Robinhood – remains positive about the introduction of new products, with the crypto wallet being among them.
“Looking back over the past year, I’m incredibly proud of the tremendous execution of our team on our 2022 product roadmap. We’re now starting to see meaningful traction on a number of the products we launched, which gives us confidence they can grow into significant business lines over time.”
Tenev also announced that the board of investors has given Robinhood the green light to buy back as many shares as possible from Emergent Fidelity Technologies, the company holding about $55 million in Robinhood stocks for Sam Bankman-Fried. The shares in question are currently being pursued by seizure by the DOJ, a move contested by SBF, who requested to keep them in order to fund his legal defense.
Despite the mediocre results over the past quarter – and the fiscal year 2022 at large – Robinhood leadership remains confident in their business model and looks forward to a more profitable 2023.
The post Robinhood Crypto Revenue Drops By 25% Over Last Quarter appeared first on CryptoPotato.

Despite a minor overall increase in net revenue and a stellar EBITDA, the trading platform’s crypto revenues have tanked substantially.


cryptopotato.com

Robinhood Crypto Revenue Drops By 25% Over Last Quarter

New documents reveal that embattled crypto lender Genesis owes billions of dollars to its 50 largest creditors.
In recent voluntary bankruptcy filings, the crypto firm divulges that it owes $3.8 billion to its largest creditors, which include hedge fund manager VanEck and the Stellar Development Foundation, the developers of XRP rival Stellar (XLM).

Other prominent creditors include crypto investment firm Digital Finance Group, crypto exchange platform Coinhouse, and crypto lender Gemini. Previously, Genesis and Gemini had collaborated to create Gemini’s Earn program, which allowed retail investors to loan out their digital assets to earn interest.
Genesis owes about $765 million to members of Gemini’s Earn program, the highest single amount it owes, according to the documents.
Genesis, a subsidiary of Barry Silbert’s Digital Currency Group, initially filed for bankruptcy on January 19th.
 “Genesis Global Holdco, LLC (‘GGH’) and two of its lending business subsidiaries, Genesis Global Capital, LLC (‘GGC’) and Genesis Asia Pacific Pte. Ltd. (‘GAP’), filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.”
The firm ran into troubles last year when crypto hedge fund Three Arrows Capital went under, causing liquidity issues. The crypto broker’s challenges were further exacerbated by the downfall of FTX.
As stated by Genesis interim CEO Derar Islim in a press release,
“While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Animedigitalart
The post Bankrupt Crypto Lender Genesis Owes Over $3,800,000,000 to Firm’s Largest 50 Creditors appeared first on The Daily Hodl.


New documents reveal that embattled crypto lender Genesis owes billions of dollars to its 50 largest creditors. In recent voluntary bankruptcy filings, the crypto firm divulges that it owes $3.8 billion to its largest creditors, which include hedge fund manager VanEck and the Stellar Development ...

dailyhodl.com

Bankrupt Crypto Lender Genesis Owes Over $3,800,000,000 to Firm’s Largest 50 Creditors

The non-profit organization – Stellar Development Foundation – announced joining a new advisory committee of the United States Commodity Futures Trading Commission (CFTC).
According to the firm’s statement, SDF will be one of the four crypto-focused organizations at the Global Markets Advisory Committee (GMAC), which is one of the five active Advisory Committees overseen by the CFTC. The firm behind the Stellar blockchain will join representatives from traditional finance players, including the likes of J.P. Morgan, Goldman Sachs, and BlackRock.
SDF’s Role in GMAC
Since SDF represents the blockchain industry on the GMAC, the foundation expects to bring the focus on Layer 1 protocols and remittances. The organization also plans on highlighting the role of stablecoins in the digital asset markets and real-world use cases as part of the committee.
In the statement, SDF stated that it is excited to join the many traditional finance players on CFTC’s new committee. It also believes GMAC will serve as an opportunity for conventional finance and blockchain to find prospects for integration to ensure the integrity and competitiveness of US markets.
“After an active 2022, SDF’s engagement with government agencies is more critical than ever. Our inclusion in the CFTC’s GMAC is yet another opportunity to push the industry toward mainstream adoption. I look forward to the work ahead of us under Commissioner Pham’s leadership and the chance to represent blockchain technology and our industry.”
In addition to SDF, officials from the Chamber of Digital Commerce, Uniswap Labs, and CoinFund are some of the members.
GMAC’s Functions
The GMAC is tasked with guiding the CFTC on issues related to “the integrity and competitiveness” of US markets as well as the domestic firms engaged in global business. Regulatory challenges of global marketplaces are also some of the aspects of global marketplaces that the committee is required to make recommendations to the watchdog agency.
Setting international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries, also fall under GMAC’s purview. Its members include financial market infrastructures, market participants, end-users, service providers, and regulators.
CFTC commissioner Caroline Pham is the new sponsor of the GMAC. It was recently revealed that the first meeting under her sponsorship will be devoted to organizational issues.
The post Stellar Becomes Newest Member of CFTC’s Committee appeared first on CryptoPotato.

SDF is the only organization representing a blockchain on the committee. 

Stellar Becomes Newest Member of CFTC’s Committee

The firm behind XRP competitor Stellar (XLM) will represent the digital asset industry in the Commodity Futures Trading Commission’s (CFTC) relaunched Global Market Advisory Committee (GMAC).
In a new company blog post, the Stellar Development Foundation says it will be one of four crypto-related firms to join the committee alongside representatives of traditional finance.

“The inclusion of digital asset markets in the GMAC’s priorities demonstrates the importance of blockchain and crypto to the future of U.S. markets. 
The Stellar Development Foundation will be one of the four crypto-focused organizations – and the only one representing a blockchain – to join representatives from traditional finance players such as J.P. Morgan, Goldman Sachs, and BlackRock.” 
Stellar says that since they are the only firm on the committee representing blockchain, they hope to bring the unique perspective of layer-1 protocols to the table.
The firm also notes that it doesn’t plan to usurp traditional finance, but rather work closely with the sector and build on top of it.
“At SDF, blockchain’s future is not to supplant traditional finance but to build on top of and work with the system we’ve already created. This vision requires blockchain and traditional finance to work together and to ensure the systems are interoperable to work as seamlessly as possible.
 This body will serve as an excellent opportunity for conventional finance and blockchain to find the present and future prospects for integration to ensure the integrity and competitiveness of U.S. markets.”
XLM is changing hands for $0.92 at time of writing, about an 8% gain during the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc
The post Foundation Behind XRP Rival Stellar (XLM) Tapped for Position on New CFTC Advisory Committee appeared first on The Daily Hodl.


The firm behind XRP competitor Stellar (XLM) will represent the digital asset industry in the Commodity Futures Trading Commission’s (CFTC) relaunched Global Market Advisory Committee (GMAC). In a new company blog post, the Stellar Development Foundation says it will be one of four crypto-related...

Stellar price	$0.092583
Low - High 24H	$0.090495 - $0.095058
Market cap	$2.46B
Volume 24H	$113.15M
All time high	$0.875563 -89.42% January 3rd 2018
All time low	$0.000476 19363.78% March 5th 2015
Genesis date	N/A

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