Prizmabet

Illia Polosukhin: A Crypto+AI Pioneer

The co-founder of NEAR is working to create a full ecosystem for decentralized AI.

There are many in the Web3 space who have only recently jumped into AI. Illia Polosukhin isn’t one of them. Long before he co-founded the decentralized app blockchain protocol NEAR, Polosukhin worked at Google as an AI researcher and co-wrote the seminal 2017 paper “Attention is All you Need,” which is widely credited as pioneering the “transformer” technology that powers popular large language model (LLMs) AI apps such as ChatGPT. His AI credentials are impeccable.

“AI is a really powerful force,” Polosukhin told me in 2023, “but what we don’t want is it to be controlled and biased by a single company.” So now Polosukhin is marrying his original love (AI) with NEAR’s mission of decentralization, working to create an entire ecosystem for decentralized AI, from compute to training to agents.

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At NEAR’s recent [Redacted] conference in Bangkok, there were literal signs everywhere showing just how seriously Polosukhin is taking this: “AI is NEAR.”

This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here.

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Russian Lawmaker Proposes Creating Strategic Bitcoin Reserve: Report

Anton Tkachev proposed “assessing the feasibility of creating a strategic BTC reserve in Russia by analogy with state reserve in traditional currencies.”

A deputy in the Russian parliament proposed the creation of a strategic bitcoin (BTC) reserve to tackle sanctions imposed on the country, state-owned news agency Ria reported on Monday.

Anton Tkachev of the New People party, which formed in 2020 and has 16 out of the 450 seats in the State Duma, asked Finance Minister Anton Siluanov to “assess the feasibility of creating a strategic bitcoin reserve in Russia by analogy with state reserve in traditional currencies.”

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The reserve would help counter the threat posed to Russian financial stability by sanctions, inflation and the volatility of traditional currencies that the country holds, such as the Chinese yuan, U.S. dollars and the euro, according to the proposal.

“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade,” Tkachev said in the proposal.

The proposal appears to echo U.S. President-elect Donald Trump’s plan to establish a strategic BTC reserve as a store of value to alleviate the pressures of the country’s national debt.

Companies Can Now Offer USDT Services in Abu Dhabi

Tether services can now be offered in the Abu Dhabi Global Market by authorized firms, the company said Tuesday.

Tether’s stablecoin USD₮ has been recognized as an accepted virtual asset in the Abu Dhabi Global Market (ADGM), the company announced on Tuesday.

The approval from the Financial Services Regulatory Authority means that companies which are licensed can offer pre-approved USD₮ services in Abu Dhabi’s Global Market. Though, the release did not say what those approved services might be. CoinDesk reached out to Tether for comment.

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Tether ‘s USD₮ exceeded a $138 billion market cap but the company wants to continue advancing its growth, the statement said.

“By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East,” said Paolo Ardoino, CEO of Tether, in a press release.

The United Arab Emirates has been praised for being a crypto hub. Abu Dhabi, its capital, started regulating crypto activities including those undertaken by exchanges and custodians in 2018 ahead of most regulators. The European Union will begin enforcing its rules in the coming days and the U.K. by 2026.

Circle, another stablecoin issuer, is also diving into the Middle East after incorporating a company in the ADGM, it said in a statement.

XRP Outperforms Bitcoin, Dogecoin Extends Slide Ahead of U.S. CPI

XRP whale exchange deposits hit a six-month high early Tuesday, indicating short-term bearish pressure.

XRP outperformed bitcoin and other major cryptocurrencies, with dogecoin (DOGE) leading losses in the past 24 hours before the release of U.S. inflation data later Wednesday.

Bitcoin (BTC) remained steady around $98,000, while ether (ETH), BNB Chain’s bnb, and Cardano’s ADA fell by as much as 2%. Memecoin DOGE dropped 4%, even as shiba inu (SHIB) and floki (FLOKI) rose 1%. The broad-based CoinDesk 20 added 0.69%.

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The U.S. Bureau of Labor Statistics is due to release November’s consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). Federal Reserve Chair Powell has said that incoming economic data will heavily influence interest-rate decisions —which may impact crypto markets in the new year. The previous month’s data showed that inflation remained a concern for the Fed.

XRP, meantime, surged as much as 7%, reversing losses since Monday, after related company Ripple Labs said it had received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.

The stablecoin will be issued on both the XRP Ledger and Ethereum networks, and could be used on decentralized finance (DeFi) applications that involve XRP, boosting the ecosystem.

Before the announcement, deposits from XRP whales to exchanges hit a six-month high early Tuesday, indicating short-term bearish pressure. Over the past 30 days, more than 2.66 billion XRP tokens moved to Binance, data from CryptoQuant shows. That is the most since April 2024.

“The large inflows suggest that big XRP holders are actively transferring XRP over the network,” CryptoQuant independent analyst maartunn said in a post. “Whale deposits can often signal potential shifts in strategy, as these players have significant amounts of assets at their disposal.”

Large movements of XRP to Binance preceded price drops in November 2023 and April 2024.

Italy Set to Scale Back Planned Tax Hike on Crypto Capital Gains: Reuters

The tax increase will be significantly reduced during parliamentary work, lawmakers said.

Italy is set to trim its planned tax increase on crypto capital gains, Reuters reported on Tuesday.

Two months ago, the government was intent on raising the tax to 42% from 26% by the end of December.

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“The tax increase will be significantly reduced during the parliamentary work,” lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.

The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above $100,000 last week. The “phenomenon is spreading,” Deputy Finance Minister Maurizio Leo told Bloomberg in October after announcing the news.

CoinDesk reached out to Centemero and Freni for a comment.

Bitcoin Crosses Above $101K as XRP, AI Tokens Lead Crypto Rally Following CPI

Wednesday morning’s in line U.S. inflation data seemingly cleared the way for a Fed rate cut next week.

The crypto market is in recovery mode on Wednesday following a cascade of selling earlier in the week that for now appears to have flushed out much of the long leverage.

The move higher comes alongside a sizable rally in the U.S. stock market following this morning’s Consumer Price Index report that matched economist forecasts. The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week. The Nasdaq is ahead 1.5% and the S&P 500 just shy of 1%.

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After having fallen to as low as $94,100 at one point earlier this week, bitcoin (BTC) has recovered to $101,000, up more than 6% over the past 24 hours. The broader CoinDesk 20 Index is ahead nearly 11% over that same time frame, led by XRP’s 15% advance.

Also among top performers today are AI-related tokens, perhaps buoyed by a report in The Information that Apple (AAPL) is working with Broadcom (AVGO) on an AI chip.

NEAR Protocol (NEAR), Internet Computer (ICP) and Render (RENDER) are all up by 15% or more over the past 24 hours.

Less than 1% of Microsoft Shareholders Voted for BTC Proposal

Prediction markets were skeptical that such a motion would pass.

Only 0.55% of Microsoft (MSFT) shareholders voted for a proposal to put bitcoin (BTC) on the company’s balance sheet, according to a recent company filing with the Securities and Exchange Commission.

The proposal to add bitcoin to Microsoft’s balance sheet was put to a shareholder vote on November 10 and was put forward by the National Center for Public Policy Research, which recommended that Microsoft allocate 1% of its total assets to BTC as a potential hedge against inflation.

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Microsoft’s board opposed the proposal, citing Bitcoin’s volatility and favoring stable investments, despite Michael Saylor’s pitch highlighting MicroStrategy’s success and Microsoft’s $200 billion capital outflow from dividends and buybacks.

Some of the other proposed shareholder motions, which would have directed the company to produce a report on AI and Misinformation/Disformation, as well as another which would highlight the risks of weapons development did not pass.

Prediction markets were skeptical that Microsoft would make a move to adopt the digital asset, with Polymarket bettors giving it a 12-16% chance of the motion being ratified.

Assetera Enables Non-U.S. Investors to Trade Tokenized Nvidia, Coinbase, and S&P 500

The company has plans to include T-bills, money market funds and other instruments in future.

Assetera, a Polygon-powered MiFID-licensed trading venue for blockchain-based securities in Europe, has listed Backed Finance’s tokenized assets, offering non-U.S. investors to gain exposure to trackers linked to some of the most sought-after U.S. companies.

The initial launch includes tokenized trackers tied to the Nasdaq-listed Coinbase (COIN), one of the largest crypto exchanges in the world, the chip-maker Nvidia (NVDA), a bellwether for all things artificial intelligence (AI) and risk assets, and the blue-chip index, the S&P 500 (SPX), the company said in the press release shared with CoinDesk on Thursday.

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The platform plans to list tokenized Treasury bills, or short-term U.S. government securities with maturities of one year or less, designed for liquidity-focused investors. Futures plans include a potential listing of money market funds, bonds, stablecoins and private-credit tokens.

When trading these tokenized trackers, Assetera’s users will receive Backed’s bTokens, representing shares in the underlying assets. These bTokens are fully collateralized and issued under an approved European Union prospectus, ensuring transparent and secure 24/7 trading.

These tokens offer significant flexibility, as they can be stored in any wallet and moved beyond traditional market hours and across chains, with the help of Chainlink Cross-Chain Interoperability Protocol.

“This collaboration reflects our commitment to innovation in financial markets and the empowerment of investors globally,” Thomas Labenbacher, CEO of Assetera, said, as Adam Levi, co-founder of Backed Finance, said it allows investors to get exposure to traditional financial assets via an onchain and regulated environment.

Asset tokenization is the process of using blockchain technology to convert a traditional asset’s value into a digital token, facilitating 24/7 availability, access for all, composability and instant global collateral mobility. A 2022 projection by Boston Consulting Group (BCG) put the value of the tokenized asset market at an astounding $16 trillion in 2030 versus less than $100 billion today.

Regulatory uncertainty and security concerns have long hindered the widespread adoption of digital assets, but Assetera is tackling these challenges using rigorous adults to mitigate vulnerabilities.

The company told CoinDesk that it uses AI-powered real-time monitoring systems to detect and address suspicious activity, adding that Backend’s robust and scalable infrastructure and expertise in democratizing finance through tokenization solidified the partnership.

Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain

The sale follows shortly after the Avalanche9000 upgrade went live in a testnet environment.

Avalanche, the layer-1 blockchain that is upgrading its technology platform, has raised $250 million in a token sale led by Galaxy Digital, Dragonfly and ParaFi Capital.

More than 40 investment firms participated in the deal.

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The sale follows the project’s Avalanche9000 upgrade went live in a testnet environment. The overhaul aims to make it cheaper to conduct transactions and run validators on the network, with the goal of making it easier to build apps on Avalanche. The upgrade cuts deployment costs by 99%, according to an announcement on Thursday.

AVAX, the native token of Avalanche, has climbed 4.95% since the token sale was announced. It up 9.6% in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), is 2.48% higher in that time.

Avalanche is the 10th-largest blockchain by total value locked (TVL) at $1.6 billion, according to DefiLlama data.

Michael Sonnenshein, Ex-Grayscale CEO, Joins Tokenization Firm Securitize as COO

Sonnenshein left asset management firm Grayscale, issuer of spot bitcoin and ether ETFs, earlier this year.

Real-world asset tokenization firm Securitize appointed Michael Sonnenshein, formerly CEO of asset management company Grayscale Investments, as chief operating officer.

“There is massive demand for tokenization, and I am thrilled to join Securitize at such a pivotal moment for the company and the industry,” Sonnenshein said in a Thursday statement. His appointment started on Dec. 9.

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Tokenization is a booming sector at the intersection of digital assets and traditional finance. The process involves representing financial instruments like bonds, credit, commodities and other real-world assets on the blockchain in pursuit of operational efficiency, speedier settlements and cheaper transactions.

Securitize is a key service provider and marketplace in the field, with over $1 billion worth of tokenized instruments on its platform. The company jointly manages asset management behemoth BlackRock’s tokenized money market fund BUIDL. BlackRock also invested in Securitize.

“Michael is a trailblazer whose strategic vision and ability to navigate complex regulatory landscapes have helped pave the way for establishing digital assets as a mainstream investment class,” Carlos Domingo, CEO and co-founder of Securitize, said in a statement.

Sonnenshein’s appointment followed his departure earlier this year from Grayscale, where he had served as CEO since 2021. During his tenure, the company was one of the firms to have a spot-based bitcoin ETF approved to list in the U.S. in January. Grayscale had taken the Securities and Exchange Commission (SEC) to court over the regulator’s repeated refusal to allow it to convert its flagship, closed-end fund Bitcoin Trust (GBTC), then a closed-end fund, into an ETF.

Sonnenshein also joined Aptos Labs, developer organization of layer-1 blockchain Aptos (APT), as an adviser last month.