Tuesday , January 25 2022
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Andrew Throuvalas



Articles by Andrew Throuvalas

NYC Mayor to Receive First Paycheck In Bitcoin And Ether

4 days ago

Eric Adams – newly elected mayor of New York City – is following through on his promise to receive his first paycheck in Bitcoin. Some of his salary will even be converted to Ether – the second-largest cryptocurrency.
The Paycheck Promise
The City of New York confirmed the payment decision from its official site earlier today. The Mayor’s paycheck will automatically be converted into Bitcoin and Ethereum when he receives it tomorrow.
In November, Miami Mayor Francis Suarez told Bitcoin Podcaster Anthony Pompliano that he would accept one of his paychecks in Bitcoin. In an attempt to one-up him, Mayor Adams promised that he would accept his first three paychecks in Bitcoin upon assuming office.
“New York is the center of the world, and we want it to be the center of

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Hedera Governing Council Will Purchase Hashgraph IP While Commiting To Open-Source Code

5 days ago

Hedera – a distributed public ledger for Web 3 dapps – recently voted to buy the intellectual property rights for the hashgraph consensus algorithm from Swirlds, Inc., one of the Hedera Governing Council’s founding members. Furthermore, the project will be shifting to an open-source code model this year.
Hedera’s Decentralization Plans
According to a press release shared with CryptoPotato on Wednesday, the transition to open-source will take place under the Apache 2.0 license. Up until now, Hedera has used an “open review” method, meaning that code was viewable for public scrutiny, but not editable.
Furthermore, Hedera plans to dissolve its C-suite roles in order to transfer more power to the Hedera Governing Council. Doctors Leemon Baird and Mance Harmon –  respectively

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Intel Plans Bitcoin Mining Chip Reveal At Upcoming Conference

6 days ago

Intel – the world’s second-largest semiconductor chip manufacturer – appears to be planning a Bitcoin mining chip reveal. At this year’s ISSCC conference, the organization has a presentation scheduled under the “Highlighted Chip Releases” category to showcase a “Bonanza Mine” processor.
The Bonanza Mine Processor
As reported by Tom’s Hardware, Intel describes the chip as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC”.
An ASIC is an application-specific integrated circuit. Such machines are commonly used in the Bitcoin mining industry today in order to stay competitive. Unlike Ethereum, GPU processors are hardly optimal for the job.
Intel first displayed interest in entering the industry in 2018 after filing a patent for “energy-efficient high-performance

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Bukele Doesn’t Care About El Salvador’s Downgraded Sovereign Debt

6 days ago

Moody’s Investors Service recently claimed that El Salvador’s Bitcoin trading activity is boosting the nation’s risk of default. Like most other groups to speak out against the experiment, President Nayib Bukele publicly disregarded their opinion.
Moody’s Take On El Salvador
The ratings agency discussed El Salvador’s Bitcoin-related risks in conversation with Bloomberg last Wednesday. Analyst Jaime Reusche claimed the country’s Bitcoin holdings “certainly add to the risk portfolio,” particularly for a government that has encountered liquidity issues before.
El Salvador has been increasing its Bitcoin position at every available opportunity since making it legal tender in September. Based on the president’s Twitter updates, the country is estimated to hold 1391 Bitcoin at

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Over 1.6M BNB Removed In Binance’s First Quarterly Auto-Burn

7 days ago

Binance – the world’s largest crypto exchange – recently completed its 18th quarterly burn, marking its first quarterly auto-burn. The burn removed greater dollar-denominated value from the network than ever before.
According to a blog post from Binance, the burn removed 1,684,387.11 BNB. At the time of writing, that’s $798,887,962 worth of tokens.
6296 of those tokens were ‘effectively’ burned through the Binance Pioneer Burn program, which counts BNB mistakenly sent to dead wallets.
As the first auto-burn, this burn was not manually conducted through Binance exchange’s revenue generation. Rather, BNB was collected for removal through Binance Smart Chain’s auto-burn mechanism.
The auto-burn mechanism automatically determines how much BNB to burn according to a formula

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On-Chain Data Shows Number of ETH Holders At All-Time High

7 days ago

The number of Ethereum addresses holding ETH is at an all-time high. Meanwhile, transaction count on the network remains near record highs, showing that user activity continues to grow.
According to on-chain data, Ethereum addresses holding a balance now total over 68.26 million. This number seldom declined despite a rocky price history last year, maintaining steady growth besides the June to August period.
Transactions are also trending upward, with the number of daily ETH transactions at approximately 1.2 million. Transaction count peaked in May of last year at around 1.6 million per day.
These numbers are remarkably steady despite Ethereum’s recent price trajectory. The cryptocurrency is down 34% from its all-time high just 2 months ago.
By comparison, Bitcoin’s

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European Commission Selects IOTA For EU Blockchain Development

10 days ago

The IOTA Foundation was recently selected as a contractor for Phase 2 of the EU blockchain’s pre-commercial procurement. They will now develop prototype improvements for the European Blockchain Services Infrastructure (EBSI)’s future versions.
Competing For The EU
The foundation announced the commission’s support in a blog post on their site earlier today. They will be competing with four other selected contractors to research how the EBSI could be made more scalable, interoperable, secure, and energy-efficient.
The EBSI is a collection of nodes using blockchain technology to improve cross-border services across Europe. It was created in 2018 after the EU commission and member states formed the European blockchain sponsorship.
In September, IOTA was selected in Phase 1 of

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Bitcoin And Ethereum Futures ETF To Arrive In India

11 days ago

Through a memo of understanding, Torus King Blockchain IFSC recently partnered with India INX to launch India’s first Bitcoin and Ethereum ETF product. This is the first Bitcoin futures ETF to premier outside of the United States.
An Indian Crypto ETF
As reported by The Economic Times, the ETF will launch under the International Financial Services Centres Authority (IFSCA)’s sandbox structure.
Torus will be responsible for providing liquidity to India INX using smart order routing. The ETF is set to be distributed through the Torus global distribution team.
“This is a part of our product innovation initiative to benchmark offerings with other international financial centres,” said Mr. V. Balasubramaniam, Managing Director & CEO at India INX. “We will be launching products

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Clothing Brand Gap Launches NFT Collection on Tezos With Artist Brandon Sines

12 days ago

The Gap – a worldwide clothing retailer – recently announced the launch of its first NFT collection through Tezos. The collection features a “gamified digital experience” for creatives and lets customers digitally own a collectible Gap hoodie.
The Gap Apes Into NFTs
The clothing brand announced its NFT project in a statement from its site on Wednesday. The new collectibles were reportedly designed in partnership with Brandon Sines – the artist who created the Frank Ape NFTs. Gap said that Sines’ creation embodies self-expression, equality, and positivity, which align with the company’s “values of modern American optimism”.
“With this partnership with Gap, the creative cycle has come full circle as it allows me to express the beautiful messages of Frank Ape while

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Fed Chair Says A US CBDC And Stablecoins Could Coexist

13 days ago

Jerome Powell – chairman of the Federal Reserve – appears to have reversed one of his previous positions on the relationship between CBDCs and stablecoins. Testifying in front of the US congress, he suggested that both could co-exist, without the former replacing the latter.
Allowing Stablecoins and CBDCs.
Powell discussed the possibility of a Federal Reserve issued CBDC during his renomination hearing on Tuesday. Republican Senator Pat Toomey – a known crypto advocate – asked if a Fed issued CBDC would preclude the existence of “well-regulated, privately issued stablecoins”.
“No, not at all,” responded Powell.
This is a far less hawkish attitude towards stablecoins than we heard from Powell last year. In July, he suggested that a CBDC’s primary benefit would be to replace

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Fighting Climate Change: Cardano Foundation Plants Over 1M Trees

14 days ago

The Cardano Foundation – a non-profit leading Cardano’s development – has reached its first milestone towards land restoration in Kenya. It has successfully planted over 1 million trees, each of which will be recorded on the Cardano blockchain.
Trees for TREE token
Cardano Foundation CEO Frederik Gregaard announced the achievement on Sunday. He said that the foundation is attempting to position the blockchain as “a leader” in efforts to address climate change, and ultimately as a force for good.
“The #CardanoForest will support land restoration and local ecosystem development activities in Mombasa, Kenya,” he explained. “All trees planted will be recorded on the Cardano blockchain for enhanced transparency and serve as public proof of land restoration activities.”
The

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MoonPay Buys CryptoPunk For $3M Worth of ETH

17 days ago

MoonPay – a fintech payment infrastructure provider – recently bought a zombie-themed CryptoPunk for over $3 million. The company often operates as a middleman for celebrity NFT purchases, leaving many to speculate which high-profile figure is behind the buy.
Yesterday at 11:52pm UTC, MoonPay purchased the NFT for 900 ETH. With ETH worth $3,406.48 at the time, that’s a $3,065,832 buy.
MoonPay released a tweet shortly afterward promoting followers to “guess” who the purchase was for. Fan predictions ranged from NBA players to Gordon Ramsey.
The NFT – CryptoPunk #2681 – is just one of 88 available ‘zombie’ punks, making it especially valuable to collectors. The punk’s last major sale came from maxand98 for 277 ETH, which was $542,219.19 at the time.
In November, Jimmy Fallon

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Back Again: 3rd Largest Bitcoin Whale Swallows Another $24M Worth of BTC During the Dip 

18 days ago

While the recent plunge has put the crypto community into a state of panic, one HODLer is taking advantage. The third-largest Bitcoin whale just bought the dip, putting his stack over 121,000 BTC.
On January 4th, the whale’s address added another 372 Bitcoin. The sum was purchased for $17,122,242.1 at the time.
This was a follow-up to an even larger purchase from a day earlier, when he bought 456 Bitcoin for an average of $46,363 each.
Bitcoin’s price plunged below $43k on January 5th, alongside stocks. This pushed market sentiment to lows it hasn’t seen since July.
The whale reacted with yet another Bitcoin purchase at the time, absorbing another 172 coins for $7,793,488.82. That’s an average of $43 539 per coin.
With over 121,396.57 Bitcoin, the whale’s holdings rival

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Nas Sells Song Royalty Rights Through Crypto Platform Royal

18 days ago

Nas – an American rapper and entrepreneur – is selling the rights to two of his songs through Royal, a crypto-based music startup. The platform creates a new way for music artists to profit from NFTs, as visual artists are beginning to do.
‘Extended NFTs’
Royal announced its partnership with Nas in a blog post on Thursday, marking its debut music drop.
The first of the songs is “Ultra Black”, which was the lead single from the rapper’s Grammy award-winning album King’s Disease. The second song – “Rare” – was part of his follow-up album King’s Disease II, which has been nominated for a 2022 Grammy award.
Both songs are released through Nas’s independent label Mass Appeal. They will be available through Royal on Jan 11th at 1pm / 9pm EST respectively.
Fans will now be able

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Bitcoin Plunges Below $43K As Wall Street Tumbles

19 days ago

The crypto market is tanking following a negative day on Wall Street, taking Bitcoin’s price to lows it hasn’t seen in 3 months. 
Hours ago, the primary cryptocurrency was trading in the upper $46k range. Beginning at around 19:40 UTC, its price collapsed down to $45k.
Prices continued to fall over the next two hours, with prices now below $43k at the time of writing.
The event hasn’t been kind to bulls. Coinglass data shows $500 million in crypto liquidations having taken place over the last 4 hours alone.
The price plunge has coincided with a 1.9% fall on the S&P, and a 3% fall on the NASDAQ.
The market-wide dip may have been spurred by resurging rumors that the Fed could start raising interest rates early this year to combat inflation. US inflation was 6.8% this

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Bored Ape Yacht Club Surpasses $1 Billion in Total Traded Volume on OpenSea

20 days ago

Bored Ape Yacht Club (BAYC) – one of the most popular NFT collections in existence – has reached $1 billion on sales on OpenSea’s marketplace.
According to on-site statistics, the collection has generated an all-time trading volume of 298 265k ETH. WIth ETH trading at about $3,800 at the time of writing, that’s effectively over $1.13B in Bored Ape sales.
There are ten thousand Bored Apes available, distributed across about six thousand holders.
Some apes have traded for fortunes, such as a Bored Ape #9055, which rapper Eminem recently bought for over $460k.
Other celebrities have joined the club too, including NBA superstar Steph Curry for $180k
The collection is the second most popular on OpenSea, dwarfed only by CryptoPunk’s 774k ETH sales. However, BAYC has seen greater

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$87 Billion Italian Bank To Allow Bitcoin Purchases Early This Year

21 days ago

Banca Generali – an Italian Bank geared towards private banking and wealth management – plans to launch Bitcoin trading services in early 2022. These services will be enabled through an integration with Conio – a Bitcoin wallet/ exchange app.
Bitcoin in Italy
Financial magazine “We Wealth” provided details on the bank’s new services last month. Apparently, Banca’s 300 000 customers will be able to create a Bitcoin wallet directly from their bank accounts, thanks to Conio. The former has already invested millions of dollars in Conio, which shares locations in both San Francisco and Italy.
Both companies initiated their partnership in December of 2020, originally planning to launch services in 2021. However, Riccardo Renna – Chief Operation Officer at Banca – is confident

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DeBank Scores $25M Equity Funding Round Led By Sequoia China

27 days ago

DeBank – a crypto wallet for tracking decentralized finance applications – recently closed a multi-million dollar funding round led by fintech venture capitalist firm Sequoia China. This brings the defi wallet’s valuation to over $200 million.
Debank announced its newly acquired funds in a tweet on Tuesday.
Other companies that contributed to the funding round include Dragonfly, Yuobi, and Hash Global. It also featured “strategic investments” from various popular crypto companies including Coinbase Ventures, Crypto.com, Circle, and Ledger.
DeBank’s Defi wallet helps track various forms of Defi data across the market, including dApps, DEXs, and Defi interest rates.
While navigating through various Defi assets and projects, users can access analytics for stablecoins, margin

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The Founder of Dogecoin Reveals His DOGE Holdings

28 days ago

Billy Markus – the man who co-created Dogecoin as a joke in 2013 – has just revealed how much he holds. He said he owns approximately 220k DOGE, worth around $42 000 at today’s prices.
Shibetoshi Speaks
Markus (currently “Shibetoshi Nakamoto” on Twitter) dropped the number in a tweet earlier today while clarifying his current role within the Dogecoin space. He said that he does not speak for Dogecoin, nor work on the project anymore – but is simply a community member.
That’s not to say he isn’t supportive, however:
“I will defend those who I feel are actively making the space better. I will discourage those who I feel aren’t.”
Markus’s more casual attitude differs from his partner creator Jackson Palmer, who has repeatedly shown disgust with both Dogecoin and crypto. In

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Michael Novogratz Explains Why Bitcoin’s Volatility Is Likely to Keep Decreasing

December 23, 2021

Mike Novogratz – CEO of Galaxy Investment Partners – recently gave his thoughts on Bitcoin’s price volatility going forwards. Here’s what he had to say.
On CNBC’s Squawk Box, Joe Kernen pointed out to Novogratz that Bitcoin is up 66% on the year, yet down 30% from its high of $69k. He then asked if institutional adoption would lessen this apparent volatility.
“I think volatility is coming down,” responded Novogratz. He recognizes how Bitcoin is relatively stable compared to altcoins.
The CEO also mentions that the short-term speculative investors formerly involved with Bitcoin may be moving to other coins with potentially larger upside. Indeed, a CryptoPotato analysis finds that Shiba Inu has absorbed much attention from retail buyers, possibly affecting Bitcoin’s price

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Adam White Announces Departure From Bakkt 

December 23, 2021

Adam White – the 3+ year President of Bakkt – has announced that he is leaving the company. His future plans remain a mystery.
White announced his upcoming departure in a tweet earlier today. He showed satisfaction with the crypto industry’s maturation from a regulatory standpoint.
“Lots of work still to do here but never been more optimistic about the future,” he said.
Bakkt is a digital asset manager that started by helping institutions securely hold cryptocurrencies, among other things. It later got involved with more retail-oriented products, such as a mobile app that allows consumers to load their Starbucks cards using Bitcoin.
More recently, Bakkt began allowing its clients to hold, buy, and sell Ethereum.
Before working with Bakkt, White was a VP and General Manager

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Terra Network (LUNA) TVL Hits ATH at $20 Billion, Surpasses Binance Smart Chain

December 22, 2021

Terra – a popular open-source stablecoin network – recently surpassed $20 billion in TVL across its Defi protocols. It now holds more locked value than Binance Smart Chain (BSC). 
According to Defi Llama, TVL on Terra began ramping up in late November and early December. By December 16th, the network had over $13 billion locked up.
Value began pouring in after that, accruing another $3 billion within just 3 days. TVL peaked on Wednesday at over $20 billion and now sits at $19.58 billion. 
This is well over the value currently locked on BSC, which has been stuck under $17 billion over the last two weeks. 
Terra now has the second-highest TVL of all networks listed on Defi Llama. It is only dwarfed by Ethereum, which dominates Defi with a TVL of $156 billion.
Value has

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Opera Partners With Polygon to Integrate Ethereum Dapps Into Browser

December 22, 2021

Opera – a web browser that supports web 3.0 – recently announced a browser integration with Polygon. It will offer Opera users in-browser access to over 3000 dApps on the network.
Polygon Dapps on Opera
Opera revealed its most recent partnership in a press release on its site earlier today. The browser – which features a built-crypto wallet that uses Ethereum’s web 3.0 API – allows users to transact in Polygon’s native currency MATIC. It also eliminates passwords, helping remove barriers to entry for crypto newcomers.  `
Polygon was created as a layer-2 scaling solution for the Ethereum network, which is currently plagued by unsustainably high fees. Vitalik Buterin has admitted that such solutions are required to scale the network’s functionality, especially around NFTs.

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Liquidity Management Protocol Visor Gets Hacked, Price Plummets 95%

December 21, 2021

Visor – a Uniswap-based protocol specializing in NFT smart vaults – was recently exploited by hackers to withdraw 8.8 million vVISR tokens. The Visor team appears to be addressing the issue, but the token’s price has collapsed in the aftermath.
Hacked For Millions
Visor Finance called attention to the exploit over Twitter earlier today. Apparently, the hack targeted the vVISR staking contract. Flaws in the contract include a re-entry hack to double mint vVISR tokens, alongside another allowing the tokens to be freely and limitlessly minted.
The protocol stated that no positions or hypervisors are at risk from the exploit, and that affected VISR stakers would be restored. Shortly afterward, the team announced that it would implement a “token migration” based on the state of

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Ubisoft Quartz NFT Initiative Did Only $400 Worth of Sales in 2 Weeks

December 20, 2021

Despite the project’s promotion and hype, Ubisoft Quartz Beta hasn’t proven very popular. Almost two weeks after launch, the NFT collection of weapon skins and equipment has barely generated $400 in revenue – only 15 sales.
Ubisoft’s NFT Flop
Liz Edwards – senior character artist for Apex Legends – called out the company’s sales numbers on Sunday. According to Rarible and Objkte – the NFT marketplaces that Ubisoft Quartz’s site links to – only fifteen NFTs in the collection were sold across each. That’s under two sales per day since its launch earlier this month.
Edwards reported a total sales volume of 94.49 XTZ – under $400 at today’s price.
The collection is connected to Tom Clancy’s “Ghost Recon Breakpoint,” released on  December 9th. The NFTs function as skins for

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Bitcoin Pokes ATH Against Turkish Lira Following Erdogan’s Latest Rate Cut

December 17, 2021

Bitcoin is soaring against the Turkish Lira – but not due to increased demand. Rather, low-interest rates are causing the nation’s currency to rapidly decline, lowering its value against Bitcoin, dollars, and other currencies/ assets.
The Turkish Lira Tumbles
As reported by Reuters, the Lira dropped by another 5.6% against the dollar on Thursday. This followed a 100 basis point policy rate cut from the nation’s central bank on the same day.
Since September, the currency has fallen by 47% against the dollar. Worth 8.29 Lira at the start of September, the dollar’s Lira denominated value now stands above 15.6.
President Tayyip Erdogan has implemented an unusual and risky policy of heavy interest rate cuts in the face of rising prices across the country. Its cumulative easing

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German Savings Banks Association May Offer A Crypto Wallet in 2022

December 13, 2021

German Savings Banks Association – a network of over 400 savings banks throughout Germany – may allow customers to start trading cryptocurrencies from their accounts in 2022. As the market leader among Germany’s financial institutions, the service could give easy crypto access to more than 50 million people.
Adopting Crypto Services
As reported by the German magazine “Capital”, the concept is being prepared by a dedicated team at S-Payment – an IT service provider. It will allow customers to purchase cryptocurrencies like Bitcoin and Ethereum directly from their chequing accounts.
If the banks approve the project at the start of 2022, they may launch the first version of their crypto wallet within the year. Other German banks are yet to make such a foray into the emerging

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More People Familiar With Dogecoin Than Ethereum, Says Grayscale Study

December 13, 2021

The power of memes is nothing to scoff at. According to Grayscale’s third annual Bitcoin Investor Study, Dogecoin is the most well-recognized altcoin. 74% of those surveyed have heard of the meme coin, compared to just 56% that have heard of Ethereum.
Bitcoin is still king, however, recognized by 99% of investors.
Awareness Around Altcoins
Grayscale’s end-of-year study examines investor “perspectives and attitudes” around Bitcoin. However, it also covers some comparative sentiments surrounding the numerous other cryptocurrencies that have risen next to it.
Not only is Dogecoin highly recognized, but even commonly owned. Apparently, 44% of Bitcoin owners also own some DOGE, barely shy of the 46% that own Ether. This is especially surprising given that Ether is required for

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Alameda Ventures Co-Leads $35 Million Series A for Liquidity Network Paradigm

December 9, 2021

Paradigm – an institutional liquidity network for crypto derivatives traders – recently closed a $35 million Series A funding round. Co-led by Alameda Ventures and Jump Capital, this round places the company’s value at $400 million.
Paradigm’s Role
According to a recent statement, over 25 other investors participated in the company’s most recent funding round. These include Nexo, Genesis Trading, Babel Finance, Dragonfly Capital, Digital Currency Group, and others.
Paradigm is meant to provide a bridge for institutional investors between traditional finance and the crypto economy. It allows them to trade complex derivatives products in both Cefi and Defi ecosystems.
The company has achieved remarkable growth, having increased trading volume over its network by 1300%

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Former Google CEO Becomes Strategic Advisor At Chainlink 

December 8, 2021

Chainlink Labs – a smart-contract oracle service provider – recently signed on former Google CEO Eric Schmidt as a strategic advisor. Schmidt’s duty will be to help guide Chainlink in building “a world guided by truth.”
Schmidt Joins Chainlink
Chainlink announced its recruitment of the Ex-Google chief in a statement this Tuesday. The team is focused on aggregating and implementing real-world data to be used as smart contracts built on various blockchains. This is accomplished by using oracle networks, which connect web 3.0 systems with legacy databases.
In aggregate, Chainlink has helped secure over $80 billion in total value locked across multiple smart-contract chains.
“Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and

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