Connect with us

Markets

UAE makes first digital dirham transfer via mBridge CBDC platform

The central bank of the United Arab Emirates conducted its first cross-border digital dirham transfer using the mBridge central bank digital currency platform on Jan. 29.

Published

on

The central bank of the United Arab Emirates conducted its first cross-border digital dirham transfer using the mBridge central bank digital currency platform on Jan. 29.

The 50 million dirhams cross-border CBDC transfer was sent to China using the multi-CBDC mBridge platform, according to Gulf News. The chairman of the board of the Central Bank of the UAE, Sheikh Mansour, conducted the CBDC transfer on the occasion of the golden jubilee celebration of the establishment of the central bank.

Project mBridge was introduced in 2021 by the central monetary authorities of China, Hong Kong, Thailand and the UAE in partnership with the Bank for International Settlement. It is the only international collaborative partnership that involves China. The project completed its first pilot in September 2022.

The mBridge platform has onboarded multiple commercial banks from each participating member nation to work on the infrastructure and technology. 

The mBridge ledger platform uses single-platform, direct-access infrastructure to make real-time, peer-to-peer transactions with the HotStuff+ consensus mechanism. The CBDC platform allows faster transfers of each participant country’s national digital currency.

One member of the United States Congress also took note of mBridge’s advancements. Representative Maxine Waters, who is a member of the House Financial Services Committee, voiced her worries about the project’s potential to be used as a cover for avoiding economic penalties.

After the popularity of blockchain technology and the use of digital currencies on the distributed ledger, governments worldwide started exploring the use of blockchain technology to create a national digital currency issued by the central bank.

According to a BIS report, nearly 90% of central banks worldwide are looking to adopt CBDCs. Out of these, 11 countries have launched a CBDC, 15 are in the pilot stage, and 26 are in the development phase, according to the CBDC tracker from the Atlantic Council.

News

Bybit Ether reserves near 50% pre-hack levels after $295M ETH buy

Published

on

Bybit has recovered 50% of its Ether reserves after a $1.4 billion hack in February, one of the largest crypto thefts in history. The exchange, which saw its ETH holdings drop from 439,000 to just 61,000 ETH, has since rebounded to over 201,600 ETH through spot buying and emergency industry support.

To aid recovery, Bybit secured $390 million in loans and transfers from firms like Binance, Bitget, and HTX Group. Additionally, the exchange purchased 106,498 ETH worth $295 million via OTC trades, helping to rebuild its reserves quickly.

Despite losing over $5.3 billion in total assets post-hack, Bybit’s reserves remain higher than its liabilities, as confirmed by an independent proof-of-reserve audit by Hacken. This has reassured users, with Bybit processing 350,000 withdrawals within 10 hours of the attack.

The attack was reportedly linked to North Korea’s Lazarus Group, which exploited Bybit’s Ethereum multisig cold wallet. Analysts suggest the breach involved a deceptive transaction that tricked signers into approving a malicious smart contract.

Continue Reading

Markets

Tezos launches world’s first Uranium marketplace on blockchain

Published

on

Tezos blockchain has become the foundation for the world’s first uranium trading marketplace, marking a significant milestone in the integration of blockchain technology with critical commodities. Announced on Nov. 21, the platform aims to bring transparency and efficiency to the global uranium market, which has traditionally operated with limited visibility and complex supply chains. The initiative is spearheaded by major industry players seeking to modernize uranium trading.

The blockchain-based marketplace will enable buyers and sellers to transact securely while providing an immutable ledger of all transactions. This innovation is expected to address long-standing challenges in the uranium sector, including traceability, regulatory compliance, and pricing opacity. By leveraging Tezos’ smart contract capabilities, the platform offers automated processes for contract execution and ensures a transparent record of ownership and origin.

Industry leaders have praised the project as a game-changer for the nuclear energy supply chain, which relies heavily on uranium. The marketplace is designed to support global efforts to enhance sustainability and safety, aligning with the increasing focus on responsible sourcing of critical materials. The move could also attract new participants to the market by lowering barriers to entry and fostering trust through blockchain’s verifiable data.

This development underscores the expanding role of blockchain in transforming traditional industries beyond finance. By addressing inefficiencies in one of the world’s most regulated markets, Tezos demonstrates how decentralized technologies can drive innovation and transparency. As the uranium marketplace gains traction, it could serve as a blueprint for blockchain adoption in other critical resource sectors.

Continue Reading

Business

LimeWire adds decentralized file sharing feature with BNB Greenfield

Published

on

LimeWire, the iconic file-sharing platform from the early 2000s, has made a comeback, reimagined for the Web3 era. Announced on Nov. 21, the platform now operates as a decentralized file-sharing network, leveraging blockchain technology to enable secure and transparent peer-to-peer sharing of digital assets. The relaunch aims to blend nostalgia with innovation, introducing LimeWire to a new generation of users while embracing the principles of decentralization.

The updated LimeWire platform integrates blockchain to provide content creators with greater control over their work, including tools for licensing and monetization. Users can share files, such as music, videos, and other media, while ensuring ownership and royalties are preserved through smart contracts. LimeWire also features its own native token to facilitate transactions within the ecosystem, including tipping creators and accessing premium content.

LimeWire’s revival reflects a broader trend of Web2 platforms transitioning into the Web3 space. The platform’s focus on decentralization aligns with the growing demand for alternatives to centralized file-sharing services, which have faced criticism over censorship and lack of user privacy. By adopting blockchain, LimeWire seeks to address these issues while empowering both creators and consumers with greater transparency and fairness.

As LimeWire re-enters the digital landscape, its success will depend on user adoption and the platform’s ability to compete with established Web3 content-sharing solutions. With its nostalgic branding and commitment to innovation, LimeWire’s evolution into a decentralized platform positions it as a potential leader in reshaping how digital content is shared and monetized in the blockchain era.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk