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“# Ruler and Cover DeFi protocol closes down amid mass developer exit ” In a candid open letter, the lead contributor of Cover and Ruler Protocol, “DeFi Ted,” announced the protocol will close its virtual doors in the near future, citing a mass developer exit as the primary reason for the project’s conclusion. Launched earlier…
“#Paramount sues insurance firm over ‘Mission: Impossible’ COVID shutdowns” Hollywood studio Paramount Pictures slapped its insurance company with a lawsuit Monday after it refused to cover the majority of its losses due to pandemic-related shutdowns on “Mission: Impossible 7.” Paramount claims in its lawsuit that its insurer, Chubb, said it will pay only $1 million…
“# Fitch Ratings warns El Salvador’s ‘Bitcoin Law’ will pose risk to local insurers ” Fitch Ratings has become the latest global credit rating agency to warn El Salvador against adopting Bitcoin (BTC) as legal tender, expressing concerns that crypto assets could cause systemic risks for the Latin American nation. Citing the country’s lack of…
“# Digital insurer Metromile follows through with $1M Bitcoin purchase ” San Francisco-based technology firm Metromile has used 10% of the funds it previously said would be allocated towards crypto to buy Bitcoin. According to an Aug. 10 filing from the U.S. Securities and Exchange Commission, or SEC, Metromile reported it had purchased $1 million…
“# Digital yuan pilots expand to insurance industry for the first time ” China’s nascent central bank digital currency, the digital yuan, has already been deployed for an extensive array of successful pilot schemes, ranging from e-commerce to salary payments and to festive traditional lotteries. This week has reportedly seen the currency debut in the…
“# Etherisc onboards 17K Kenyan farmers covered by blockchain-based crop insurance ” An insurance collaboration between decentralized protocol Etherisc and microinsurance issuer ACRE Africa has allowed thousands of farmers in Kenya to receive coverage for weather-related risks. Etherisc and ACRE Africa said they had processed insurance payouts for some of the more than 17,000 smallholder…
“# Stablecoin insurance firm Bridge Mutual to protect against possible Tether depegging ” While the value of stablecoins like Tether (USDT) and USD Coin (USDC) is designed to be pegged to another asset, such as the U.S. dollar, the crypto industry has fretted for years about the possibility of a major depegging — especially amid U.S….
“#DOJ sues to block AON’s $30B acquisition of rival Willis Towers Watson” The Biden administration has sued to block the merger of two of the world’s largest insurance brokers, asserting the deal could eliminate competition, raise prices and hamper innovation for US businesses, employers and unions that use the companies’ services. The Justice Department on…
“#CNA Financial reportedly paid hackers $40M in ransom” CNA Financial, one of the biggest insurance companies in the US, reportedly forked over $40 million in ransom after it was hit by a cyberattack in late March. The Chicago-based company was locked out of its network and decided to pay the hackers after about two weeks,…
“# US FDIC seeks insight on banks’ role in cryptocurrency markets ” The United States Federal Deposit Insurance Corporation is looking for information and public comments on banks’ cryptocurrency-related activities. The FDIC is the major provider of deposit insurance to U.S. commercial and savings banks, originally created to address bank runs during the Great Depression. …