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Blackrock and Vanguard together own 10% of Coinbase

By
Paul Ugbede Godwin
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0

The recent listing of Coinbase, the largest cryptocurrency exchange in the US, on the Nasdaq stock market has attracted a lot of attention from investors and the public. Coinbase is valued at over $100 billion, making it one of the most valuable companies in the world. But who are the major shareholders of Coinbase, and what does this mean for the future of crypto?

One of the surprising facts about Coinbase is that two of its biggest owners are not crypto enthusiasts, but rather traditional asset managers: Blackrock and Vanguard. Together, these two firms own about 10% of Coinbase’s shares, according to data from Nasdaq.

Blackrock is the world’s largest asset manager, with over $9 trillion in assets under management. Vanguard is the second largest, with over $7 trillion. Both firms are known for their low-cost index funds and ETFs, which track the performance of various market segments.

Why would these giants of the financial industry invest in Coinbase, a company that represents a new and disruptive technology? There are several possible reasons. First, Blackrock and Vanguard may see Coinbase as a way to diversify their portfolios and gain exposure to the fast-growing crypto sector.

Coinbase is not only an exchange, but also a platform that offers various services and products related to crypto, such as custody, staking, lending, and education. Coinbase also has a loyal and engaged customer base, with over 56 million verified users and 6.1 million monthly transacting users.

Second, Blackrock and Vanguard may recognize the potential of Coinbase to become a leader in the digital economy. Coinbase has a vision to create an open financial system for the world, where anyone can participate and benefit from crypto.

Coinbase is also actively involved in shaping the regulatory environment for crypto, by engaging with policymakers and regulators around the world. Coinbase has a reputation for being compliant and transparent, which may appeal to institutional investors who value trust and security.

Third, Blackrock and Vanguard may simply be following the market demand for Coinbase’s shares. As index fund providers, they have to buy and sell stocks according to their weight in the indexes they track.

For example, Coinbase is included in the Nasdaq Composite Index, which means that any fund that follows this index has to buy some amount of Coinbase’s shares. This creates a passive inflow of capital into Coinbase, regardless of its fundamentals or prospects.

Whatever the reasons behind their investments, Blackrock and Vanguard’s ownership of Coinbase is significant for several reasons. First, it shows that crypto is becoming more mainstream and accepted by traditional investors. Second, it gives Coinbase more credibility and legitimacy in the eyes of regulators and the public. Third, it creates a potential alignment of interests between Coinbase and its major shareholders, who may support its long-term vision and growth.

However, there are also some challenges and risks involved. For one thing, Blackrock and Vanguard’s ownership of Coinbase may create some conflicts of interest or tensions with other crypto stakeholders. For example, some crypto enthusiasts may see Blackrock and Vanguard as part of the old and centralized financial system that crypto aims to disrupt or replace. Some crypto innovators may also fear that Blackrock and Vanguard may exert undue influence or pressure on Coinbase’s decisions or policies, especially if they conflict with their own interests or views.

Another challenge is that Blackrock and Vanguard’s ownership of Coinbase may expose them to more volatility and uncertainty than they are used to. Crypto is a highly dynamic and unpredictable market, where prices can fluctuate dramatically in a short period of time. Crypto is also subject to various regulatory and legal risks, as different jurisdictions have different rules and attitudes towards crypto. Crypto is also prone to cyberattacks and hacks, which may compromise the security and integrity of the platforms and assets involved.

Blackrock and Vanguard’s ownership of Coinbase is a remarkable phenomenon that reflects the growing adoption and integration of crypto in the mainstream financial system. It also presents both opportunities and challenges for both parties, as well as for the wider crypto community and industry. It will be interesting to see how this relationship evolves over time, and what impact it will have on the future of crypto.

US Department of Justice to Announce Cryptocurrency Enforcement Actions

By
Paul Ugbede Godwin
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1

The U.S. Department of Justice (DOJ) is expected to announce a series of enforcement actions against individuals and entities involved in illicit activities related to cryptocurrency, according to a report by Reuters.

The actions, which could be announced as soon as this week, are part of a coordinated effort by the DOJ and other federal agencies to crack down on the use of cryptocurrency for money laundering, ransomware attacks, tax evasion, and other crimes.

The DOJ has been investigating various aspects of the cryptocurrency industry, including exchanges, platforms, wallets, and service providers, for potential violations of anti-money laundering, sanctions, tax, and securities laws.

Some examples of cryptocurrency-related crimes are:

Money laundering: This is the process of concealing the origin, ownership, or destination of illegally obtained funds by transferring them through various intermediaries or platforms that use cryptocurrency. For instance, in 2019, the DOJ charged two Chinese nationals for allegedly laundering over $100 million worth of cryptocurrency stolen by North Korean hackers from a cryptocurrency exchange.

Ransomware attacks: This is a type of cyberattack that encrypts the victim’s data or systems and demands payment in cryptocurrency to restore access. For example, in May 2021, the DOJ seized $2.3 million worth of bitcoin from the hackers who attacked Colonial Pipeline, a major U.S. fuel supplier, and disrupted its operations for several days.

Tax evasion: This is the illegal avoidance or reduction of tax liability by using cryptocurrency to hide income or assets from the tax authorities. For instance, in 2020, the DOJ indicted John McAfee, the founder of the antivirus software company McAfee, for allegedly evading taxes on millions of dollars earned from promoting various cryptocurrencies.

Securities fraud: This is the deception or manipulation of investors or markets by using cryptocurrency to offer or sell securities that are not registered or exempt from registration with the Securities and Exchange Commission (SEC). For example, in 2018, the DOJ charged two founders of Centra Tech, a cryptocurrency company that raised $32 million through an initial coin offering (ICO), for allegedly making false claims about their product and partnerships.

Some of the cases may involve civil or criminal charges, while others may result in settlements or forfeitures. The DOJ has not disclosed the names of the targets or the specific allegations.

The DOJ’s actions come amid growing regulatory scrutiny and enforcement activity around the world regarding cryptocurrency. In recent months, several countries have issued new rules or bans on cryptocurrency trading and mining, citing concerns over financial stability, consumer protection, environmental impact, and national security.

The DOJ’s actions also reflect the Biden administration’s priority to combat ransomware attacks, which have increased in frequency and severity this year. Many of the attacker’s demand payment in cryptocurrency, which they use to evade detection and prosecution.

The DOJ has previously announced several cases involving cryptocurrency-related crimes, such as the seizure of $2.3 million worth of bitcoin from the hackers who attacked Colonial Pipeline in May, and the indictment of four individuals for allegedly laundering $1.4 billion in cryptocurrency for darknet markets.

The DOJ has also established a Ransomware and Digital Extortion Task Force, which coordinates with other agencies and international partners to disrupt and deter ransomware operations and hold the perpetrators accountable.

The DOJ’s announcement is likely to have a significant impact on the cryptocurrency industry and market, as it may deter some investors and users from engaging in or facilitating illicit activities. It may also prompt more compliance and cooperation from the industry players with the law enforcement authorities.

South Africa joins Bangladesh, Bolivia, Comoros and Djibouti in calling ICC on Netanyahu, as Nigeria seeks to Join BRICS Soon

By
Paul Ugbede Godwin
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0
Benjamin Netanyahu and Joe Biden in Jerusalem, on March 9, 2010.

South Africa has joined a group of countries that have formally requested the International Criminal Court (ICC) to issue an arrest warrant for Israeli Prime Minister Benjamin Netanyahu, accusing him of war crimes and crimes against humanity. The move comes amid growing international pressure on Israel to end its occupation of Palestinian territories and its violations of human rights.

The South African government announced on Tuesday that it had submitted a letter to the ICC prosecutor, Fatou Bensouda, expressing its support for the initiative launched by Bangladesh, Bolivia, Comoros and Djibouti in September. The letter stated that South Africa “shares the view that there is sufficient evidence to warrant the issuance of an arrest warrant for Mr. Netanyahu for his role in the commission of serious crimes under international law in the occupied Palestinian territory, including East Jerusalem.”

The letter also urged the ICC to expedite its investigation into the situation in Palestine, which was opened in March this year, and to hold Israel accountable for its actions. “South Africa believes that the pursuit of justice and accountability is essential to achieve a lasting and peaceful resolution of the Israeli-Palestinian conflict, based on the two-state solution and in accordance with international law,” the letter said.

The initiative by the five countries is based on Article 58 of the Rome Statute, which allows any state party to the ICC to request the issuance of an arrest warrant for a person suspected of committing crimes within the court’s jurisdiction. The ICC has the authority to prosecute individuals for genocide, crimes against humanity, war crimes and the crime of aggression.

Netanyahu has repeatedly dismissed the ICC’s investigation as a “political witch-hunt” and a “baseless and outrageous” attack on Israel’s right to self-defense. He has also vowed to fight any attempt to bring him or any Israeli official before the court. Israel is not a member of the ICC and does not recognize its jurisdiction.

However, the ICC has asserted that it has jurisdiction over the occupied Palestinian territory, since Palestine acceded to the Rome Statute in 2015 and referred the situation to the court. The ICC has also said that it will impartially and independently investigate all alleged crimes by both Israelis and Palestinians.

The request by the five countries is likely to increase the diplomatic isolation of Israel, which has already faced widespread condemnation for its recent actions in Gaza, Jerusalem and the West Bank. The United Nations Human Rights Council has also launched an inquiry into Israel’s possible violations of international law during its 11-day offensive on Gaza in May, which killed more than 250 Palestinians, including 66 children.

Nigeria seeks to become a member of the BRICS group of nations within the next two years

Nigeria is a country with a population of over 200 million people, the largest economy in Africa, and a strategic location in the continent. It has been playing an active role in regional and international affairs, contributing to peacekeeping missions, mediating conflicts, and promoting economic integration.

However, Nigeria also faces many challenges, such as insecurity, corruption, poverty, and underdevelopment. To address these issues and enhance its global influence, Nigeria has set a new foreign policy goal: to join the BRICS group of nations within the next two years.

The BRICS is an acronym for Brazil, Russia, India, China, and South Africa, five emerging economies that have formed a political and economic alliance since 2009. The BRICS countries account for about 40% of the world’s population, 30% of the world’s GDP, and 17% of the world’s trade. They also cooperate on various issues such as security, development, health, education, science, and technology. The BRICS has been seen as a counterweight to the dominance of the Western powers in global affairs.

Nigeria believes that joining the BRICS would bring many benefits to its national interests. First, it would boost its economic growth and development by increasing trade and investment opportunities with the other BRICS countries. Nigeria has already established strong bilateral relations with each of the BRICS members, especially China, which is its largest trading partner and a major source of loans and infrastructure projects.

Second, it would enhance its political influence and voice in the international arena by being part of a powerful bloc that can shape global governance and decision-making. Nigeria has been advocating for a reform of the United Nations Security Council to reflect the realities of the 21st century and to grant Africa a permanent seat.

Third, it would strengthen its security and stability by cooperating with the other BRICS countries on combating terrorism, extremism, piracy, cybercrime, and other transnational threats. Nigeria has been facing a violent insurgency from the Islamist group Boko Haram in its northeastern region since 2009.

To achieve its ambition of joining the BRICS, Nigeria will have to overcome some obstacles and challenges. First, it will have to convince the existing BRICS members that it is a suitable candidate for membership. The BRICS countries have not officially stated any criteria or conditions for admitting new members, but they have indicated that they are not keen on expanding the group in the near future. They may also have some reservations about Nigeria’s political stability, economic performance, human rights record, and regional role.

Second, it will have to balance its relations with other important partners such as the United States, the European Union, and other African countries. Nigeria will have to assure them that joining the BRICS does not mean abandoning or undermining its existing commitments and alliances. Third, it will have to address its own domestic challenges such as improving governance, fighting corruption, reducing poverty, enhancing security, and diversifying its economy.

Nigeria’s aspiration to join the BRICS is a bold and ambitious one that reflects its confidence and vision as a rising power in Africa and the world. It also shows its recognition of the changing dynamics of global politics and economics that require new partnerships and strategies. However, Nigeria will have to work hard to realize this aspiration and to prove itself as a worthy member of the BRICS.

AI Should Be Decentralized as Much as Possible, Open Source is A Great Step Toward Achieving It

By
Paul Ugbede Godwin
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0

Artificial intelligence (AI) is one of the most powerful and influential technologies of our time. It has the potential to transform various domains such as healthcare, education, transportation, entertainment, and more. However, it also poses significant challenges and risks, such as ethical dilemmas, privacy violations, bias, and security threats. Therefore, it is crucial to ensure that AI is developed and deployed in a responsible and trustworthy manner.

One way to achieve this goal is to decentralize AI as much as possible. Decentralization means that AI systems are not controlled by a single entity or authority, but rather distributed among multiple stakeholders and participants.

This can enhance the transparency, accountability, diversity, and innovation of AI systems, as well as empower the users and communities that interact with them. Decentralization can enhance the diversity, transparency, accountability, and resilience of AI systems, as well as empower users and communities to have more control and influence over the technology that affects their lives.

Open source is a great step toward decentralizing AI. Open source refers to the practice of making the source code of software or hardware available for anyone to access, modify, and share. Open source can foster collaboration, creativity, and learning among developers and researchers who work on AI projects. It can also enable users to inspect, audit, and improve the quality and performance of AI systems. Moreover, open source can facilitate the dissemination and adoption of AI solutions that address social and environmental problems.

How can we ensure that AI is not only available to a few privileged actors, but also to those who need it most?

One possible answer is open source. Open source is a model of software development and distribution that allows anyone to use, modify, and share the code freely. Open source can facilitate the dissemination and adoption of AI solutions that address social and environmental problems, by lowering the barriers to entry, fostering collaboration and innovation, and increasing transparency and accountability.

Some examples of open source AI projects that aim to make a positive impact on the world are:

TensorFlow: A framework for building and deploying machine learning models, developed by Google. TensorFlow is used for a variety of applications, such as natural language processing, computer vision, speech recognition, and recommendation systems. TensorFlow also supports social good initiatives, such as detecting illegal fishing, predicting famine, and diagnosing diseases.

Hugging Face: A platform for natural language processing (NLP), which enables researchers and developers to create and share state-of-the-art NLP models. Hugging Face supports several languages and tasks, such as sentiment analysis, text summarization, question answering, and text generation. Hugging Face also contributes to social good projects, such as fighting online hate speech, improving mental health, and enhancing education.

PyTorch: A framework for building and deploying deep learning models, developed by Facebook. PyTorch is widely used for research and development in computer vision, natural language processing, reinforcement learning, and generative models. PyTorch also enables social good applications, such as detecting deforestation, preventing wildlife poaching, and improving accessibility.

AllenNLP: A library for natural language processing (NLP), developed by the Allen Institute for AI. AllenNLP provides easy-to-use tools and models for common NLP tasks, such as semantic parsing, coreference resolution, named entity recognition, and sentiment analysis. AllenNLP also supports social good efforts, such as fact-checking, combating misinformation, and analyzing social media.

Fast.ai: A library for deep learning, developed by fast.ai. Fast.ai simplifies the process of building and training deep learning models, by providing high-level abstractions and best practices. Fast.ai also promotes social good causes, such as democratizing AI education, empowering underrepresented groups, and tackling global issues.

These are just some of the many open-source AI projects that are making a difference in the world. By sharing their code and knowledge with the community, they are creating opportunities for learning, collaboration, and innovation. They are also increasing the diversity and inclusivity of the AI field, by enabling more people to participate and contribute. And they are enhancing the trustworthiness and responsibility of the AI systems they create, by exposing them to public scrutiny and feedback.

Open source can be a powerful catalyst for social good AI. By embracing the open-source philosophy and culture, we can create more accessible, equitable, and impactful AI solutions that benefit everyone.

Therefore, we argue that AI should be decentralized as much as possible, and that open source is a great step toward this goal. By embracing open-source principles and practices, we can create a more diverse, transparent, accountable, and resilient AI ecosystem that can benefit humanity in a sustainable and ethical way.

OpenAI Reinstates Sam Altman in A Startling Organizational Overhaul

By
Samuel Nwite
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0

In a stunning reversal, OpenAI announced on Wednesday at 10:03 p.m. Pacific Time that Sam Altman, the former CEO who was fired from the company just five days prior, will return to his previous role. 

In addition, a new initial board has been introduced, signaling a major organizational shift.

The unexpected turn of events was disclosed on OpenAI’s official Twitter account, marking the close of a turbulent chapter for the artificial intelligence research lab.

“We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D’Angelo,” OpenAI said. “We are collaborating to figure out the details. Thank you so much for your patience through this.”

Altman’s return comes after a controversial departure earlier this year when he was accused of inconsistent candor in his communications with the board. Coupled with the announcement of a new board, including Bret Taylor as chairman, Larry Summers, and Adam D’Angelo, these developments suggest a substantial reset for OpenAI.

Altman’s original departure from OpenAI has been the biggest news in the tech world for the past five days. As CEO, Altman was a driving force behind the lab’s ground-breaking research and advancements in artificial intelligence. His exit, marked by the board’s cryptic claim that he was “not consistently candid” in his communications, sparked intrigue and speculation across the industry.

In a tweet, Altman wrote: “I love OpenAI, and everything I’ve done over the past few days has been in service of keeping this team and its mission together… With the new board and with Satya’s support, I’m looking forward to returning to OpenAI, and building on our strong partnership with MSFT.”

Microsoft CEO, Satya Nadella, expressed support for the changes at OpenAI. He tweeted “We are encouraged by the changes to the OpenAI board. We believe this is a first essential step on a path to more stable, well-informed, and effective governance.” 

Former OpenAI president Greg Brockman will also rejoin the organization. It’s unclear whether he will reassume his former role at the organization. Brockman kept his comments short, tweeting: “Returning to OpenAI & getting back to coding tonight.”

The reasons for Altman’s return to OpenAI remain undisclosed for now. It’s unclear whether the issues that led to his exit have been resolved, or if this marks a shift in the board’s stance.

The new initial board, with Bret Taylor (chairman), Larry Summers, and Adam D’Angelo, hints at a possible reshaping of the organization’s leadership and strategy. It remains to be seen how these changes will impact OpenAI’s direction and the broader AI community.

Altman’s return as OpenAI CEO, along with the new initial board, signals a significant turning point for the AI research lab. Altman’s leadership was key to the lab’s early successes, and his return could herald a resurgence of his vision for the company. 

As the tech world digests this news, one thing is clear: the saga of Sam Altman and OpenAI is far from its final chapter, and no one knows for sure what chapter it will turn next.

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