Traditional Finance Suffers Brain Drain to Bitcoin Industry
The growth of Bitcoin industry, and its huge potential to change the economy has started affecting the traditional finance industry. It can't be more obvious than the brain drain happening from financial sector to the Bitcoin sector. In recent days, many top level executives from well-known financial institutions have switched jobs to join Bitcoin based companies. This brain drain is not just confined to the financial sector, but to other sectors as well, the best example being the Nike's Global Chief Information Officer quitting the company to join BitReserve. READ MORE: Anthony Watson....
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Decentralized finance (defi) protocol Akropolis was on Thursday hacked for $2 million in DAI, in the latest flash loan attack to hit the nascent defi industry. The attacker pilfered the platform’s Ycurve pool in batches of $50,000 in the stablecoin DAI. This particular pool allows investors to trade stablecoins and earn interest. In a statement on Nov. 12, Akropolis revealed that the hack was executed across a body of smart contracts in its “savings pools”. “At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had....
The so-called “brain wallets” have always been a topic of heavy debate in the Bitcoin world, as this solution to store funds is far from secure. Memorizing passwords is hard enough for people, but there are bigger worries with brain wallets than most people anticipate, according to a new study. Despite the idea of a brain wallet using cryptography to add....
Blake Cassidy sees a brain drain from Australia since the ASX is not keen on listing crypto companies. Blake Cassidy, CEO of Australian micro-investment app Bamboo, has claimed that the Australian Securities Exchange’s (ASX) bias against listing crypto companies is causing an Aussie brain drain leading firms to seek out a US listing.Cassidy’s comments come in the same week the company announced a $3 million ($4M AUD) Series A investment round including participation from Australia’s largest cryptocurrency hedge fund, Orthogonal Trading, Mountain Ash Investment Management, and VP....
Ever since Bitcoin came into play as a cryptocurrency offering an alternative to traditional finance, blockchain technology has been disrupting the financial services industry through its unique capabilities and applications. The revolutionary technology is set to improve every section of the traditional finance industry, including retail banking, capital markets, and asset management. Notably, blockchain technology […]
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