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Israel Starts Digital Shekel Challenge to Explore Payment Use Cases

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  • Israel will be starting a challenge to explore payment use cases of its digital shekel.
  • Payment service providers would get access to the system to provide advanced payment options to the general public.
  • The Bank of Israel has not decided on issuing a digital shekel, even as it continues its yearslong effort to explore its issuance.

Israel’s central bank is launching a Digital Shekel Challenge as part of an “action plan for a possible issuance of the digital shekel,” to develop uses in the world of payments, it announced Tuesday.

The Bank of Israel said it had built a technological prototype “simulating the heart of the digital shekel system.” 

Payment-service providers would get access to the system to provide advanced payment options to the general public. 

Among the payment types to be explored are micropayments, split payments and payments requiring multiparty signatures.

“In the challenge, for the first time, we allow the financial industry from Israel and abroad and a wide variety of stakeholders in the payments system to cooperate with us in a practical way in thinking, planning and designing the digital shekel,” said Andrew Abir, deputy governor of the Bank of Israel.

The Bank of Israel has not yet decided whether to issue a central bank digital currency (CBDC), even as it continues its yearslong exploration of the technology.

In 2021, it said it had already carried out a pilot test and last year it said it was monitoring scenarios – including whether stablecoins are widely used. 

It also conducted a project with Hong Kong and the Bank for International Settlement (BIS) to probe how the systems can be protected from hacks.

The challenge will kick off with an everything-you-wanted-to-ask webinar on June 6, and go through a process of applications and presentations before culminating at the end of September when results will be discussed. 

A date for final meetings and announcement of the results has not been set.

The challenge is inspired by the BIS Innovation Centre’s “Rosalind Project,” which looked at how application programming interface (API) functionalities could support a retail CBDC and facilitate safe and secure payments, the announcement said.

“This initiative is a significant step for the Israeli ecosystem, potentially bridging the gap between the web3 industry and government, even though DeFi, ZK and permissionless solutions are not yet being considered,” said Saul Rejwan, managing partner at Masterkey VC.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Press Release

Promontory Technologies Goes Live for External/LP Investors

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Road Town, British Virgin Islands, June 25th, 2024, Chainwire

Promontory Technologies is excited to announce the launch of its Promontory Alpha Fund, a quantitative, systematic, multi-strategy approach to trade liquid listed digital (“crypto”) assets. The fund is designed to be market-neutral and avoid deep drawdowns, offering both a BVI vehicle for non-US investors and a Delaware LP for US investors.

Promontory’s CEO, Jackson Fu, was a day-one co-founder of the highly successful Qilin Investment, a top-rated quant hedge fund manager based in Shanghai. Since its launch in 2016, Qilin has managed USD $5-7 billion in AUM with excellent risk-adjusted performance, earning it the nickname “The DE Shaw of Asia”. The Promontory team includes several key members from Qilin and brings a strong pedigree in the quant systematic trading space to the crypto markets.

Notably, the new fund has attracted capital from investors such as prominent Asian family offices and billionaire entrepreneurs, which the team hopes will underscore confidence in Promontory’s approach and team.

Joining Jackson at Promontory from Qilin, are CIO Robin Liu, and several top quants and developers. Robin previously managed a USD $100 million (5,000 BTC) quant crypto strategy at Amber Group. The Promontory team, now 15 strong, includes seasoned professionals from BlackRock, Brevan Howard, Deutsche Bank, Morgan Stanley, OKX, Huobi, Gate, and WorldQuant.

Promontory’s strategy uses advanced quantitative techniques, data science, AI, machine learning, and risk modeling to identify uncorrelated alpha in liquid digital assets. By diversifying capital and risk across a broad mix of sub-strategies and factors, the strategy achieves strong diversification and multiple sources of alpha. The team has adapted and honed their models and algorithms over several years to work successfully in the crypto space and has been trading these models in the crypto markets.

Jackson commented, “We are thrilled to launch our external co-mingled fund vehicle. Our key value proposition lies in our ability to outperform traditional hedge funds by capitalizing on crypto’s high volatility and inefficiencies, all while avoiding the significant volatility and drawdowns of the underlying crypto assets through highly structured and repeatable trading processes and algorithms.”

The strategy is offered in USD, BTC, and ETH share classes and provides separately managed accounts.

For more information on Promontory Technologies and the Promontory Alpha Fund, users can contact info@promotechfi.com or visit www.promotechfi.com and their LinkedIn company page.

About Promontory Technologies

Promontory Technologies is the premier digital asset management firm dedicated to serving family offices, institutions, and high net worth individuals. Promontory provides digital asset exposure, risk management and diversification through a quantitative systematic hedge fund, venture capital, market making and OTC services.

The firm is helmed by a team of seasoned executives who have successfully managed a quantitative hedge fund with over US$7 billion in AUM in the traditional securities markets, as well as a crypto quantitative hedge fund with over US$200 million in AUM.

Contacts

Investor Relations Director
Charles Man
charles.man@promotechfi.com
Investor Relations Director
David Scicolone
david.scicolone@promotechfi.com



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Jump Crypto President Kanav Kariya Resigns, Plans Career Break

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Jump Crypto President Kanav Kariya resigns amid CFTC probe. Kariya plans a career break while the firm navigates regulatory challenges.

  • Kanav Kariya resigns as President of Jump Crypto amid a CFTC investigation into Jump Trading.
  • Under Kariya’s leadership, Jump Crypto quickly emerged as a significant player in the digital assets market.
  • The firm experienced setbacks, including a $325 million hack and substantial losses from the FTX collapse.

Kanav Kariya, President of Jump Crypto, resigned just days after it came to light that the Commodity Futures Trading Commission (CFTC) is investigating the firm’s subsidiary, Jump Trading. 

Kariya’s departure is aligned with an intense period for the company, which has been a prominent figure in the digital assets sector since its inception in September 2021.

Jump Crypto President Resigns Amid CFTC Probe

Under Kariya’s leadership, Jump Crypto rapidly became a critical digital asset market player. The firm, known for its aggressive market-making and investment strategies, has been part of significant projects like Wormhole, Pyth, and Firedancer. 

However, this growth has not been without its challenges. The firm suffered a significant setback with a $325 million hack of Wormhole and faced considerable losses during the FTX collapse in 2022. 

Additionally, the company was implicated in controversies surrounding the support of Terra’s stability during its financial struggles.

Amidst these turbulent times, the CFTC has started scrutinizing Jump Trading’s practices, although this does not imply any misconduct. 

Regulatory investigations are common as oversight agencies aim to monitor and regulate emerging financial sectors. The focus on Jump Crypto underscores the increased attention on compliance and regulatory matters within the cryptocurrency industry.

Kariya Exits, Plans to Reflect on Career

Kanav Kariya announced his resignation with mixed emotions, reflecting on his tenure with pride and sadness. He has decided to take a break from his career to focus on personal growth and reflection. 

During this time, Kariya plans to remain involved with Jump Crypto’s portfolio companies and explore his future professional path.

His departure comes at a time when Jump Crypto is navigating through regulatory challenges and market fluctuations. 

The firm has responded proactively by influencing the regulatory landscape, including significant donations to political action committees that support pro-cryptocurrency candidates.

In response to the regulatory and market challenges, Jump Crypto has contributed to political efforts and engaged in strategic shifts to bolster its standing in the industry. 

The company has been at the forefront of several innovations and investments that aim to stabilize and grow the digital assets market.



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Bitcoin (BTC) Price Decline? What’s Happening Bitcoin Price

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What was the reason for the recent decline in the price of Bitcoin (BTC), the world’s largest cryptocurrency? Here is the latest situation and liquidation data.

The cryptocurrency market experienced a very deep decline today, led by Bitcoin.

Chart with daily candles showing the performance of the BTC price.

 

The world’s largest cryptocurrency has fallen to $60,567, which it has not seen since the beginning of May, and is trading at $60,734 at the time of writing. The daily decline rate in BTC was approximately 4%.

During the period when Bitcoin lost so much value, ounce of gold gained 0.32% in value in the last 24 hours and is currently at the level of 2,328 dollars.

BTC Price Chart | Source: Coinstats

 

The main reason for the decline in BTC price is the former cryptocurrency exchange Mt., which stole thousands of Bitcoins in a hack years ago. 

Gox will begin paying BTC and BCH to its creditors. Before this development, the BTC price was in a downward trend and gradually moved away from the $ 70,000 level.

The decline rate in BCH, the other cryptocurrency that the bankrupt cryptocurrency exchange will distribute to its receivables, was recorded as approximately 8%.

The declines are due to the belief that creditors will sell their assets for what they bought. Recently, the German government started to transfer its BTCs to cryptocurrency exchanges, which also fueled the decline.

On the other hand, with the decline in BTC price, many futures positions were liquidated. Crypto assets worth $313 million were liquidated in the last 24 hours. $277 million of these were in short positions.

Crypto in red

 

Sudden declines were observed in almost all of the altcoins, except for some such as Fantom, Injective, LEO, WIF, TIA.



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