And threatening to put traditional banks out of business. What would a world without banks look like, and would you even miss them? https://econ.st/3s76sYS
Category: finance
The business of private survival shelters has grown during the pandemic. They’re not just for survivalists and doomsday preppers anymore. Bunkers buried in backyards or remote landscapes are capable of withstanding nuclear fallout and hurricanes, as well as violent conflict.
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El Salvador began installing Bitcoin ATMs, allowing its citizens to convert the cryptocurrency into U.S. dollars and withdraw it in cash, as part of the government’s plan to make the token legal tender.
The government will install 200 of the teller machines to initially accompany its digital wallet called Chivo, a local slang term for ‘cool,’ President Nayib Bukele said on Twitter. Transactions will be commission free, he said, adding that there will also be 50 financial branches across the country for withdrawing or depositing money.
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CNN International.
These cloned camels were created with cells from a ‘zoo’ of frozen specimens. The cell bank could one day be used to help preserve endangered species.
CNN explores how Dubai has developed into a hub for trade, finance and innovation, and is growing as a destination for business and leisure travelers.
Michael is also part of a group of wealthy Indonesian scions that have in the past decade dabbled in the country’s vibrant tech sector by investing in home-grown giants and start-ups, be it in the form of money, resources, know-how, or access.
Industry stakeholders say family-owned corporate venture capital firms have played an important role in growing the country’s US$44 billion digital economy.
IBM has announced its new chip, Telum – a new CPU chip that will allow IBM clients to leverage deep learning inference at scale. The new chip features a centralised design, which allows clients to leverage the full power of the AI processor for AI-specific workloads, making it ideal for financial services workloads like fraud detection, loan processing, clearing and settlement of trades, anti-money laundering, and risk analysis.
A Telum-based system is planned for the first half of 2022. “Our goal is to continue improving AI hardware compute efficiency by 2.5 times every year for a decade, achieving 1,000 times better performance by 2029,” said IBM in a press release.
The chip contains eight processor cores, running with more than 5GHz clock frequency, optimised for the demands of enterprise-class workloads. The completely redesigned cache and chip-interconnection infrastructure provide 32MB cache per core. The chip also contains 22 billion transistors and 19 miles of wire on 17 metal layers.
Web infrastructure and website security company Cloudflare on Thursday disclosed that it mitigated the largest ever volumetric distributed denial of service (DDoS) attack recorded to date.
The attack, launched via a Mirai botnet, is said to have targeted an unnamed customer in the financial industry last month. “Within seconds, the botnet bombarded the Cloudflare edge with over 330 million attack requests,” the company noted, at one point reaching a record high of 17.2 million requests-per-second (rps), making it three times bigger than previously reported HTTP DDoS attacks.
Quartz is a guide to the new global economy for people in business who are excited by change. We cover business, economics, markets, finance, technology, science, design, and fashion.
Hackers have siphoned $611 million worth of cryptocurrencies from a blockchain-based financial network in what’s believed to be one of the largest heists targeting the digital asset industry, putting it ahead of breaches targeting exchanges Coincheck and Mt. Gox in recent years.
Poly Network, a China-based cross-chain decentralized finance (DeFi) platform for swapping tokens across multiple blockchains such as Bitcoin and Ethereum, on Tuesday disclosed unidentified actors had exploited a vulnerability in its system to plunder thousands of digital tokens such as Ether.
“The hacker exploited a vulnerability between contract calls,” Poly Network said.