Blockchain Bites: Avanti’s New Money, DeFi Deepens and ‘How Much Ether?’

Caitlin Long has a new take on money. Russia wants to de-anonymize crypto. And Coinbase wins in court. Here’s the story.

‘Cash equivalent’
CoinDesk’s Nathan DiCamillo breaks down how Avanti Financial intends to issue its programmable cash equivalent called Avit. This blockchain-based “commercial bank money” can be exchanged for dollars but is not pegged to it like a stablecoin. It’s also not a security token, or a digital representation of an investment that’s expected to generate returns. Issued on Blockstream’s Liquid, Avanti CEO Caitlin Long said it will likely be treated as a “cash-equivalent” by accountants and as cash by the Internal Revenue Service.

Open-source
The Linux Foundation Public Health Initiative (LFPHI), launched in July, will promote the use of open-source tech by public health authorities, during COVID-19 and post-pandemic crises. Tencent, Cisco and IBM are among the core members. The initiative is backing two pandemic-related apps – “COVID Shield” and “COVID Green” – that will bolster cross-jurisdictional coordination and privacy. General Manager Dan Kohn said, “It is totally possible to create an app that’s horrible for privacy that is open source, but what open source does is it stops you from just claiming that it respects privacy, because any expert could check on that.”

Precedent-setting
A California appeals court has ruled in favor of U.S. cryptocurrency exchange Coinbase over its decision not to support the Bitcoin Gold hard fork in 2017. Plaintiff Darrell Archer, who held 350 BTC on the exchange at the time, filed suit in 2018 alleging Coinbase had violated its contract agreement and effectively stole from clients by not supporting the fork. The court found there was no contractual agreement to support forks from third parties. Prominent industry lawyer Drew Hinkes tweeted the decision could set a precedent.

Another vehicle
New York Digital Investments Group (NYDIG) raised nearly $5 million…

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