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DeFi, also known as “decentralized finance”, was included in a growing wave of corporate promotions in 2020, Bloomberg reported.
Tron, an operating system that has been around for at least three years, recently issued a DeFi token. Tao Network has been in existence since the mid-2010s and now indicates it is “building the DeFi of entertainment”.
In theory, DeFi apps are meant to allow people to borrow, lend, get insurance, or trade with each other without intermediaries.
The rebranding initiatives in a number of cases are leading to a rise in cryptocurrency prices last seen at the height of the 2017 bitcoin bubble.
In one case, the market value of Tron’s TRX coin is linked to the DeFi Sun Genesis Mining coin and increased by $ 800 million in the three days following the presentation of the new token.
Tron founder Justin Sun launched the Sun Genesis Mining meme token “to promote the vigorous development and possibilities of TRON’s DeFi self-governing community,” according to a blog post, Bloomberg noted.
In other news, the G7 has warned of nefarious cyberattacks – and ransomware, in particular – according to a statement on Tuesday (Oct.13) posted on the U.S. Treasury Department website.
The group said ransomware incidents against banks, medical centers, education establishments and other “critical infrastructure” in the G7 countries have increased in scope, complexity and commonality.
“Ransomware is primarily a for-profit business, and its vendors generally focus on the most profitable targets, such as those with significant funding sources or those with limited cybersecurity protection,” according to the statement.
The group noted that ransomware causes significant negative economic impacts and threatens customer protection as well as information privacy for a number of companies.
Furthermore, the group pointed out that the financial services space has been a focal point for ransomware incidents. And, in recent months, the group has noted that banks have reported increased complexity in malicious cyber incidents.
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NEW PYMNTS DATA: HOW WE BUY – SEPTEMBER 2020
The How We Shop report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research is based on a series of studies conducted since March that looked at over 16,000 consumers on how their shopping habits and payment preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their growing appetite for online commerce and touchless digital methods, such as QR codes, contactless cards, and digital wallets, is poised to shape the post-pandemic economy.
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