THE BOSTON BLOCKCHAIN BEAT EP.14 | Donald Trump Supports Crypto Now?!

[Music] hello everyone my name is Lauren Wixom and welcome to another episode of the Boston blockchain beat where we share news of all things blockchain to the Boston community and Beyond this episode was brought to you by cubic Labs an incubator from Metro Boston's blockchain startup companies now let's get on with today's news former United States President Donald Trump still plans to speak at the Bitcoin conference in Nashville Tennessee despite having survived an assassination attempt on July 13th a few years ago he denounced Bitcoin as a scam against the US dollar but now he has opened himself up to the idea of crypto and it'll be really interesting to hear what he has to say in this upcoming event proof of reserves emerged as a direct response to the need for greater transparency among companies holding digital assets on behalf of investors now the mechanism is expected to be revamped as institutions seek tools for tracking and auditing onchain Assets in real time web 3 companies are hoping to capitalize on this demand financial data Lake Trace is launching a proof of funds mechanism that reportedly offers automated snapshots delivered in real time for crypto exchanges and custodians proof of reserves is a concept developed for exchanges to prove that they hold sufficient assets to back their customers deposits reducing concerns about insolvency and misuse of funds FTX is collapse in November of 2022 may be the latest example of the need for Effective asset monitoring the collapse sparked calls for transparency and prompted exchanges to disclose how they manage user funds T zon co-founder of Trace stated we believe that in order for crypto to move forward it must stay within the regulatory framework of existing traditional Financial systems well that's all I have for today's news again my name is Lauren Wixom and I can't wait to see all of you in next week's episode of the Boston blockchain beat [Music]