Digital business models Archives | Page 349 of 569

GENIUS Act clears path for bank-run blockchains

The Genius Act brings regulatory clarity, and Alchemy’s CTO Guillaume Poncin expects banks will soon issue stablecoins and operate their own blockchains as standard practice.

Poncin explains that banks stand to gain significant revenue by issuing stablecoins, retaining control over transactions and customer relationships. Clients will benefit from faster, 24/7 settlements with the security and protections associated with traditional banking.

Meanwhile, established stablecoin issuers such as Circle and Tether will continue to focus on crypto-native applications and international transfers, allowing banks to concentrate on institutional and corporate uses.

Banks are expected to utilise a combination of Layer 1 and Layer 2 blockchain networks. While Layer 1 offers maximum security for large transactions, Layer 2 provides scalable, cost-efficient solutions ideal for retail payments.

Ethereum’s Layer 2 ecosystems, secured by the mainnet, present flexible options for banks to meet compliance and performance needs. Interoperability between banks’ blockchains is a priority, with emerging protocols promising trustless and instant cross-chain settlements.

Following regulatory progress, many top banks are now actively pursuing stablecoin issuance, signalling rapid adoption in the near future.

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Ohio backs tax-free Bitcoin for everyday use

Ohio has passed a new bill that would make small Bitcoin transactions tax-free, positioning the state at the forefront of crypto adoption efforts in the US. The Ohio Blockchain Basics Act exempts Bitcoin payments under $200 from state capital gains tax, easing everyday crypto use.

The bill received overwhelming bipartisan support in the House, passing with a 68–26 vote. In addition to the tax exemption, it reinforces the right to self-custody and run Bitcoin nodes, which are vital to maintaining decentralised networks.

Advocates, including the Satoshi Action Fund, have called it one of the most robust Bitcoin rights bills to date.

HB 116 will now move to the Ohio Senate, and if approved, will require final confirmation from the Governor. The strong backing in the House has increased expectations for it to become law soon.

Ohio’s move follows similar efforts in states like Texas and Florida, which are exploring Strategic Bitcoin Reserves. Lawmakers across the country are ramping up pro-Bitcoin initiatives, reflecting broader national momentum in support of cryptocurrency-friendly regulation.

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Sam Altman claims OpenAI team rejecting Meta’s mega offers

Meta is intensifying efforts to recruit AI talent fro m OpenAI by offering signing bonuses worth up to $100 million and multi-million-pound annual salaries. However, OpenAI CEO Sam Altman claims none of the company’s top researchers have accepted the offers.

Speaking on the Uncapped podcast, Altman said Meta had approached his team with ‘giant offers’, but OpenAI’s researchers stayed loyal, believing the company has a better chance of achieving superintelligence—AI that surpasses human capabilities.

OpenAI, where the average employee reportedly earns around $1.13 million a year, fosters a mission-driven culture focused on building AI for the benefit of humanity, Altman said.

Meta, meanwhile, is assembling a 50-person Superintelligence Lab, with CEO Mark Zuckerberg personally overseeing recruitment. Bloomberg reported that offers from Meta have reached seven to nine figures in total compensation.

Despite the aggressive approach, Meta appears to be losing some of its own researchers to rivals. VC principal Deedy Das recently said Meta lost three AI researchers to OpenAI and Anthropic, even after offering over $2 million annually.

In a bid to acquire more talent, Meta has also invested $14.3 billion in Scale AI, securing a 49% stake and bringing CEO Alexandr Wang into its Superintelligence Lab leadership.

Meta says its AI assistant now reaches one billion monthly users, while OpenAI reports 500 million weekly active users globally.

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China pushes global use of digital yuan

China has reaffirmed its ambition to expand the use of its central bank digital currency, the digital yuan, beyond domestic borders. People’s Bank of China chief Pan Gongsheng said the country is committed to advancing the e-CNY to challenge US dollar dominance.

Speaking at the Lujiazui Forum, Pan confirmed the launch of an international operations centre for the digital yuan in Shanghai. He said China seeks a ‘multipolar’ global financial system, reducing reliance on a few major currencies such as the US dollar and the euro.

Pan also warned that traditional cross-border payment systems are increasingly exposed to geopolitical risk and can be weaponised through unilateral sanctions. China believes that digital currencies like the e-CNY offer a more stable and neutral alternative in such a landscape.

Despite the growing popularity of stablecoins for cross-border transactions, China remains focused on building a state-controlled digital currency.

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IBM combines watsonx and Guardium to tackle AI compliance

IBM has unveiled new software ca p abilities that integrate AI security and governance, claiming the industry’s first unified solution to manage the risks of agentic AI.

The enhancements merge IBM’s watsonx.governance platform—which supports oversight, transparency, and lifecycle management of AI systems—with Guardium AI Security, a tool built to protect AI models, data, and operational usage.

By unifying these tools, IBM’s solution offers enterprises the ability to oversee both governance and security across AI deployments from a single interface. It also supports compliance with 12 major frameworks, including the EU AI Act and ISO 42001.

The launch aims to address growing concerns around AI safety, regulation, and accountability as businesses scale AI-driven operations.

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Iran enforces crypto exchange curfew after Nobitex breach

Iran’s central bank has imposed strict operating hours on domestic crypto exchanges following a massive $100 million hack on Nobitex, the country’s largest digital asset platform. The move comes amid accusations that the incident was politically motivated.

According to blockchain analytics firm Chainalysis, exchanges in Iran are now required to operate between 10 am and 8 pm only. Analysts believe the curfew is aimed at improving monitoring capabilities and limiting capital flight during heightened Iran-Israel hostilities.

Andrew Fierman, head of national security intelligence at Chainalysis, suggested the decision was both a technical response to the hack and a strategic move to maintain tighter control over outflows.

The cyberattack, allegedly orchestrated by pro-Israel group Predatory Sparrow, targeted Nobitex’s internal systems, draining hot wallets of Bitcoin, Ether, Dogecoin, XRP, and Solana.

Cybersecurity experts say the stolen assets were transferred to burner wallets without access keys, effectively destroying them in a rare politically charged crypto burn. Nobitex stated it has isolated its systems and will compensate users using its reserve fund.

Nobitex plays a crucial role in Iran’s crypto economy, having processed over $11 billion in inflows, far outpacing all other domestic exchanges. Chainalysis notes the platform also has ties to sanctioned entities and terrorist-linked groups.

The incident is one in a series of recent cyberattacks on Iranian infrastructure, suggesting a growing digital front in the long-standing Iran-Israel conflict.

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Episource data breach impacts patients at Sharp Healthcare

Episource, a UnitedHealth Group-owned health analytics firm, has confirmed that patient data was compromised during a ransomware attack earlier this year.

The breach affected customers, including Sharp Healthcare and Sharp Community Medical Group, who have started notifying impacted patients. Although electronic health records and patient portals remained untouched, sensitive data such as health plan details, diagnoses and test results were exposed.

The cyberattack, which occurred between 27 January and 6 February, involved unauthorised access to Episource’s internal systems.

A forensic investigation verified that cybercriminals viewed and copied files containing personal information, including insurance plan data, treatment plans, and medical imaging. Financial details and payment card data, however, were mostly unaffected.

Sharp Healthcare confirmed that it was informed of the breach on 24 April and has since worked closely with Episource to identify which patients were impacted.

Compromised information may include names, addresses, insurance ID numbers, doctors’ names, prescribed medications, and other protected health data.

The breach follows a troubling trend of ransomware attacks targeting healthcare-related businesses, including Change Healthcare in 2024, which disrupted services for months. Comparitech reports at least three confirmed ransomware attacks on healthcare firms already in 2025, with 24 more suspected.

Given the scale of patient data involved, experts warn of growing risks tied to third-party healthcare service providers.

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Google launches AI voice chat in Search app for Android and iOS

Google has started rolling out its new ‘Search Live in AI Mode’ for the Google app on Android and iOS, offering users the ability to have seamless voice-based conversations with Search.

Currently available only in the US for those signed up to the AI Mode experiment in Labs, the feature was previewed at last month’s Google I/O conference.

The tool uses a specially adapted version of Google’s Gemini AI model, fine-tuned to deliver smarter voice interactions. It combines the model’s capabilities with Google Search’s information infrastructure to provide real-time spoken responses.

Using a technique called ‘query fan-out’, the system retrieves a wide range of web content, helping users discover more varied and relevant information.

The new mode is particularly useful when multitasking or on the go. Users can tap a ‘Live’ icon in the Google app and ask spoken queries like how to keep clothes from wrinkling in a suitcase.

Follow-up questions are handled just as naturally, and related links are displayed on-screen, letting users read more without breaking their flow.

To use the feature, users can tap a sparkle-shaped waveform icon under the Search bar or next to the search field. Once activated, a full-screen interface appears with voice control options and a scrolling list of relevant links.

Even with the phone locked or other apps open, the feature keeps running. A mute button, transcript view, and voice style settings—named Cassini, Cosmo, Neso, and Terra—offer additional control over the experience.

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Microsoft to cut thousands more jobs in July amid AI focus

Microsoft is preparing to lay off thousands more employees next month, primarily in sales teams, as it continues to shift focus toward AI.

The move follows May’s workforce reduction of 6,000 employees, about 3% of its staff, and reflects broader restructuring efforts rather than individual performance issues.

Sources cited by Bloomberg revealed that the next wave of job cuts is likely to begin in early July, following the end of Microsoft’s fiscal year. Although details may still change, internal teams across departments are expected to be impacted, with sales employees taking the largest hit.

The cuts come as Microsoft seeks to streamline operations while investing heavily in data centres and AI infrastructure.

CEO Satya Nadella previously explained that the recent layoffs were not due to poor performance but part of an organisational realignment.

During a company town hall, he stressed the emotional weight of the decision but reiterated that the cuts were necessary to reflect evolving business priorities, especially around AI.

Earlier in April, Microsoft announced that it would rely more on third-party partners to manage software sales for smaller customers.

With tens of billions of dollars allocated to AI development, executives have promised to control spending in other areas, which includes reducing staff in traditional roles like sales and marketing.

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UBS employee data leaked after Chain IQ ransomware attack

UBS Group AG has confirmed a serious data breach affecting around 130,000 of its employees, following a cyberattack on its third-party supplier, Chain IQ Group AG.

The exposed information included employee names, emails, phone numbers, roles, office locations, and preferred languages. No client data has been impacted, according to UBS.

Chain IQ, a procurement services firm spun off from UBS in 2013, was reportedly targeted by the cybercrime group World Leaks, previously known as Hunters International.

Unlike traditional ransomware operators, World Leaks avoids encryption and instead steals data, threatening public release if ransoms are not paid.

While Chain IQ has acknowledged the breach, it has not disclosed the extent of the stolen data or named all affected clients. Notably, companies such as Swiss Life, AXA, FedEx, IBM, KPMG, Swisscom, and Pictet are among its clients—only Pictet has confirmed it was impacted.

Cybersecurity experts warn that the breach may have long-term implications for the Swiss banking sector. Leaked employee data could be exploited for impersonation, fraud, phishing scams, or even blackmail.

The increasing availability of generative AI may further amplify the risks through voice and video impersonation, potentially aiding in money laundering and social engineering attacks.

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