Connect with us

Published

on

BEIJING China said on Thursday high vigilance is needed in the face of North Atlantic Treaty Organisations (Nato) eastward expansion following a media report the alliance is planning to set up an office in Japan to facilitate consultations with allies in the region.

Nato is planning to open its first liaison office in Asia, in Japan, to facilitate talks with security partners such as South Korea, Australia and New Zealand, with geopolitical challenges from China and Russia in mind, the Nikkei Asia reported on Wednesday, citing Japanese and Nato officials.

Ms Mao Ning, spokesman for the Chinese foreign ministry, said Asia was a promising land for cooperation and development and should not be a battle arena for geopolitics.

Natos continual eastward expansion in the Asia-Pacific, interference in regional affairs, attempts to destroy regional peace and stability, and push for bloc confrontation calls for high vigilance from countries in the region, Ms Mao told reporters.

The Nikkei Asia said the proposed office was due to open in 2024 in Tokyo.

Asked about the Nikkei Asia report, Nato spokesman Oana Lungescu said earlier the alliance would not go into details of Nato allies deliberations.

Nato has offices and liaison arrangements with a number of international organisations and partner countries, and allies regularly assess those liaison arrangements to ensure that they best serve the needs of both Nato and our partners, she said.

Ms Lungescu said Nato has a close partnership with Japan that continues to grow. REUTERS

Continue Reading

Technology

Citi backs stablecoin firm BVNK as Wall Street warms to crypto

Published

on

By

Citi backs stablecoin firm BVNK as Wall Street warms to crypto

BVNK co-founders (L to R) Donald Jackson, Jesse Hemson-Struthers and Chris Harmes, at the company’s San Francisco Office.

BVNK

Citi has invested in stablecoin infrastructure company BVNK, the startup told CNBC on Thursday, as big U.S. banks ramp up their presence in the cryptocurrency and digital asset space.

Stablecoins are a type of digital asset pegged to a fiat currency and backed by real-world assets like bonds. The two biggest are USDC and Tether, which issues USDT.

BVNK’s core technology is effectively a payments rail to facilitate transactions in stablecoins globally, allowing customers to move money from fiat into the cryptocurrency and back.

The company declined to disclose the sum that Citi invested or its current valuation. But Chris Harmse, co-founder of BVNK, told CNBC in an interview that its valuation is higher than the $750 million that was publicly disclosed at its last funding round.

The investment was made by Citi Ventures, the venture capital arm of Citigroup.

Stablecoins, once just a tool for people to trade quickly in and out of other cryptocurrencies like bitcoin, are now being seen as a potential key tool for cross-border transactions due to the speed to send and receive them, the low cost and 24/7 settlement.

There were nearly $9 trillion worth of stablecoin transactions over the last 12 months, according to Visa, while the current valuation of all stablecoins in existence stands at over $300 billion, Coinmarketcap data shows.

U.S. growth

BVNK’s Harmse said the company is seeing momentum, especially in the U.S., which has been its fastest-growing market over the last 12-18 months thanks to what is seen by the crypto industry as a more favorable regulatory environment.

Earlier this year, the U.S. passed the GENIUS Act, a bill designed to regulate and bring more clarity to the stablecoin market.

“You are seeing with the GENIUS Act coming through, and regulatory clarity, an explosion of demand for building on top of stablecoin infrastructure,” Harmse told CNBC.

BVNK’s technology can be used by customers to pay suppliers, contractors or merchants in other countries. The company is looking to expand its customer base, including to digital-only banks or neobanks that may use stabelcoins for their core checking account, Harmse said.

Read more CNBC tech news

The co-founder declined to get into the specifics of the company’s work with Citi as it’s “too early to announce” but noted the Wall Street bank has been bolstering its cross-border payment services.

“U.S. banks at the scale of Citi, because of the GENIUS Act, are putting their weight behind … investing in leading businesses in the space to make sure they are at forefront of this technological shift in payments,” Harmse said. 

Citi signaled its step up into crypto this year. CEO Jane Fraser said in June that the company is considering issuing its own stablecoin and is interested in offering custodian services for crypto assets.

BVNK has “dipped in and out of profitability” as the company has invested in growth, Harmse said, adding that the company is on track to be profitable next year. BVNK is also backed by Coinbase and Tiger Global.

The startup is playing in a highly-competitive space with other newcomers like Alchemy Pay and TripleA and established players like Ripple trying to get a slice of the cross-border digital money pie.

Wall Street welcomes crypto

Citi isn’t alone in embracing digital assets when it comes to major U.S. banks and financial institutions.

JPMorgan Chase launched its own stablecoin-like token called JPMD this year. The bank also made the decision this year to allow clients to buy bitcoin.

Banks have been looking at how to use blockchain, a technology originally developed to underpin bitcoin, to lower the cost and speed up transactions of many kinds. Part of this involves “tokenization” which broadly means the idea of issuing a digital token that represents something such as a deposit.

Bank of New York Mellon, for example, is exploring tokenized deposits. HSBC has already launched a tokenized deposit service.

Visa’s stablecoin pilot could turn a narrative headwind into a tailwind, says Mizuho’s Dan Dolev

Continue Reading

US

The pulse of a city on edge – hundreds protest Trump’s plan to deploy troops in Chicago

Published

on

By

The pulse of a city on edge - hundreds protest Trump's plan to deploy troops in Chicago

The sun went down and the volume went up.

In the shadow of Chicago’s high-rise skyline, downtown streets reverberated with protest.

“Ain’t no power like the power of the people, and the power of the people don’t stop,” they chanted.

The president’s plan to deploy troops in the city brought hundreds to the streets in opposition.

They marched the full length of Michigan Avenue, flanked by a line of Chicago police officers.

This is a city on edge, the federal government taking on the state, both braced for a showdown.

Among the people I spoke to, there was no surprise about Donald Trump’s threat to invoke the Insurrection Act, just outrage.

More from US

Asked why he’d joined the protest, a Vietnam veteran pointed to the word ‘Trump’ blazing in bright lights from a nearby hotel.

“That idiot right there, that’s why,” he said.

Read more: What is the Insurrection Act?

The Trump International Hotel and Tower in Chicago
Image:
The Trump International Hotel and Tower in Chicago

His message to the president: “Get the hell out of the White House, or we will put you out of it.”

“I’m on this march because I’m concerned the US is slipping away from democracy to authoritarianism,” another man told me.

One older woman said she was marching for her daughters and granddaughters, “because there isn’t going to be an America for them”.

“I don’t think he [Donald Trump] listens to anybody,” she added, “but doing nothing is not going to do anything so we got to do something.”

A young African American woman told me she felt compelled to march because immigration agents “taking people from their families just isn’t right”.

Shades of orange and pink reflected off the glass skyscrapers, casting long shadows on the streets where the threat of troop deployment looms.

More from Sky News:
‘I ain’t dead yet,’ says Dolly Parton
Is another spectacular Bitcoin comedown inevitable?

Hundreds of National Guard troops from Texas have set up camp at Elwood, an army training centre on the outskirts of Chicago.

Their presence drew a diverse crowd of protesters to the city centre – their faces lit by phone screens, voices raised and fists raised in defiance.

“No ICE, no fear,” they chanted, telling Immigration Customs Enforcement agents to leave Chicago.

“Immigrants are welcome here,” they repeated on cue from those wielding megaphones.

It was much more than the noise of protest. This was the pulse of a city fighting back.

A restless city, charged with tension, refusing to be silent.

Continue Reading

Environment

Ferrari is rejecting fake engine noise for its first EV, and opts for ‘authentic’ motor sound

Published

on

By

Ferrari is rejecting fake engine noise for its first EV, and opts for 'authentic' motor sound

Ferrari has released details about its approach to powertrain sounds with its first electric vehicle, the Elettrica, and I am intrigued. If well-executed, I even think it might convince some petrolheads to give EVs a try.

In short, Ferrari is rejecting fake engine noise for its first EV and opts for an ‘authentic’ yet improved electric powertrain sound directly generated by the electric motors.

Today, Ferrari released the specs and tech details of its first all-electric vehicle, the Elettrica.

I’ve already posted a detailed article going through the specs, as well as the powertrain and chassis technologies developed by Ferrari for this impressive next-gen EV.

Advertisement – scroll for more content

But I wanted to write a separate article specifically about Ferrari’s approach to sound in its first all-electric car because I think its strategy is exciting. I even believe that it could convince some hardcore petrol heads who reject EVs to give them a real shot.

For years, legacy automakers have struggled with how to engineer an auditory experience for EVs that replaces the roar of combustion.

Whether you like them or not, engine sounds are essential, especially in performance vehicles. They are part of the identity of certain cars – a sort of signature. They can be emotional. They can give a sense of power.

But beyond that, they are information. The pitch, volume, and texture of the engine sound provide critical, real-time feedback to the driver about RPM, load, and the car’s health.

Some electric automakers are using curated soundscapes (like BMW with Hans Zimmer) or trying to mimic V8s (like Dodge with its “Fratzonic Chambered Exhaust“). I don’t have a problem with those as long as they are optional, meaning you can turn them off, as I’m not a fan of cars making fake noises.

Other automakers are simply letting the natural sounds of the electric motors exist. There’s nothing wrong with that. However, considering that electric motors produce minimal sounds, which are then trapped inside a metal casing, you rarely hear anything significant, especially in modern vehicles with quiet cabins and even active noise cancellation.

For most EVs, this is not a problem, but for a performance electric vehicle, it does feel like something is missing.

Ferrari’s approach to sound in its first electric car

Ferrari’s solution is a novel one, focusing on what it calls an “authentic voice unique to the electric engine.”

I attended Ferrari’s tech day for the Elettrica, and Antonio Palermo, the brand’s head of NVH (noise, vibration, harshness) and sound quality, gave an excellent presentation about how the company approaches the problem.

He said that there was a lot of internal debate at Ferrari about how to manage the powertrain:

It took us a long time to reach a consensus about what sound to get, but it was clear that we wanted something authentic.

Again, the problem with being authentic with an electric vehicle is that if the powertrain and packaging team did their job right, there’s little sound to play with.

An electric guitar inspired Palermo’s solution. Unlike an accoutic guitar, an electric drive unit doesn’t a hollow body or sound hole to convert the string vibrations into audible sound.

Much like an electric guitar, Ferrari’s solution involves capturing and amplifying the actual vibrations of the drivetrain components. The automaker explained:

A high-precision sensor installed on the rear axle picks up the frequencies of the powertrain, which are amplified and projected into the surroundings as with an electric guitar… the sensor used is an accelerometer installed at a very rigid point on the inverter casting.

This approach, which utilizes an accelerometer to capture solid-borne vibrations from the drive unit, enables Ferrari to amplify a sound that matches exactly what the motors produce – making it authentic.

Ferrari insists the sound will only be used when “functionally useful” to provide feedback to the driver and will be directly tied to torque requests.

In normal driving situations, silence is preferred to maximise acoustic comfort, but when the driver requests torque from the powertrain by accelerating or uses the shift paddles in manual mode, the sound activates to offer dialogue and connection between driver and car.

Palermo added that the latency is non-perceivable to the human ear. In spirited driving, you will be able to hear the motor accelerate, regen, or even decouple since front motors of the Elettrica are equipped with a disconnect to turn the vehicle into a rear-wheel-drive.

The entire system was reportedly developed in-house, giving Ferrari complete control over the vehicle’s final acoustic signature.

Electrek’s Take

This is a fascinating and, frankly, refreshing move from Ferrari. We’ve seen numerous gimmicks from legacy automakers attempting to make their EVs feel and sound like the gas cars they are replacing. Most of them fall flat because they are fundamentally inauthentic.

Ferrari’s “electric guitar” approach is different. By choosing to amplify the real sounds of the electric motor and inverter based on the real vibrations, they are embracing the new technology rather than hiding it. They are making a confident statement that an electric powertrain can be emotionally engaging on its own terms, without having to pretend to be something it’s not.

It’s a brilliant piece of engineering that stays true to the brand’s performance-focused ethos, where sensory feedback is a critical part of the driving experience. And it’s optional. If you prefer a completely silent drive, you can disable it.

The purists who were worried that Ferrari would lose its soul in the EV transition should be encouraged by this.

Ultimately, it could even convert some of those petrol head purists who can’t stand a car experience without the smell of gasoline and the roaring sounds of combustion.

However, we need to hear it first. Everyone who heard it at Ferrari seemed impressed, but they are obviously biased. The test drivers are reportedly enjoying the audio feedback, but the brand is staying secretive.

As I reported in my full article about the Ferrari Elettrica, the automaker is doing the unveiling in three parts. This is just the first part, covering specs and technical details. We will have to wait for the second (Q1 2026) or third (Q2 2026) part to hear about the vehicle.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending