Credit Agricole’s CACEIS, a leading financial services group, has officially registered as a digital asset service provider (DASP) in France.
This move solidifies the company’s entry into the cryptocurrency custody services market and highlights France’s growing support for the crypto industry.
The Autorité des Marchés Financiers (AMF), the French financial watchdog, has witnessed a steady rise in the number of crypto companies seeking registration, with CACEIS joining the ranks of prominent players.
France has been at the forefront of embracing the nascent cryptocurrency sector, demonstrating its progressive stance.
It notably became the first major European country to grant registration to Binance, the world’s largest cryptocurrency exchange.
The registration of subsidiaries from prominent names in French finance, including Societe Generale and AXA, further underscores the country’s commitment to fostering a favorable environment for crypto-related activities.
CACEIS, which boasted an impressive 4.1 trillion euros ($4.51 trillion) in assets under custody by the end of last year, has Credit Agricole SA as its majority owner, holding a 69.5% stake, while Santander possesses a 30.5% stake in the group.
This influential backing coupled with its new DASP status positions CACEIS as a formidable player in the cryptocurrency custody services space.
The registration of CACEIS as a DASP signifies an important milestone for the company and the broader financial industry.
As digital assets gain mainstream recognition, traditional financial institutions are recognizing the need to adapt and expand their service offerings to cater to the growing demand.
By venturing into crypto custody services, CACEIS aligns itself with the evolving financial landscape and positions itself to meet the needs of institutional and individual clients seeking secure and regulated crypto asset storage.
As the crypto market continues to mature, the involvement of established financial institutions brings increased credibility and stability to the industry.
It instills confidence in potential investors and paves the way for further integration of cryptocurrencies into the mainstream economy.
With its extensive experience and substantial assets under custody, CACEIS is well positioned to play a significant role in shaping the future of the crypto custody services sector.
In conclusion, Credit Agricole’s CACEIS has registered as a digital asset service provider in France, joining the expanding list of crypto companies approved by the AMF.
This strategic move demonstrates the institution’s commitment to embracing digital assets and providing secure custody solutions for the growing crypto market.
By leveraging its substantial assets under custody and the support of its majority owner, Credit Agricole SA, CACEIS is poised to become a key player in the evolving landscape of cryptocurrency custody services.
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Just a few years ago, Shiba Inu (SHIB), a cryptocurrency that began as a meme, was becoming mainstream, minting new millionaires, and gaining a substantial following. Yet, the token has now seen a considerable drop in price, leading to questions about its future prospects. In particular, many investors wonder: can Shiba Inu reach $1?
Predicting the future value of a volatile asset like SHIB involves multiple factors, including macroeconomic conditions, adoption rate, and general market forces. Although the phrase “nothing is impossible” often echoes in the crypto market, SHIB reaching $1, despite its potential, is an ambitious target, especially considering its closest competitor, Dogecoin, has reached this feat only sporadically.
As of now, Shiba Inu’s price stands at $0.0000086, indicating a required surge of 116,279 times to reach $1. This achievement could be challenging given the token’s current market capitalization and circulating supply. However, the crypto market is known for its unpredictability, and considering SHIB’s previous rise of over 8,000,000%, a future surge cannot be ruled out.
According to data from Santiment, SHIB’s supply outside of exchanges has surpassed 911 trillion, a significant increase compared to 2021. This development suggests that many investors are holding SHIB for the long term, which could potentially fuel a bullish trend. Additionally, SHIB’s total number of holders has grown to 1.3 million.
The daily chart shows no signs of a downward crossover of the 50 EMA against the 200 EMA, implying that SHIB’s upside potential is still intact. The Chaikin Money Flow (CMF) indicates a value of 0.05, signaling an accumulation of SHIB. Should this accumulation continue, SHIB’s chances of nearing $1 could increase.
Although the journey towards $1 remains formidable, Shiba Inu is using a token burn mechanism to stabilize its value. This method involves sending tokens to dead wallets, rendering them unrecoverable and effectively reducing the total supply. This strategy could increase demand for SHIB in the long term.
Shibburn reports that more than 410 trillion tokens have been burned since the initial supply. The project is also focused on increasing utility with the development of the Shibarium L2 network. Despite being 89.74% down from its All-Time High (ATH) at the time of writing, Bone ShibaSwap suggests that SHIB could potentially hit the $1 milestone with maximum support for burn activity, Shibarium, and tokens within the Shiba Inu ecosystem.
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Global professional services company Accenture has recently announced a hefty $3 billion investment in its Data & AI division over the next three years. This substantial investment aims to empower clients across diverse sectors to leverage AI responsibly and rapidly for improved growth, resilience, and efficiency.
Julie Sweet, Accenture’s CEO, acknowledged the burgeoning interest in all facets of artificial intelligence. The considerable investment in the Data & AI sector will transition this interest into valuable actions, underpinned by sound business cases. Companies laying robust AI foundations now will be better equipped to capitalize on its mature, value-generating stage, leading to a competitive edge and enhanced performance.
Accenture’s Commitment to AI Integration
Accenture has been a pioneer in AI integration, folding AI into its service delivery methodology to deliver augmented efficiency, insights, and value to thousands of clients. Key platforms in this venture include myWizard, SynOps, and MyNav.
The company introduced its responsible AI framework six years ago, which is now integral to its service delivery, ingrained in its code of conduct, and serves as the foundation for its strict AI compliance program.
Accenture has also been working with clients on various generative AI projects, including helping a hotel company handle customer inquiries and aiding a judicial system in synthesizing complex documents.
AI Investment After Accenture Layoffs
Despite announcing 19,000 layoffs earlier this year as part of cost-cutting measures, Accenture is determined to capitalize on AI to spur innovation. Over the following 18 months, these layoffs will be gradually implemented.
Through hiring, acquisitions, and training, Accenture’s Data & AI division aims to double its AI talent to 80,000 employees. It also plans to develop industry-specific accelerators for data and AI preparation across 19 industries and utilize generative AI capabilities to create pre-built industry and functional models.
Accenture’s AI Navigator for Enterprise, a generative AI-powered platform, will help customers outline business cases and select suitable architectures, with additional resources to accelerate ethical AI practices and compliance initiatives.
This historical $3 billion investment signals Accenture’s resolve to pioneer AI-driven transformation.
Industry-Wide Implications
AI is fast becoming a game-changer in the business world, with industry giants like Canva, LinkedIn, Meta, and Google incorporating AI functionality into their product offerings.
According to an Accenture study, integrating AI into economic activities could quadruple the annual GDP growth rate by 2035. Furthermore, it can boost profitability by an average of 38%, helping businesses break free from the low-profit cycle.
Utilizing AI technology like computer vision, machine learning, deep learning, and natural language processing can address diverse problems. However, when combined, they create much more value, enabling businesses to shift towards value-added duties and improve customer service efficiency.
Other AI Investments
Accenture’s sizable investment marks the dawn of a new era of innovation and industry transformation as AI redefines our work. Other industry titans have also jumped on the AI bandwagon. PwC has pledged a $1 billion investment, EY has committed $2.5 billion, and Bain & Company has announced a service alliance with OpenAI. IBM has revealed the establishment of a Center of Excellence for generative AI, while Salesforce has set up a $500 million fund for generative AI startups.
Moreover, China’s Lenovo has committed a $1 billion investment over three years to expedite corporate AI use, signaling the escalating interest in AI’s transformative potential.
Investments in generative AI alone are projected to hit $42.6 billion by year-end, according to PitchBook, highlighting the accelerating pace of AI adoption across industries.
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The Euronext Amsterdam stock exchange has recently witnessed the introduction of a new equity exchange-traded fund (ETF) that provides investors in the Netherlands with access to a diverse range of Bitcoin-related company stocks.
Melanion Capital, a French investment firm, launched the Bitcoin Equities ETF on June 22, marking a new approach to investing in the Bitcoin ecosystem through equities.
The ETF tracks the Melanion Bitcoin Exposure Index, a custom basket of European and American stocks closely associated with the market price of BTC.
One key advantage of this ETF is its compliance with the European Commission’s Undertakings for the Collective Investment in Transferable Securities (UCITS) regulatory framework.
This framework ensures that the ETF adheres to established standards for managing and trading mutual funds while providing regulatory and investor protection requirements.
Consequently, investment firms can register and sell trading products across the European Union, offering a secure investment avenue.
Jad Comair, the CEO of Melanion Capital, expressed his enthusiasm about the expansion to the Euronext Amsterdam exchange, emphasizing that Dutch investors now have a “regulated and transparent solution” for gaining exposure to the Bitcoin ecosystem.
Comair acknowledged the significant interest in digital assets within the Dutch market and believes that the ETF presents an exciting investment opportunity within a regulated framework.
The Melanion Bitcoin Exposure Index comprises stocks from companies heavily invested in Bitcoin holdings, cryptocurrency exchanges, and mining operations.
Notable companies included in the index are MicroStrategy, which, under the guidance of Michael Saylor, has amassed over 140,000 BTC valued at more than $12.6 billion as of April 2023.
The index also features prominent exchange platforms like Coinbase and Robinhood, as well as mining firms such as Riot, Marathon Digital, and Hut8.
While the ETF aims to maintain correlation with the market performance of Bitcoin, a specific minimum correlation threshold has not been established.
Melanion’s Bitcoin Equities ETF is also listed on the Euronext Paris and Euronext Milan stock exchanges, further expanding its reach across European markets.
Bitcoin ETFs have been making headlines in June 2023, as BlackRock, the world’s largest asset manager, filed an application for a Bitcoin spot ETF with the United States Securities and Exchange Commission.
This move indicates the growing interest and recognition of Bitcoin as a legitimate investment option.
With the introduction of the Bitcoin Equities ETF on the Euronext Amsterdam stock exchange, Dutch investors now have a regulated and transparent avenue to participate in the Bitcoin ecosystem.
This development reflects the increasing acceptance and integration of digital assets into traditional financial markets, providing individuals with more diverse investment opportunities.
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Cryptopay, a popular EU cryptocurrency debit card provider, has faced a setback as the Bank of Lithuania revoked the Electronic Money Institution (EMI) license of its provider, UAB PayrNet.
This development may lead to Cryptopay debit cards in the EU ceasing to function. Although this could potentially restrict access to funds on the card, the company has assured customers that their funds are safe.
Cryptopay has encouraged users to expend or transfer their card balance promptly. Despite the possible disruption in card services, Cryptopay clarified that the overall user account operation remains unaffected.
The company recommended using the card to purchase crypto, withdraw cash from an ATM, transfer to another card, or use the balance at a store.
In case of a complete card service cessation, Cryptopay reassured that customers could recover their funds directly from UAB PayrNet, promising to facilitate the process if needed.
The problem is primarily impacting EU users. However, users in the United Kingdom might experience temporary disruptions due to a pause in card services to ensure operational stability.
The company anticipates a return to normal service within a few days in the UK.
Konstantin Gorin, Cryptopay head of support, expressed confidence in the company’s resilience in the face of this challenge, citing past successful navigation of similar crises in the banking system.
Gorin also mentioned the team’s work on a new debit program, with the priority to take care of affected clients.
Despite ongoing difficulties in the crypto debit card industry, signals of acceptance are emerging. In March, Mastercard declared its intention to integrate stablecoins into its payment network in the Asia-Pacific region, signaling an increasing acceptance of cryptocurrency in the traditional financial world.
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Coinbase, the leading cryptocurrency exchange, took an unusual legal approach before facing the U.S. Securities and Exchange Commission’s (SEC) crackdown on digital assets.
The company enlisted top lawyers to influence court rulings in other crypto-related cases, aiming to shape the legal landscape in its favor.
Prior to the SEC’s lawsuit against Coinbase on June 6, the company had submitted amicus briefs, or “friend of the court” briefs, in two other lawsuits initiated by the regulator.
By doing so, Coinbase expressed its views on legal matters that are now central to its own case. While amicus briefs are common at the U.S. Supreme Court, they are filed in only 0.1% of cases in federal trial courts.
However, the number of such briefs in SEC cases has been increasing, with crypto industry groups showing support for defendants.
Although a ruling favoring another crypto defendant in a trial court would not be legally binding for Coinbase’s case, the company could potentially use it as part of its defense strategy.
Few judges who have ruled on similar cases in the past have sided with the SEC’s approach.
Filing amicus briefs in trial courts allows the amicus to influence the direction of legal issues they care about.
It sets the stage for future discussions and considerations, as explained by Akiva Shapiro, one of the authors of a study conducted by law firm Gibson Dunn.
In recent times, the SEC has shifted its focus from targeting developers who sell unregistered digital tokens to larger players like exchanges. SEC Chairman Gary Gensler referred to the cryptocurrency industry as the “Wild West” and emphasized the need to regulate it.
Coinbase has become the primary target of the SEC, which sued the company in a Manhattan federal court. The SEC accused Coinbase of operating an unregistered exchange, broker, and clearinghouse, claiming that at least 13 of the crypto assets offered to U.S. investors were securities.
Coinbase initiated its legal offensive last year after being investigated by the SEC. The company engaged major corporate defense law firms, Gibson Dunn and Cahill Gordon & Reindel, to file briefs in two separate cases.
In one instance, Coinbase requested the dismissal of an insider trading case brought by the SEC against a former Coinbase product manager.
The main argument in Coinbase’s amicus brief, which could foreshadow its defense in its own case, is that the SEC lacks the authority to regulate many digital assets since they are not securities.
The SEC, on the other hand, argues that the determination of securities depends on the economic realities of transactions, not just the labels attached to them.
The regulator has urged judges to consider the way digital assets are marketed and the promises made to investors regarding potential profits.
Coinbase also raised concerns about the lack of clear guidelines from the SEC, arguing that industry participants need “fair notice” before a particular digital asset is deemed a security.
SEC Chairman Gensler dismissed this argument, stating that companies in the crypto space have knowingly chosen to disregard regulations.
In another amicus brief, Coinbase supported the fair notice defense in the SEC’s case against Ripple Labs, a prominent battle between the industry and the regulator prior to the Coinbase lawsuit.
The SEC sued Ripple Labs in 2020, alleging that the company conducted an unregistered securities offering worth $1.3 billion through the sale of the cryptocurrency XRP.
Coinbase argued that denying the fair notice defense to Ripple Labs would have implications for future cases.
Several other cryptocurrency industry groups and market participants have also filed amicus briefs in support of Ripple Labs.
A ruling on the Ripple case is expected later this year.
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Binance, Binance.US, and Changpeng “CZ” Zhao, the CEO of Binance, have accused the U.S. Securities and Exchange Commission (SEC) of issuing misleading statements regarding an ongoing securities lawsuit.
Lawyers representing the crypto exchanges filed a motion on June 21 in the U.S. District Court for the District of Columbia, claiming that the SEC’s statements in a press release on June 17 were deceptive. They have requested the financial regulator to adhere to the appropriate rules of conduct.
The motion refers to a statement made by SEC Enforcement Director Gurbir Grewal, where he alleged that CZ and Binance had the ability to commingle or divert customer assets.
However, the legal teams argued that a court transcript from a June 13 hearing contradicts these claims. The filing emphasized that there is no evidence of dissipation, commingling, or misuse of customer assets by Binance.US.
Furthermore, it accused the SEC’s press release of causing confusion in the market, potentially harming Binance.US customers and providing misleading descriptions of the evidence to the jury pool.
If approved by a federal judge, the order resulting from this motion could prevent the SEC from making certain public statements related to the Binance lawsuit that could significantly impact the court proceedings.
The Binance legal team presented a portion of the court transcript that shows the SEC’s acknowledgment that there is no evidence of Binance.US assets being sent offshore.
The court filing is part of an ongoing lawsuit filed by the SEC on June 5 against Binance, Binance.US, and CZ.
The lawsuit alleges that the exchanges conducted unregistered securities offerings, and Binance failed to register as an exchange or broker-dealer clearing agency. SEC Chair Gary Gensler accused CZ and Binance of misleading investors about their risk controls and sought disgorgement and other penalties.
Initially, the SEC requested a court order to freeze all assets of Binance.US. However, a compromise was reached, allowing only the exchange’s employees access to client funds during the litigation process.
Amid these legal proceedings in the United States, Binance announced the launch of a regulated cryptocurrency platform in Kazakhstan.
As the case progresses, the motion filed by Binance, Binance.US, and CZ aims to challenge the SEC’s statements and ensure compliance with appropriate rules and standards of professional conduct.
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As more and more people continue to gravitate toward the use of transparency-centric technologies, blockchain has emerged as a revolutionary force, promising to transform various sectors with its unique capabilities.
One industry, however, that stands out as a prime candidate for disruption in this regard is the travel industry. With its labyrinth of intermediaries, lack of pricing transparency, and reliance on outdated technology, the travel market seems ripe for a blockchain-driven revolution.
Pioneering the Use of Blockchain in Travel
From the outside looking in, blockchain’s utility in relation to global travel extends beyond just improving existing booking avenues. To elaborate, it opens up possibilities for new business models and products that can revamp industry processes.
For instance, blockchain can enable peer-to-peer transactions, allowing travelers and service providers to interact directly without the need for intermediaries. This can lead to more personalized and cost-effective travel experiences.
Moreover, blockchain can enhance data security in the travel industry. By storing data across a network of computers, blockchain makes it nearly impossible for hackers to compromise the data. This can be particularly beneficial for protecting sensitive information such as personal details and payment data.
To this point, Camino Network, developed by Chain4Travel AG, serves as a blockchain ecosystem designed specifically for the travel industry. Powered by the Camino Token (CAM), the network aims to streamline business processes, reduce transaction costs, and expedite blockchain finality to mere seconds. Moreover, the Camino Network blockchain operates as a consortium maintained and governed by the travel industry for the travel industry.
This unique approach ensures that the network remains responsive to the needs of the industry, fostering innovation and growth.
By eliminating the need for cumbersome agreements and reducing risk throughout the business process, Camino paves the way for a more efficient and transparent travel industry.
Why Camino Network? The Benefits of a Blockchain Solution
The travel industry is currently hampered by slow innovation, outdated technology platforms, and a myriad of bilateral agreements. These factors have created an oligopolistic structure that stifles growth and innovation. Camino Network, with its novel solution, aims to disrupt these structures and pave the way for a new, common travel infrastructure that serves everyone equally.
Camino Network’s semi-permissionless consortium blockchain, which uses the PoSA consensus algorithm, has garnered significant support from key market participants in the travel industry.
This support is reflected in the 4.3 million CHF in seed investment raised by the project from companies within the travel space as well as an additional 5 million CHF in Private Pre-sale from over 80 companies and more than 220 private investors. Participants include notable industry players such as Lufthansa, Eurowings, Miles & More, TUI, DER, Schauinsland, Juniper, Hotelplan, and many more.
This support has been instrumental in positioning Camino as a viable alternative to the current hierarchical structure of the travel industry. By giving governance power to consortium members, Camino ensures reasonable transaction fees, promoting the development of new travel products and positioning itself as the global operating system for global utilization.
Lastly, with its base in Zug, Switzerland, a region with established crypto market regulations, Camino provides a stable environment for the development and growth of blockchain applications in the travel industry.
Looking Ahead: The Potential for Mass Adoption
The tourism sector, with its global reach and diverse demographics, presents a unique opportunity for blockchain mass adoption. As people from all walks of life continue to become more financially stable and therefore traverse the globe as per their financial means, the implementation of blockchain in this industry could lead to widespread acceptance and use of the technology.
Camino Network is well-positioned to drive this mass adoption. The network’s commitment from over 80 validators and support from more than 140 travel companies demonstrates the industry’s readiness to embrace blockchain technology. Furthermore, several use cases are already being built on the Camino infrastructure, including hotel-explorer.io, geo-explorer.io, sleap.io, and booking.travel-inblock.io. These applications highlight the versatility of the network and its potential to revolutionize the travel industry.
Therefore, as we look ahead to a future driven by blockchain tech, it will be interesting to see how the travel sector continues to evolve and grow from here on end.
U.S. President Joe Biden will convene a meeting with Silicon Valley’s AI experts to deliberate on the potential hazards, policies, and opportunities tied to Artificial Intelligence (AI).
This discussion is set to take place between Biden’s fundraising campaign stops in California.
The assembly of eight experts comprises distinguished AI safety specialists and researchers. Among those are Jim Steyer, founder of Common Sense Media;
Tristan Harris, co-founder of the Center for Humane Technology; Fei-Fei Li, co-director of Stanford’s Human-Centered AI institute; Joy Buolamwini, founder of the Algorithmic Justice League; and Sal Khan, founder of the Khan Institute.
These individuals are esteemed for their strides in areas like education, policy, safety, and harm mitigation.
This meeting, scheduled at 4:00 pm Pacific Standard Time at the Fairmont Hotel in San Francisco, is one in a series of discussions the president is taking part in.
The discourse will be broadcast live on the official White House YouTube channel. Earlier, White House officials have met with CEOs of leading global AI sector companies, including Google, Microsoft, and Anthropic.
The U.S. Senate has also recently engaged with AI figureheads such as OpenAI CEO Sam Altman, IBM chief privacy and trust officer Christina Montgomery, and NYU’s Gary Marcus, to mull over AI policies.
Altman suggested creating a federal regulatory body to monitor the burgeoning AI industry, an idea Marcus seconded, while Montgomery advocated for a more precision-based approach from Congress.
Despite the growing dialogue around AI, the U.S. government has yet to establish a comprehensive strategy for AI regulation. As Europe, China, and the UK take strides towards extensive legislation for AI, the U.S. remains trailing in implementing broad-scale cryptocurrency and AI laws.
The intertwining of AI with the cryptocurrency, blockchain, and Web3 industries makes these regulations even more crucial.
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BlackRock’s recent filing for a spot Bitcoin exchange-traded fund (ETF) has sparked a wave of optimism in the investment industry, leading to new filings by other firms. WisdomTree, an asset management fund based in New York, is the latest company to file for a spot Bitcoin ETF.
In its filing to the Securities and Exchange Commission (SEC) on June 21, WisdomTree requested permission to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange with the ticker symbol “BTCW.”
This marks WisdomTree’s third attempt at obtaining approval for a spot Bitcoin ETF, with previous applications being rejected due to concerns of fraud and market manipulation. WisdomTree currently oversees approximately $83 billion in assets.
One notable difference between BlackRock’s filing and previous attempts is its intention to enter into a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets. BlackRock’s proposal references the SEC’s approval of a Bitcoin futures fund by Teucrium, highlighting the CME’s ability to surveil and prevent price distortions caused by manipulative efforts.
WisdomTree’s filing also includes a willingness to enter into a similar surveillance agreement with a US-based spot trading platform for Bitcoin.
Shortly after WisdomTree’s filing, global investment manager Invesco “reactivated” its application for a spot Bitcoin ETF. Invesco’s filing requests the listing of its “Invesco Galaxy Bitcoin ETF” on the Cboe BZX exchange.
The company emphasizes that a spot Bitcoin ETF utilizing professional custodians and service providers eliminates the need for investors to rely on loosely regulated offshore vehicles, thereby offering better protection for their investments.
While the SEC has yet to approve a spot Bitcoin ETF, the recent activities by WisdomTree and Invesco have reignited the race for approval. Bloomberg senior ETF analyst Eric Balchunas expressed optimism and attributed the renewed interest to BlackRock’s involvement.
Balchunas also highlighted BlackRock’s §impressive track record, with a success rate of “575-1” in obtaining ETF approvals from the regulator.
Furthermore, rumors are circulating that Fidelity Investments, a multi-trillion-dollar fund manager with $4.9 trillion in assets under management, may join the race for a spot Bitcoin ETF. Speculation suggests that Fidelity Investments may file for its own ETF or consider acquiring Grayscale’s GBTC ETF product. However, there has been no official confirmation from Fidelity regarding these rumors.
Overall, BlackRock’s filing for a spot Bitcoin ETF has spurred optimism within the investment industry, leading to new filings by WisdomTree and Invesco.
The potential entry of Fidelity Investments further indicates the growing interest in spot Bitcoin ETFs and their potential benefits for investors.
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