Your Weekly Crypto Updates #4 ??
Ng Tian Beng
Blockchain Scholar | MSc Blockchain & Digital Currency @ UNIC | Ex-Web3 Builder @ Alchemy | Ex-Crypto Educator @ Luno | Ex-CCA Intern @ Roche | ACCA Scholar | Accounting Graduate @ TARUMT & CU | Public Speaker
?? CoinMarketCap Launches Proof-of-Reserves Reporting
CoinMarketCap, a leading tracker in the crypto industry, announced a new feature called proof of reserves (PoR)?that audits active cryptocurrency exchanges for transparency on liquidity. The tracker details the total assets of the company and its affiliated public wallet addresses, along with the balances, current price and values in the wallets. It is updated every five minutes.
?? Bank of Japan to Test Digital Yen
The Bank of Japan will begin testing its digital yen in partnership with top banks and institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transaction scenarios and experimenting with its functionality even in environments without internet connections.
?? Binance to Help Distressed Crypto Projects
Binance, the world’s largest crypto exchange, is committing up to $2 billion to help crypto firms facing hardship following the bankruptcy of FTX. The recovery fund is looking to back companies and projects over the next 6 months that, through no fault of their own, are facing significant, short-term financial difficulties. The fund has already received 150 applications from companies seeking help.
?? Deloitte: Metaverse Could Add Trillions to Asia’s GDP
Financial services firm, Deloitte, estimates that the metaverse could add $1.4 trillion to Asia’s annual GDP by 2035. Noting that the metaverse market could be as large as $13 trillion by 2030, Deloitte said the metaverse is no longer science fiction, and early metaverse platforms are already being used by millions.
?? Turkey Authorities Seize SBF’s Assets
Amidst a probe into FTX, the Financial Crimes Investigation Board of Turkey has opened an investigation against FTX Turkey, the Turkish subsidiary of the exchange, and seized digital currencies related to the exchange, its CEO, Sam Bankman-Fried, and other affiliates. The Turkish agency wants to investigate FTX and Bankman-Fried to determine his role in the exchange’s collapse.
?? IMF Warns African Nations Against Crypto Adoption
The IMF believes the FTX collapse should warn African nations that the widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability. The IMF says the risks are that much greater if crypto is adopted as legal tender, as the Central African Republic recently did.
?? Miami Nightclubs Miss Crypto Entrepreneurs
One of the biggest clubs in south Florida, which processed $6mn worth of crypto last year when crypto entrepreneurs had flocked to Miami, revealed that it only took in $10000 in crypto in the past quarter. Most of the partygoers were young men with “nerdy style”, ordering bottles of expensive champagne only to shower in it. However, a year later, these partygoers completely disappeared following the collapse of FTX.
?? Almost One Million Wallets Hold at least One Bitcoin
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According to blockchain analytics company Glassnode, the number of wallets holding at least 1 BTC has reached 950,000, which is a new all-time high. The trend also coincides with the billions of dollars of Bitcoin and crypto exiting exchanges to be held in self-custody for the long term.
?? Brazil Approves Bitcoin as Means of Payment
Brazilian lawmakers have approved a complete regulatory framework for the country's trading and use of cryptocurrencies. Voted on Tuesday evening in Brasilia, the country’s capital, the new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation.
?? Coinbase Wallet will no longer support XRP
Coinbase, the cryptocurrency firm, surprised clients with its announcement today, stating the four major tokens that will no longer be supported by the platform. The announcement stated, “As of December 5th, 2022, Coinbase Wallet will no longer be supporting the following assets and networks due to low usage: BCH, ETC, XLM, and XRP.”
?? Crypto Lender BlockFi Files for Bankruptcy
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the?spectacular collapse?of the FTX exchange earlier this month. The crypto contagion is spreading fast.
?? BlockFi has $355 Million in Crypto Stuck on FTX
During the first day hearing for BlockFi’s bankruptcy proceedings, the company revealed that FTX and Alameda Research owe it more than $1 billion — $671 million on a now-defaulted loan to Alameda and $355 million in funds frozen on the company’s crypto exchange. BlockFi had much exposure to FTX after it received a?$400 million line of credit in July—a deal that the company’s legal team said on Tuesday was approved by 89% of its shareholders. BlockFi needed the lifeline because of lingering turmoil from the?collapse of Terra’s algorithmic stablecoin, TerraUSD (UST), in May.
That's all for this week's?Your Weekly Crypto Updates???
As always, please Do Your Own Research (DYOR), and I will see you again next week.
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