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Ethena (ENA) price pumps and dumps after proposal to integrate Ethereal Exchange

  • Ethereal Exchange integration proposal sparked a 20% surge in ENA price.
  • The proposal suggests that 15% of future Ethereal governance tokens be allocated to ENA holders.
  • ENA price has dropped to $0.384 after hitting a high of $0.42 amid high trading volume.

The recent proposal to integrate Ethereal Exchange with the Ethena Network has stirred significant excitement in the cryptocurrency community, leading to notable fluctuations in the price of Ethena’s native token, ENA.

This integration aims to launch Ethereal, a decentralized exchange (DEX) for both spot and perpetual futures trading, directly tied to Ethena’s reserve management and its native stablecoin, USDe.

Ethereal integration proposal

The proposal submitted on September 29 to the Ethena governance forum by an anonymous author known as Fells0x seeks to integrate the Ethereal DEX into Ethena’s reserve management from launch, providing a fully on-chain venue for managing both spot and derivative positions that back USDe.

The integration promises to enhance the utility and demand for USDe, which has gained a solid foothold in the market as the fourth-largest stablecoin, boasting a market capitalization of $2.5 billion, according to DeFiLlama.

A critical aspect of the proposal is its commitment to allocate 15% of any future Ethereal governance tokens to ENA holders. This incentive is designed to ensure alignment between the Ethereal team and the Ethena community.

Ethena price reaction

Following the announcement, traders quickly reacted to the potential benefits outlined in the proposal, pushing ENA’s price up by an impressive 20% to a peak of $0.42.

The excitement was reflected in trading volumes, which surged by 145% over 24 hours, indicating heightened interest and optimism among investors. The futures market also witnessed a significant uptick, with ENA futures open interest increasing by over 13% within four hours.

However, the volatility of cryptocurrency markets is well-known, and fluctuations are to be expected. At press time, ENA was trading at $0.384, reflecting a considerable decline from $0.42.

Despite these recent dips, ENA has shown remarkable resilience, rallying over 81.4% in the two weeks.

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Kasikornbank to launch Thailand’s first licensed digital asset custodian

  • Kasikornbank is set to launch orbix Custodian, Thailand’s first licensed digital asset custodian.
  • Operations for orbix Custodian are set to begin in early 2025 after licensing.
  • KBank also focuses on AI development through its partnership on Project SEALD.

Thailand’s second-largest bank by assets, Kasikornbank (KBank), is set to launch orbix Custodian, the country’s inaugural licensed digital asset custodian, which will be supervised by the Securities and Exchange Commission (SEC).

Notably, the announcement comes two weeks after the license was issued on September 13, with operations expected to commence in early 2025. The license was issued by the Ministry of Finance.

KBank’s President, Pipit Aneaknithi, in a statement issued by the bank emphasized that the introduction of the custody service marks a pivotal moment for the digital financial infrastructure in Thailand. “This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry, in response to government policy to accommodate future changes in the financial sector,” he stated.

The launch of orbix Custodian follows a series of strategic moves by KBank to enhance its presence in the digital asset sector. The custodian is owned through its digital-focused subsidiary, Unita Capital, which also encompasses orbix Invest and orbix Technology.

Notably, orbix Trade, a cryptocurrency exchange previously known as Satang, was acquired by Unita Capital in October 2023.

In early September, orbix Technology introduced the Q-Bond project, issuing bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These bonds come with a one-year maturity and a fixed interest rate of 2.38%, in partnership with the state-owned oil and gas company PTT.

In addition to its digital asset initiatives, KBank is making strides in artificial intelligence. Its subsidiary, Kasikorn Business Technology Group (KBTC), has partnered with AI Singapore and Google Research on Project SEALD (Southeast Asian Languages in One Network Data).

Launched in March, this project aims to develop large language models (LLMs) in several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino, and Burmese, further highlighting KBank’s commitment to technological advancement in the region.

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Binance granted full Digital Asset Trading License in Kazakhstan

  • Binance Kazakhstan has secured a full DATF license from AFSA for digital assets.
  • The license allows trading, brokerage, and custody services in Central Asia.
  • The crypto exchange underwent rigorous audits and ISO certifications to ensure compliance with regulatory standards.

In a significant regulatory development, Binance Kazakhstan has successfully obtained a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA).

This milestone enables the platform to offer a comprehensive range of services, including trading, broker-dealer activities, and custody of digital assets within the region.

Binance Kazakhstan a pioneer in Central Asia’s digital asset space

This achievement not only marks Binance Kazakhstan as a pioneer in Central Asia’s digital asset landscape but also reflects its commitment to meeting stringent regulatory standards.

The DATF license empowers Binance to establish a robust trading facility in Kazakhstan, aligning its operations with the regulatory framework set forth by the Astana International Financial Centre (AIFC).

To secure this license, Binance Kazakhstan underwent an extensive multi-stage review process. This included thorough external financial audits and ISO certifications, ensuring compliance with key regulatory codes, such as the AIFC Digital Asset Activities and Conduct of Business Rules, alongside strict anti-money laundering (AML) regulations. These measures are vital in establishing the trust and security needed for users engaging in trading and custody services.

Binance’s foray into Kazakhstan is indicative of the growing acceptance and regulatory advancements within the cryptocurrency sector, particularly in Central Asia.

By becoming the first digital asset platform in the region to obtain such a license, Binance Kazakhstan sets a benchmark for other platforms aspiring to operate under similar regulatory conditions.

Binance’s proactive approach highlights the importance of regulatory compliance in fostering a secure and reliable environment for cryptocurrency trading. The licensing milestone not only benefits Binance but also enhances the overall legitimacy of the digital asset industry in Kazakhstan and beyond.

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Crypto liquidations hit $200m amid Bitcoin dip

  • Crypto liquidations rose to over $200 million in 24 hours as Bitcoin (ETH) and Ethereum (ETH) dipped.
  • Analysts are however bullish on BTC price as September looks poised to end on a green note.

The crypto market saw over $200 million in crypto liquidations as Bitcoin slipped to near $64k amid fresh bear moves.

According to data from Coinglass, the cryptocurrency market saw total liquidations in the past 24 hours surge by 128% to more than $200 million. This came as Bitcoin (BTC) fell 4% to near $63,100 on September 30.  

24-hour liquidations

Having posted a significantly better performance in September contrary to expectation with a spike to $66k, BTC retreated sharply to pull most altcoins lower. With Ethereum (ETH) also dumping to under $2.6k amid latest selling from the Ethereum Foundation, total longs rekt soared to $164 million.

Shorts accounted for about $37 million in 24-hour liquidations at the time of writing.

Crypto liquidation represents the process by which a trader’s position is forcibly closed when their margin account no longer supports an open position. This happens when a trader suffers substantial losses or has insufficient margin to keep the position open.

According to Coinglass data, over 68,900 traders have had their positions liquidated in the past 24 hours. The largest single order to be liquidated happened on the crypto exchange OKX in the ETH-USD-SWAP, at a value $1.92 million.

BTC bounce: Uptober is here

Despite the decline in BTC price, bulls are likely to strengthen in coming weeks.

The upbeat mood may be down to the fact that with hours to go, September looks poised to end with BTC up more than 7%. That’s barring a sharp meltdown – not entirely new to the market. Still, analysts are bullish.

As crypto analyst Kaleo points out in the X post below, October and November have historically been ultra-positive for Bitcoin. If the trend continues, BTC will bounce hard in the coming months.

Earlier on Monday, digital asset manager CoinShares published its weekly report. It showed crypto investment products registered a third consecutive week of inflows amid recent upside on interest rates cut. Bitcoin topped $1 billion as Ethereum broke a five-week streak of negative flows.

BTC price hovered near $63,405 at the time of writing.

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ChangeNOW Takes a Bold Step with Its New Telegram Mini App — Here’s Why It Matters

  • ChangeNOW recently launched a Telegram Mini App, simplifying crypto transactions for users
  • The platform supports 1,000+ cryptocurrencies with instant swaps and low fees
  • Its non-custodial model ensures user privacy and security during transactions

ChangeNOW, a leading cryptocurrency exchange offering some of the lowest-fee crypto swap services, is making headlines with its recently launched Telegram Mini App, marking a significant milestone in the evolution of cryptocurrency exchanges. 

By leveraging Telegram, ChangeNOW aims to enhance accessibility and simplify crypto transactions for users worldwide seeing that Telegram’s user base is approaching one billion.

ChangeNOW’s history

Founded in 2017, ChangeNOW began its journey as a non-custodial cryptocurrency exchange based in Mahé, Beau Vallon, Seychelles. 

With a mission to promote crypto mass adoption, ChangeNOW has established itself as a simple and effective platform for swapping over 1,000 cryptocurrencies and 60+ fiat currencies. 

The company’s no-signup policy and focus on privacy have attracted a diverse user base, with around 1 million users relying on its services.

ChangeNOW’s founders and team

ChangeNOW was founded by a team of visionaries dedicated to creating a seamless and user-friendly crypto exchange experience.

While specific details about the founders are less publicized, the collective expertise in blockchain technology and financial services has been pivotal in guiding ChangeNOW’s rapid growth.

The team’s commitment to regulatory compliance and security ensures that the platform not only meets user needs but also adheres to the evolving regulatory landscape.

ChangeNOW features

ChangeNOW boasts an impressive array of features that cater to both novice and experienced cryptocurrency users. 

With more than a million cryptocurrency pairs available, the platform offers a fast and efficient exchange service, with an average transaction time of around five minutes. 

Its user-friendly interface allows for easy swaps, and the platform supports transactions as low as $2, with no upper limit.

ChangeNOW boasts an impressive array of features designed to cater to the needs of its users. Key offerings include:

  • Instant swaps: Users can easily swap 1000+ cryptocurrencies with an average transaction time of around 5 minutes, with no account creation or KYC required.
  • Cross-chain swaps: ChangeNOW offers seamless token exchanges across different blockchains, including Ethereum, BNB, Base, Manta, and others.
  • Over 1 million exchange pairs and a wide range of crypto asset classes: ChangeNOW has listed all popular cryptocurrencies, including meme coins, AI tokens, DePIN tokens, RWA tokens, PolitFi tokens, and more.
  • No exchange limits and competitive fees: Exchanges start from as low as $2 and the exchange rates are transparent with no hidden fees policy.
  • Crypto Loans: ChangeNOW allows users to deposit their cryptocurrencies and borrow stablecoins with a competitive loan-to-value ratio.
  • Fiat-to-crypto options: The platform supports over 60 fiat currencies, allowing users to purchase cryptocurrencies easily with credit cards (Visa/Mastercard), or other payment methods including Google Pay, Apple Pay, Revolut, and more.
  • ChangeNOW Pro: This offers enhanced features such as cashback on transactions, crypto loans, and staking options.
  • Non-custodial access: Users retain control of their funds, enhancing security and privacy while eliminating the risks associated with centralized exchanges.
  • Mobile App for iOS and Android: ChangeNOW also features a mobile exchange application that allows users to conduct their business while on the go.
  • Customer support: A responsive customer support team ensures a high-resolution rate for user issues including sending a deposit in the wrong network, creating a transaction with a wrong coin, selecting an amount and then sending a different one, sending more than one deposit for the same transaction and sending a deposit long after the exchange was created or completed, providing peace of mind for swappers.
  • Referral program and affiliate program: The ChangeNOW affiliate program allows users to introduce crypto projects to NOW Solutions and earn up to 25% from their commission. And the referral program allows users to share unique affiliate links on their blogs, web pages, or social media accounts and get paid for every exchange made through the links.

Regulatory compliance and security

ChangeNOW takes regulatory compliance seriously, ensuring its services align with legal standards in the regions it operates. This focus on compliance not only protects the company from potential legal issues but also enhances user trust. 

The non-custodial model ensures that ChangeNOW does not hold user funds, thereby minimizing security risks. 

ChangeNOW has no mandatory KYC, with identity verification initiated only in cases of suspicious activity. Its robust risk prevention system has already proven effective, with over $19 recovered in stolen assets. 

ChangeNOW’s Telegram Mini App

ChangeNOW is expanding its offerings with the recently launched ChangeNOW Telegram Mini App. This innovative application integrates seamlessly with the popular messaging platform, allowing users to buy, sell, and swap cryptocurrencies directly within Telegram. 

By tapping into Telegram’s vast user base, ChangeNOW is making cryptocurrency transactions more accessible and user-friendly.

The Mini App embodies ChangeNOW’s mission to simplify crypto exchanges and enhance the overall user experience. Users can conduct transactions without navigating away from their messaging platform, reducing the barriers to entry for those new to cryptocurrencies. 

This strategic move not only promotes the use of cryptocurrencies but also positions ChangeNOW as a forward-thinking leader in the industry.

The NOW ecosystem

ChangeNOW’s ecosystem encompasses various products and services, enhancing the overall user experience. ChangeNOW’s array of products includes the NOW Wallet, NOW Token, NOW Tracker, NOWPayments, NOW Launchpad, and NOWNodes.

The NOW Wallet allows users to store, buy, sell, and stake cryptocurrencies across multiple platforms, including mobile and desktop. 

The NOW Token, the platform’s native digital asset, offers users benefits such as cashback rewards and staking options, fostering a sense of community among users.

The NOW Tracker allows users to monitor their portfolios effectively.

The exchange also integrates several other NOW services, including NOWPayments, NOW Launchpad, and NOWNodes, to cater to businesses and developers, further solidifying its role within the crypto landscape. 

The ecosystem’s diversity enables users to interact with multiple aspects of cryptocurrency swapping, lending, and staking, all while enjoying the benefits of a non-custodial platform. This interconnected ecosystem not only benefits individual users but also supports the broader growth of the cryptocurrency market.

Additionally, ChangeNOW’s partnerships with various wallets and financial services, including Edge Wallet and Cake Wallet, demonstrate its commitment to providing a seamless and integrated experience for users.

Conclusion

ChangeNOW’s recent launch of the Telegram Mini App is a bold step toward enhancing accessibility and simplifying cryptocurrency transactions. With a rich history, a strong team, and a diverse range of features, ChangeNOW is poised to continue leading the charge in the cryptocurrency exchange space. 

By prioritizing user privacy and regulatory compliance, along with embracing innovative platforms like Telegram, ChangeNOW is not just adapting to the market; it’s shaping the future of how we interact with cryptocurrencies. 

As the digital currency landscape evolves, ChangeNOW’s commitment to providing a seamless, user-friendly experience will undoubtedly play a crucial role in driving mass adoption and transforming the way people engage with crypto.

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