Kategorie: Crypto Markets

• BitMEX and Kraken crypto exchanges received highest scores for their proof of reserves attestations.

• Binance ranked lower for its ‘incomplete’ PoR among other metrics.
• Nic Carter says the PoR momentum is good for crypto and a “silver lining” out of the FTX chaos.

BitMEX and Kraken score highly in an assessment of proof-of-reserves attestations by major crypto exchanges. 

That’s according Nic Carter, one of the most popular Bitcoin advocates out there.

In a Medium article highlighting the score list and rankings of some of the leading crypto trading platforms, Carter points out the latest PoR results and offers insight into why some of the exchanges just getting to publish their cryptographic proof of reserves may still have a lot of work to offer the assurances the market seeks.

While Kraken and BitMEX rank highest, the world’s largest crypto platform Binance posts a relatively low score. But according to the crypto analyst, the move to have PoRs is undeniably one in the right direction. He sees the momentum as a good signal for cryptocurrencies, terming it “a genuine silver lining from the FTX debacle.”

“We may well yet emerge from this crisis with a major step forward in exchange credibility,” he wrote in his ‘The Status of Proof of Reserve as of Year End 2022’.

BitMEX, Kraken rank higher on various metrics

Looking at crypto exchange reserves attestations via metrics such as assets for which the platform provided the attestation, estimates of deposits covered and disclosure of liabilities, BitMEX scored the highest with 5 out of 6.

Crypto platform Kraken was second, while Deribit, KuCoin and OKX ranked third to fifth in that order.

Exchange proof of reserves scores and ranking. Source: Nic Carter on MediumWhile some platforms scored highly Binance’s proof of reserves was mostly ‘incomplete’ and thus the exchange scored poorly.  In a comment on this, Carter wrote:

“Binance’s first PoR doesn’t grant strong assurances. It only covers Bitcoin, which only represents 16.5% of their client assets. It does allow individual users to verify their inclusion in the liability set but does not contain the entire liability list, making it hard for a third party to verify the procedure.”

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• The United Kingdom’s NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years.
• NFT spend in the UK will increase from $1,725.2 million in 2022 to $9,257.0 million by 2028.
• Increased adoption, government support and venture funding are key factors to that growth.

The global non-fungible tokens (NFT) market took a hit alongside the rest of the market in 2022, with sales volumes and creator revenue seeing a significant decline.

But despite the brutal crash that’s characterised the crypto sector throughout the year, the latest trends and projections suggest the NFT industry will continue to grow over the next six years. 

Key segments in the next few years will be collectibles and art, real estate, sports, gaming, fashion & luxury and utility.

UK’s NFT industry to grow at a CAGR of 34.5% up to 2028

2021 remains a benchmark year for various sectors, yet according to a recent Research and Markets NFT industry report, 2022-2028 would see growth at a CAGR of 34.5%.

The United Kingdom will see its NFT industry grow from $1,725.2 million in 2022 to $9,257 million by 2028. The forecast put the NFT Spend Value for the UK on an upwards trajectory of an annual 48% for this year.

The Research and Markets report highlighted on Thursday forecasts widespread adoption of digital assets across the country’s different user groups will spark even further interest in NFTs.

Among factors to aid the UK NFT industry is the increased participation from innovative startups, sports clubs and even real estate giants. Just recently, Premier League giants Manchester United unveiled their NFT collection, joining an industry that’s already boasting of major global brands.As previously reported, the soccer club partnered blockchain platform Tezos in February this year.

The growing recognition and support for the industry from the UK government is another factor, as is the rising number of investors backing NFT startups.

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• Cardano staking is now available for both Android and iOS users
• Trust Wallet supports ADA staking directly from within its mobile app.
• To stake Cardano, one needs a minimum of 4 ADA tokens.

Cardano users with iOS powered devices can now stake and earn rewards on the native ADA token, thanks to an integration by non-custodial crypto wallet Trust Wallet.

This is the latest development for the wallet, whose TWT, the native Trust Wallet token, gives users a vote in the project’s governance. The project recently launched an browser extension, allowing users to take control of their cryptocurrencies whether on mobile or PC.

Trust Wallet introduces ADA staking

Trust Wallet’s announcement highlighting support for Cardano staking for all users with Apple devices comes a few weeks after the company announced support for ADA staking on Android devices.

Hey iOS users! You can now stake @Cardano $ADA too, easily and directly in your #TrustWallet!

Our detailed guide and FAQ below 👇https://t.co/LpFyWTiBmC https://t.co/gMMZeoBbzZ

— Trust – Crypto Wallet (@TrustWallet) December 27, 2022

Integration with devices running on iOS means mobile users on the two major operating systems can now access the staking feature for Cardano directly in their Trust Wallet.

The process is easy and fast and the minimum staking amount is 4 ADA tokens.

To stake ADA, one needs to have access to the Trust Wallet mobile app. A user may need to buy Cardano if they do not already hold ADA. The next step is to go to the “Stake ADA” page in the wallet and select ‘stake.’ In the next step, a staking screen allows one to choose a validator.

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• SBF is finally in the United States after signing an agreement earlier this year.

• The SEC chair said the agency would continue cracking down on cryptocurrency companies.

• Paxful removes Ether from their trading platform.

SBF is now in the United States

Sam Bankman-Fried, the former CEO of FTX, is now back in the US after he was extradited from the Bahamas earlier this week. He signed US extradition papers earlier this week and was moved to the United States on Thursday.

Following the extradition, SBF was issued a $250 million bail which he paid a few hours later. However, he still has a lot to answer for in the United States.

Earlier this week, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty, after they were charged with committing fraud that resulted in the collapse of the FTX cryptocurrency exchange.

According to the US Attorney for South District of New York (SDNY) Damian Williams, this is likely not the last major development in relation to the FTX investigations.

The US SEC also announced earlier this week that it had charged Wang and Ellison for their roles in a multiyear scheme to defraud FTX equity investors. 

The SEC to continues its crackdown on crypto

The SEC chair, Gary Gensler, revealed earlier this week that the agency would continue to clamp down on cryptocurrency companies. He called for the regulation of crypto issuers and exchanges. 

In an interview earlier this week, Gensler said;

“Financial history would tell you that most of these tokens [native tokens of crypto exchanges] will fail. [Insiders] sell the public on an idea while they’re potentially fraudulently pumping up the stock. This leads to distorted incentives and puts the public further at risk of the token not being properly registered and having proper disclosures and complying with the various provisions of the securities law about anti-fraud and anti-manipulation.”

Paxful removes ETH from its platform

Peer-to-peer trading exchange Paxful announced earlier this week that it had removed Ether from its platform. The Paxful CEO  cited the prevalence of scams among Ethereum-based tokens as one of the major reasons why ETH was removed.

Tezos activates the Lima upgrade

The Tezos team announced earlier this week that it had completed the 12th upgrade on its blockchain. The upgrade, called Lima, introduces several new features while also reducing the risk of bugs in smart contracts.

Lima marks the fourth protocol upgrade in 2022 as Tezos seeks to improve its blockchain. 

Waves planning to launch another stablecoin

Waves already has the USDN stablecoin, but that might not be enough. The Waves CEO and founder, Sasha Ivanov, promised that he would launch a new stablecoin, one that cannot be deppeged from the US Dollar.

However, the CEO said the new stablecoin would not be launched until the USDN plan resolution is implemented. 

Binance.US acquires Voyager assets

BAM Trading Services Inc.’s bid (operating as Binance.US) was chosen by Voyager Digital LLC, the operating unit of Voyager Digital Ltd., to acquire its assets after reviewing strategic options.

Voyager Digital said it chose Binance.US because it wants to maximise the value returned to clients and creditors as soon as possible. The bid from Binance.US is valued at around $1.022 billion. 

According to Voyager, the bid consists of the to-be-set fair market value of its crypto portfolio, valued at $1.002 billion at current market prices.

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