Crypto
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Ethereum rallies to $1,350, but derivatives metrics remain neutral to bearish
Ether (ETH) rallied 6.3% to $1,350 on Dec. 13, mimicking a similar failed attempt that took place on Nov. 10. Despite reaching the highest level in 33 days, the gains were not enough to instill confidence in traders according to two key derivatives metrics. Ether/USD price index, 12-hour. Source: TradingView Bulls’ frustrations can partially be explained by Binance facing a near-record $1.1 billion in withdrawals over a 24-hour period. The unusual behavior comes as the exchange attempts to put out multiple disputes about its proof of reserves and overall solvency on crypto Twitter. According to Binance CEO Changpeng Zhao, the social media posts amount to nothing more than FUD. However, Binance’s USD Coin (USDC) reserves were emptied after alleged troubles with commercial bankin...
Crypto community members discuss bank run on Binance
Within the past 24 hours, cryptocurrency exchange Binance has seen outflows of over $1.14 billion due to rising FUD — or fear, uncertainty and doubt — within the crypto ecosystem. According to Binance CEO Changpeng “CZ” Zhao, the exchange has seen this before, and he believes “it is a good idea to ‘stress test withdrawals’ on each CEX [centralized exchange] on a rotating basis”. We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us. I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. 1/2 https://t.co/uF9lLPDSyS — CZ Binance (@cz_binance) December 13, 2022 The bank run on Binance comes a month after CZ triggered a bank ...
What Goldman Sachs’ CEO misunderstands about private blockchains
Only one of the following news items is real, but someday, all will sound equally comical. Headline, 1896: The owner of Wagoneer & Sons, a leading horse-drawn carriage maker, has announced the adoption of a new machine called the “internal combustion engine” to improve its manufacturing process. “Gas engines are powerful but dangerous,” the owner said. “We will use them to make better wagons. Headline, 1918: The American Association of Candle Makers has announced a new initiative to electrify its wax-making process. It believes that electricity is too dangerous to use for lighting but can be utilized to make cheaper candles. Headline, 1989: The United States postal service will adopt a new technology called “the internet” to speed up the sorting and delivery of letters and postcards. H...
Algorand to support bank and insurance guarantees platform in Italy
Layer-1 blockchain platform Algorand has been chosen as the public blockchain to support an “innovative digital guarantees platform” to be used in Italy’s banking and insurance markets. The Algorand-supported platform is expected to be launched in early 2023. According to Algorand’s Dec. 13 announcement, this is the first time an EU Member State will use blockchain technology for bank and insurance guarantees. A bank guarantee is when a lending institution promises to cover a loss if a borrower defaults on a loan. It’s an alternative to providing a security bond or a deposit to a supplier or vendor. An insurance guarantee is similar but is offered by an insurance company rather than a bank. Algorand said that blockchain technology was ideally suited for the “Di...
BinaryX Introduces Cyber Incubation Fund to Support Blockchain Games
Singapore, Singapore, 12th December, 2022, Chainwire BinaryX launches a new 220,000 BNX Cyber Incubation Fund, aimed at driving the growth and adoption of Web3 games. The fund, supported by the project team, seed investors and members of the BNX community, will be used to invest in on-chain gaming projects that utilize or are experimenting with blockchain technology. BinaryX is also offering advisory services alongside the fund to bolster support for projects under the fund. The fund will be used to provide resources and all forms of support for games at any stage, including early-stage, and late-stage development. BinaryX Incubation Fund Distribution Breakdown The fund distribution comes from the overall BinaryX fund as pictured below: BinaryX will allocate 8% of their overall funds to th...
Enjin Coin (ENJ) and Metacade (MCADE) Set to Break Records in 2023
As the messiest period of the bear market seems to be behind us, investors have started looking forwards once again. People are wondering which projects, and which sectors, could drive the industry towards the next crypto bull market. Many are betting on GameFi and two projects that could play pivotal roles are Enjin and Metacade. What is ENJ? ENJ is the native cryptocurrency of the Enjin Network. With Enjin, developers can create or mint digital assets to be used in blockchain-based games. The way that it works is that ENJ tokens are locked within the game asset itself, which serves to provide instant liquidity when users trade the assets during play. For game developers, this can be extremely useful. Fully-functioning in-game economies underpin the entire GameFi industry. For most blockc...
Gaming Platform Azarus to list on Uniswap – onramps multi-million streaming audience to blockchain
San Francisco, USA, 13th December, 2022, Chainwire Azarus will be hosting a keynote stream in partnership with Animoca Brands at 7am UTC on Wednesday, December 14th (11pm PST on Tuesday, December 13th) to reveal the imminent listing on Uniswap of the AzaCoin, an ERC-20 Token on Ethereum Mainnet, which will list on Uniswap on January 11, 2023. Founded in 2018, Azarus has been demonstrating that “streams are not TV” through its highly engaging Overlay Games. With Azarus, streamers run interactive games over their streams to play along in real-time with their entire audience, sponsored by brands. Overlay Games have generated over 4 million watch hours, distributing $2 million in prizes in the form of loyalty points redeemable in the Azarus Store. Azarus is moving into a crypto-native rewards ...
Crypto hotspots continue to thrive despite FTX collapse
The sudden failure of FTX has left many people questioning the impact this will have on the cryptocurrency ecosystem. For instance, it remains questionable whether or not crypto hotspots will continue to flourish or if there will be a decline in innovation. While it may be too soon to fully understand the impact of the FTX collapse, industry leaders within crypto-friendly geographies believe that the FTX failure will not hamper innovation. For example, Dubai — which has been dubbed as one of the most innovative regions for crypto and blockchain development — continues to see ecosystem activity. Most recently, The Algorand Foundation, the organization driving the growth of the Alogrand blockchain, hosted its second annual Decipher conference in Dubai. The event took place Nov. 29–30, ...
Web3 game DOGAMÍ secures $14M total funding
DOGAMÍ, an augmented reality mobile game involving nonfungible token (NFT) pet companions, has completed a $14 million seed funding round, according to a Dec. 12 press release provided to Cointelegraph. The Web3 mobile gaming company raised $7 million led by VC firm XAnge after initially securing $6 million from industry leaders in January 2022. DOGAMÍ, with community members in over 80+ countries, indicated that it has already sold 12,000 NFTs of dog avatars and 12,000 NFTs of canine accessories through a collaboration with omni-channel clothing retailer GAP. The company has also launched its first mobile application, “DOGA House”, which allows users to discover and interact with their “NFT puppies” in the “DOGAMÍ universe” while earning DOGA cryptocurrency. Relate...
‘Old money has all but fled,’ Huobi co-founder discusses challenges of running $400M VC fund
In a new Twitter post dated Dec. 12, Du Jun, co-founder of cryptocurrency exchange Huobi Global, shared new insight on his experience of running ABCDE Capital, a $400 million Web 3.0 venture capital (VC) fund, in June this year. According to Jun, the idea for ABCDE Capital came in March, and by April, it was already registered in Singapore. However, amidst the $40 billion Terra Luna implosion in May, Jun said that “old money has all but fled” after the incident. We chose to start @ABCDECapital at the most difficult time of the market. Hope to bring a glimmer of light to builders and bring more fairness, innovation and strength to crypto industry. https://t.co/GmxFFsG7qL — Du Jun (@DujunX) June 17, 2022 Undeterred, Jun continued that in August, the VC fund was fully operational,...
ConsenSys launches zkEVM private beta testnet
According to a new blog post on Dec. 13, Web 3.0 ecosystem developer ConsenSys unveiled its zero-knowledge Ethereum Virtual Machine (zkEVM) network for private beta testing. Designed and operated by ConsenSys, developers can deploy and manage decentralized applications using tools such as MetaMask, Truffle, and Infura as if they were using EVM directly. In addition, users can bridge assets between the Goerli testnet and the zkEVM to test their smart contracts and decentralized applications, or dApps. “Testnet participants can also bridge tokens, transfer tokens, and interact with deployed dApps listed on our upcoming ecosystem portal page. We intend to learn whether the developer experience of the zkEVM has the potential to accelerate innovation in Web3 and will be evaluating f...
Senator Lummis still ‘very comfortable’ with Bitcoin in retirement plans
Pro-crypto United States Senator Cynthia Lummis has remained steadfast in her support for Bitcoin (BTC) as part of diversified retirement plans, despite calls otherwise from her Senate peers. As it stands, Lummis seems to be just one of the few openly crypto-friendly politicians in the United States and has notably pushed for progressive crypto regulation alongside Senator Kirsten Gillibrand. Speaking with online news outlet Semafor on Dec. 12, Lummis outlined that crypto winter has not shaken her resolve in BTC and that she’d still like to see the asset included in United States 401(k) retirement plans: “I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies.” “I per...
