Crypto

A new Chainalysis report shows that the number of decentralized exchanges (DEXs) is growing faster than all other types of crypto exchanges. But Similar Web data shows centralized exchanges are far from unpopular, with Binance seeing 171 million visitors in October. Chainalysis published a report on crypto exchanges on Nov. 11 and provided an analysis by breaking the exchanges down by their business models including DEXs, CEXs, over-the-counter (OTC) brokers, derivatives platforms and high-risk exchanges with minimal know your customer (KYC) requirements. According to the data, the number of DEX’s between Q1 2019 and Q3 2021 increased more than 100% to sit at around 205 as of June this year. In comparison, the number of CEX’s temporarily increased from around 100 to 120, before dipping bac...

Climate-change focused Klima DAO has accumulated over 9 million tonnes of carbon offsets according to a Nov. 8 announcement. The USD value of those offsets has surpassed $100 million. In a blog post, the project explained that those offsets are equivalent to the annual emissions of Georgia, Jamaica, or Papua New Guinea. The Klima DAO protocol aims to increase the price appreciation of carbon assets. The core team told Cointelegraph that it intends to put upward pressure on the price of carbon offsets “so that it becomes more profitable to engage in offset-generating activities, such as conserving land for carbon sequestration, or restoring forests and wetlands.” Carbon offsets are reductions in greenhouse gas emissions in one place to compensate for emissions somewhere else. By accumu...

Every Miami resident with a digital wallet will be eligible to receive a Bitcoin dividend according to Mayor Francis Suarez.  “We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents,” Suarez said in an interview on Nov. 11. Citycoins launched the MiamiCoin cryptocurrency in August, which helps fund municipal projects by generating yield. Staking MiamiCoin has generated yields in excess of $21 million for the city. Its reserve wallet converts MiamiCoin deposits into USD based on commands from city officials. Suarez said that if yields continue at that rate, it’s possible that they could entirely cover the city’s tax needs. “Why don’t you just tax people less?” Why don’t you just tax people less? https://t.co/YXQGZlsPKI — Par...

The Joint Economic Committee, which includes Republican and Democratic members of both the U.S. House of Representatives and Senate, will be holding a hearing on the role of government concerning crypto. According to the Joint Economic Committee’s, or JEC’s schedule for next week, congressional members will be listening to industry experts speak at a hearing called “Demystifying Crypto: Digital Assets and the Role of Government” on Nov. 17. Representative Don Beyer — who has previously proposed legislation expanding the regulatory and legal framework for digital assets in the U.S. — will be chairing the hearing. Industry experts scheduled to speak include Open Markets Institute director of financial policy Alexis Goldstein, former Commodity Futures Trading Commission chair Tim Massad, Whar...

United States crypto exchange FTX US registered a large uptick in trading volumes and investor activity during the third quarter, underscoring heightened retail appetite for digital assets amid the volat bull market.  FTX US saw average daily volume grow 512% for the quarter ending in September, with peak volumes hitting $807 million on Sept. 7, owner West Realm Shire Services said Thursday. The exchange’s userbase also increased by 52% during the third quarter. By the end of September, FTX US claimed to hold 4.5% of the United States crypto spot market in terms of volume, up from less than 2% at the start of July. The third quarter was a momentous period for the cryptocurrency market, with assets like Bitcoin (BTC) and Ether (ETH) slowly reasserting their bullish narrative, eventuall...

The Russian State Hermitage Museum continues diving in the nonfungible tokens (NFTs) industry by debuting its first fully-virtual exhibition of digital art. Shortly after raising over $400,000 via its first NFT auction on Binance in September, the Hermitage is now hosting a free exhibition of NFT artworks existing exclusively in the virtual space, the so-called “celestial hermitage,” or the museum’s digital avatar. Launched on Nov. 10, the Hermitage’s exhibition is called the “Invisible Aether” and is based on the concept of metaverse, allowing users to create digital avatars and surf across the virtual site using PCs, smartphones, virtual reality glasses and other devices. The virtual site mimics the interiors of the local landmark Old Saint Petersburg Stock Exchange, but the actual exhib...

One under the radar cryptocurrency-powered payment app that’s been gaining traction across Latin America is Reserve. The platform acts as a convenient way for people to convert their local currencies, which may be undergoing high inflation levels, to the United States Dollar via the Reserve stablecoin (RSV). The network also features the Reserve Rights token (RSR), which is used for protocol governance. Since its launch in March 2021, the platform says it has seen 367,000 total signups. Meanwhile the number of weekly active users has surpassed 100,000, with most located in Argentina, Venezuela, and Colombia. In the past 30 days, the app has handled approximately 547,000 transactions. In addition, over 8,000 businesses, predominantly based in Venezuela, now accept Reserve as a pa...

Bitcoin (BTC) and altcoin investment firm Grayscale now has more assets under management (AUM) than the world’s biggest gold fund. According to the latest data from issuer Grayscale, Grayscale now controls over $60 billion — $1.7 billion more than the leading gold fund, SPDR Gold Shares (GLD). Praise for Grayscale, futures ETFs Grayscale’s flagship Bitcoin product, the Grayscale Bitcoin Trust (GBTC), meanwhile, contains over 646,000 BTC, worth around $41.75 billion as of Nov. 11. The figures add to the debate over gold as a store of value and inflation hedge versus Bitcoin, as inflation cuts through the United States and global economies. With gold flagging compared to BTC/USD, the allure of giving capital Bitcoin exposure has arguably never made more sense. GBTC price, holdings and premiu...

In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order from the Central Bank of Nigeria (CBN) demanding all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading. According to a report by local publication Leadership, an internal memo in one of the banks instructed employees to start monitoring accounts with significant transaction volumes or those that are believed to be used for cryptocurrency trading. The memo, according to Leadership, reads: “We wish to reiterate that the CBN is strictly monitoring non-compliance with the directive on the closure of all accounts involved in cryptocurrency for high impact regulatory sanction. In view o...

E-commerce giant JD.com took payments in China’s central bank digital currency (CBDC) at a massive local ​​shopping event. JD.com accepted digital yuan (e-CNY) for payment on its e-commerce application for the Singles Day promotion period which began on Oct. 31 and ended on Nov. 11, the firm confirmed on Thursday. Singles Day is an unofficial shopping holiday in the country that also celebrates people who aren’t in a romantic relationship.  “100,000 people had used e-CNY on JD.com’s app during the Singles Day promotion period as of today,” a spokesperson for JD.com told Cointelegraph. “We will continue to work with related parties to explore the application,” the spokesperson added. The representative declined to specify the value of e-CNY processed during the promotion. The rep...

The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam.  Asrorun Niam Sholeh, chairman of MUI’s Fatwa Commission, confirmed the religious authority’s rejection of cryptocurrencies due to alleged elements of “uncertainty, wagering and harm.” In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a commodity or a digital asset and show a “clear benefit,” Sholeh reportedly said following an expert MIU hearing. The MIU discussed Bitcoin as part of the Ulama Fatwa Commission, which is designed to address some of Indonesia’s biggest social, political, economic and legal issues through the lens of Islamic l...