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Last Updated : December 01, 2022 / 08:18 AM IST
Cryptocurrency roundup for December 1: FTX subsidiary to use funds during bankruptcy proceedings, BlackRock discloses its losses in FTX and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Big Story
LedgerX From FTX Will Release $175 Million for Use During Bankruptcy Proceedings
LedgerX, the FTX Group’s financially sound subsidiary that also had to seek bankruptcy protection as part of the group, will make available $175 million for use in the bankruptcy proceedings for the crippled cryptocurrency exchange and its other firms. A $250 million fund was set aside by LedgerX in order to obtain a regulatory license to clear crypto derivatives trades without middlemen, and the funds might be transferred as soon as today, according to a Bloomberg report. On November 11, FTX Group filed for bankruptcy, and LedgerX withdrew its application with the US Commodity Futures Trading Commission (CFTC). Read details here
CBDC
Central bank of Indonesia has seeks to introduce a digital rupiah (CBDC)
As the country experiences a boom in digital transactions, Indonesia’s central bank on Wednesday presented plans for a digital rupiah currency that will leverage blockchain technology. The action is in line with the development of so-called central bank digital currencies (CBDCs) by other central banks around the globe, either in the form of retail tokens for use by consumers directly or wholesale tokens for use by banks in the financial system. Governor Perry Warjiyo stated at a gathering where he also unveiled the central bank’s policy direction for 2023 that the introduction of the digital rupiah will emphasize Bank Indonesia’s (BI) position as the exclusive authority to issue legal tender, including a digital currency. Take a look
Tie-Ups
Crypto exchanges Huobi and Poloniex to forge a “strategic partnership”
A week after dismissing rumors that the two companies were considering a merger, cryptocurrency exchange Huobi said that it will create a “strategic relationship” with Poloniex.” The two exchanges will gradually cooperate in multiple business areas, including HT ecosystem development, project connectivity, liquidity sharing, and global compliance,” Huobi said in a statement on Wednesday. “The two exchanges are committed to building the world’s top trading platform and earning the trust of users.” Top-performing Poloniex projects will be proposed for a direct listing on Huobi, as determined by the advisory board of Huobi. The two exchanges were first said to join on November 25 when Justin Sun, the creator of the Tron network, said that it might happen in the future. Huobi, though, stated that the rumors were “completely false.” Read more here
Crypto Winter
Crypto Winter Hurt Confidence, but Building Digital Asset Infrastructure Remains Key, Says Morgan Stanley
As cryptocurrency prices fell last year, investor interest in digital assets changed, according to a research report released on Wednesday by Morgan Stanley (MS). Retail interest in price levels and volatility has decreased, while traditional financial clients’ demand for regulated products has increased, the report said. The market is reevaluating the value of all the project tokens issued in light of this month’s collapse of FTX and its sister company Alameda Research, as well as “whether they have been used as assets for leverage,” the note said. The industry is anticipating more bankruptcies and deleveraging, according to discussions at the bank’s second annual Cryptocurrency vs. Traditional Finance event on November 28. Read details here
Hack Investigation
London Court Orders Binance, Coinbase, Kraken, And Others To Disclose Users’ Data As Part of A Hack Investigation
A London High Court has ordered six cryptocurrency exchanges, including Binance, Coinbase, Luno, and Kraken to disclose users’ data as part of a hacking investigation to trace $10.7 million stolen from an undisclosed UK-based exchange in 2020. Two of the six exchanges in question were unidentified. The anonymous exchange, which has refrained from disclosing its name to prevent “tipping off” the hackers, has already been successful in tracing $1.7 million of the stolen assets. Bitcoin, Ripple, Ethereum, and Tether were among the coins used to deposit the amount in question into 26 accounts on the exchanges Read details here
NFT Buzz
OpenSea Expands BNB Chain NFT Support
Binance Chain will incorporate its non-fungible tokens (NFT) into the NFT marketplace OpenSea’s Seaport protocol, by the end of this year. The move will make it possible for BNB Chain producers who want to display and sell digital collectibles on OpenSea’s marketplace to receive multiple creator rewards, collection management, and other advantages. According to Gwendolyn Regina, investment director at BNB Chain, one of the largest blockchains by daily active users, “The integration will bring a large number of creators into the wider ecosystem, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”
Layoffs
Cryptocurrency Exchange Kraken Lays Off 30% of Staff
Reeling under intense pressure amid a prolonged crypto winter following the collapse of FTX, cryptocurrency exchange Kraken on Wednesday announced the sacking of 1,100 employees or 30% of its workforce. Jesse Powell, Co-Founder, and CEO of Kraken in a blog post stated that his company tripled its workforce over the last 12 months as hundreds of millions of new users had entered the crypto space in the period and that a quick scaling up was needed on the part of the exchange to cater to its new users. Read more here
Binance
Donald Trump’s audit firm Mazars is hired by cryptocurrency exchange Binance
Cryptocurrency exchange Binance has chosen accounting behemoth Mazars to check its token reserves in response to growing calls for more openness from cryptocurrency exchanges following the collapse of its former rival FTX. The hiring, which was first reported by The Wall Street Journal, was confirmed by a representative for Binance, who also said that the company was “working with Mazars to conduct a third-party financial verification as part of the Proof of Reserves upgrades.” Read details here
FTX
BlackRock CEO Fink Says The Company Invested $24M In FTX
Chief executive of BlackRock Larry Fink on Wednesday said the company invested $24 million in FTX through a fund of funds it administers. He added that although there were some inappropriate actions at the cryptocurrency exchange FTX, the technology underlying cryptocurrencies is still essential. “We’re going to have to wait to see how this all plays out (with FTX). I mean, right now we can make all the judgment calls, and it looks like there were misbehaviors of major consequences,” Fink said, speaking at an event hosted by the New York Times Dealbook. Take a look
Market Buzz
Bitcoin, and Ether rise in line with crypto stocks, but Grayscale products decline
In sync with the rise in cryptocurrency stocks, prices of Bitcoin and Ether are on an upswing. According to CoinGecko, Bitcoin increased 2.6% in the previous day and was trading at $16,804 levels. The price of ether was $1,265, up more than 4.5%. Dogecoin and Ripple’s XRP both had gains of 2.4%. BNB from Binance moved in the opposite direction, falling by 0.7%. Grayscale’s Ether and Bitcoin trusts are still underperforming, with the ETHE trust’s discount to NAV reaching a new low. ETHE was traded at a 45.22% discount. The previous low for the product was 44.65% on November 21.
The Week on Dalal Street | Market warming up to new age stocks; base effect catching up with auto companies
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