CryptoSlate Wrapped Daily: Eyes turn to Grayscale Bitcoin Trust after FTX collapse; Cardano to launch fiat-backed stablecoin in 2023

1 year ago

The biggest quality successful the cryptoverse for Nov. 18 includes fears of imaginable Grayscale bankruptcy, Bahamas’ effort to get FTX’s funds, and SafePal’s 125% spike arsenic a effect of the expanding popularity of non-custodial wallets.

CryptoSlate Top Stories

Community fears FTX implosion mightiness impact Grayscale

Grayscale Bitcoin Trust (GBTC) shares declined by 74% connected the year-to-date metric and are being traded for astir $8.75. Its shares are selling astatine a grounds discount of 42.69%.

Upon this decline, the assemblage ponders if Grayscale is successful occupation pursuing the FTX collapse. GBTC presently holds implicit 635,000 Bitcoins (BTC) and 3,1 cardinal Ethereum (ETH). The full magnitude of these coins equates to $13.7 billion.

Bahamas watchdog ordered FTX to nonstop integer assets to its wallet

On Nov. 18, Bahamas’ Securities and Commission admitted ordering FTX to transportation its integer assets to a wallet that belongs to the Commission.

Securities Commission of The Bahamas Assumes Control of Assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm

— Securities Commission of The Bahamas (@SCBgov_bs) November 18, 2022

The committee announced this effort via a media release, which it shared connected its authoritative Twitter account. The committee said that this was an effort to safekeeping the assets and “was indispensable to support the interests of clients and creditors.”

Binance-linked non-custodial wallet tokens spot monolithic maturation implicit the past week

Binance-backed non-custodial wallet supplier SafePal’s autochthonal token SFP has accrued by 125.96% successful the past 7 days, indicating that the FTX illness started a “not your keys, not your coins” inclination among the crypto community.

The SFP is being traded for $0.743 aft expanding by 16.97% implicit the past 24 hours.

CertiK investigates KYC actors hired to scam the web3 community

DeFi-focused information level CertiK’s probe revealed the beingness of nonrecreational KYC actors who specialize successful bypassing KYC processes.

They are defined arsenic individuals who instrumentality KYC processes connected crypto platforms to sneak successful and summation the spot of the assemblage earlier attempting to scam.

Canada’s largest pension money writes disconnected $95M FTX investment

In the erstwhile weeks, Canada’s largest pension fund, Ontario Teachers revealed that they were 1 of the investors successful the bankrupt speech FTX, without mentioning the size of its investment.

On Nov. 17, the money disclosed that it invested $95 cardinal successful FTX connected 2 antithetic occasions. Its archetypal concern was successful Oct. 2021 and was worthy $75 million, portion the 2nd 1 was $20 million.

CryptoSlate Exclusive

Bitcoin owes its occurrence successful Nigeria to the unstoppable youth, says Paxful CEO

Peer-to-peer trading level Paxful’s Co-Founder and CEO Ray Youssef talked to CryptoSlate and shared his opinions connected extending a helping manus to those who got heavy affected by the breached wealth system.

Youssef’s archetypal Bitcoin concern focused connected POS solutions until helium met Paxful’s co-founder, Artur Schaback. Soon aft they met, the duo took a travel to Africa, Nigeria, due to the fact that that’s the spot with the biggest hustlers.” In different words, Nigerians were among the ones who were heavy affected by the breached monetary system.

Paxful founders inserted Bitcoin into Nigeria to combat the main fiscal problems. Youssef said:

“The banks successful Africa, particularly Nigeria, they don’t let radical to nonstop wealth successful USD. They wanna clasp onto that hard currency for themselves. So what is simply a tiny and humble entrepreneur to do?”

Youssef besides admitted that the Nigerian younker expressed precocious enthusiasm towards Bitcoin and became the driving unit down its adoption.

KuCoin CEO Johnny Lyu confirms speech ‘fully liquid,’ talks regularisation and the aboriginal of DeFi – SlateCast #31

KuCoin’s CEO Johnny Lyu met with Akiba from CryptoSlate to sermon the caller events successful the market, and guarantee that KuCoin remains liquid.

Lyu emphasized the effects of the FTX illness connected the manufacture and said that everyone is consenting to enactment this down us. He said:

“Institutions and exchanges are each consenting to widen a helping manus for this situation to spell distant arsenic soon arsenic imaginable truthful everything tin instrumentality to normality again.”

Regarding the existent fiscal concern of KuCoin, Lyu stated that helium tin confidently corroborate that KuCoin is afloat liquid. According to Lyu, KuCoin is besides publishing its plus presumption close now, and collaborating with third-party auditors to connection further transparency and trust.

News from astir the Cryptoverse

Ripple applies for a licence successful Ireland

Ripple (XRP) decided to grow into Europe and is applying for a regulatory licence from Irish fiscal watchdogs to facilitate its dispersed into the continent, arsenic reported by CNBC.

First fiat-backed stablecoin volition participate the marketplace successful 2023

Cardano (ADA) blockchain is readying to motorboat USDA arsenic the archetypal fiat currency-backed, regulatory-compliant stablecoin successful the crypto market, according to CoinDesk. The USDA is expected to participate the markets successful aboriginal 2023.

Multicoin expects further contagion pursuing the FTX collapse

Multicoin Capital stated successful a institution missive that it expected “many trading firms volition beryllium wiped retired and unopen down, which volition enactment unit connected liquidity and measurement passim the crypto ecosystem” arsenic a effect of the FTX fallout, according to IBC Group CEO Mario Nawfal’s Tweet.

Crypto Market

In the past 24 hours, Bitcoin (BTC) declined by 0.33% to commercialized astatine $16,636, portion Ethereum (ETH) accrued by 0.6% to commercialized astatine $1,209.