- Bitcoin holds above $16,000 following FTX fallout, with industry’s talk on recovery fund
- Withdrawals at Crypto.com spike after a $400m blunder sent to Gate.io
- Genesis and Gemini announced restrictions as FTX contagion spreads
- Nike launches SWOOSH, a Web3 NFT community platform, on Polygon
- Apple Pay is now available on USDC stablecoin issuer Circle
Crypto market tends to stabilize, with an idea of industry recovery fund discussed: Following the unexpected CPI decline last week, Bitcoin, Ether and other major altcoins have been gradually regaining the loss over FTX’s collapse.
Since early November, the contagion from FTX’s fallout has reverberated across the entire crypto industry. Markets tend to stabilize this week as investors grow hopes that the fallout from FTX’s insolvency might remain somewhat contained. On Monday 14th November, Changpeng Zhao, CEO of Binance, also announced the formation of an industry recovery fund to help strong projects tide over the difficult period. BTC and ETH rose about 5% upon this news.
Eyebrows were raised at Crypto.com after a suspicious blunder: Crypto exchange, Crypto.com, is reported to have mistakenly sent 320k ETH or $400m worth of ETH to Gate.io and was returned back shortly after the error was made. The dubious transaction led to speculations that Crypto.com may be the next exchange in the domino facing liquidity concerns.User withdrawals from the exchange spike overnight and Kris, CEO of Crypto.com, reassured investors and users that the company had a strong balance sheet in an AMA on YouTube. Reserves are held 1-to-1 and there are no 3rd party risks or risky lending practices.
Outflows from CEXs continues as FTX contagion spreads: Genesis lending targets the institutional client base and has $2.8b in active loans as at Q3 2022. On Wednesday 16th November, the company announced temporarily suspending redemptions and new loan originations and is exploring solutions for fresh liquidity. Upon the news breaking, crypto exchange Gemini suspended its yield-earning program and saw a $485m rush of outflows as Genesis is the partner for Gemini Earn program.
Nike launched .SWOOSH on Polygon: Nike is launching .SWOOSH, a platform for all of Nike’s virtual creations, digital assets and wearables that are used for video games or other immersive experiences. It will be a place where people can collect their favorite shoes, accessories and in the future, buy, trade, and co-create within the community with the right to earn a royalty for creators. The platform is currently in beta phase on Polygon and is expected to go live next year.
Crypto stablecoin adoption through Apple Pay: Merchants who accept payments in USDC can now integrate their checkout process with Apple Pay. This is a major milestone towards mass adoption as customers can continue using traditional payment methods but use crypto on the backend without them realizing it. Existing web3 projects like NFT marketplaces, crypto gaming, exchanges, wallets, cross-border remittance providers can also expand their business faster by accepting Apple Pay and USDC as a payment method.
Yuesheng Ge, Matrixport’s founding Partner and CEO, joins Hassan Ahmed from Coinbase, Aly Madhavji from Blockchain Founders Fund (BFF) and Vulcan Forged’s Jamie Thomson as speakers at SALT Asia Conference. The panel discussion explored the untapped blockchain potential in APAC on November 16.
Find out more about the event here.
Matrixport announces that it will integrate Notabene’s protocol-agnostic, end-to-end solution for global Travel Rule compliance. Christopher Liu, Chief Compliance Officer at Matrixport, said that “Compliance is a cornerstone of Matrixport’s robust institutional risk management protocols. We are committed to implementing the highest standards and Notabene’s technology enables operational efficiency while ensuring end-to-end compliance with FATF’s Travel Rule and the MAS Payment Services Act. Our compliance roadmap is designed to provide our clients with best-in-class support to enhance secure, transparent and efficient digital asset services.”
Matrixport now lists Internet Computer Price ($ICP) on the platform. Users can now deposit, withdraw, and send the token using the app.
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