Market

Binance’s acquisition of FTX.com throws the market into disarray

November 9, 2022 2 mins read

The consequences of Binance’s acquisition of FTX shook the crypto market in general, and FTX-backed crypto in particular. The crypto market is grappling with the possibility that FTX’s acquisition by Binance may render Sam Bankman-exchange Fried’s and its close collaborator, Alameda Research, insolvent. Following the recent news of Binance’s acquisition of FTX, the market has plummeted. At the time of writing, BTC is down 10.85% and selling for around $18,300,

Over $300M was liquidated as the crypto market bleeds

November 8, 2022 1 min read

Total crypto liquidations reached over $300 million in the last 24 hours as the market fell, according to CoinMarketCap. At the time of writing, the total amount of liquidations over the previous 24 hours was $339.29 million. After a whale transferred $44 million worth of FTT to FTX, the FTX token (FTT) started losing value quickly, which had a negative impact on the cryptocurrency market. Although CEO Changpeng ‘CZ’ Zhao

Long Way to Go Before Crypto Becomes Mainstream, Says Mastercard CEO

November 8, 2022 1 min read

Before bitcoin (BTC) and cryptocurrencies in general can become widely used, a number of factors must align, according to Mastercard CEO Michael Miebach. When the CEO of Yahoo Finance was asked if a day would come when everyone would be making payments in bitcoin, Miebach agreed that it was a possibility. Michael Miebach said, “Entirely possible, but I think it’s a long way to go before crypto becomes mainstream.” There

Binance to sell FTX token holdings amid questions over trading arm Alameda finances

November 7, 2022 2 mins read

CZ said Binance will liquidate its remaining FTT tokens issued by the second-largest crypto exchange FTX on November 6. This decision comes after CoinDesk reported  November 2 that FTX’s sister company, Alameda Research, may have solvency issues. CZ said, “Due to recent revelations that have [come] to light, we have decided to liquidate any remaining FTT on our books.” In addition, Binance’s CEO mentioned that since Binance withdrew from FTX’s equity last year, it

Santander, a UK bank, will stop payments to cryptocurrency exchanges

November 7, 2022 1 min read

UK bank Santander announced that next year it will prohibit real-time payments to cryptocurrency exchanges. The action is meant to shield customers from scams, according to an email to customers that was first covered by Reuters. Santander has not specified what time in 2023 the modification will go into effect. The bank will implement a more constrained set of restrictions in the near future. Beginning on November 15, payments made through

Crypto exchange Coinbase revenue drops nearly 50%

November 6, 2022 1 min read

Coinbase, the most renowned American crypto exchange, recently released its third-quarter 2022 report. However, its sales figures are unimpressive. Furthermore, the exchange recently released its third-quarter report, which fell short of most analysts’ estimates. According to the report, Coinbase’s revenue fell by half from the previous year due to changes in trading activity. As a result, the company lost around $545 million, compared to a profit of $406 million in

Santander Bank to impose limits on payments to crypto exchanges

November 4, 2022 1 min read

Santander UK, a British bank wholly owned by the Spanish multinational financial services firm Santander Group, has informed its customers that payments to cryptocurrency exchanges will soon be restricted. According to a recent notice (on the company’s website) aimed at customers, the bank has seen “a large increase in UK customers becoming victims of cryptocurrency fraud.” And as a result, they have decided to place limits on payments to cryptocurrency

FTX CEO Bankman-Fried says their strength was unnecessary in Musk’s vision for Twitter

November 4, 2022 1 min read

According to Bankman-Fried or SBF, their strength was unnecessary in Musk’s vision for Twitter. SBF, the CEO of the FTX exchange, explained why he did not join Elon Musk in his acquisition of Twitter. Bankman-Fried made these remarks in response to a question from Forbes Chief Content Officer Randall Lane at the Forbes Iconoclast Summit 2022. Among the many reasons given by SBF for declining to join Musk in the

Singapore regulator grants HashKey Capital a license

November 4, 2022 1 min read

HashKey Capital was granted a license to provide services in Singapore by Singapore’s financial regulator. HashKey Group’s investment arm has been granted a license to operate in Singapore by the city-financial state’s regulator. The firm announced today that the Monetary Authority of Singapore has granted it a Capital Markets Service license. HashKey Capital Singapore will provide fund management services in Singapore. In a statement, Deng Chao, CEO of HashKey Capital

Goldman Sachs partners with MSCI and Coin Metrics to launch a framework for digital assets

November 4, 2022 1 min read

Multinational investment bank Goldman Sachs is collaborating with MSCI and Coin Metrics to launch a framework for digital assets. Datonomy, a new data feed that will allow investors to monitor trends in the crypto and DeFi markets, is being developed by Goldman Sachs, MCSI, and Coin Metrics. According to a press release, Goldman Sachs is collaborating with other companies to develop a framework for digital assets. The framework demonstrates that

Mastercard supports seven more blockchain startups for its crypto accelerator program

November 4, 2022 1 min read

As part of its fintech accelerator, the Mastercard Start Path program, global payments giant Mastercard continues to support cryptocurrency and blockchain startups. Mastercard announced on November 3 that it has chosen seven more industry startups for its Start Path program to promote the adoption of crypto and blockchain technology. Fasset, Singapore’s crypto payments platform Digital Treasures Center, and Colombian stablecoin-focused firm Stable are among the new startups in the new

Binance is considering buying a bank to the gap between traditional financial sector and the crypto sector

November 3, 2022 1 min read

Changpeng Zhao (CZ), the CEO of Binance, has stated that his team is considering using acquisitions to bridge the gap between the traditional financial sector and the cryptocurrency industry. This opinion was expressed by CZ on Wednesday during a speech at a Web Summit in Lisbon, Portugal. CZ noted that his exchange had previously noticed that whenever banks collaborate with Binance, more users flock to them, increasing their valuation. To