Eyes turn to Grayscale Bitcoin Trust after FTX collapse; Cardano to launch fiat-backed stablecoin in 2023
The biggest news in the cryptoverse on Nov. 18 included concerns that Grayscale Bitcoin Trust was in trouble, the Bahamas ordered FTX to transfer digital assets, and the growing popularity of uncustodial wallets. including a 125% spike in Safepal.
CryptoSlate Top Stories
Community Concerned FTX Implosion Will Affect Grayscale
Grayscale Bitcoin Trust (GBTC) shares are down 74% in the year-to-date index, trading at around $8.75. Its shares are selling at a record discount of 42.69%.
Following this decline, the community ponders whether Grayscale is in trouble following the fall of FTX. GBTC currently holds over 635,000 Bitcoin (BTC) and 31 million Ethereum (ETH). The total value of these coins is $13.7 billion.
Bahamas Watchdog Orders FTX to Send Digital Assets to Wallets
On November 18, the Bahamas Securities Commission confirmed that it had ordered FTX to transfer its digital assets to wallets belonging to the Commission.
The Securities Commission of the Bahamas will assume asset management of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm
— Bahamas Securities Commission (@SCBgov_bs) November 18, 2022
The Commission announced the action through a media release and shared it on its official Twitter account. was,’ he said.
Binance-linked non-custodial wallet tokens have grown significantly over the past week
Binance-backed non-custodial wallet provider SafePal’s native token SFP increased by 125.96% over the last 7 days.
SFP is trading at $0.743 after gaining 16.97% over the past 24 hours.
CertiK investigates KYC actors hired to scam web3 community
An investigation by CertiK, a DeFi-focused security platform, has revealed the existence of professional KYC actors who specialize in bypassing the KYC process.
They are defined as individuals to cheat the KYC process on crypto platforms and gain the trust of the community before attempting fraud.
Canada’s Largest Pension Fund Writes Off $95 Million FTX Investment
Last week, Ontario Teachers, Canada’s largest pension fund, revealed that it was one of the investors in bankrupt exchange FTX, but did not specify the size of its investment.
On November 17th, the fund announced that it had invested $95 million in FTX on two separate occasions. The first investment was in October 2021 and was worth $75 million, the second he was $20 million.
Crypto Slate Exclusive
Bitcoin’s success in Nigeria is due to unstoppable youth, says Paxful CEO
Ray Youssef, co-founder and CEO of peer-to-peer trading platform Paxful, spoke with CryptoSlate to share his thoughts on reaching out to those who have been greatly affected by the broken money system.
Youssef’s first Bitcoin business focused on POS solutions until he met Paxful co-founder Artur Schaback. Shortly after they met, the duo went on a trip to Africa in Nigeria. In other words, Nigerians were among those greatly affected by the broken monetary system.
Paxful Founder Inserted Bitcoin Into Nigeria To Address Major Financial Issues Youssef said:
“Banks in Africa, especially in Nigeria, do not allow people to send money in US dollars. They want to keep that hard currency for themselves. What should we do?”
Youssef also acknowledged that Nigerian youth have shown high enthusiasm for Bitcoin, which has been a driving force behind its adoption.
KuCoin CEO Johnny Lyu Confirms Exchange Is “Fully Liquid,” Discusses Regulation and Future of DeFi – SlateCast #31
KuCoin CEO Johnny Lyu met with CryptoSlate’s Akiba to discuss recent events in the market and ensure KuCoin remains liquid.
Lyu emphasized the impact of the FTX collapse on the industry, saying that everyone is willing to put this on the back burner. He said:
“All financial institutions and exchanges hope that this crisis will end as soon as possible and that everything will be back to normal again.”
Regarding KuCoin’s current financial situation, Lyu said he can confidently confirm that KuCoin is fully liquid. KuCoin is now making its asset status public and working with third-party auditors to provide further transparency and trust, according to Lyu.
News around Cryptoverse
Ripple applies for license in Ireland
Ripple (XRP) has decided to expand into Europe and is applying for a regulatory license from the Irish financial watchdog to facilitate continental penetration. CNBC.
First fiat-backed stablecoin to enter the market in 2023
The Cardano (ADA) blockchain plans to launch USDA as the first fiat-backed and regulated stablecoin in the crypto market. CoinDeskUSDA plans to enter the market in early 2023.
Multicoin Anticipates Further Contagion Following FTX Collapse
In a company letter, Multicoin Capital said it expects “many trading firms to be wiped out and closed, putting pressure on liquidity and volume across the crypto ecosystem” as a result of FTX’s impact. tweet.
crypto market
Over the past 24 hours, Bitcoin (BTC) has fallen 0.33% to trade at $16,636, while Ethereum (ETH) has risen 0.6% to trade at $1,209.
