Kategorie: Allgemein

• Citigroup believes that mass adoption of blockchain technology is six to eight years away and will be driven by central bank digital currencies (CBDCs) and tokenization of financial, gaming, and real-world assets.
• Citi believes that more than a billion people will use blockchain technology without knowing it, which will largely happen through CBDCs as more governments start implementing digital currencies in their economies.
• According to Citi, social media payments and gaming could also drive mass adoption of blockchain tech.

Citigroup’s Take on Mass Blockchain Adoption

U.S. banking giant Citigroup recently released a blockchain report suggesting that mass adoption of blockchains is six to eight years away and will be driven by the implementation of central bank digital currencies (CBDCs) as well as tokenization of financial, gaming, and real-world assets.

The Benefits of CBDCs

Citi believes that the world usually does not recognize the value and benefits of disruptive technologies at first due to blockchains being an “invisible” backend infrastructure technology with no prominent consumer interface like other inventions such as cars or cameras have. However, Citigroup predicts that once more than a billion people are using blockchain technology without even knowing they’re using it—which they believe can happen through CBDCs—mass adoption will occur. As of March 2021, over 20 central banks are either planning or already implementing digital currencies into their economies giving almost 2 billion people access to digital money in the coming years. Citi estimates that these CBDC’s combined market cap could reach $5 trillion by 2030 with 50% being linked to distributed ledger technology. Despite most central banks not utilizing DLT for their own CBDC projects, Citi still sees this as a positive step forward for overall blockchain adoption due to its secure environment backed by state support which encourages experimentation with digital currency use cases.

Other Possible Drivers

In addition to CBDCs driving mass adoption for blockchains according to Citi; other possible drivers include social media payments and gaming platforms which rely heavily on distributed ledger tech making them easier to use while providing increased safety measures for users‘ data protection in comparison to traditional payment systems such as credit cards or cash transactions.

Momentum on Adoption Positively Shifting

According to the research report momentum on blockchain adoption has been shifting positively now that governments, large institutions, and corporations have moved from investigating the benefits of tokenization towards trials and proofs concept development stages leading up towards full scale integration into practical applications across various industries including finance healthcare etc…

Conclusion

Citigroup believes that mass adoption is close at hand once more than a billion people are using blockchains without even realizing it—which they believe can best be achieved through central bank digital currencies allowing individuals worldwide access to secure digital currency use cases backed by state authorities encouraging experimentation with new innovative applications built upon distributed ledgers creating potentially revolutionary opportunities within any industry looking for efficient secure solutions powered by DLT technology

Binance Suspends Spot Trading

• Binance tweeted that it knew of an issue impacting spot trading and said it was working to resolve it soon.
• The crypto exchange suspended withdrawals and deposits for all crypto assets on its platform.
• Binance CEO Changpeng ‚CZ‘ Zhao assured users that their funds were safe and expects the recovery to take between 30 minutes to two hours.

Issue Details

Binance announced they experienced a bug on a trailing stop order, causing them to temporarily suspend spot trading on their platform. Binance CEO Changpeng ‘CZ’ Zhao described the issue as a „weird one“ and said that deposits and withdrawals had been paused as a standard operating procedure. He reassured users that their funds were safe, and expects the recovery time to be between 30 minutes to two hours.

Price Impact

The news of the bug caused Bitcoin (BTC) prices to plunge 1.39% on the 1-hour candle, dropping from $27,635 according to CryptoSlate data.

Safety Protocols

Binance has safety protocols in place which are activated when issues arise such as suspending withdrawals and deposits for all crypto assets on its platform as well as reassuring users that their funds are safe. However, this did not prevent the price drop of Bitcoin (BTC).

Conclusion

In conclusion, while Binance has safety protocols in place, these did not prevent Bitcoin prices from dropping due to a bug found in its system. The issue is expected to be resolved shortly within 30 minutes up until 2 hours according to CZ’s statements, yet still may have caused some losses for holders of BTC during this time period.

• Coinbase is considering setting up an offshore exchange to escape US regulatory pressure.
• Coinbase is subjected to higher standards of regulatory oversight compared to its competitors, many of whom are based offshore.
• The lack of crypto regulation in the US has been criticized by stakeholders and has made it difficult for firms to do business in the country.

Coinbase Considering Offshore Exchange

Coinbase, a U.S.-based crypto exchange, is reportedly considering setting up an offshore exchange due to the recent regulatory clampdown on the crypto industry. Coinbase has contacted some institutional clients to discuss setting up an alternative marketplace for global users, although the location for this exchange remains undecided as of yet. A Coinbase spokesperson did not confirm if such plans exist but noted that the company continuously assesses options in different regions and meets with government officials to increase global crypto adoption.

Higher Regulatory Standards

As a public company, Coinbase is subjected to higher standards of regulatory oversight than many of its rivals who are based offshore. Competitors like Binance and FTX only have subsidiaries within the U.S., while most of their business operates outside the country’s jurisdiction which gives them certain advantages that Coinbase lacks.

Criticism Over Lack Of Crypto Regulation

Over the years, several crypto stakeholders have criticized the U.S. for its lack of regulatory clarity and regulation-by-enforcement approach adopted by the SEC (Securities and Exchange Commission). Additionally, failures from cryptocurrency friendly banks have also made it difficult for firms in the country to carry out their operations smoothly without any hindrance from authorities or restrictions from financial institutions .

Protection From Regulatory Pressure

Setting up an offshore trading platform would help protect Coinbase from potential regulatory pressures at home as all trades currently get routed through its U.S.-based platform only . This could enable it to avail benefits like those enjoyed by its competitors who operate outside American jurisdiction .

Increasing Global Crypto Adoption

The spokesperson noted that despite these challenges, Coinbase continues assessing options in different regions while meeting with government officials and working towards increasing global crypto adoption .

Summary

• Silicon Valley Bank (SVB) has been shut down by the Federal Deposit Insurance Corporation (FDIC).
• SVB’s closure was prompted by a March 8 sale proposal to cover a $1.8 billion loss.
• Some crypto companies, such as Circle and BlockFi, may have exposure to the failed bank.

Silicon Valley Bank Closed by Regulators

California-based Silicon Valley Bank (SVB), a unit of SVB Financial Group, has been shut down, according to an announcement from financial regulators on March 10. The Federal Deposit Insurance Corporation (FDIC) said that the California Department of Financial Protection and Innovation closed SVB today and announced that it had been designated as the receiver for any eligible bank customers who will have access to their insured deposits by March 13.
The cause of this closure was prompted by a March 8 sale proposal through which it aimed to cover a $1.8 billion loss. The firm’s share value fell drastically within one day after third parties advised companies to withdraw funds on March 10; subsequently trading on the company’s shares has since been halted. Executives at the company, including CEO Gregory Becker, CFO Daniel Beck, and CMO Michelle Draper collectively sold millions of dollars worth of stock in the weeks leading up to these events.
The failure marks one of the largest U.S. bank failures in history with its $209 billion assets making it larger than even those during 2008 financial crisis.

Crypto Companies May Have Exposure

Though Silicon Valley Bank is not directly related to the crypto industry, some crypto companies may still have exposure to the failed bank due their banking relationships with them or other factors like investments or partnerships.. Circle held funds with various banks, including Silicon Valley Bank as recently as January; however they now may not hold funds with SVB anymore due to recent transfers between banks reported by TechCrunch . Regardless ,Circle currently holds a quarter of its USDC reserves ($11 billion) in banks altogether .
Additionally bankrupt lending firm BlockFi was reported to have exposure to SVB accordingto U S Trustee filing which stated that BlockFi holds $227 million with them; unfortunately these funds are „unprotected“ and uninsured if their claims stand true .

Investigation and Impact

There is an ongoing investigation into causes behind this closure ; however ,the amount that each party involved owes is yet unclear . As for impact ,this failure marks one of biggest US bank failures ever ,and while some crypto firms may be exposed ,it remains unclear how much money they actually held with SVB specifically . This could result in significant losses for those affected should their claims turn out true .

Conclusion

Silicon Valley Bank’s collapse marks one of the largest bank failures in U.S history; though this isn’t directly linked to cryptocurrency industry some firms such as Circle and BlockFi may be exposed depending upon how much money they actually held with them if any at all . An investigation is underway into what led up this closure but until then those affected await further updates regarding potential losses caused due this incident .

• NFT trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels.
• Ethereum (ETH) remained the top blockchain by NFT trading volume, with $1.8 billion in trading volume.
• Blur triumphed over OpenSea in terms of trading volume, facilitating over $1.3 billion in February.

NFT Market Trading Volume Reaches Pre-LUNA Crash Levels

Overview of NFT Trading Volume

Non-fungible token (NFT) market’s trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels, according to DappRadar’s Industry Report. The NFT trading volume recorded a 117% spike from January’s $956 million, as the DappRadar data shows. Despite the significant surge in the NFT trading volume, the sales count recorded a 31.46% decrease, falling to 6.3 million from January’s 9.2 million.

Top Blockchains for NFTs

In February, Ethereum (ETH) remained the top blockchain by NFT trading volume. The chain recorded $1.8 billion in trading volume, which marks a 174% increase from the $659 million in January. Based on these numbers, ETH represents 83.36% of the entire NFT market. Solana (SOL) and Polygon (MATIC) followed ETH as the second and third chain, with the highest NFT trading volume in February respectively recording a 12% decrease and 147% increase from January’s figures respectively..

Which Marketplace is Busiest?

Blur triumphed over OpenSea in terms of trading volume last month; facilitating over $1

• The U.S. court recently ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice.
• Former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials following the ruling.
• Dapper Labs was accused of promoting NBA Top Shot Moments as investment opportunities through its marketing materials with carefully selected emojis.

Court Ruling

The U.S. court recently ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice. This ruling was contained in a lawsuit filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering its NBA Top Shot Moments.

Warning from Former SEC Chief

Following this ruling, former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials via Twitter.

Accusation Against DapperLabs

The plaintiffs accused Dapper Labs of promoting NBA Shot Moments as investment opportunities, through its marketing materials with carefully selected emojis. The court filing referenced a tweet in which DapperLabs used the rocket ship, stock market, and money bags emoji to show market performance.

DapperLabs Argument

Dapper Labs has argued that the use of the emojis in the tweets was intended to provide accuracy to market data and not a means of promoting sales. However, several members of the crypto community have argued that Emojis could mean different things to different folks, hence, a rule on its usage could impede the freedom of speech.

Conclusion

It is important for investors to be aware of potential legal implications surrounding their usage of certain emoji symbols when it comes to investments or investment related activities such as marketing materials or promotional content online.

• A crypto trader made over $100,000 in less than an hour by front running a token listing on Binance.
• Front running is an unethical practice that involves taking advantage of confidential information to make a profit.
• Crypto exchanges have faced scrutiny for alleged or confirmed cases of front-running over the past year.

What Is Front Running?

Front running is a trading practice that occurs when someone uses inside information to gain an unfair advantage in the market. This can happen when a trader or exchange employee takes advantage of confidential information about another customer’s trade to place their own trade ahead of it, resulting in a profit at the expense of the customer. It is considered dishonest and can damage the fairness and integrity of markets as it breaches any duty of confidentiality between parties involved in the transaction.

Rumors Of $100K/hr Front Running On Binance Listings

Recently, rumors have been swirling around regarding one anonymous trader who allegedly made more than $100,000 by trading Gains Network (GNS) tokens just before they were listed on Binance. According to Lookonchain’s analysis, this individual purchased GNS tokens worth $208,335 approximately 30 minutes prior to them being listed on Binance, after which its value increased by 51% from $7.92 to $12.01 – allowing them to sell their holdings for a profit of $106,747 within less than an hour.

Consequences Of Front Running

Due to insider trading being illegal in most countries including the US and Canada as well as many other jurisdictions worldwide, engaging in front running comes with serious consequences if caught doing so. For example, depending on where you live you may face fines or even prison sentences if found guilty of such practices.

Exchanges Under Scrutiny For Alleged Cases Of Front Running

Over the past year numerous well-known crypto exchanges have come under fire for either alleged or confirmed cases involving front-running – with some traders reportedly making significant profits from using inside knowledge about upcoming token listings or trades being executed by customers using those platforms.

Conclusion

While there is still much debate over whether certain practices are considered fair or not within the crypto industry – it is important that all users remain aware of and follow regulations set forth by local authorities so as not to risk facing serious repercussions should they be caught engaging in any form of unethical behavior while trading cryptocurrencies online.

• GameFi users peaked to 2.25 million active monthly users in October 2022, but since then it has slumped to under 1.75 million users according to a Messari report.
• GameFi’s „sustainability struggles“ could be caused by creating an engaging experience that meets user expectations.
• NFTs from GameFi can serve as collateral for DeFi lending protocols and can be used for staking, liquidity mining, and yield farming.

GameFi Adoption Down Over 30% Since October 2022 – Messari Reports

Decline in Active Users

GameFi users peaked to 2.25 million active monthly, but has slumped to under 1.75 million users, according to a Messari report. Across all gaming applications, the data shows that new users also declined 34% since October 2022 — with average monthly sign-ups declining month-on-month as well.

Sustainability Struggles

The report cited „sustainability struggles“ stemming from „creating a truly engaging experience“ as a likely cause of the rapid decline in active users on the platform. This is because 40% of GameFI users indicated that they want their gaming experience to balance both the “playing” and “earning” elements of their experience, according to Metaverse Awareness Survey results.

Unique Features Of GameFI

In conventional gaming setups, players typically don’t own in-game assets; however with GameFI tokens associated with blockchain-based games are breaking down this divide between real world assets and resources within the game itself. Players have the option of obtaining Non Fungible Tokens (NFT) or crypto assets by participating and accumulating resources — whether it be in game currency or assets . These can then be kept in digital wallets or traded on secondary markets just like any other digital asset would be handled outside of the gaming realm .

GameFI Meets DeFI

Outside of just gaming , these NFTs can also serve as collateral for Decentralized Finance (DeFI) lending protocols where they can be used for staking , liquidity mining , and yield farming . Additionally , loans backed by NFTs from GameFI are becoming increasingly popular on platforms like Arcade and PWN . xyz which allow people to get value out of their digital assets via DeFi loans .

Conclusion

Since peaking above 2.25 million active monthly users in October 2022 , the number of monthly active users in GameFi has dwindled significantly over time due its inability to create an engaging experience that meets user expectations . Nonetheless , its unique features such as allowing players ownership over their game related assets or using these NFTs as collateral for DeFi protocols have made it an attractive platform within the industry .

• Developer Thomas Lehman settles with Yuga Labs over copycat NFT project
• Yuga Labs previously brought a case against Ryder Ripps and Jeremy Cahen for allegedly selling 9,500 counterfeit NFTs
• Lehman rejects claims made by Ripps in his project RR/BAYC

Yuga Labs Settles with Thomas Lehman

Yuga Labs has reached a settlement with Thomas Lehman, the developer responsible for generating new NFTs using URLs embedded in Bored Ape Yacht Club smart contracts. In a statement following the settlement, Lehman rejected all disparaging statements about Yuga Labs and its founders, noting that it was not his intention to harm their brand.

Case Against Ryder Ripps & Jeremy Cahen

The settlement is adjacent to an ongoing case Yuga Labs brought against artist Ryder Ripps and Jeremy Cahen in June 2022. The case stems from a collection of 9,500 copycat NFTs they sold in January 2022 which netted them a total of $1.6 million USD according to court filings.
Yuga Labs claims that Ripps used several identical digital art images of their original BAYC collection to promote an alleged scam to mislead consumers, harass Yuga, and enrich themselves. However, Ripps maintains his action was part of wider conceptual art practice that involves the use of what is known as „appropriation.“

CryptoSlate Reaches Out To Ryder Ripps

CryptoSlate has reached out to Ryder Ripps about Lehman’s settlement but has not received a response.

Positive Contributions From Yuga Labs

Lehman acknowledged the positive contributions from Yuga Labs to the NFT space in his statement following the settlement. Additionally, Yuga followed up with their own statement expressing their belief that creators must be able to rely on law to protect their work against IP theft and appreciating Mr. Lehman’s rejection of former cohorts’ actions.

Conclusion

In conclusion, both parties have reached a satisfactory agreement regarding the lawsuit and have issued statements expressing appreciation for one another’s work within the nascent web3 space. It remains unclear whether or not CryptoSlate will receive a response from Ryder Rippss regarding his involvement within this matter.

• The Bureau of Investigative Journalism (TBIJ) has identified 168 companies accused of running crypto or fraudulent foreign exchange trading scams in the U.K.
• Victims of the scams have lost roughly $3.4 million (£2.8 million) and are scattered across the U.K., the U.S., Canada, Turkey, Germany, and Poland.
• The U.K. government has pledged to tighten the rules and verify information provided to Companies House to combat fraudulent activities.

The U.K. is home to hundreds of companies running crypto and forex scams, according to a report released by the Bureau of Investigative Journalism (TBIJ). The report identified 168 companies accused of running crypto or fraudulent foreign exchange trading scams in the U.K., resulting in losses of roughly $3.4 million (£2.8 million) from victims scattered across the U.K., the U.S., Canada, Turkey, Germany, and Poland.

The scams are often perpetuated via social media, dating websites, and Whatsapp, with victims being convinced to invest in crypto trading platforms. Of the 168 companies identified, 17 have been confirmed as „pig-butchering“ scams. Most of the companies are registered to London addresses and have at least one Chinese director, taking advantage of the U.K.’s reputation as a trustworthy location.

In response to the scams, the U.K. government has pledged to tighten the rules and introduce a requirement to verify information provided to Companies House. Financial crime investigator Graham Barrow welcomed the reform as a “step forward”, but warned of potential loopholes in the legislation. He stated that ambiguity surrounding ID verification, the ability to provide false addresses and insufficient penalties are some of the issues that need to be addressed.

The U.K. government is taking steps to combat the issue of crypto and forex scams, but victims of such scams have been warned to remain vigilant and to seek professional advice before making any investment decisions. It is important for investors to thoroughly research any potential investments and to be aware of the potential for fraudulent activity.