Crypto Exchange News – September 16, 2022

Binance

Binance’s ($BNB.X) venture capital wing, Binance Labs, added more to its investment in the blockchain startup Aptos. Aptos’s blockchain is reportedly more efficient than Binance’s BNB Smart Chain. 

Aptos recently had a $200 million funding round in March that included Binance Labs, FTX Ventures, Paxos Ventures, Coinbase Ventures, and others.

Coinbase

Two years ago, Coinbase ($COIN) put a muzzle on its employees discussing politics in the workplace. Fast forward to today, and that muzzle still exists for its employees (as far as we know). So it may seem a bit odd that Coinbase’s CEO, Brian Armstrong, tweeted this new feature on the Coinbase app:

 

Coinbase wants its users to know which politicians support or are opposed to the crypto space. They’re using CryptoActionNetwork’s scorecard system to rank politicians as for or against the crypto space. 

This new feature is limited to just US users but will expand globally in the future. 

This is a major boon for crypto enthusiasts and investors as it exposes Coinbase’s 103 million users (mostly US) to whether their Congressmen/women and Senators are pro-crypto or not.

In a way, this isn’t surprising and could even be considered some new muscle that Coinbase is flexing against crypto’s opponents in Washington. 

On September 8, Brian Armstrong posted on the Coinbase blog an announcement that Coinbase is funding a lawsuit against the US Treasury’s sanctions of Tornado Cash. 

The Treasury Department recently put Tornado Cash on a sanction list, highlighting its use for money laundering by criminals like North Korea. 

Instead of sanctioning a group or an individual, the Treasury Department went full-on scorched earth and shut it down – even arresting the guy who wrote the code. Does anyone else smell a bunch of First Amendment lawyers frothing at the mouth for this case? 

Maybe the US Treasury will ban the US Dollar next? Between 0.35% and 1% of crypto is used for illegal purposes versus 2.7% of fiat. And crypto is measured in trillions while fiat is measured in quintillions

Lord knows the Greenback is never used for illegal activity.  #sarcasm

FTX

There are some rumors that the auction of Voyager’s ($VGX.X) assets could end up with FTX ($FTT.X) being the winner. According to CoinDesk, an anonymous source reported that FTX is the highest bidder. No amount was shared. Wave Financial is another entity identified as a close competitor in the auction.

An earlier offer in July by FTX of $15 million was rejected as a “lowball” bid. 

Kraken

Some users/customers at Kraken took to social media asking why their staked ETH still can’t be unstaked despite the completion of Ethereum’s ($ETH.X) Merge. As a result, Kraken’s team directed users to their site, informing them that the ETH won’t be able to be unstaked until the Shanghai update in the next 6 to 12 months. 

This concern is by no means limited to just Kraken, but it does highlight a situation that many smaller ETH stakers appear to have overlooked. The Litepaper addressed this issue in Wednesday’s newsletter, along with several other pieces of information highlighting what the Merge does and doesn’t do. 

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Coinbase’s 2022 Institutional Investor Digital Assets Outlook Survey

Coinbase’s ($COIN) 2022 Institutional Investor Digital Assets Outlook Survey came out yesterday. You can find it here if you want to read it yourself.

The survey involved 140 institutions representing roughly $2.6 trillion in assets under management. 

We’ve summarized some key points made in the report:

Will crypto move higher over the next 12 months?

 

  • 62% of institutions increased their allocation to crypto, 12% reported decreases.

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Stocktwits Crypto Index Performance – December 3, 2022

Relative Rotation Graphs (RRG) are useful visual tools to identify how an instrument or a sector performs against a benchmark. The RRG image below shows eleven customized crypto indices. Each contains the top ten by market cap (excluding stablecoins and some exchange-based tokens). 

The indices are Proof-of-Work, Web3, Smart Contracts, DEX, NFT, DeFi, Proof-of-Stake, CEX, Privacy, Metaverse, and Lending. 

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Proof-Of-Reserves Is B.S.?

Jesse Powell, the founder of one of the oldest cryptocurrency exchanges in the world, U.S.-based Kraken, took to Twitter to voice his thoughts on the rise of the Proof-Of-Reserves trend. 

Here is his initial two-part Twitter thread on November 22 highlights what a Proof-Of-Reserves audit must have:

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