Crypto Guides, Knowledge & Insights

Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023

With Bitcoins value surpassing the highly sought-after $28,000 threshold, the cryptocurrency market as a whole has expanded to almost $1.2 trillion, placing it just below the market cap of silver. Despite the excitement surrounding Bitcoins recent spike and the anticipated Shanghai Hard Fork upgrade for Ethereum, there are other noteworthy advancements taking place in the crypto industry. Therefore, WikiBIT have compiled a list of upcoming updates for various cryptocurrency projects that demand your attention.　　Polygon (MATIC) zkEVM Launch　　　　Polygons zkEVM Beta is an exceptional ZK scaling solution that is at the forefront of the industry and can be compared to Ethereum Virtual Machine. By leveraging the capabilities of zero-knowledge proofs, it has the ability to decrease transaction costs and significantly increase throughput, while still maintaining Ethereums level of security. The team has designated March 27th as the official mainnet launch date for this innovation.　　Cosmos (ATOM) Twilight SDK Release　　　　The latest version of the Cosmos Software Development Kit (SDK), referred to as the Twilight release or version 0.47, is set to introduce numerous upgrades to the platform. These enhancements are tailored towards enhancing the functionality and performance of all Cosmos SDK-based chains. The release is accompanied by various new features and improvements aimed at

2023-03-21Deep Dive

Ripple Files New Notice Supporting Fair Notice Defense Against SEC

On Monday, Ripple Labs submitted a notice of supplemental authority to Judge Analisa Torres of the US District Court Southern District of New York in the ongoing XRP versus SEC lawsuit. The notice was submitted as part of Ripples fair notice defense and referred to a decision made by the Judge in the Voyager bankruptcy case, where the SECs objections were rejected and the bankruptcy plan was approved. This update comes at a time when the XRP community is eagerly awaiting the Summary Judgment in the lawsuit.　　In a recent development, Judge Analisa Torres dismissed the SECs motion to dismiss Ripples fair notice defense, which aimed to prevent Ripple from arguing that it was warned of any wrongdoing. Meanwhile, in another lawsuit involving Voyager Digital, Judge Michael Wiles of the Southern District of New York ruled that Binance US was permitted to acquire Voyager assets worth $1 billion.　　　　　　Ripple Files Notice Of Supplemental Authority　　　　In its latest opposition notice to the SECs motion for summary judgment, Ripple cited Judge Wiles ruling in the Voyager Digital case, stating that it supports Ripples fair notice defense. According to Ripple, Judge Wiles rejection of the SECs objections aligns with many of the arguments raised by the

2023-03-21Deep Dive

More than 80 Companies Are Interested in Setting Up Shop in Hong Kong, the Next Crypto Hub

Since October 2022, more than 80 crypto-related businesses have expressed interest in setting up shops in the city, according to Christian Hui, Secretary for Financial Services and the Treasury in Hong Kong.“Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies in establishing their presence in Hong Kong as of end-February 2023,” according to the organization.　　These firms, according to Hui, comprise virtual asset trading platforms, blockchain infrastructure providers, blockchain network security providers, virtual currency storage providers, payment providers, and other Web3-related initiatives. 　　The majority of these businesses are Chinese, but there are also some from Canada, the US, Singapore, the UK, and EU (European Union) nations that have expressed interest in relocating to Hong Kong. 　　The “implementation details” of the policy statement, regulation requirements, visa requirements for talent entry, and tailored support measures for the virtual assets and Web3 sector were all things that Hui observed these businesses were interested in learning more about.　　The Hong Kong governments policy statement on Virtual Asset Development, which outlined its position on virtual assets, was published in October 2022, sparking a spike in interest.Hong Kong is “Well-Positioned” to Become an International Crypto Hub　　Amid growing worry about Hong

2023-03-20Deep Dive

Microsoft Edge Is Experimenting With A Built-In Cryptocurrency Vault

A tech giant Microsoft is developing a new tool that will let users transfer and receive cryptocurrency through the companys primary online browser.　　Software documenter Albacore posted images of a new Ethereum (ETH) wallet that Microsoft intends to incorporate into its Edge browser, as first revealed by Bleeping Computer.　　“A crypto wallet is the newest addition to the long list of dubious forthcoming Microsoft Edge features. Im not sure how I feel about the primary browser having this kind of functionality built in.”　　According to the introduction sites, Microsoft is releasing a non-custodial cryptocurrency wallet that gives customers full access to their funds and secret keys. 　　“Because this device is non-custodial, you have total authority over your money. Your restore key and password are private to us. It is simple to use without adding any extensions because it is integrated in Edge.”　　The images also show that users can purchase cryptocurrency assets using the web3 infrastructure company MoonPay and the US-based digital asset market Coinbase.　　Additionally, the shared pictures hint at support for NFT marketplace perusing, a news stream feature, and a choice for users to manage their assets using either the built-in Edge wallet or an extension wallet.　　When pressed for additional information, a Microsoft

2023-03-20Deep Dive

Nigerian Federal Government launches $672 million fund to support tech Startups

By: Damian Okonkwo　　The Federal Government of Nigeria has launched a $672 million fund aimed at supporting the countrys tech and creative sectors for young entrepreneurs. The Investment in Digital and Creative Enterprises (i-DICE) program was launched in Abuja by Vice President Yemi Osinbajo last weeks Tuesday.　　The initiative has been designed to address constraints such as access to capital and capacity limitation of start-ups, enabling young entrepreneurs to grow and scale up their businesses.　　The African Development Bank has committed $170 million, Agence Francaise de Developpement will provide $116 million, and the Islamic Development Bank has pledged $70 million to the program, while the Bank of Industry Nigeria will release $45 million. The private sector has pledged $271 million to support the initiative.　　Speaking at the launch, Vice President Osinbajo stressed the importance of innovation in driving the growth of the African continent. He called for a coordinated approach towards innovation, bringing together stakeholders to build programs that provide the right enabling environment and produce talent pipelines to support the growth of innovation on the continent.　　Under i-DICE, critical pillars, including policy, infrastructure, access to finance, and talent, will be addressed to support innovation. Osinbajo commended the efforts of the development partners, noting that

2023-03-20Deep Dive

UBS completes Credit Suisse deal for $3.2B following offer from Justin Sun

According to several reports on March 19, UBS Group has reportedly agreed to acquire the struggling European bank Credit Suisse for $3.2 billion.　　　　　　UBS will buy Credit Suisse　　According to reports from the Associated Press, Swiss President Alain Berset announced in the evening that UBS Group has agreed to purchase the ailing European bank Credit Suisse. The government reportedly brokered the deal to prevent a financial crisis.　　Throughout the day, the value of the deal increased. Initially, UBS Group offered to buy Credit Suisse for $1 billion. However, UBS Group raised its bid later on. Although Berset did not reveal the size of the deal at first, many reports placed the deals value at $2 billion.　　As of 8:00 p.m. UTC, the deal is reportedly worth $3.2 billion, according to the Associated Press. The current report also suggests that the Swiss National Bank will provide $162 billion of liquidity to UBS Group, up from the previously announced $54 billion.　　Prior to the acquisition, Credit Suisse encountered certain problems. Despite facing scandals for a considerable time, new concerns emerged on March 14 when the banks managers revealed significant flaws in its financial reporting controls.　　As a result of these concerns, the value of Credit Suisses shares tumbled

2023-03-20Deep Dive

Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

Binance, the largest cryptocurrency exchange globally, has addressed the significant criticism and apprehensions voiced by prominent US senators, including Elizabeth Warren, concerning its operations. The exchange has come under intense regulatory scrutiny due to increased regulatory measures imposed on crypto firms operating in the United States.　　Binance Responds To Allegations　　In a letter obtained by major media outlets, Patrick Hillmann, Binances Chief Strategy Officer, discussed the companys efforts to bolster its compliance program team. The letter spanned 14 pages, but Hillmann provided few specifics about the companys financial status.　　The response provided by Hillmann did not satisfy the requests made by legislators in their March 1 letter, where they referred to Binance as a “hotbed” of criminal activity. Instead, Hillmanns statement emphasized Binances commitment to prioritizing regulatory compliance, while also clarifying that Binance and Binance.US are distinct entities, despite certain public reports that suggest otherwise.　　Hillmann had previously acknowledged the existence of compliance deficiencies during Binances early years, which have now been rectified. The company now aims to establish stable relations with regulatory bodies.　　Binances Regulatory Crackdown　　Recent reports indicate that Binance and its US subsidiary have already shared financial and user data with relevant authorities, with the Senate Banking Committee members expected to review the

2023-03-19Deep Dive

Bitfinex Offers Crypto Crude Oil Swaps With Up To 100x Tether Leverage

Bitfinexs derivatives platform has recently announced an expansion of its services by offering perpetual contracts for three popular commodity instruments. Traders can now access these commodities through Bitfinex Derivatives, which were previously limited to traditional financial exchanges during regular trading hours. These instruments can be traded around-the-clock using Tether (USDT).　　The three commodities that will now be available on Bitfinex Derivatives are UK crude oil, palladium, and platinum. UK crude oil plays a crucial role in refinement for diesel fuel and gasoline, and is the benchmark for the light oil market in Europe, Africa, and the Middle East. Palladium is mainly used in manufacturing processes, including dentistry and jewelry, and is primarily sourced from the US, Russia, South Africa, and Canada. Platinum, on the other hand, can also be made into jewelry, but has various other uses such as in computer hard disks and chemotherapy drugs for cancer treatment. As with any commodity, their prices are influenced by demand.　　Bitfinexs derivatives platform has further expanded its offerings by launching three global commodities to add to its existing portfolio of over 60 crypto perpetuals. These commodities, including Tether gold perpetuals and silver perpetuals, were introduced on March 15 and can be traded with

2023-03-18Deep Dive

Vietnam has a Growing Cryptocurrency Market

Vietnams crypto market is thriving, with over 16.6 million cryptocurrency holders, according to a local media outlet report. The report cited the “Vietnam Crypto Market Report 2022,” which shows that 31% of Vietnamese crypto holders own bitcoin. Vietnam has now become the second Southeast Asian country, after Thailand, with the highest number of crypto investors. With a population of over 97 million, around 17% of the countrys total population holds crypto.Blockchain Projects in Vietnam　　According to the “Vietnam Crypto Market Report 2022,” approximately 200 blockchain projects are operating in Vietnam. These active blockchain projects mainly focus on decentralized finance (DeFi), non-fungible tokens (NFTs), Web 3, Infrastructure, Wallet, game finance (GameFi), and others. Of these projects, games, and metaverse account for 28.8%, DeFi for 26.0%, NFT for 12.4%, Infrastructure for 11.3%, and Web3 for 5.1%.　　The report highlights a few of the blockchain projects operating in Vietnam, including Axie Infinity, Kyber Network, Coin98, Rikkei Finance, Spores, Titan Hunters, TomoChain, and SotaTek. The report states that ten of the 200 companies have a token market capitalization of over $100 million, which has a global influence.Vietnams Token Market Cap　　The report also revealed the token market cap of some of the popular blockchain projects operating in

2023-03-17Deep Dive

Exchanges In Moscow Are Prepared To Send Money To London, According To A Report

Transparency International Russia has conducted a study revealing that certain Russian digital asset exchanges are willing to exchange digital coins for paper money in the UK without going through the necessary Know-Your-Customer (KYC) procedures. The study discovered that over 20 cryptocurrency exchanges are operating in Moscow International Business Center, with eight of them ready to exchange U.S. dollar-pegged stablecoins for British pounds and deliver the cash to London.Blacklisted Crypto Broker Suex Involved in Illicit Transactions　　One of the exchanges identified in the study was Suex, a crypto broker blacklisted by the US Treasury Departments Office of Foreign Assets Control (OFAC) in September 2021 for facilitating ransomware-linked transactions. The study also revealed that another blacklisted exchange, Garantex, had received significant amounts of money from a platform called Pridechange.Transfer Process for Russian Crypto Exchanges　　The transfer process for these exchanges was found to be similar in all cases. Customers would send tether (USDT) to a wallet address provided by the exchange, and once the payment was confirmed, a courier, typically a Russian speaker, would deliver the fiat cash to a specified location in London. Despite anti-money laundering regulations requiring cryptocurrency exchanges to verify the identity of customers, none of the Russian platforms asked to

2023-03-17Deep Dive

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