Crypto Guides, Knowledge & Insights

Bank Stress Test Cleared By Bitcoin

Amid the current banking meltdown and market recession, Bitcoin is increasingly becoming a safe haven, with a 21% rise in value this month. While the Ss dream - that Bitcoin can be a refuge for investors in times of suffering.　　Bitcoin is showing to be a great investment, according to Stéphane Ouellette, CEO of the digital asset investment platform FRNT Financial, in a setting where central banks are trying to combat inflation with swift rate rises, which is leading to a series of bank runs.　　Over the past week, the association between Bitcoin and the Ss Role During a Banking Crisis　　However, not all digital assets have been immune to the banking fallout, as the number two stablecoin, Circle USD or USDC, lost its 1:1 peg to the dollar after revealing that its reserves were parked at the shuttered Silicon Valley Bank. This has caused concern over USDCs ability to maintain its peg, with its market cap falling from $43.8 billion to $36.8 billion last Friday, while the leading stablecoin Tether gained around $4 billion.　　According to market participants, some USDC withdrawals were likely reinvested in Bitcoin, fueling its rally. While Ed Hindi, Chief Investment Officer at Tyr Capital in Geneva, is cautious in

2023-03-22Deep Dive

Crypto firms Turn to Swiss Banks After Silvergate and Signature Fall

Earlier this month, two major banks in the US, namely Silvergate Capital and Signature Bank, known for their crypto-friendly policies, were closed down. This move by US regulators to tighten their control over banking institutions has prompted crypto firms to seek banking partnerships outside of the US.　　According to a recent report by CNBC, many of these crypto firms have turned to Swiss banks that are also friendly to the crypto industry, and have been inundating them with requests for banking services. While digital assets have demonstrated resilience in the midst of the banking crisis, it remains a fact that crypto firms still require banking partners for liquidity purposes.　　Following the closure of Silvergate Capital and Signature Bank, the two largest lenders for the crypto industry, crypto firms are turning to Swiss banks for support. In recent years, Switzerland has established itself as a hub for the crypto sector, implementing clear regulatory guidelines.　　According to an anonymous advisor at a private Swiss bank, the bank has been overwhelmed with requests for services from crypto firms. The advisor noted that since the shutdown of Silvergate and Signature, there has been a flood of inquiries at the private bank, describing the situation as “just nuts.”　　Interestingly,

2023-03-22Deep Dive

A Fresh Cryptocurrency Advertising Regulation Is Set To Be Introduced In Belgium

New rules regulating ads for virtual currencies will go into force in less than two months. (also known as cryptocurrencies). These guidelines are intended to make sure that ads clearly and correctly convey any possible dangers associated with virtual currencies. The Financial Services and Markets Authority (FSMA) will monitor adherence to the new rules and devote more funds to financial literacy regarding virtual currencies.Risks of Virtual Currencies　　Virtual currencies are popular nowadays, but they carry significant risks. They have no legal framework governing them, and they lack any underlying assets in the physical world. They can experience drastic price fluctuations and are vulnerable to fraud and IT-related risks.The New Regulations　　The FSMA requested and received the authority to regulate advertisements for virtual currencies to address these risks. The new Regulation, published on March 17, 2023, in the Belgian Official Gazette, will take effect on May 17, 2023. It has three main components: accuracy and honesty in advertising, mandatory risk disclosure, and prior notification of mass media campaigns.　　According to the new Regulation, advertisements must be accurate and not misleading. They must also contain mandatory information that highlights the risks involved in investing in virtual currencies. The FSMA requires all mass media campaigns to

2023-03-21Deep Dive

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

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