Crypto Guides, Knowledge & Insights

Tencent Announces Web3 Strategic Partnership With Ankr, Avalanche, Scroll, Sui

Tencent Cloud, a subsidiary of Tencent, has announced its commitment to supporting the development of the Web3 ecosystem and the global Web3 community. The cloud service provider has teamed up with several cryptocurrency platforms, such as Ankr, Avalanche, Scroll, and Sui, to enhance the Web3 ecosystem. In an official statement released on February 22, Tencent Cloud unveiled its plans to release a full suite of blockchain API services, as well as its Metaverse-in-a-Box products, to support the development of the Web3 ecosystem. Additionally, Tencent Cloud will offer technical assistance to Web3 developers.　　Tencent Cloud has also formed partnerships with several Web3 companies. One of these partnerships is with Ankr, and the two companies have signed a Memorandum of Understanding (MoU) to develop a range of blockchain API services. Additionally, Tencent Cloud has partnered with Avalanche, a platform for smart contracts, and with Scroll, a fully EVM-compatible zk-Rollup builder that has been made open-source. Finally, Tencent Cloud has also formed a partnership with Sui, a Layer-1 blockchain that offers high-performing games.　　Poshu Yeung, who serves as senior vice president at Tencent Cloud, commented on the partnerships, stating that the company is excited about the future of Web3. Yeung believes that Web3 will usher

2023-02-22Deep Dive

Coinbase Suffers A Quarterly Loss As The Crypto Winter Reduces Trading Volume

Coinbase Global Inc, a large cryptocurrency exchange, posted a deficit in the fiscal fourth quarter. The firm was under pressure due to an industry-wide decline caused by a slew of high-profile bankruptcies. For the last year, the digital assets market has been plagued by a pessimistic attitude. The largest hit to the industry, though, was the November bankruptcy of Sam Bankman-main Frieds crypto exchange FTX.Coinbases Trade Volume Plummets in Q4 Amid Market Slump, CEO Expects Regulatory Benefits　　Owing to the market slump, Coinbases trade volume declined dramatically in the fourth quarter, falling to $145 billion from $547 billion the previous year. Retail dealers also reduced their trading volume by roughly 89% to $20 billion. According to Chief Executive Brian Armstrong, in a call with analysts, this slump has resulted in heightened regulatory scrutiny, which would eventually benefit Coinbase.　　There was one bright light for Coinbase. Subscription and services income increased by nearly 33% to $282.8 million in the fourth quarter, owing to significant interest rate increases. According to Refinitiv data, the business predicted subscription and services revenue in the first quarter of $300 million to $325 million, which is higher than Wall Street projections of $285.7 million.Stocks Surge After Strong Earnings Report

2023-02-22Deep Dive

Paxos Cuts Ties With Binance Following Regulatory Concerns

Paxos, the company behind the BUSD stablecoin, has ended its partnership with Binance, alleging a divergence of strategic interests. Paxos is now in talks with the US Securities and Exchange Commission (SEC) over a recent Wells notification alleging that BUSD is security. Meanwhile, SEC Commissioner Hester Peirce has slammed the SECs recent enforcement efforts against cryptocurrency businesses, calling them “unimaginative” forms of investor protection.Paxos CEO Clarifies Reasons for Ending Relationship with Binance Amid Regulatory Scrutiny　　According to Paxos CEO Charles Cascarilla, the decision to end the relationship with Binance was unrelated to recent regulatory changes by the New York Department of Financial Services and the Securities and Exchange Commission. Paxos was recently instructed by the NYFSD to cut connections with Binance and cease minting the Binance-branded BUSD stablecoin. Simultaneously, the SEC filed a Wells Notice claiming that BUSD is unregistered security.　　After the NYFSD order, investors redeemed $2.8 billion in BUSD via Paxos. When investors abandoned the Binance-branded currency, the decentralized exchange Curve witnessed an inflow of BUSD and a decrease in Tether liquidity. Despite current SEC negotiations, Cascarilla told BUSD investors that Paxos will fulfill BUSD redemptions until at least February 2024.SEC Commissioner Hester Peirce Calls for Revolutionary Approach to Cryptocurrency

2023-02-22Deep Dive

Crypto Whales Are Targeting These Tokens, Depicts On-Chain Data

The digital asset market experienced significant instability in February, with the worlds largest cryptocurrency, Bitcoin (BTC), surpassing the $25,000 price point, resulting in a market resurgence. Despite this, On-Chain data indicates that large investors in the crypto market, commonly known as “whales”, have been focusing on various tokens in recent weeks.　　Crypto Whales Goes For Cardano　　According to data shared by Santiments, large investors in the crypto market, known as “whales”, have been heavily focusing on the cryptocurrency Cardano (ADA) in recent weeks, with major spikes indicating their increasing interest at the current price level. The data indicates that on February 20, 2023, the whales conducted around 540 transactions worth more than $100,000 each involving ADA, and similar spikes have been observed multiple times since the beginning of February.　　Over the past 30 days, the price of Cardano has increased by 4%, and at the time of writing, ADA is trading at an average price of $0.394.　　HEX Up By 174%　　Following Cardano, the cryptocurrency Hex (HEX) created by Richard Heart has witnessed a significant surge in price over the last 30 days. Recent data shows that on February 20, 2023, there were 112 whale transactions of HEX worth over $100,000 each, which is the

2023-02-21Deep Dive

As The Crypto Industry Approaches Regulation TMSN, And DOT Offer New Options

Ripple and other cryptocurrency initiatives have faced regulatory challenges. TMS Network (TMSN), and Polkadot (DOT), however, are taking the lead with regulatory-compliant, user-focused utilities.　　TMS Network (TMSN) is a cryptocurrency-based trading environment that provides advanced tools and real-time actionable data to all traders. Its presale is exploding, and the price has increased by more than 1500% - all because of its revolutionary significance in boosting trade.TMS Network (TMSN) ushers in a new era of enhanced trading.　　Crypto is a multi-trillion-dollar sector with an increasing number of traders eager to become involved in asset trading. According to projections, it will shortly reach $2 trillion at a CAGR of 11.2%. Although creative investment possibilities are driving much of this development, many individuals are still unable to identify innovative initiatives with long-term promise.　　TMS Network (TMSN) is altering this. This trailblazing platform is a blockchain-based hub designed to provide traders with an all-in-one gateway for research, analysis, and earning. TMS Network (TMSN), which is powered by blockchain technology, provides a plethora of life-changing benefits. This includes, among other things, transaction transparency, lightning-fast transaction processing time, and high scalability to support an increasing number of users.TMS Network (TMSN) also provides tools and services to help traders make

2023-02-21Deep Dive

Relocation And Exchange Launch: Huobi's Latest Move in Hong Kong

Justin Sun recently stated in an interview that Huobi, the worlds sixth-largest cryptocurrency exchange, has sought for a license that would enable it to provide cryptocurrency trading services in Hong Kong. The relocation is part of Hong Kongs plans to become a digital asset center, and Huobis Asia headquarters will be transferred from Singapore to Hong Kong as well. Sun, the creator of the blockchain network TRON, indicated that the initiative will entail the establishment of a new exchange in Hong Kong named Huobi Hong Kong, which would first serve high-net-worth individuals and institutional investors.Justins good prediction about cryptos future regulation　　Sun expressed optimism about the future of crypto compliance in Asia, namely Hong Kong and maybe China, noting significant advancements in Hong Kongs regulatory structure over the last three years. He stressed that the action was a significant step for the major cryptocurrency exchange and demonstrated the companys ongoing commitment to operate in a legal and regulated way. Huobis new exchange would be completely compliant with local legislation, giving consumers a variety of trading pairs and services.　　The Hong Kong government is attempting to recruit digital asset enterprises, which would provide regular investors with greater access to leading cryptocurrencies and crypto

2023-02-21Deep Dive

Gemini Co-Founder Predicts That The East Will Be The Starting Point For The Next Crypto Bull Run

The next bitcoin bull run will come from the East, according to Cameron Winklevoss, co-founder of the US-based cryptocurrency exchange Gemini. He thinks that this will serve as a reminder that cryptocurrency is a global asset class, and that the West, notably the United States, must embrace it or risk falling behind. He highlighted that crypto cannot be stopped and that any government that does not provide clear laws and direction would fall behind and lose out on designing the worlds future financial infrastructure.The risk of having no clear crypto legislation　　Yet, the Securities and Exchange Commission (SEC) of the United States has been chastised for its recent enforcement measures against crypto businesses. The regulator charged Kraken for its staking program and Paxos for issuing the stablecoin Binance USD. In January, the SEC charged Gemini with promoting and selling unregistered securities to individual investors via its “Earn” crypto asset loan scheme. Numerous cryptocurrency proponents, including SEC Commissioner Hester Peirce and many senators, have voiced worry that the SEC is not establishing clear guidelines for crypto businesses to follow.　　As a consequence, a rising number of Asian jurisdictions, including Hong Kong, Singapore, and South Koreas second-largest city, Busan, are attempting to establish themselves

2023-02-21Deep Dive

Unauthorized Crypto Firms Warned By FCA

FCA (Financial Conduct Authority) is the regulatory body in the UK responsible for overseeing financial markets and ensuring that financial institutions and firms operate in a fair and transparent manner. In recent years, the FCA has warned consumers about the risks of investing in cryptocurrencies, citing concerns over their volatility and lack of regulation.　　In January 2021, the FCA announced that it would require all cryptocurrency firms operating in the UK to register with the agency by June 30, 2021. The FCA has also issued warnings to several crypto firms for failing to comply with its regulations and has taken action against firms that have engaged in fraudulent or deceptive practices.List of unauthorized crypto firms warned by FCA　　Cryptox Arena Ltd 　　Crypto Bulltrade Inc 　　One notable example is the case of Binance, a major cryptocurrency exchange, which was warned by the FCA in June 2021 that it was not authorized to operate in the UK. The FCA stated that Binance had failed to meet its anti-money laundering requirements and that the firm posed a potential risk to consumers.　　The FCAs actions against crypto firms reflect its commitment to protecting consumers and ensuring that financial markets operate in a safe and transparent manner. As

2023-02-21Deep Dive

Starlink suggests alternative payments methods for Nigerians Subscribers

By: Damian Okonkwo　　In a bid to expand its reach in Nigeria, Starlink, a satellite internet service provider, has recommended two alternative payment channels for Nigerians to order its hardware. This includes using Payday and barter cards for making payments for its Nigerian subscribers.　　Starlink has been making waves in the internet service provider space, promising to provide high-speed internet connectivity to underserved communities around the world. The companys service has been highly sought after in Nigeria, where internet connectivity remains a major challenge.　　However, the company has faced payment challenges in Nigeria, as many Nigerians have had difficulty paying for its hardware using traditional payment channels. This is why the company has moved to provide two new additional payment methods for Nigerians to make it easy for Nigerian subscribers to do so easily.　　This move by Starlink is expected to further make it easier for Nigerians to access its internet services, which will undoubtedly improve internet connectivity in the country. Nigerians who have been eagerly waiting to access Starlinks internet services can now do so with ease, using these alternative payment channels.　　Starlinks recommendation of alternative payment channels for Nigerians is a welcome development, as it highlights the companys commitment to expanding its reach

2023-02-20Deep Dive

Breaking: Another Hedge Fund Collapses In Foray Of FTX; Market To Decline?

The FTX collapse led by Sam Bankman-Fried continues to affect the global crypto market. One of the major victims of the FTX crash has now decided to close down and return the money to its investors.　　FTX Still Hounding Crypto Market　　Galois Capital has reportedly shut down and returned money to investors after terminating all trading and unrolling all its positions in the market. The hedge fund was managing approximately $200 million in assets and was one of the largest crypto-focused pools in the market last year. According to Kevin Zhou, Galois Capital believes it cannot continue operating after being impacted by the FTX crash, although he expressed regret about the situation. As previously reported by WikiBIT, Galois Capital was caught off guard when around half of its assets were trapped in the collapsed FTX exchange.　　Galois Clients To Get Their Money Back　　The Financial Times report claims that one million creditors were identified in the bankruptcy proceedings of FTX led by Sam Bankman-Fried (SBF). SBF is expected to face trial for fraud charges in October, and he has already pleaded not guilty to the charges.　　In a letter to its clients, Galois Capital stated that its clients will receive 90% of the money that

2023-02-20Deep Dive

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