Crypto Guides, Knowledge & Insights

UAE Central Bank Issues Guidelines to Penalize Unlicensed Local Virtual Asset Service Providers

Swiss crypto bank SEBA Bank has been granted a license by the Hong Kong Securities and Futures Commission, allowing its subsidiary to operate crypto-related services locally.　　In a statement today, SEBA announced that the license permits SEBA Hong Kong to trade and distribute all securities, including virtual asset-related products, such as over-the-counter derivatives and structured products based on virtual assets.　　The bank is also authorized to provide advice on securities and virtual assets and manage assets in fully delegated accounts for traditional securities and virtual assets.　　SEBA Bank opened a new office in Hong Kong in November of last year. Currently, the bank conducts global operations in Switzerland, Abu Dhabi, and Hong Kong.　　

2023-11-09Deep Dive

Robinhood’s Q3 Report: Cryptocurrency Revenue Dips 55% to $23 Million!

Robinhood Markets Inc. faced a late-trading setback as its shares tumbled following the release of financial results that fell short of estimates.　　The online brokerages revenue took a hit due to decreased cryptocurrency trading activity, resulting in a drop in transaction-based revenue.　　The company disclosed a net revenue of $467 million, missing the average analyst prediction of $478.9 million. Nevertheless, this figure marked a 29% increase compared to the same period in the previous year. Transaction-based revenues experienced an 11% decline from the previous year, settling at $185 million. This decrease was primarily attributed to lower cryptocurrency trading volumes, which plummeted by 55% over the year, as reported by Robinhood in a statement on Tuesday.　　The news of the financial results led to a 7% drop in Robinhood‘s share price during late trading in New York. Despite this setback, the company’s shares have seen a significant overall increase of nearly 20% throughout the year.Global Expansion and Regulatory Challenges　　In a bid to continue its global expansion, Robinhood also revealed its plans to introduce European cryptocurrency trading and initiate its brokerage operations in the UK in the coming weeks.　　Robinhood is well-known for offering commission-free trading services, enabling users to trade various cryptocurrencies such as Bitcoin,

2023-11-08Deep Dive

SushiSwap CEO Proposes "Deploying New SUSHI Token Economics"

SushiSwaps newly appointed CEO, Jared Grey, has initiated a community proposal to deploy a new tokenomics for SUSHI. The proposal is currently undergoing a community poll. The new token model is built upon principles of protocol sustainability, enhanced token utility, and fund diversification, and includes:　　Liquidity Subsidies: Improving the efficiency of liquidity subsidies to reduce the annual cost of SUSHI emissions.　　Value Alignment: Aligning SUSHIs revenue with sustainable emissions.　　Financial Stability: Addressing the current emissions-to-revenue ratio affecting economic viability to enhance stability.　　LP Incentives: Realigning incentives for liquidity providers to remain competitive.　　Staking Mechanism: Consideration of modifications to the xSushi staking.　　xSushi Distribution: Providing fairer value distribution among participants for xSushi staking.　　Additionally, the new economic model is designed to strategically expand through DEX innovations and includes:　　Transaction Fees: The primary source of income from trading in liquidity pools.　　Routing Fees: Income from transaction fees acquired through Aggregation Router.　　Staking Fees: Potential revenue from staking rewards.　　Partnerships: Opportunities for income growth through strategic partnerships.　　

2023-11-08Deep Dive

Decentralized GPU Infrastructure Aethir Announces Testnet Launch

Decentralized GPU infrastructure provider Aethir has announced the launch of its testnet. Built on the Arbitrum network, the Aethir testnet allows game developers to create cloud ports instantly, and AI enterprises can utilize localized computing power for human-AI interaction.　　In July of this year, Aethir achieved a pre-A round funding with a valuation of $150 million, with leading investments from Sanctor Capital, Hashkey, Merit Circle, and CitizenX. Other investors include Mirana Ventures, Animoca Brands, Momentum6, Big Brain Holdings, Builder Capital, Tess Ventures, Maelstrom (Arthur Hayes), Lapin Digital, among others. The total funding raised has now exceeded $9 million.　　

2023-11-08Deep Dive

LHV Bank Founder, an Ethereum ICO Participant, Offers to Share $4.5 Billion ETH with White Hat Hacke

On November 7th, it was revealed by Coinbase executive Conor on social media that the owner of a wallet address holding 250,000 ETH and having no transactions in the past 9 years is Rain Lohmus, the founder of LHV Bank.　　Rain Lohmus is known to have purchased these 250,000 ETH in an ICO for $75,000 in 2014. The current value of these ETH is approximately $450 million. Unfortunately, he has lost access to the wallet due to missing keys. Rain Lohmus has expressed his willingness to share these ETH with anyone who can recover the wallet.　　

2023-11-08Deep Dive

Gemini CTO Departure Reflects Crypto Industry Struggles

Gemini CTO departure occurs amidst ongoing staffing challenges. Tiwana, also CEO for Gemini APAC, worked to revamp the companys culture. Gemini faces regulatory scrutiny and a legal battle with Genesis and Digital Currency Group.　　Pravjit Tiwana, the global chief technology officer of Gemini Trust Co., is leaving the firm founded by Tyler and Cameron Winklevoss. Tiwana, who is also the chief executive officer for Gemini APAC, the companys business in Asia, is departing this month.　　This news comes amidst Gemini‘s battle with crypto lender Genesis and its parent company, Digital Currency Group, which has involved public disputes between DCG’s founder Barry Silbert and the Winklevoss twins.　　Gemini CTO Departure Amidst Controversies and Disputes　　Before joining Gemini in January 2022, Tiwana spent over six years as a general manager at Amazon Web Services. During his tenure at Gemini, Tiwana aimed to transform the company‘s culture to resemble Amazon’s, resulting in some employees leaving. His responsibilities included overseeing product, engineering, and design, as well as establishing the companys operations in India.　　Gemini is currently facing regulatory scrutiny, with the US Securities and Exchange Commission alleging that Geminis partnership with Genesis, known as the Earn program, involved an unregistered offer and sale of securities.　　Tyler Winklevoss has dismissed the

2023-11-08Deep Dive

BitMEX Founder Arthur Hayes Warns That BlackRock ETF May Kill Bitcoin

Arthur Hayes, a cryptocurrency pioneer and founder of Maelstrom Fund, warns that a large BlackRock ETF may kill Bitcoin by centralizing the currency and aligning it with state interests.Hayes Warns that BlackRock ETF May Kill Bitcoin by Centralizing the Crypto Space　　Hayes presents a hypothetical scenario where traditional financial figures and institutional entities acquire a significant portion of freely traded Bitcoin. He speculates that these institutions could introduce Bitcoin mining ETFs, highlighting BlackRock‘s involvement in mining operations. He raises concerns about asset managers like BlackRock, referring to them as “agents of the state” who act according to state directives. If compliant institutional entities hold cryptocurrency in an ETF, it aligns with the state’s desire for citizens to remain within the fiat banking system for taxation purposes.　　Hayes argues that the actual use of Bitcoin becomes limited as it becomes a financial asset rather than a decentralized currency. Users exchange their fiat for a derivative, and the asset manager stores Bitcoin in a custodian. BlackRock ETF may kill Bitcoin because it could result in a massive amount of immovable Bitcoin, potentially harming the cryptocurrency.　　BlackRock ETF May Kill Bitcoin by Citing Institutional Control　　Hayes also raises concerns about institutional entities gaining control over the network‘s

2023-11-08Deep Dive

XRP Is Now The New Favorite Crypto Of Americans

Ripple‘s Chief Legal Officer Stuart Alderoty had once highlighted XRP’s unique positioning in the US following Ripples notable victories against the US Securities and Exchange Commission (SEC). His statement has more backing now as Americans seem to have taken more interest in the crypto token since then.Americans More Interested In XRP Than Ethereum　　According to recent data from Google Trends, residents in 48 out of the 50 states in the country seem to be more interested in the XRP token over the second largest cryptocurrency by market cap, Ethereum. Nevada, Delaware, Montana, Louisiana, and Arizona form part of the regions where the interest in XRP is at the most.　　It is believed that some of this interest could have come on the back of the token gaining regularity clarity in the country when Judge Analisa Torres declared that XRP wasnt a security in itself. The token had taken a hit when the SEC initially filed a lawsuit against Ripple back in 2020, as many crypto exchanges in the country moved to delist the crypto token.　　Such a move undoubtedly affected the token‘s market share in the country as only a few exchanges, like Uphold, opted against delisting the crypto token despite the legal

2023-11-07Deep Dive

Doubling Impacts Of Bitcoin Halving And Spot ETFs On Supply And Demand

Michael Saylor expects the impacts Of Bitcoin halving and spot ETFs, in which Bitcoins supply to be cut in half after the halving, and with the introduction of spot ETFs, he predicts a doubling of demand.　　Michael Saylor, in an interview on Fox Business, mentioned the impact of the halving on the Bitcoin supply and the potential doubling of demand once the spot ETFs are launched. The halving event reduces the supply, while the spot ETFs are expected to attract more investors and increase demand for Bitcoin.　　“After the halving, the supply gets cut in half, and after the spot ETFs come online, demands going to at least double”　　Michael Saylor said on Fox BusinessPotential Impact of Halving on Bitcoin Supply　　The Bitcoin halving is a significant event that occurs approximately every four years, where the block reward provided to miners is reduced by half. This event ensures a controlled monetary inflation rate, distinguishing cryptocurrencies from traditional fiat currencies with infinite supply.The next halving is expected to occur on April 24, 2024, and the current block height is less than 6 months away from it. Once all 32 halving events have taken place, the maximum supply of Bitcoin will be reached, and no more

2023-11-07Deep Dive

Shakeup in CEX Landscape: Binance’s Control Wanes as Rivals Strengthen Grip!

0xScope has recently published an extensive report detailing the dynamics within the CEX landscape over the past year.　　According to the report, Binance, a leading player in the field, initially boasted a significant market share of 51.2%. This was followed by OKX at 13.4%, Bybit at 9.6%, Bitget at 7%, and MEXC at 6.9%. However, the most striking revelation from the report was the noticeable decline in Binance‘s market dominance over the past year. Once at a high of 54%, Binance’s market share has now dropped to approximately 45%, marking a substantial fall in its control over the CEX landscape market.　　The report also shed light on the decline in market shares of other major players. Huobi Gate and KuCoin, previously strong contenders in the competitive CEX landscape, also experienced a decline in their market shares. While the specific percentage drop for these platforms was not provided, the report indicated that these declines were not isolated incidents but part of a broader trend within the industry.　　Binances Market Share Decline and Industry Implications　　Market analysts have pointed to various potential factors contributing to these shifts, including increased competition from emerging platforms, regulatory challenges, and evolving customer preferences. The cryptocurrency market has been undergoing significant

2023-11-07Deep Dive

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