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Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX Exodus

The Block | Stephanie Murray | Nov 20, 2022

Proof of reserves - Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX ExodusCrypto investment firm Grayscale won't show proof of reserves after bitcoin and ether products fall to new all-time lows.

  • The firm acknowledged its decision to keep its reserve information private would be a “disappointment” to some investors.
    • Crypto firms are being pressed to show more information about their reserves after crypto behemoth FTX filed for bankruptcy protection earlier this month.

See:  CB Insights: FTX ‘Bagholders’ — Investments and M&A Portfolio Map

  • Grayscale Bitcoin Trust (GBTC) hit a record low on Thursday, as did its ETHE product. The firm’s parent company, Digital Currency Group, has brushed off contagion fears after the shocking collapse of FTX. At the same time, however, another entity affiliated with Grayscale recently halted withdrawals. Genesis Global Capital is linked to Grayscale through Digital Currency Group.

“Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure,” Grayscale said Friday afternoon on Twitter.

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Global News | Canadian Press, Staff | Nov 15, 2022

Calgary-based Bitvo Escapes FTX Acquisition

  • Canadian crypto trading platform Bitvo Inc. says its deal to be acquired by FTX, the crypto-exchange giant that collapsed last week and filed for bankruptcy, will not go ahead. The company says that “in light of recent events” that its shareholder, Pateno Payments Inc., terminated its agreement with FTX Canada Inc. and FTX Trading Ltd.
  • Bitvo said Tuesday it has no material exposure to FTX or any of its affiliated entities.
  • It noted that it operates on a full reserve basis, meaning it does not lend customer funds, a requirement of its regulatory status.

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The Tyee | David Climenhaga  | Nov 15, 2022

Calgary’s Winter of Crypto-Despair

  • [In February 2022], who can forget the United Conservative Party government’s throne speech that month? “New legislation will solidify Alberta’s position as a modern electricity powerhouse and a magnet for investment in emerging technology like data storage and cryptocurrency,” it promised.
  • In March, Minister of Jobs, Economy and Northern Development Doug Schweitzer bragged that companies operating in the “crypto space” had shown “immense interest” in the government’s big ideas.

See:  Alberta-based Binance Canada expects to return to Ontario by 2024

  • In April, the Financial Innovation Act received royal assent. The act, the government boasted, created a “regulatory sandbox” for crypto bros — that is, “a ‘safe space’ in which companies can test innovative products or services, without immediately meeting all regulatory requirements.”
    • “Alberta’s regulatory sandbox signals that Alberta is willing to work with and support innovators with cutting-edge products, like blockchain technologies and cryptocurrencies,” the government’s description went on.
    • And in June, Premier Kenney tweeted enthusiastically about a Calgary-based crypto company launch.

It’s always the best of times in Alberta; it’s always the worst of times.

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Cointelegraph | Prashant Jha  | Nov 18, 2022

A new report from Delphi Digital suggests DEX platforms gained 24% volume in the wake of the FTX collapse whereas CEX basket is down 2%

  • Decentralized perpetual exchanges see increased trading volume
  • Combined with the migration away from centralized exchanges (CEXs), the volatile crypto market has users trading in record numbers.
  • While trading volume increased, the total value locked in DeFi lags

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NCFA Jan 2018 resize - Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX ExodusThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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