Blockchain Biz
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Blockchain Biz

Daily Crypto News

  1. Singapore central bank proposes measures on crypto trading, stablecoin — Singapore’s central bank has put forward proposals for new regulatory measures on cryptocurrency trading and stablecoins, in a bid to reduce the risk of consumer harm from the volatility of the industry. The measures published in two consultation papers on Wednesday include not allowing businesses to lend out cryptocurrencies owned by retail customers, and to ensure customer assets are segregated from their own assets. Cryptocurrency trading businesses would also not be allowed to offer incentives to attract retail customers, nor accept credit card payments or provide financing to retail customers.
  2. A Majority of US Voters Want More Crypto Regulation, Poll Shows — The crypto industry may be fretting over tightening regulations and upcoming legislation, but new poll results released Wednesday indicate that a majority of voters believe that lawmakers need to turn up the dial on crypto regulation. A national poll conducted by the Crypto Council for Innovation in October revealed that 52% of the 1,200 voters surveyed want the industry to be more regulated, while a mere 7% said they think the industry should be less regulated. The remaining 41% of respondents were evenly split between thinking the industry was sufficiently regulated already, or not having an opinion.
  3. Crypto.com, Gate.io sign on to boost Busan’s blockchain aspirations — Busan, South Korea’s second-largest city and its wannabe blockchain central, is signing business agreements with two global cryptocurrency exchanges, Crypto.com and Gate.io, to grow the city’s blockchain ecosystem, according to an announcement on Wednesday.
  4. Bitcoin price back above US$20,000, Ether jumps as U.K. votes to regulate crypto — Bitcoin was trading above US$20,000 for the first time in almost three weeks on Wednesday morning trading in Asia. Ether and the rest of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, also gained after the U.K. parliament voted for crypto to be regulated as financial instruments.
  5. NFT Avatar Popularity Prompts Reddit Vault Use to Skyrocket — When Reddit created its NFT marketplace last July, it announced customizable avatars that would be available for purchase. The social news aggregation and content rating site called them “blockchain-backed Collectible Avatars,” and they were made available on the subreddit r/CollectibleAvatars. In January, the company tried out an innovation that allowed users to set any Ethereum-based NFT as a profile picture.
  6. Reddit NFTs Challenge Bored Apes on OpenSea With Trade Surge — Reddit users are pumping the platform’s Polygon-based NFT collections, with cumulative sales volumes of the avatar collectibles topping $6.5 million on Tuesday. According to data from secondary non-fungible token (NFT) marketplace OpenSea, Reddit NFT collections edged out popular blue chip projects over the past several hours. Spooky Season, a series of collectible avatars created by Reddit user poieeeyee, currently has a trading volume of 538 ETH (approx. $760,000) — putting it just behind the reigning NFT collection Bored Ape Yacht Club at 642 ETH (approx. $906,000). According to OpenSea, the Spooky Season collection experienced a 121% increase over the past 24 hours.
  7. BNB Chain Introduces $10M Fund to Incentivize Project Growth on the Blockchain — BNB Chain, one of the world’s most actively used blockchains by daily active users, has introduced a $10 million fund to help projects with user acquisition and growth, a company representative told CoinDesk. The program, known as the Growth Incentive Program, will initially support 10 projects in the fourth quarter, with gas incentives of up to 800 BNB tokens a month in total. In addition, individual projects can receive $1 million a month to cover fees spent on gas, the transaction fee paid to blockchain network validators for their services.
  8. ARK’s Cathie Wood Bought $100K Worth of Bitcoin Years Ago at $250 and Has Never Sold It — Appearing on Peter McCormack’s “What Bitcoin Did” podcast, ARK Investment Management CEO Cathie Wood said she purchased $100,000 worth of bitcoin (BTC) when it was trading around $250 (which would suggest sometime in 2015). She said she hasn’t sold any of that initial investment, meaning her current profit on that $100,000 bet would be around $7.6 million. Wood, whose firm she co-founded is focused on innovative and disruptive investments, said that while she was able to make that personal bet on bitcoin, she couldn’t do the same in the ARK funds themselves as they were and are only allowed to invest in securities
  9. China’s Bitcoin-Funded Intelligence Operation Is All About the Chips — Crypto seems to be at the center of many espionage and counter-intelligence operations, and a recent case involving two intelligence officers from the People’s Republic of China caught on U.S. soil trying to bribe an undercover FBI agent with bitcoin just continues the trend. The unsealed deposition presented Monday by the U.S. Department of Justice shows the two spies were likely operating at the behest of Huawei as the timeline correlates to Huawei’s case in the U.S. a few years ago. With unspecific language, it shows that the intelligence officers were trying to get nonpublic information about the U.S. government’s investigations into Huawei.
  10. Meet Changpeng Zhao, the CEO of Binance and the richest man in crypto, who worked at a gas station before making his $30 billion fortune — Changpeng Zhao is the founder and CEO of Binance, the world’s largest cryptocurrency exchange. With a net worth of around $30 billion as of October 25, he’s the 33rd-richest person in the world, according to the Bloomberg Billionaires Index. Zhao — who’s often known as CZ — is one of the most prominent people in cryptocurrency, as well as the wealthiest person in the industry. Crypto winter has taken a toll across the industry, and Zhao is no exception. His real-time estimated net worth is a far cry from the peak of his personal wealth: His net worth peaked at $95.9 billion earlier this year, the Bloomberg Billionaires Index shows. Zhao’s interest in cryptocurrency began in 2013 when he first learned about Bitcoin, according to a 2018 Forbes report. His career in the up-and-coming digital currency industry started at Blockchain.info, where he served as the head of development. Zhao founded Binance in 2017 and powered it to become the biggest cryptocurrency exchange by trading volume. The exchange handles some $76 billion in daily trading volume, according to Protocol. In 2021 alone, Binance generated over $20 billion in revenue, according to Bloomberg. Binance is bigger than its four largest competitors combined, per Bloomberg.

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