Web3 avec Anouk May.15–19, 2023
Welcome to Web3 avec Anouk. I’m Anouk, a crypto enthusiast with a huge passion for the world of Web3 since 2019. Check back in every Friday for my take on the crypto news of the week.
Ledger’s “Ledger Recover” Feature Sparks Controversy
Crypto wallet maker Ledger is facing criticism for its new “Ledger Recover” feature, which allows encrypted user seed phrases to be stored with third-party custodians. Twitter users argue that this service undermines Ledger’s commitment to privacy and security. Ledger CEO Pascal Gauthier defended the offering, stating that it aligns with the preferences of future customers and represents the way new users will onboard to crypto. The feature aims to address the user experience issues associated with seed phrases, which can result in lost funds if misplaced or accessed by unauthorized individuals.
Despite Ledger’s attempts to address security concerns, critics remain skeptical. Some question the decision to share encrypted keys with third parties and express doubts about the need to provide a government-issued ID for the service. The previous data breach incident in 2020, where customer emails were exposed, has added to the skepticism surrounding Ledger’s security practices.
Ripple CEO Warns of Crypto Firms Leaving US Amid Regulatory Confusion
In an exclusive CNBC interview, Ripple CEO Brad Garlinghouse expressed concerns over the potential exodus of crypto firms from the United States to more regulatory-friendly jurisdictions like Europe. Garlinghouse cited Europe’s leadership in providing clarity on digital asset regulations, along with countries such as the UAE, the UK, and Singapore. He criticized the “confusing” regulatory landscape in the US, emphasizing that it is pushing companies like Ripple to seek opportunities outside the country.
The remarks come as Ripple recently acquired Swiss crypto custody services firm Metaco to bolster its product offerings and tap into a desirable client base. With the majority of Ripple’s customers being non-US entities, Garlinghouse stated that most of their hiring and investment would take place outside of the US. The ongoing lawsuit with the US Securities and Exchange Commission regarding alleged securities law violations further highlights the regulatory uncertainty faced by Ripple and the broader crypto industry.
Bitcoin 2023 Conference Attendance Halves Amidst Crypto Winter
The world’s largest Bitcoin conference, Bitcoin 2023, is expected to see a significant decline in attendance compared to the previous year, with only around 15,000 attendees anticipated instead of last year’s 35,000. This drop can be attributed to the prolonged market downturn known as “crypto winter.” Despite the lower turnout, notable speakers such as U.S. presidential candidate Robert F. Kennedy Jr. and author Michael Lewis are still scheduled to appear at the Miami Beach event.
Bitcoin 2023 is renowned as the premier Bitcoin gathering, featuring over 180 talks and sessions covering various cryptocurrency-related topics. This year’s conference reflects the impact of the crypto winter, with fewer than half as many devotees expected to attend. Since the beginning of the year, Bitcoin’s price has rebounded to around $28,000 from a November low of $15,000 but remains significantly below the all-time high reached in late 2021.
Thanks for reading! Check in next Friday for the next edition of this weekly quick take on Web3, crypto and blockchain discussing the week ahead!
