Today’s Topic
📌 Protocon — Kross Finance Korea Has Signed a Partnership
📌 Binance vs FTX
📌 Queen Maxima of the Netherlands Supports Digital Euro
Protocon — Kross Finance Korea Has Signed a Partnership
On November 2nd, Protocon signed a strategic partnership with Kross Finance Korea, an online investment financial company. The two parties have the same goal of developing global DeFi services and expanding the token ecosystem.
The two parties plan to cooperate in various fields by ▲enhancing synergy by combining both technology and ecosystem ▲expansion of business areas and marketing cooperation ▲strengthening networks by knowledge sharing, specialized information, and technology.
Kross Finance operates 90days, an online investment and loan brokerage platform that specializes in corporate assets. As of November 9th, 90days has reached a loan brokerage performance of 1.2 trillion won in Total Cumulative Loans. They are increasing their market share and structure by using their know-how and infrastructure they have created over the years.
As Protocon shares the technological know-how of Kross Finance, Protocon will not only build new financial services, but improve existing online investment-linked finance and P2P finance.
Both parties are looking forward to the future with a mutually beneficial situation. 🙌
Binance vs FTX
The rivalry between two cryptocurrency exchanges Binance and FTX has been an extremely trending hot topic.
This has all happened within a few days. The incident first started with an article by CoinDeskUS pointing out the balance sheet of Alameda Research, a blockchain investment firm run by Sam Bankman-Fried, the founder and CEO of FTX.
Alameda has around $14.6 billion worth of assets, which includes $3.66 billion FTT (FTX Exchange Coin), accounting for being the largest shareholder.
As the article stated that this could result in issues as they operate with loans using FTT as collateral. Rumors began to circulate that dumping could occur by Binance (early investor of FTX Exchange) if they were to exit their position and stake.
The founder of Binance Zhao Chang Peng did admit in Twitter that he would sell $500 million worth of FTT as the financials of FTX weren’t safe. This was the fall of FTT and Sam Bankman-Fried stated they would buy them at $22 a piece. They stated that FTX’s funds would be safe, however, it didn’t go as planned.
At the time, Zhao Cheng Peng made an indirect statement on Twitter that Sam Bankman-Fried was lobbying behind. As the truth isn’t exactly known, yet from Zhao’s perspective, one can agree that Sam had negative feelings toward the article which was a trigger point.
Binancec and FTX were the top two exchanges in the world before this incident. However, as of November 10th and after the incident, FTX fell to 50th place in CoinMarketCap’s ‘Exchange Rankings’. As FTT fell, there was a chain reaction in which such tokens such as Solana and Ethereum declined for a brief moment.
The battle between the two largest exchanges finished as FTX raised a white flag asking Binance to take over. Binance signed a non-binding LOI (A letter of intent to acquire without legal binding) and started the process for acquisition. However, on the morning of November 10th, Binance abruptly withdrew their plan to acquire FTX. The confrontation between the two originally ended as Binance planned to acquire FTX, however, as Binance withdrew, nobody knows what the future has in store.
Queen Maxima of the Netherlands Supports Digital Euro
Queen Maxima of the Netherlands has always been an advocate of improving finance and financial technology.
On November 7th, Queen Maxima gave a virtual speech with the theme “Towards a legislative framework enabling a digital euro for citizens and businesses” at a European Commission conference. She has stated that a digital euro may promote the financial inclusion of underserved communities by removing transaction fees and paperwork requirements.
Queen Maxima stated, “Public sector representatives must ensure that the financial system is open, inclusive, and responsive to the needs of all groups.”
Back in October, the Netherlands was the host country for the Bitcoin Amsterdam conference, an event that has brought royalty from other countries, such as Prince Phillip of Serbia, policymakers, former European Parliament member Nigel Farage, and more.
The digital euro has been in progress for around two years and is expected to be finished by September 2023.
