Mansplaining Your Way Through the Crypto Crash at Thanksgiving
No, you don’t have to accept any personal responsibility for suggesting Anchor was just like a savings account.
ApeCoin DAO Launches Community-Driven NFT Marketplace
The new platform offers features built especially for the Bored Ape Yacht Club and Otherside communities, its CEO said.
Bitcoin Jumps Briefly After Fed Minutes Show Officials Favor Slower Rate Hikes
The majority of Federal Reserve officials thought slower rate hikes would be appropriate soon. It is still unclear how high the terminal rate will be.
Genesis Global Capital Confirms Hiring Investment Bank Moelis, Talks With Potential Investors
Genesis also started talks with its largest creditors and borrowers, including Gemini and DCG, to agree on a solution.
Crypto’s Future Will Be Based on Self-Custody and Regulation: Kraken’s Dave Ripley
The interim chief executive discusses why the future of crypto will be based on proof-of-reserves and thoughtful regulation.
FTX Contagion Revives Dreaded 2022 Crypto Knell – the ‘Withdrawal Halt’
The downfall of the FTX exchange has caused a domino effect: a growing list of crypto firms, such as BlockFi and Genesis, halting withdrawals. CoinDesk counts 15 of these announcements just this year.
Ethereum R&D Firm Flashbots Shares Details About Its Next-Gen Block Builder
After teasing SUAVE at this year’s Devcon, Flashbots details how the plug-and-play solution will transform the way validators earn MEV.
Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate
The purchase make Brendan Blumer the largest holder of Silvergate Capital.
Bitcoin Clings to $16K Ahead of Fed Minutes
Bitcoin was steady, around $16,300, as traders anticipated the release of the Federal Reserve meeting minutes later Wednesday.
Ethereum Needs Competition
>>> Read the full story at CoinDesk
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial
A prosecution of Tornado Cash privacy protocol developer said little about free speech – but may get into the details of how DeFi works
What Is a Crypto Exchange Token and How Did It Help Blow up FTX?
>>> Read the full story at CoinDesk
Bitcoin Wallet of the Failed BTC-e Exchange Wakes Up
A wallet linked to the failed crypto exchange transferred 10,000 bitcoin even as the alleged operator sat in jail.
US Senators Demand Sam Bankman-Fried, FTX Execs Be Held Accountable to ‘Fullest Extent of the Law’
U.S. Senators Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.) signed onto the Wednesday letter to Attorney General Merrick Garland.
First Mover Americas: FTX’s First Hearing, Genesis Seeks Help
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 23, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Alameda-Backed Crypto Trading Firm 3Commas Says It’s Pretty Sure It Wasn’t Breached
Users who have lost millions suspect 3Commas of leaking sensitive API credentials, but the firm insists that it is not to blame for the stolen funds “to our best current knowledge.”
Australia’s Markets Watchdog Sues Fintech Company Block Earner
Australia’s markets regulator, ASIC, is suing the company for allegedly providing financial services that should be licensed, leaving “consumers without important protections.”
Anxious Ethereum Stakers Question When They’ll Be Able to Access Funds
Developers are determined to include staked ETH withdrawals in Shanghai, the next Ethereum update, but the timeline is still vague. Valid Points is CoinDesk’s weekly newsletter breaking down Ethereum’s evolution and its impact on crypto markets.
Bank of Japan to Run CBDC Experiments With Country’s Megabanks: Report
The central bank will decide on issuing a CBDC in 2026.
El Salvador Proposes Digital Securities Bill, Paves Way for Bitcoin Bonds
The legislation paves the way for the issuance of El Salvador’s “volcano bonds” expected to raise $1 billion for the government.
Binance’s Crypto Mining Pool Adds Ravencoin Support
Former Ethereum miners have been drawn to alternative coins like Ravencoin after they had to leave the Ethereum network post-merge.
Singapore Bank DBS Completes Fixed Income Trade on JPMorgan’s Blockchain Network Onyx
Singaporean bank DBS is the latest big bank to harness JPMorgan’s blockchain-based fixed income trading network Onyx, becoming the first Asian bank to do so.
Ethereum Name Service Selects Karpatkey DAO to Manage Its Endowment Fund
>>> Read the full story at CoinDesk
Pre-Halving Rally? Litecoin Surges 43% to 6-Month High
Litecoin third mining reward halving due in eight months will cut LTC’s pace of supply expansion by 50%.
New York Imposes 2-Year Moratorium on New Proof-of-Work Mining After Gov. Hochul Signs Bill
The new law sets a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive proof-of-work (PoW) cryptocurrency mining.
First Mover Asia: Bitcoin Holds Firm Over $16K After Tracking Stocks Upward
James Rubin writes that Changpeng Zhao and Elon Musk, among others, have spoken freely when discussing the fallout from cryptos’ rapidly expanding crises and the individuals behind them. But they haven’t always been consistent or fair.
‘Personal Fiefdom’: Some Takeaways From FTX’s First Bankruptcy Hearing
Happy Thanksgiving to my fellow Yankees! For the rest of you, I’m counting on you to keep an eye on Twitter in case someone else files for bankruptcy. But today, we’re looking at FTX’s first bankruptcy hearing.
Binance US Steps Into National Politics With New Campaign PAC
As campaign mega-donor Sam Bankman-Fried and his FTX compatriots vanish from U.S. policy circles, their absence left a void in the crypto industry’s political involvement. Part of that may be filled by the U.S. arm of rival Binance.
Crypto Mining and Staking Firm Foundry Buys Some of Troubled Bitcoin Miner Compute North’s Assets
Foundry will buy two mining facilities and has an option to acquire another site that is under development.
Market Wrap: FTX Was Sam Bankman-Fried’s ‘Personal Fiefdom,’ Lawyers Said
The CoinDesk Market Index, bitcoin and ether were all in the green. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets.
Bankman-Fried Apologizes to FTX Employees, Details Amount of Leverage in Internal Letter
Former FTX CEO Bankman-Fried did not address concerns about customer funds being misappropriated or other recent revelations about the company.
Let’s Stop Regulating Crypto Exchanges Like Western Union
It’s time for U.S. crypto exchanges to face the same rules as non-crypto marketplaces and brokers, says our columnist.
Mango Exploiter’s Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens
A trader identified as Avraham Eisenberg, who became infamous for his “very profitable trading strategy” of exploiting $114 million from Mango Markets, borrowed tens of millions of Curve DAO tokens and sent them to an exchange – but his position appear…
On-Chain Data Shows Close Ties Between FTX and Alameda Were There From the Start: Nansen
Niklas Polk, a research analyst at analytics firm Nansen, discusses the firm’s latest report and what on-chain data reveals about the wallets used between FTX and Alameda.
The Gaming Industry Doesn’t Need Web3, but Gamers Might
>>> Read the full story at CoinDesk
Genesis Global Capital Has Hired Investment Bank Moelis to Explore Options Including Bankruptcy: New York Times
Separately, the CEO of Genesis’ parent company disclosed that it had a roughly $575 million liability to Genesis.
Steps to Crypto Recovery: Where ‘We’ Go From Here
The FTX is a wake-up call for everyone in the industry. And, no, regulation isn’t going to save us next time, any more than it would have this time.
Binance’s CEO Sows Doubt in Crypto Rival Coinbase and Digital Asset Manager Grayscale – Then Backtracks
Changpeng Zhao quickly deleted a tweet that called the companies’ disclosures into question.
Bitcoin Regains $16K, But Analysts Are Still Bearish
Bitcoin rebounds after hitting a fresh two-year low in the past 24 hours. But analysts said bitcoin could hit $13,000 amid contagion.
FTX Bankruptcy Judge Says Creditor Information Can Be Redacted – at Least for Now
FTX creditors concerned about their names and other personal information being disclosed as part of the crypto exchange’s bankruptcy proceedings can breathe a sigh of relief – at least temporarily.
US Senators Ask Fidelity to Reconsider Bitcoin 401(k) Offerings Following FTX Collapse
Fidelity now allows companies to offer its digital assets account as part of their 401(k) line up.
What Do You Really Own in the Ownership Economy?
>>> Read the full story at CoinDesk
Lawyers Detail the ‘Abrupt and Difficult’ Collapse of FTX in First Bankruptcy Hearing
“You have witnessed probably one of the most abrupt and difficult collapses in the history of corporate America,” an attorney for FTX said during the company’s first bankruptcy hearing on Tuesday.
Bahamas FTX Liquidators Agree to Transfer Bankruptcy Case to Delaware
Court-appointed liquidators for collapsed FTX in the Bahamas had filed a separate suit in a New York court, while the exchange had filed for bankruptcy in Delaware.
Saudi Arabia’s NFT Collection Soars After Unexpected Soccer Win Against Argentina
Argentina’s fan token, on the other hand, slid 21% following the team’s loss on Monday.
Crypto Custodian Aegis Trust Offers $25M Insurance Policy for NFTs
The policy, provided by insurance marketplace Lloyd’s of London, will support institutional investors’ NFTs up to $25 million.
Foresight Ventures Launches $10M Web3 Startup Fund, in Spite of Market Turmoil
The Singapore-based crypto fund, along with crowdfunding platform Gitcoin, plans to back the development of blockchain projects across global markets.
CFTC Bypassed Legal Requirement in Trying to Serve Ooki DAO, Crypto Supporters Claim
The Commodity Futures Trading Commission (CFTC) is trying to “create [a] novel precedent” for itself in trying to serve a lawsuit to the entirety of a decentralized autonomous organization (DAO), rather than the DAO’s members, one of three filings push…
Mattel Launches NFT Marketplace With Hot Wheels Collection
The global toy company will release the latest Hot Wheels NFT Garage collection on its Mattel Creations marketplace to start.
Who Is Alameda’s Former co-CEO Sam Trabucco?
The former co-CEO of Alameda Research took steps to distance himself from the firm by saying in August he had not acted as chief executive for months prior to announcing his departure
GCash Security Survey Q4
November-December 2022
To enhance the sense of security among GCash users.
The post GCash Security Survey Q4 appeared first on GCash.
Get 5% Cash Credit with GSave EzySave + by MayBank
Get 5% Cash Credit with GSave EzySave + by MayBank Don’t miss the chance to get 5% cash credit of your ADB on your first 90 days with Maybank’s EzySave+ until December 22, 2022 Promo Mechanics The EzySave+ 5% Bonus Cash Credits Promo (“Promo”…
Top 10 Fan Tokens to Invest in 2022
Fan Token is a new type of digital asset that connects sports fans to their favorite sports team by giving them a voice and making them feel like they own part of their favorite sports club. Football clubs globally use football Fan Tokens to create un…
Devcon VI Recap, Resources & Wrap-Up!
A few weeks ago in October, much of the Ethereum community came together in South America as we reunited for Devcon VI in Bogotá, Colombia! Today we want to say Thank You(!) to every attendee, volunteer, and contributor that made Devcon VI a success. …
Coming Soon: The CR7 NFT Collection | Binance Blog
The legend is coming to Binance.
Understanding BUSD and Binance-Peg BUSD | Binance Blog
Transparency Matters: BUSD and Binance-Peg BUSD
Cristiano Ronaldo Launches First NFT Collection with Binance | Binance Blog
New collection and mystery boxes available November 18 on Binance.com
A Sneak Peek of the CR7 NFT Collection | Binance Blog
Get an exclusive preview of Cristiano Ronaldo’s debut NFT collection.
Six Commitments for Healthy Centralized Exchanges | Binance Blog
Here are six principles that help to keep centralized exchanges safe and secure for users.
US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse
The U.S. House Financial Services Committee is planning to investigate the FTX collapse, according to a joint press release published by the committee’s chair Maxine Waters and representative Patrick McHenry. Furthermore, a congressional hearing is scheduled to take place in December, according to the joint statement. Bipartisan Congressional Hearing to Be Held in December Over […]
S&P 500 trades near session’s low in final hour of trade
The S&P 500 was trading near the session’s low in the final hour of trade Wednesday as investors gave the recent rally in stocks a rethink and after Target reported a profit decline ahead of the holiday shopping season. Stocks declined in choppy trade…
What Will It Look Like When Taxation and Privacy Collide?
>>> Read the full story at CoinDesk
Taxes and Music NFTs: A Match Made in Hell?
>>> Read the full story at CoinDesk
US Crypto Investors Sue FTX’s Sam Bankman-Fried, Company’s Celebrity Endorsers
The plaintiffs in a class-action suit claim that the heavily-marketed FTX yield-bearing crypto accounts were actually a Ponzi scheme.
Spread on 2- and 10-year yields heads for its deepest inversion in more than 40 years
The spread between 2- and 10-year Treasury yields shrank to as little as minus 67 basis points on Wednesday, and was headed for its deepest inversion in more than 40 years. The inversion was being driven by a steep drop in the 10-year yield which fel…
Crypto Market Slides After Genesis Withdrawal Halt, but Big Investors May Hunt for Bargains
Most digital assets trade lower on Wednesday as another crypto firm gets hit by the FTX contagion. Some analysts see enduring interest from institutional investors – possibly at an even lower entry price than previously contemplated.
: U.S. oil prices post their lowest finish in about 3 weeks
Oil futures declined on Wednesday, with U.S. prices settling at their lowest in roughly three weeks. “Prices remain in negative territory, with various geopolitical influences — from an oil tanker being hit by a bomb-carrying drone off the coast of Oma…
These Crypto Market Makers Were Wary of FTX Before Collapse
B2C2 and Kairon Labs had concerns about the exchange and its sister firm Alameda Research before liquidity concerns hit headlines.
Esports Giant TSM Suspends $210M Partnership with FTX
It’s the latest sponsorship deal to fall through since the troubled crypto exchange’s surprise bankruptcy filing last week.
Terraform Labs Co-Founder Daniel Shin’s Firm Chai Reportedly Raided by Seoul Prosecutors
Following the collapse of FTX, law enforcement officials are still dealing with the Terra blockchain fiasco. A new report claims Terraform Labs (TFL) co-founder Daniel Shin’s company Chai Corporation was raided by South Korean investigators. Terraform Labs Co-Founder’s Company Chai Reportedly Raided by South Korean Law Enforcement The Terra blockchain that collapsed last May was […]
: Gold futures give up early gains to finish lower
Gold futures finished with a modest loss on Wednesday, with prices shaking off early gains. The precious metal saw a “very brief spurt of safe-haven buying” on initial reports Tuesday of an apparent wayward missile landing in Poland, said Brien Lundin,…
US Sen. Gillibrand Says a Last-Ditch Stablecoin Bill May Still Emerge This Year
Sen. Kirsten Gillibrand (D-N.Y.) said the latest effort on a stablecoin regulatory bill is coming soon, and she hopes it can get some attention before Congress transitions into its new session next year.
Newly Elected US House Whip Emmer Downplays FTX Meltdown, Cheers Crypto
Rep. Tom Emmer, a co-chair of the congressional blockchain caucus, was chosen for a leadership role in the next Congress and is bullish on digital assets in the wake of FTX.
Former SEC Official Doubts FTX Crash Will Prompt Congress to Act on Crypto Regulations
Lisa Braganca, former SEC enforcement branch chief, discusses why regulation for crypto is likely to come from the SEC or CFTC rather than Congress and why SBF’s lawyers are “apoplectic.”
Albertsons restraining order on special dividend payment still in effect as court hearing postponed
Albertsons Companies Inc. said Wednesday that the Washington State Court has postponed the hearing on the grocery company’s proposed payment of a special dividend. The stock rose 0.5% in afternoon trading. The postponement means the temporary restrain…
The FTX Collapse Looks an Awful Lot Like Enron
Because they were actually related entities, Alameda and FTX were able to falsely pump asset values and harvest leverage. Jeffrey Skilling would approve.
Goldman Sachs sees new rate hike in 2023, with targeted range for fed funds rising to 5%-5.25%
Goldman Sachs Group is revising its expectations for interest rates next year, saying it now expects an additional 25-basis-point rate hike in May. That additional rate hike pushes the firm’s forecast for the peak fed funds rate, or highest level at w…
Tom Brady, Gisele Bündchen, Kevin O’Leary, and 9 Other Celebrities Named in FTX-Related Class-Action Lawsuit
Former FTX CEO Sam Bankman-Fried (SBF) and a number of celebrities including Tom Brady, Gisele Bündchen, Stephen Curry, and Shaquille O’Neal have been named in a class-action lawsuit involving the alleged engagement in deceptive practices with FTX. The lawsuit was filed by the attorneys Adam Moskowitz and David Boies late Tuesday, and the suit alleges […]
InMed stock rockets after research grant awarded for cannabinoid analogs to treat Alzheimer’s, Parkinson’s
Shares of InMed Pharmaceuticals Inc. rocketed 50.9% on very heavy volume in midday trading Wednesday, after the company said it was awarded a grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) to support research and de…
Market Extra: More trouble is brewing in the $24 trillion Treasury market: This time, it’s about central clearing
Stefani Reynolds/Agence France-Presse/Getty ImagesEfforts to reduce risks within the nearly $24 trillion U.S. Treasury market, the world’s deepest and most liquid securities market, are ironically creating angst among market players. The anxiety is cen…
Walmart, Target stocks diverge, highlighting difference between ‘staple’ and ‘discretionary’ labels
Shares of Walmart Inc. rose 0.4% in midday trading Wednesday, adding to the previous session’s 6.5% jump on a big earnings beat, even though so-called rival retailer Target Corp.’s stock tumbled 12.7% after another hugely disappointing earnings repor…
DeFi Giant MakerDAO Speeds Up DAI Transactions and Withdrawals, Expands to Arbitrum, Osmosis
MakerDAO’s new tech, Maker Teleport, enables users of the DAI stablecoin to circumvent Ethereum’s jam-prone base layer.
Biggest Movers: BCH Climbs to 1-Week High, DOT Declines
Bitcoin cash rose to a one-week high in today’s session, despite crypto markets mostly trading lower. The global cryptocurrency market cap is down by 2.45% as of writing, which comes as traders reacted to rising geopolitical tensions. Polkadot was a notable token to slip, as prices collided with a key support point. Bitcoin Cash (BCH) […]
Market Maker B2C2 Offers to Buy Loans From Genesis Crypto-Lending Unit
The lending arm of the crypto financial firm Genesis halted customer withdrawals earlier Wednesday, citing the impact of the collapse of FTX.
The End of the ‘Centralization Era’ in Crypto
The thorns of centralization may be well-due for a snip.
StarkWare Deploys StarkNet Crypto Token on Ethereum Blockchain
The tokens are not yet available for sale.
Binance Denies Accusation From UK Lawmaker That It Deliberately Sank FTX
The exchange sent a five page document outlining the sequence of events that led to the FTX collapse to UK lawmakers.
Grayscale Declares ‘Business as Usual’ Despite Sister Company Genesis Global Capital Suspending Withdrawals
Grayscale said that “Genesis Global Capital is not a counterparty or service provider for any Grayscale product.”
: EIA reports a weekly decline in U.S. crude supplies, but gasoline, distillate stocks rise
The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 5.4 million barrels for the week ended Nov. 11. On average, analysts forecasted a decline of 400,000 barrels, according to a poll conducted by S&P Global Co…
Report: Genesis Global Trading’s Lending Unit Suspends Withdrawals and New Loan Originations
Following Blockfi, Liquid Global, and Salt Lending halting withdrawals, reports indicate that Genesis Global Trading’s lending unit has halted customer withdrawals. Genesis’ interim chief executive officer Derar Islim said that the company’s trading and custody units were still operational. DCG-Owned Genesis Halts Lending Unit’s Redemptions and New Loans On Nov. 16, 2022, Coindesk reporter Nelson […]
House committee plans December hearing on FTX collapse, ‘expects’ to hear from Sam Bankman-Fried
House Financial Services Committee Chair Maxine Waters, a California Democrat, and the panel’s top Republican, Rep. Patrick McHenry of North Carolina, announced in a statement on Wednesday that they plan to hold a hearing in December focused on “the co…
New York Fed President Williams says ‘time is now’ to find ways to strengthen core parts of financial system
New York Fed President John Williams, speaking at the 2022 U.S. Treasury Market Conference on Wednesday, said that a well-functioning Treasury market is critical for the U.S. economy and the world. He also said that price stability is a “must-have” fo…
Crypto Can De-Escalate the Tax War
>>> Read the full story at CoinDesk
: U.S. business inventories climb 0.4% in September
Businesses increased inventories, or products waiting to be sold, by 0.4% in September in a sign the economy was still expanding at a steady pace. Economists polled by The Wall Street Journal had forecast a 0.5% increase. Rising inventories adds to gro…
Top House Committee to Hold Hearing Into FTX Collapse
The House Financial Services Committee will hold a hearing on FTX’s collapse next month.
Use Your Crypto Losses to Turn the Tables Against the IRS
>>> Read the full story at CoinDesk
What Are Utility NFTs?
This type of NFT links rewards and experiences to digital assets.
Singapore-Based Crypto Exchange Bitget Opens Operations in Brazil
The company has integrated with the government’s payment system Pix and begun allowing crypto purchases with Brazilian reals.
Temasek writing off FTX investment: Bloomberg
Singapore sovereign wealth fund Temasek International is preparing to write off the value of its entire investment in bankrupt cryptocurrency company FTX, Bloomberg reported Wednesday, citing people familiar with the situation. Temasek invested between…
Dow falls slightly as U.S. stocks open lower after retail sales report
U.S. stocks opened lower as investors assess fresh retail sales data that came in slightly above expectations. The Dow Jones Industrial Average was down 0.2% soon after the opening bell, while the S&P 500 fell 0.4% and the Nasdaq Composite dropped 0…
Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days
Smart contract platform tokens and decentralized finance (defi) protocols have taken a beating since the FTX collapse last week. The market capitalization of all the smart contract platform tokens in existence lost more than $22 billion during the last 36 days. The total value locked (TVL) in defi protocols has dropped to $43 billion, the […]
Micron stock falls as chip maker cuts supply forecast, citing market conditions
Micron Technology Inc.’s stock fell 3% before opening bell Wednesday after the chip maker cut its 2023 supply forecast, citing market conditions. The company announced that it is reducing DRAM and NAND wafer starts by approximately 20% compared with t…
Temasek Prepares to Write Off Up to $300M Invested in FTX: Bloomberg
Singapore’s state investment fund Temasek is preparing to write off between $200 million and $300 million which it invested in bankrupt crypto exchange FTX, Bloomberg reported Wednesday.
DAO Legal Reforms in Spotlight as UK Law Commission Seeks Views
A consultation published today looks at issues like governance, structures, money laundering and taxes.
Matter Labs Nets $200M to Build zkSync Ethereum Scaling Platform
A week after zkSync V2’s “baby alpha” launch, Matter Labs said it would open-source its code and push for improved standards around rollup development.
Chevron Phillips to create more than 500 full-time jobs in Texas as it builds polymers facility
Chevron Phillips Chemical Co. LLC announced Wednesday that, along with QatarEnergy, it is proceeding with the construction of an integrated polymers facility in Orange, Texas that is expected to create more than 500 full-time jobs. The building of the …
First Mover Americas: FTX Fallout Reverberates Across Crypto-Land
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 16, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
4 Key Takeaways from the FTX Fiasco
The real reason why the FTX failure hits so hard is not because the crypto industry was duped, but because it proved that the industry was vulnerable to being duped.
Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets React to Missile Exploding in Poland
Ethereum moved into the red on Nov. 16, as markets became nervous, following a missile accidentally exploding in Poland. Fears grew of potential escalation in the war between Russia and Ukraine, as the missile hit Poland, which is a NATO-backed country. Poland and NATO have both downplayed the strike, and have so far not accused […]
Surf Air Mobility will pursue direct listing after scrapping SPAC deal with Tuscan Holdings Corp. II
Surf Air Mobility Inc. said Wednesday it plans to pursue a direct listing to go public and that it will no longer merger with special purpose acquisition company Tuscan Holdings Corp. II in a deal that was valued at $1.42 billion when it was announced…
Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse
The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.
TJX posts mixed earnings with profit above estimates but sales slightly light
TJX Cos. Inc. topped profit estimates for its fiscal third quarter, although sales were slightly light and same-store sales guidance was below consensus. The company posted net income of $1.063 billion, or 91 cents a share, for the quarter to Oct. 29,…
What Is Proof-of-Reserves [Why It’s Critical Your Crypto Exchange Has It]
The most recent collapse of FTX Exchange, as well as platforms such as Celsius, BlockFi, and Voyager Digital, has resulted in strong disbelief in the liquidity of centralized crypto custodians – and for good reason.
Definition
Proof-of-reser…
Wolfspeed to offer $1.3 billion of convertible bonds due 2029; BorgWarner will invest $500 million
Wolfspeed Inc. , a maker of silicon carbide and gallium nitride technologies for use in power-switching devices, EVs, 5G and renewable energy among other applications, said Wednesday it is planning to offer $1.3 billion of convertible bonds that mature…
Turkey’s Financial Intelligence Unit Launches Investigation Into FTX Collapse
The Turkish agency responsible for tackling money-related crime has initiated an investigation against troubled crypto exchange FTX. Days after the trading platform filed for bankruptcy in the United States, the department revealed it has been tracking its activities in Turkey. Turkish Financial Watchdog Sets Out to Dig Deeper Into FTX Case Turkey’s Financial Crimes Investigation […]
Fan Tokens for FIFA World Cup 2022
The FIFA World Cup Qatar 2022 kicks off on November 21, with 32 national teams competing across 64 matches to determine a winner. Blockchain technology and Web 3 elements, such as interactive games, fan tokens, collectibles, etc., have made this event special. OKX, the second-largest crypto exchange by trading volume, launched its OKX Football Festival, which consists of prize pool money of more than $3 million in tokens, limited edition NFTs, and exclusive experiences. Crypto.com and Algorand officially partnered with FIFA for the World Cup.
The Chiliz/Socios.com platform has collaborated with national teams to issue official fan tokens. Chiliz is a popular cryptocurrency for sports tokenization, fueling the world’s first scalable sports engagement and rewards platform – Chiliz.net. It’s also the first sports-based crypto exchange enabling fans to trade customized fan tokens and participate in club-based surveys and pools. Chiliz’s clients include Barcelona, Juventus, and Arsenal, while Lionel Messi is its global brand ambassador.
Fan tokens are a new method for fans to connect with their favorite clubs and players. They are digital assets that provide holders access to discounts, promotions, and limited content and grant them voting rights. Fan token holders gain access to rewards and benefits and can win prizes like signed club merchandise. Fans from all over the world invest in their favorite teams to show their support for them. While fan tokens are still relatively new, they’re quickly establishing themselves as the future of the sports economy. Here is our dive deep into Fan Tokens, what they are, and how they work.
So, what are the best fan tokens to invest in 2022? Let’s look at the specifics.
Everything You Need to Know About Fan Token
A fan token is a digital asset created using blockchain. It gives holders access to services provided by sports organizations to their supporters through the Socios.com app. Socios is an app that lets fans acquire tokenized voting rights in their favorite clubs and gives them a platform to join and feel like a team. The app allows fans to engage with their teams and provides access to unique rewards.
Socios allows interested teams to issue fan tokens, giving holders the ballot rights to participate in decision-making, opinion polls, and surveys. For example, Arsenal Football Club fans can vote on merchandise designs, in-game banners, etc., through the AFC fan token while receiving rewards and unique experiences.
Hundreds of sports teams worldwide have partnered with Socios.com to create innovative ways to engage their fans.
As the FIFA World Cup Qatar 2022 draws closer, the value of fan tokens associated with national football teams rises.
Reasons Behind the Fan Token Mania
Availability of Funds: The new frenzy is being fueled by the availability of extra capital and the urge to invest. The upcoming World Cup and the related buzz have motivated such investors to enter the meme token sector, resulting in the rise of fan token prices.
Meet and Greet the Teams: Another reason for the popularity of fan tokens is the advantages for token holders. Fans not only gain access to special events but can also interact with their teams, which was previously impossible. In this way, fan tokens provide their holders with a one-of-a-kind opportunity to meet and greet their favorite team’s players. This is the fundamental appeal of fan tokens.
Profit from Winning Teams: Fan tokens are an alternative to online betting. It is because tokens representing national teams with a strong likelihood of winning the FIFA World Cup are more likely to gain value than tokens representing competitive teams. As a result, these tokens are becoming increasingly popular among online investors expecting to profit after the finals.
Fast Facts
- Web 3 will play a significant role in increasing the value of sports such as soccer.
- The NFT market has been in a slump. Bridging sports and Web 3 might be a game changer.
- The OKX exchange is the official host and partner of the FIFA World Cup.
- OKX offers a $3 million prize pool to participants.
Fan Tokens Use Cases
Fan tokens are utility tokens issued by sports teams and are available on cryptocurrency exchanges such as Phemex. Typically, the team establishes a price for the token and its value changes based on the market or noteworthy events. For example, if Manchester City wins the Premier League, their token value will most likely increase as well!
If you’re a fan token holder, you’re in luck! Token holders have several privileges, such as voting rights, special products, and even VIP access to specific events. Typically, you can vote on Tour Bus designs, merchandising designs, or game venues.
Top FIFA World Cup Fan Tokens by Market Capitalization
With the FIFA World Cup 2022 in the corner, fan tokens have spiked in volume. Fans worldwide invest in their favorite teams to demonstrate their unwavering support. So, what are the best-performing fan tokens in terms of live market cap?
1. Portugal National Team Fan Token (POR)
Portugal National Team Fan Token (POR/USDT) is the most popular fan token in 2022. They have ranked #1 in the fan token favorites due to the massive rise in trading volume. This is Portugal’s ninth year in the World Cup, with their best finish of third place in 1966.
Check the Portugal National Team Fan Token (POR) live price, 24h trading volume, market cap of $13.3M, etc., on CoinStats, one of the best crypto platforms around.
2. Spain National Football Team Fan Token (SNFT)
The next fan token is the Spain National Fan Token (SNFT/USDT). Spain was the World Champion in 2010 and 2014 and remained a fan favorite. The team is in Group E alongside another great German football squad, and fans are now waiting to see who will do better in their respective group rounds.
SNFT’s token price increased by almost 1000% earlier last month. It hit an all-time high of $0.7783 and is now trading at 48.53% of its ATH. Check the SNFT current price, market cap, daily trading volume, etc., on CoinStats.
3. Argentine Football Association Fan Token (ARG)
Argentina, another fan-favorite team, has the third most popular fan token. Argentina has two World Cup titles and finished second in 2014. Lionel Messi, a fan favorite, is now playing for Argentina and has stated that this will be his final year with FIFA. Fans worldwide rushed to invest in their fan tokens to express their overwhelming support and wish for a spectacular result.
The Argentine Football Association Fan Token (ARG) is its official fan token and has increased by over 1000% earlier in August.
4. Brazil National Football Team Fan Token (BFT)
Brazil National Football Team is one of the world’s most popular teams with its Fan Token (BFT/USDT). It’s the most successful World Cup team, having won five times in World Cup history and being the only team to have competed in all World Cups. The performance of their token is also nothing short of remarkable.
5. Peruvian National Football Team Fan Token (FPFT)
The Peruvian National Football Team Fan Token (FPFT) ranks fifth in our analysis. Although their hopes to enter the World Cup were halted by Australia, their fan token remained strong.
Closing Thoughts
Fan tokens are relatively new, with only about a hundred different fan tokens available at the moment, among them Santos FC Fan Token, the Brazil National Football team Fan Token, and FC Barcelona. While the tokens don’t represent ownership of national teams, they provide holders access to several fan-specific perks. This is a relatively small niche sector within the cryptocurrency market, and most tokens have small market capitalizations.
Fan tokens’ value, interest, and popularity are expected to rise in the following months due to the international media’s attention to the exciting FIFA World Cup Qatar 2022, which will be played from November 20 to December 18. The national football teams participating in it are seeing the value of their fan token cryptos rise.
You’re welcome to visit our CoinStats blog to get a broader perspective on decentralized finance and how it seeks to empower people. You can also read other articles, such as What Is DeFi, explore our in-depth buying guides on various cryptocurrencies, such as What Is DeFi Staking, How to Stake MATIC, How to Stake Ethereum, How to Buy Cryptocurrency, and learn more about wallets and exchanges, portfolio trackers, etc.
Investment Advice Disclaimer
This content, including any information contained therein, is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any security, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.
Raymond James downgrades Home Depot to market perform
Raymond James analyst Bobby Griffin on Wednesday cut his rating on Home Depot Inc. to market perform from outperform after the home and construction goods retailer’s third-quarter earnings update. “Our change in opinion is not a reflection of Home Dep…
Peloton stock rallies after expanding relationship with Amazon to the U.K., Germany
Shares of Peloton Interactive Inc. rallied 2.7% in premarket trading Wednesday, after the at-home fitness company announced an expanded collaboration with Amazon.com Inc. in the U.K. and Germany. The company said the Peloton Bike, Guide and certain a…
Discover Financial Services restarts share buyback program
Discover Financial Services said Wednesday it will start buying back stock again under its existing $4.2 billion share repurchase program after suspending it in July. The company completed an investigation related to its student loan servicing practic…
South Korean Prosecutors Raid Terra Co-Founder’s Company in UST Probe
Officials said they suspect Chai Corp. leaked customer information to Terraform Labs.
