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Crypto Wants Its Shine Back – The New York Times

At a cryptocurrency conference in Denver this month, a group of singers clad in bright orange onesiestook the stageto perform what one industry website later described as an anthem for the crypto faithful, a blockchain Blowin in the Wind.

The chorus was a list of cryptos most notorious villains, from the trash-talking entrepreneur Do Kwon to the disgraced FTX founder Sam Bankman-Fried, punctuated by four-letter expletives.

In the next bull market, we promise not to use, the song continued, centralized exchanges run by these toxic dudes.

After a disastrous 2022, when a procession of prominent crypto firms imploded, the industry is angling for an audacious rebrand. Executives like Mr. Kwon and Mr. Bankman-Fried once beloved crypto celebrities, with hundreds of thousands of devotees hanging on their every tweet are now personae non gratae. Their former admirers argue that these crypto villains never truly embodied the industrys core values, even before their companies collapsed.

At surviving firms, top executives are looking for new ways to market products that many consumers now distrust and to distance themselves from former colleagues and mentors who could face years in prison. Some companies are trying to capitalize on the growing interest around artificial intelligence, with crypto schemes that feature convoluted A.I. tie-ins. Others are looking to replace the word crypto, arguing that the industrys original nomenclature has become irredeemably tainted.

Crypto companies were moving gradually towards changing the narrative even before Mr. Bankman-Frieds exchange failed in November, said Todd Irwin, the chief strategy officer at Fazer, a branding agency that has clients in the industry. After the FTX incident, the move has been turbocharged.

The cleansing effort is a familiar routine in an industry that has experienced repeated booms and busts over its short history. Early advocates of Bitcoin had to convince the public and regulators that cryptocurrency was more than just a convenient tool for drug dealers. A major crypto boom in 2017 was followed by a long period of law enforcement scrutiny, as exciting-sounding start-ups were exposed as scams.

What to Know Aboutthe Collapse of FTX

What is FTX? FTX is a now bankrupt company that was one of the worlds largest cryptocurrency exchanges. It enabled customers to trade digital currencies for other digital currencies or traditional money; it also had a native cryptocurrency known as FTT. The company, based in the Bahamas, built its business on risky trading options that are not legal in the United States.

Who is Sam Bankman-Fried? He is the 30-year-old founder of FTXand the former chief executive of FTX. Once a golden boy of the crypto industry, he was a major donor to the Democratic Party and known for his commitment to effective altruism, a charitable movement that urges adherents to give away their wealth in efficient and logical ways.

How did FTXs troubles begin? Last year, Changpeng Zhao, the chief executive of Binance, the worlds largest crypto exchange, sold the stake he held in FTX back to Mr. Bankman-Fried, receiving a number of FTT tokens in exchange. In November, Mr. Zhao said he would sell the tokens and expressed concerns about FTXs financial stability. The move, which drove down the price of FTT, spooked investors.

What led to FTX's collapse? Mr. Zhaos announcement drove down the price and spooked investors. Traders rushed to withdraw from FTX, causing the company to have a $8 billion shortfall. Binance, FTXs main rival, offered a loan to save the company but later pulled out, forcing FTX to file for bankruptcy on Nov. 11.

So far, the latest round of soul-searching has done little to turn the industrys fortunes around. Since FTXs demise, U.S. regulators have announced fines and other enforcement actions against several major crypto companies. The abrupt failures of two reliable banking partners, Silvergate Capital and Signature Bank, have dealt a fresh blow to crypto start-ups, making it harder to conduct basic business operations in the United States.

And the industry is still struggling to demonstrate the practical value of its technology to an increasingly skeptical public.

Rebranding doesnt solve the fundamental problem, said Lee Reiners, a onetime supervisor at the Federal Reserve Bank of New York who now teaches at Duke Law School. What is this good for? What problem does it solve? This is just P.R.

A year ago, the crypto industry was flush with cash. At his compound in the Bahamas in April, Mr. Bankman-Fried hosted a weeklong conference where attendees downed champagne and partied on the beaches. Among the guests: Su Zhu, a founder of the crypto hedge fund Three Arrows Capital, which failed a few weeks later when a market crash sent all the major cryptocurrencies into free fall.

Now Mr. Bankman-Fried faces charges over his management of FTX that could mean decades in prison if he is convicted, and industry executives are still navigating the fallout.

Steven Saxton got on a call with a bank this year to discuss his crypto start-up, Gorilla Labs, which plans to offer a stablecoin, a type of cryptocurrency designed to maintain a value of $1.

My C.T.O. said crypto about five times during the conversation. I was like, Just say blockchain, Mr. Saxton said. These guys could be very sensitive to that, and it could make them very nervous.

But even blockchain the term for the publicly viewable ledger where crypto transactions are recorded has potentially negative connotations. In January, the crypto mining company Riot Blockchain changed its name to Riot Platforms. Other companies have removed the term crypto from their marketing materials, turning to vaguer words like decentralization.

Theyre just wearing a different outfit to the same party, said Mr. Irwin, the branding expert.

The marketing push extends to the world of artificial intelligence, which has replaced crypto as the hot trend in Silicon Valley after the release of ChatGPT, the viral chatbot. A series of A.I.-themed cryptocurrencies have surged in value, and crypto firms with names like DogAI and CryptoGPT are trying to incorporate the buzzy technology into their offerings.

No crypto company is under more pressure than the giant exchange Binance, which is facing government investigations on several fronts, as well as rising concerns about its financial stability and lack of cooperation with regulators. This month, the exchanges chief executive, Changpeng Zhao, moved to associate Binance with a more attractive trend. He unveiled Bicasso, a product that uses A.I. technology to make artwork in the form of nonfungible tokens, the digital collectibles known as NFTs.

You can turn your creative visions into NFTs with AI, Mr. Zhao wrote on Twitter. Give it a try and show me what you make with it.

In recent months, he and other industry figures have also posted videos on social media seemingly designed to separate themselves from erstwhile crypto heroes like Mr. Bankman-Fried.

Honor isnt given, Mr. Zhao somberly declared in one post. Its earned. In another widely shared video, Jesse Powell, the founder of the Kraken crypto exchange, threw a few awkward jabs at a punching bag labeled corruption and shady players.

A similar distancing effort was underway in March at ETH Denver, a conference for advocates of Ethereum, the popular crypto platform. In the bathrooms, guests had the option to use toilet paper featuring a Che Guevara-style image of Mr. Bankman-Fried. At the opening event, Jonathan Mann, a songwriter who specializes in crypto-themed lyrics, performed an expletive-heavy anthem denouncing 2022s crypto villains.

It was supposed to be a final letting go of all this toxicity and bad vibes and feelings of 2022, Mr. Mann said in an interview. I had everyone do breathing exercises before: Close your eyes. Deep breath in, deep breath out. Were going to cleanse ourselves.

Even in 2023, a crypto conference can still attract high-powered guests. While Mr. Mann and four other singers performed, the governor of Colorado, Jared Polis, watched from the sidelines. He had a grin on his face, Mr. Mann said. (A spokeswoman for the governor, Melissa Dworkin, said she wouldnt misinterpret his curious demeanor as an endorsement of the words used.)

For some crypto executives, ritualized cleansing is not enough. A few start-ups have abandoned crypto altogether in favor of different types of technology.

In late 2021, Troy Osinoff co-founded Zurp, hoping to simplify complex crypto investments for mainstream consumers. Zurp raised $5 million, built a wait list of 120,000 people and was preparing to launch last summer when the collapse of Luna, a popular cryptocurrency, triggered a broader market meltdown.

The fallout damaged many of Zurps competitors, and Mr. Osinoff decided to pause the rollout because he was worried the crypto markets were not a safe place to park customer funds.

Soon Zurp shifted to a more conventional form of financial technology. The company began developing a credit card that features perks tailored to Generation Z and plans to offer it in the coming months. Mr. Osinoff said he still hoped to incorporate crypto features into Zurps offerings, but only once sentiment improved.

Its already a hurdle to get people interested in crypto, he said. Were just waiting for it to normalize.

Susan C. Beachy contributed research.

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Crypto Wants Its Shine Back - The New York Times

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Regulators need a plan for cryptocurrency – The Boston Globe

But the US cryptocurrency market now faces a death spiral owing to its need for banking services. Two phenomena are worth noting. First, with the crypto crisis and the collapse of FTX (as well as other notable firms), regulators rightly have become concerned about allowing banks to engage with crypto businesses. This connection is often fraught with risk. The fall of Silvergate a go-to crypto banker was triggered by emptier crypto markets following the FTX collapse as customers fled the chaos and institutions (like exchanges) that once maintained thick deposits scaled back. By December 2022, for example, Silvergates noninterest-bearing deposit holdings stood at around $3.9 billion. In September 2022, holdings had been $8.2 billion higher.

Rather than offer guidance or rulemaking about risk mitigation when working with crypto firms, however, bank regulators have instead signaled a blanket disapproval of such relationships no matter the firm or activity. In January, three regulators declared that banks actively engaging in crypto business activities were, by definition, highly likely to fall short of safety standards, pushing many compliance-conscious banks to radically limit or cut ties with customers in the crypto industry.

Regulators have compelling reasons to protect banking from a risky, novel industry like crypto. But closing off or heavily restricting access to US banking also courts problems. Firms have already begun looking abroad for banking partners and payment services. This strategy risks off-shoring customer money, where it will lose the protection of US deposit insurance and make the task of public oversight much harder to implement. US retail participation in crypto markets is unlikely to completely abate.

Domestic crypto bans, in countries like China for example, have proven notoriously tricky to execute. Enthusiasts turn to virtual private networks to gain access to crypto platforms. Major cryptocurrencies like Bitcoin are also typically borderless in their underlying infrastructure, enabling VPNs and creative computing to facilitate trading. Tellingly, despite its ban, China continues to see significant crypto trading activity. In addition, by prohibiting or heavily circumscribing banks from providing services to crypto markets, regulators lose the capacity to use banks as levers to monitor crypto firms (e.g., for money laundering), to safely custody customer assets, and to discipline wayward or inexperienced crypto firms (e.g., through loan covenants). To the extent the United States anticipates being a home to the crypto industry and this decision is one for policy makers to take transparently then drastically limiting access to banking services can end up creating a costly set of unintended consequences down the line.

Shoddy bank risk management and the resulting crisis have placed the crypto industry in further peril. In an unexpected plot twist, crypto firms are absorbing the fallout from bank failures, scrambling to save deposits and suffering profound disruption to services. Silvergate and Signature were essential crypto banking bulwarks each offering a 24/7 US dollar payment network that aligned with the never-closed ethos of the crypto market. The Silvergate Exchange Network, for example, processed about $119 billion between September 2022 and December 2022.

A lynchpin of the crypto market, Circle Internet Financial, issuer of a popular stablecoin (a crypto asset that seeks to maintain a one-to-one peg with the US dollar, facilitating payments) was left reeling when $3.3 billion of its deposits with Silicon Valley Bank looked to be in danger as regulators worked over the weekend to decide what to do about protecting uninsured funds. It was also no longer able to use Signatures payment network, Signet. Panic selling caused its stablecoin to lose its one-to-one peg for a time, trading at 87 cents over that weekend. And with Signets future uncertain, Circles payments could only be processed when normal business hours resumed on Monday.

Regulators need a plan to better oversee both the crypto market and banks. Facile assumptions about which industry constitutes the greater public risk no longer hold. Crucially, as long as crypto remains a presence within the US marketplace, it cannot be left to its own dangerous devices when dealing with customer money. Simply banning or heavily curtailing US banks from doing business with crypto firms is unlikely to protect the savings of Americans determined to be a part of the crypto ecosystem. Instead, it risks exposing them to the preferences and resourcing of foreign regulators who are unlikely to put American interests over domestic ones and who may lack the expertise and risk-aversion of US financial supervisors.

Rigorous and thoughtful crypto regulation can make both crypto and banking safer as well as maintain the United States place as global leader in delivering responsive, technical, and innovative regulation. Banks are vulnerable when servicing a crypto market that lacks real oversight. Silvergate is case in point. A regime for classifying crypto assets as securities, commodities, or something else; protecting them through fail-safe custody arrangements; usable disclosures for customers; or systematic processes to supervise exchanges represent just some of the obvious and urgent regulatory needs that can bring crypto risks under greater control.

Bans on banking crypto are easy but largely unworkable in a digital, global age. Rulemaking is hard but necessary to protect the financial system and to flex the power of American regulatory policy around the world.

Yesha Yadav is the Milton R. Underwood chair, professor of law, and associate dean at Vanderbilt Law School.

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Regulators need a plan for cryptocurrency - The Boston Globe

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Brief: South Korea Cracks Down on Cryptocurrency Transfers to … – The Jamestown Foundation

KTJ's founder, Abu Saloh al Uzbeki via The Long War Journal

On January 16, two Uzbek and Kazakh citizens in South Korea were arrested for violating the countrys anti-terrorism funding laws by using cryptocurrency to fund the Syrian al-Qaeda-aligned jihadist group Katibat Tavhid wal-Jihad (KTJ) (Yonhap News Agency, February 16). Their funding of KTJ was, however, relatively minimal, with the Uzbek having sent to KTJ approximately $8,000 and the Kazakh having sent less than $1,000. Although South Korea has not experienced any jihadist-related terrorist attacks, the country has been on alert for such attacks since 2008. This terrorism funding case has pushed the countrys intelligence services to reinvigorate investigation into other possible funders of terrorism in the country.

Prior to this case, seven other foreigners of unspecified nationalitiesbut likely from Central Asiawere also deported for having funded KTJ in December 2022. Their network was related to the Uzbek and Kazakh citizens (Korea Times, February 20). Around that time, South Korea had become a desired refuge for Uzbeks suspected of being involved with jihadism in Syria and Turkey. It is likely these suspects were among them. In 2019, for example, KTJ members who had been detained in Turkey after fighting in Syria requested to be deported to South Korea. In South Korea, they could join the approximately 20,000 to 30,000 other Uzbeks in the country, of which a small number had evidently been financing KTJ (Hankyoreh, February 15, 2019). As early as 2019, the UN had also warned that some Uzbeks had been radicalized in South Korea, and might fund travel to join KTJ and other Syria-based jihadist groups (ArabNews, February 16, 2019).

Besides the counter-terrorism ramifications of these latest arrests, the South Korean public may also generally become more opposed to immigration into the country, and from Muslim or Central Asian countries specifically (Korea Times, May 5, 2022). In 2018, for example, as the Yemeni civil war and the counter-Islamic State (IS) military campaign in Syria and Iraq were both ramping up, 200,000 South Koreans petitioned for the deportation of the more than 500 Yemenis who had arrived to Cheju island, a popular tourist attraction. The Yemenis had taken advantage of a visa-free travel regime to get to the island, as well as low-cost flights from Yemen to Cheju Island through Malaysia (h Hankyoreh, June 19, 2018).

Besides the KTJ- and Yemen-related concerns of the South Korean public and intelligence services, threats have also emerged from other foreign nationals living in South Korea. In 2016, three Indonesians were detained and then deported from South Korea to their home country after having funded or fought with IS (AntaraNews, January 15, 2016). Prior to the rise of IS, South Korean missionaries had also been kidnapped by the Taliban in Afghanistan, where they were held hostage for 40 days and then released; in 2004, a South Korean missionary in Iraq was abducted and beheaded (JoongAng, September 21, 2008).

IS no longer is as influential as it was before 2019, to include their ability to spreading propaganda. Therefore, it is unlikely that either IS or the more localized al-Qaeda allies in Syria, including KTJ, will significantly boost recruitment or other fundraising activities in South Korea. Nonetheless, the countrys strong economy, demand for foreign workers, and familiarity with cryptocurrencies does still make the country an attractive hub for jihadist groups seeking to raise funds under the radar of Western intelligence agencies.

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Brief: South Korea Cracks Down on Cryptocurrency Transfers to ... - The Jamestown Foundation

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Cryptocurrency Market March Picks: Bitcoin, Aptos, and Dogetti in greens with 50% promo code – Euro Weekly News

Known as the PEOPLES PAPER, Euro Weekly News is the leading English language newspaper in Spain. And its FREE!

Covering the Costa del Sol, Costa Blanca, Almeria, Axarquia, Mallorca and beyond, EWN supports and inspires the individuals, neighbourhoods, and communities we serve, by delivering news with a social conscience. Whether its local news in Spain, UK news or international stories, we are proud to be the voice for the expat communities who now call Spain home.

With around half a million print readers a week and over 1.5 million web views per month, EWN has the biggest readership of any English language newspaper in Spain. The paper prints over 150 news stories a week with many hundreds more on the web no one else even comes close.

Our publication has won numerous awards over the last 25 years including Best Free Newspaper of the Year (Premios AEEPP), Company of the Year (Costa del Sol Business Awards) and Collaboration with Foreigners honours (Mijas Town Hall). All of this comes at ZERO cost to our readers. All our print and online content always has been and always will be FREE OF CHARGE.

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Cryptocurrency Market March Picks: Bitcoin, Aptos, and Dogetti in greens with 50% promo code - Euro Weekly News

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Cryptocurrency roundup for March 20: Bitcoin at $28000, Flagstar Bancorp to assume non-crypto deposits of… – Moneycontrol

Flagstar Bancorp to Assume Non-Crypto Deposits of Signature Bridge Bank, Excluding Digital Banking Business

Tron Founder Justin Sun Proposes Acquiring Credit Suisse for $1.5B and Turning It Into a Crypto-Friendly Bank

DefiLlama Employee Forks Blockchain Data Platform Over Token Dispute

FTX Sets Auction Date for Derivatives Exchange LedgerX

Bitcoin Funds Decline as U.S. Bank Failures Spark Concerns of Fed's Liquidity Easing

General Bytes' Bitcoin ATMs Hacked, Funds on Exchanges and Hot Wallets at Risk

Binance's Response to U.S. Senators' Criticism Fails to Address Financials: Report

Microsoft Conceals Non-Custodial Crypto Wallet Integration in Edge Browser

Bitcoin Soars Past $28,000 as Federal Reserve's Interest Rate Decision Looms

Bitcoin has surged past $28,000, marking its highest level since June and signaling the return of Bitcoin bulls.> According to TradingView data, the crypto token has risen 5.2% over the last 24 hours and a staggering 37.8% over the last week, with a 20.8% increase in the past month.> The rally coincides with speculation that the Federal Reserve could halt or slow the pace of interest rate hikes this week in response to contagion caused by the collapses of major banks.> CME's FedWatch tool indicates a 62% likelihood of rates being raised by 25 basis points, while the chance of no change is at 38%.

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Cryptocurrency roundup for March 20: Bitcoin at $28000, Flagstar Bancorp to assume non-crypto deposits of... - Moneycontrol

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Top 15 Cryptocurrency Data Aggregators that Everyone Should Use … – Cryptopolitan

Cryptocurrency data aggregators are platforms that provide access to a variety of brokers and crypto instruments on a single platform. They combine data from various decentralized exchanges (DEXs) and centralized exchanges (CEXs) using dApps, smart contracts, oracles, and APIs. For example, these aggregators use price oracles that connect different exchanges and provide the most recent price information.

In this article, top 15 cryptocurrency data aggregators that everyone should use. These platforms provide information and tools to help you make informed cryptocurrency trading and investing decisions.

Crypto data aggregators use an API (Application Programming Interface) to obtain prices and other market information from different exchanges. They then presented this data in a single, consolidated format so users could easily access it. Aggregators also provide features like charting tools, portfolio tracking, news feeds, and alerts.

Oracles are another key component of crypto data aggregators. Oracles are software programs that connect different exchanges and enable cross-chain transactions. This ensures users can access the latest information, such as crypto prices, from all connected exchanges.

1. User Experience: The user experience should be intuitive, easy to use, and feature-rich. It should offer various tools and resources to help you make informed decisions about your trading and investment strategies.

2. Security: Look for secure encryption platforms to protect your data from malicious attacks. Any platform you choose should also have measures to protect your account from unauthorized access or theft.

3. Reliability: Ensure the platform is reliable and responsive when accessing real-time data. A good aggregator will have servers worldwide to access different exchanges quickly and reliably.

4. Cost: Consider how much each platform charges for its services and what discounts they may offer for other services.

5. Trust: Ensure the platform is reliable and trustworthy by reviewing other users reviews or reading independent reports.

6. Support: Look for platforms with helpful customer support staff who can assist you in case of any difficulties or queries you may have.

7. Compatibility: Check if the platform matches your preferred trading software or mobile apps. Helping ensure you can access your data and execute trades quickly and easily, no matter where you are.

CoinMarketCap is one of the most popular websites for gathering crypto data. They offer comprehensive market capitalization and pricing information for over 22,000 digital assets. In addition, users can access detailed historical charts, price alerts, and real-time market stats.

CryptoCompare is another valuable resource for tracking cryptocurrency prices. They offer a range of tools, including portfolio trackers, price alerts, and sector-level data. The site also provides extensive information about the various exchanges that list digital assets.

CoinGecko is a great way to compare the performance of various digital assets against each other. In addition to pricing information, they provide detailed data on network activity and developer activity across platforms such as Ethereum, Bitcoin, Litecoin, and more.

TradingView is one of the most popular charting platforms for cryptocurrency traders. Their website features a simple yet powerful interface allowing users access to real-time prices from multiple exchanges simultaneously. Furthermore, users can customize their technical indicators or use TradingViews pre-set indicators.

CryptoSlate is an all-encompassing website for crypto news and data. Their comprehensive market overview page provides price charts, market capitalization rankings, and more. Additionally, users can access detailed news coverage for each asset, including press releases, whitepapers, and events calendars.

CoinCodex is an excellent resource for tracking the major digital assets today. In addition to pricing information, they provide historical data and event calendars, which allow traders to stay updated with whats happening in the space.

Brave New Coin offers various services for cryptocurrency traders and investors. Their website provides market reports, price indexes, and real-time data from over 200 exchanges. Additionally, users can access an in-depth analysis of various digital assets, which is especially useful for making informed trading decisions.

Messari is another excellent tool for tracking the performance of digital assets across multiple exchanges. In addition to pricing information, they provide detailed insights into project development, token economics, and more.

OnChainFX provides comprehensive crypto asset analytics, which includes historical price data and value metrics such as total supply and market capitalization rankings. They also offer helpful tools like portfolio trackers, alerts, and news updates.

CryptoMiso is an excellent resource for tracking project development across the crypto space. CryptoMiso provides GitHub development history of popular cryptocurrency projects. The stats include a number of commits, number of contributors and programming languages. It also provides a chart for each project showing development activities over time.

Coin360 is an excellent tool for comparing pricing information across multiple exchanges at once. Their interactive charts offer a visual heatmap of the cryptocurrency markets, which makes it easy to track prices in real-time. Users can also customize their portfolios to gain better insights into their investments.

ICO Analytics offers detailed analytics on hundreds of cryptocurrencies and token generation events. They provide analytics of recently released tokens as well as information on recent private fundraising events. The information on ICO analytics helps investors prepare for their next investment and stay ahead of the crowd.

Dune Analytics is an excellent tool for tracking the real-time performance of digital assets across various blockchain platforms. They provide detailed analytics, which includes transaction volumes, network fees, and more. In addition, users can access up-to-date information on project development, team structure, and token economics.

Cryptocurrency data aggregators provide a wealth of information and tools to help you make informed decisions regarding cryptocurrency trading and investing. These platforms combine data from various decentralized exchanges (DEXs) and centralized exchanges (CEXs) using dApps, smart contracts, oracles, and APIs to provide access to multiple brokers and crypto instruments on a single platform.

Whether you are a seasoned trader or just starting in cryptocurrency, using a cryptocurrency data aggregator can help you stay up-to-date with the latest market trends and make better-informed decisions. With so many options available, choosing a platform that meets your needs and provides the features and benefits that will help you succeed in the fast-paced world of cryptocurrency trading is important.

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Top 15 Cryptocurrency Data Aggregators that Everyone Should Use ... - Cryptopolitan

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Written reply to Parliamentary Question on MAS’ cryptocurrency and … – Monetary Authority of Singapore

Date: For Parliament Sitting on 20 March 2023Name and Constituency of Member of ParliamentMr Desmond Choo, Tampines GRCQuestion

To ask the Prime Minister (a) what is the outcome of the consultation on proposals to reduce risk of consumer harm from cryptocurrency trading and to support the development of stablecoins; and (b) what are the salient insights from the consultation.Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. We thank Mr Choo for his interest in the consultation papers that MAS published, which proposed regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to require stablecoin issuers to maintain a high degree of value stability.

2. The consultation period closed on 21 December 2022, and MAS received substantial feedback from a wide range of respondents. MAS is currently reviewing the feedback received, and intends to publish our response to the consultation feedback by mid-2023.

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Written reply to Parliamentary Question on MAS' cryptocurrency and ... - Monetary Authority of Singapore

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Bitcoin And Cryptocurrency ATMs Market Projected to Witness A Double Digit CAGR During 2023 – 2030. – openPR

Bitcoin and Cryptocurrency ATMs Market Continues to Grow Rapidly.The global market for Bitcoin and cryptocurrency ATMs is experiencing rapid growth, with an increasing number of people using these machines to buy and sell digital assets. As the adoption of cryptocurrencies continues to rise, the demand for easy and convenient ways to access them is also increasing.

According to a recent report, The global crypto ATM market size was valued at USD 116.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. The growth can be attributed to the increasing demand for decentralized currency and rising investments in digital assets.

Key Research Findings: The Asia-Pacific region is expected to dominate the Bitcoin and cryptocurrency ATM market, with China and Japan leading the way. North America is also a major market, with the United States accounting for the largest share of Bitcoin ATMs worldwide. With the growing adoption of cryptocurrencies, the Bitcoin and cryptocurrency ATM market is expected to continue to grow in the coming years. More and more people are looking for easy and convenient ways to access digital assets, and Bitcoin and cryptocurrency ATMs provide a simple solution. India Being 7th Biggest Nation to adopt crypto in 2023 has increased the scope of this market.

Advantages:

>Now People can get Bitcoins from the ATMs itself instead of Going here and there.>One of the main advantages of Bitcoin and cryptocurrency ATMs is that they provide a convenient way for users to access digital assets. Unlike traditional exchanges that require users to go through a lengthy verification process, BTMs allow users to buy or sell digital assets in a matter of minutes.>People who don't have bitcoins in their digital wallet can get them from ATM's and can store them in the wallet.

Disadvantages:

>There is a threat of cyber-crime and hacking.>Recently there was a decline in ATMs due to the impact of the bear market but the overall growth is still higher.

As there are two sides of each coin there are advantages as well as disadvantages of bitcoin and cryptocurrencies but the growth of the market shows an increasing trend. In conclusion, the growth of the Bitcoin and cryptocurrency ATMs market is a clear indication of the increasing mainstream acceptance of digital assets. As more individuals and businesses recognize the benefits of digital assets, the market for BTMs is expected to continue its rapid growth in the coming years.

With currently just over 7000 bidirectional machines installed in the USA, two-way Bitcoin ATMs (crypto-to-cash, cash-to-crypto) have a market share of over 22.3%. Outside of the USA and Canada, the situation is the opposite - two-way machines are in the majority. Europe is leading here; nearly 71% of all ATMs are two-way.

This shows increasing interest of people in Bitcoin being made easier through ATMs in Top countries including India.

Get a Sample Report here - https://marketsquareinsights.com/bitcoin-and-cryptocurrency-atms/?query=sample_report

Key Companies Profile in the Report:

General BytesLamassuGlobal Funds Transfer (GFT)Genesis CoinBitAccessCoinsourceDBA COAVULTOrderbobCoinmeLightningXchangeByteFederalBTC facil

Segmentation By Type:1-way Model2-way ModelBy Application:Shopping MallGas Station

Segmentation By Regions/Countries:

North AmericaUnited StatesCanadaMexicoEast AsiaChinaJapanSouth KoreaEuropeGermanyUnited KingdomFranceItalySouth AsiaIndiaSoutheast AsiaIndonesiaThailandSingaporeMiddle EastTurkeySaudi ArabiaIranAfricaNigeriaSouth AfricaOceaniaAustraliaSouth America

Points Covered in The Report:> The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.> The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.> The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.> Data and information by market player, by region, by type, by application etc, and custom research can be added according to specific requirements.> The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Get more insights on the report: https://marketsquareinsights.com/bitcoin-and-cryptocurrency-atms/?query=buy_now

Find Us:Miss. Akshita JainMarket Square InsightsNew Sangavi, Pune-61Phone:IND: +91 9405802422USA: +1 315 557 6479Email:sales@marketsquareinsights.com

About UsMarket Square Insights is a market research and consulting firm.At Market Square Insights, we understand research requirements and help a client in taking informed business-critical decisions. The company focuses on helping the clients achieve transformational growth by helping them make crucial business decisions. At Market Square Insights, we diligently study emerging trends across various industries at global and regional levels, to identify potential opportunities for our client.

This release was published on openPR.

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Bitcoin And Cryptocurrency ATMs Market Projected to Witness A Double Digit CAGR During 2023 - 2030. - openPR

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Crypto News: What is happening in the World of Cryptocurrency … – Forbes

The catastrophic meltdown of crypto titans FTX and Alameda Research has rocked the cryptocurrency world over the past fortnight. The rumour that the pair had blurred the lines between user deposits and their investments soon became a cascade of events that sent shockwaves through the industry. Bitcoin and other cryptocurrencies have been sent into a downward spiral following the implosion, earning November 2022 a place in the history books as one of the worst months in cryptos history.

But, what really caused the downfall of FTX, what has the impact been and why is Bitcoin falling?

The final quarter of 2021 proved to be the beginning of what has turned out to be a savage downtrend for Bitcoin and crypto markets ever since. Despite reaching an eye-watering US$69,000 almost precisely one year ago, Bitcoin sits nearly 75% down from its record high. The entire cryptocurrency market peaked at a total value of $US3 trillion at around the same time in November of last year but has shed almost $US2.2 billion in value over the past year.

2022 has proven to be a challenging year for investors globally, with both Russias invasion of Ukraine and massive fiscal stimulus by governments during Covid-19 lockdowns, causing high inflation for countries worldwide. To drive down the inflation rate to acceptable levels, central banks have raised interest rates, negatively impacting investment markets, such as stocks and crypto.

Since the start of the year, cryptocurrencies across the board have generally trended downward in value, exposing vulnerabilities for some players in the industry. The Terra Luna collapse in May caused significant fallout for the entire crypto space, wiping out almost $US60 billion from the crypto markets in a matter of days. Numerous companies were directly affected; most notably, Celsius, Voyager and 3 Arrows Capital filed for bankruptcy following the incident.

By October, the crypto markets had finally begun to shake the dust off from the Terra collapse, and the space seemed to be moving in a positive direction. However, on November 2nd 2022, CoinDesk ended the brief moment of tranquillity by revealing that giants FTX and Alameda Research appeared to have put themselves in a risky position. A cascade of events soon followed, creating mass hysteria in the world of crypto and tanking the price of Bitcoin as investors panic-sold their assets to rescue any money they had left.

Sam Bankman-Fried, more commonly known as SBF, is a crypto mogul known for founding exchange giant FTX and quantitative trading firm, Alameda Research. CoinDesk revealed that while Alameda Research and FTX were supposedly separate companies, the balance sheets of these companies had become intertwined. The holdings of Alameda Research were dominated by FTXs token, denoted by the ticker symbol FTT.

Several days after this information surfaced, a rival exchange and investor in FTX, Binance, announced they would sell all remaining FTT holdings, amounting to $US580 million. Naturally, the price of the FTT token plummeted following the news. This price drop caused immediate panic among FTX users, and a bank run on the exchange ensued. After only $US4.5 billion in crypto assets had been removed from the FTX platform, withdrawals stopped being processed without warning.

This situation left $US10 billion of user funds trapped on the exchange, potentially affecting millions of users. Fearing the worst, some affected crypto investors began selling whatever assets they had remaining to get out of the market, causing a rapid fall in Bitcoin and cryptocurrencies across the board. Rival exchange Binance briefly stepped in, offering to buy out FTX and fulfil their liabilities; however, after less than a day of due diligence, they announced the issues were beyond their ability to help.

After this, Chinese crypto-mogul and founder of TRON, Justin Sun, offered to back any FTX deposits of TRON-based tokens. Seeing a way out, users instantly flocked to buy the Sun-backed tokens and withdraw, pushing the price up on the platform by almost 50 times the original. Of course, when withdrawn, this meant taking an immediate loss of up to 99%. Many FTX users decided that taking this loss was better than leaving assets on the exchange.

FTX has since filed for bankruptcy, both in Australia and overseas, suffered an alleged hack for almost $US1 billion in user funds, and is now being investigated by the Bahamian Government for criminal misconduct. Quite the downfall indeed.

The collapse of SBFs empire has widespread consequences for the crypto industry. FTX and Alameda Research were seen as industry powerhouses and had investments or liabilities with many companies in the space. Other companies affected by the FTX collapse have already started coming forward, pausing user withdrawals from the platform while they determine the extent of the damage.

Aside from the direct impact of FTXs dealings with other companies, there has also been a degree of mass hysteria and panic. Some crypto investors have all but lost faith in centralised platforms and exchanges, and are frantically withdrawing every penny they can from their accounts. Massive outflows from exchanges show the extent of this loss of trust, with over $US3.7 billion worth of Bitcoin being removed from exchanges, along with billions of dollars in other currencies.

Some users may have been so shaken by the disaster that they may decide to sell their assets and leave the crypto space entirely. The plunge in prices across many crypto assets suggests this could be a distinct possibility and could be one of the reasons why Bitcoin is falling. However, despite the negative impacts of the past week, there are some positive takeaways.

A key takeaway will be the need for improved regulation for centralised crypto exchanges to ensure the proper management of users funds. SBF was presenting the case to regulators that proposed a light touch, benefitting FTX and most severely affecting rivals and decentralised financial applications.

Another critical realisation for crypto investors is that centralised platforms are not necessarily the safest places to store crypto: those who chose to keep their crypto assets in their wallets were unaffected by the past weeks events and still have access to their cryptocurrencies. Some may be so scarred by FTXs collapse that they opt for this storage method in the future. In any case, watch this space.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency as an investment class.

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Binance: Rebuilding Trust in Crypto – CryptoPotato

In 2022, the crypto industry experienced several damaging events that significantly weakened trust in the digital asset ecosystem. Investors and stakeholders have been left reeling from the fallout, which ranged from centralized exchange failures to regulatory crackdowns.

In the wake of these challenges, many industry leaders are grappling with rebuilding trust in crypto. One entity taking bold steps towards this goal is the leading crypto exchange Binance.

Binance believes that improving trust and the security of crypto assets is crucial to accelerating the mainstream adoption that the industry has long been working for. The exchange strives to lead in this aspect, setting a clear example that other CEXs can follow.

As part of these transparency efforts, Binance recently published a new policy paper titled Building Trust in the Crypto Ecosystem. This policy paper introduces guidelines that detail how industry players and users can work together to improve trust, security, and safety in the crypto space.

The policy paper is also accompanied by a dedicated Building Trust page, where everyone can see how Binance implements the new measures. The company has dedicated this page to everything related to trust and transparency. Below are some steps Binance has taken to foster trust and transparency.

The first major element of the policy paper is the safe handling of customer funds. Binance believes that centralized exchanges must adopt a new approach to the transparency of user funds to rebuild users trust.

Binance has adopted different proof of reserves (PoR) systems using two of the most secure and transparent cryptographic tools, Merkle Tree and Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs). This PoR system allows Binance users to verify their reserves while sensitive user information remains private.

Binance takes it further by disclosing its wallet addresses with each PoR snapshot. This increases users trust as they can view the reserves on the blockchain. To encourage the adoption of this PoR system, Binance has open-sourced the underlying code to allow other exchanges to use it and enhance their transparency.

Binance prioritizes the safety of users assets and other sensitive user information obtained during the Know Your Customer (KYC) process. Hence, the exchange employs some of the most robust encryption methods to keep these safe.

Binance stores the majority of user funds in cold storage facilities. It also uses advanced security measures, including multi-signature and threshold signature schemes (TSS), to ensure the safety of users funds.

The exchange also believes that even the most secure systems can fail. As such, it created an emergency insurance fund that protects its users in the event of a security breach. The Secure Asset Fund for Users (SAFU) currently has a balance of $1 billion.

Adequate transparency and disclosure are critical to fostering trust in the crypto industry. Trading platforms must enable users to verify that their assets are safely kept. Binance proposes using proof of reserves (PoR) disclosures built with innovative transparency solutions like zk-SNARKs and Merkel Tree a technology that increases the efficiency and security of blockchain by encoding data in a systematic order for easy verification.Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs) is a cryptographic proof that allows one to prove it possesses certain information without revealing the information. Since zk-SNARKs cannot be fabricated or manipulated, users can verify the safety of their assets on an exchange at any time.

Effective risk management is vital to retaining trust in an industry as volatile as crypto. Many companies collapsed last year due to unchecked leverage positions, over-collateralized loans, and inadequate protection funds.

Binance believes exchanges must ensure that loans are adequately collateralized and avoid taking on debt to fund expansion plans to prevent such incidents in the future. They must also ensure that tokens pass strict vetting processes before listing to protect users from investing in projects with low credibility and high risk while educating users on how the crypto market works. More importantly, exchanges must have user protection funds as a safety net to protect users in cases of security exploits and extreme bear markets.

Binance ensures all user assets are backed 1:1 and protected by the highest wallet security standards. The platform recently upgraded its third-party self-custody solution, Trust Wallet, to include additional security features that ensure the safekeeping of users assets.

The exchange also refrains from using customers funds for any other purpose without the consent of users.

Following the collapse of FTX, the then third-largest CEX in the market, Binances efforts to boost trust and transparency in the crypto industry took a major stride. The exchange published its first PoR disclosure, which relies on Merkle Tree, in November 2022.

In February 2023, Binance updated its PoR disclosure with zk-SNARKs, representing a significant improvement over the previous system. By disclosing its reserves, Binance allows its users to verify the safety of their assets at any point in time. A further update in March 2023 shows that Binances PoR disclosure has been updated to allow verification of user assets for a total of 24 tokens.

Before any token is listed on the Binance platform, the projects must complete stringent requirements to determine their eligibility. This allows users to only invest in thoroughly vetted projects.

Binance prioritizes the protection of users assets. Hence, it has a Secure Asset Fund for Users (SAFU) fund that protects users in severe cases. Binance currently has about $1 billion in its SAFU.

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