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 Krystal Newsflash (10th Feb 2023)

●   3 min

Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week: 

More bullish signals by Visa? 💳

Visa has continued its positive outlook on cryptocurrencies, as they announced that they are testing how to accept settlement payments from issuers in USDC on the Ethereum network.

Cuy Sheffield, Visa’s head of crypto, wants to use the blockchain to move money faster, especially since the current SWIFT network has its limitations.

Payment giants like Visa are still looking for ways to innovate in the cryptocurrency sector, which could spur greater retail adoption if it is successful.

No crypto ads in this mega sports event 🏉

After a slew of crypto ads flooded last year’s Super Bowl championship, there will be no crypto ads appearing in the Super Bowl LVII.

The crypto market has taken a huge toll, and with major exchanges pulling out of various sponsorship deals, spending massive amounts of money on ads may not be that effective in acquiring new users this time.

Crypto aids in earthquake relief 🙌

Our thoughts are with those who are affected by the earthquake in Syria and Turkey.

Amidst the crisis, cryptocurrencies have been used as an alternative method to send donations to the affected countries.

Turkish rock star Haluk Levent, who is the founder of the charity organisation AHBAP, created a BEP20 wallet address to receive donations for the earthquake victims.

A long list of crypto companies has shown solidarity by donating funds to the victims.

Some companies like Huobi will be donating $2 million Lira.

Meanwhile, Binance has donated $100 worth of BNB to all users who were affected by the earthquake.

New Lido competitor? 🚀

Another ETH liquid staking provider, Rocket Pool, has seen a steady rise in total value locked (TVL) in its protocol, and has just surpassed the $1 billion TVL milestone.

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However, this comes at a time of uncertainty as the Securities and Exchange Commission (SEC) may be looking to ban retail investors from staking their cryptocurrencies.

Coinbase also provides liquid staking services, and their liquid staking derivative, cbETH, has the second-highest total value locked behind Lido.

This could provide greater traction for decentralised alternatives like Rocket Pool or Lido.

At Krystal, we have partnered with 2 liquid staking providers, Lido and Ankr to provide multiple liquid staking options.

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This will be a great way to earn more with your staked ETH via yield farming or depositing it as collateral for a loan.

3AC’s new exchange goes live 📈

With the name GTX drawing some backlash, the new exchange by the founders of 3AC and CoinFLEX will now be known as Open Exchange (OPNX).

This new exchange acts as a marketplace to trade crypto bankruptcy claims.

For example, if you have a claim against one of the centralised platforms that went bankrupt, such as Celsius or FTX, you could sell this on the marketplace.

A buyer would then give you cash to own this claim against the platform.

It is estimated that there is around $20 billion in this market of claimants who are looking to get back their funds, with 3AC being included in these claims too.

It remains to be seen how popular this new platform will be, especially since trust in the 3AC founders is at an all-time low.

Recently, Kyle Davies, the co-founder of 3AC, has been alleged of ignoring any requests made by the liquidators as they are seeking a resolution for the funds that are stuck with 3AC.

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