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Krystal Newsflash (23rd Dec 2022)

●   3 min

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

SBF drama continues… 👀

There have been significant advancements in the SBF case, after he signed the extradition papers and was transported back to the US.

He is now released on a whopping $250 million bond, which is rumoured to be secured by equity owned by his parents.

Meanwhile, Caroline Ellison, the CEO of Alameda Research, and Gary Wang, co-founder of FTX, both pleaded guilty to criminal fraud charges as they were involved in the crash of FTX.

It seems that despite SBF claiming he did not know anything about what was happening at Alameda, it seems that he was in full control!

More regulatory progress for crypto ✅

After previously banning banks from servicing crypto firms, Nigeria will be passing a new bill that recognises Bitcoin and other cryptocurrencies in the country.

This could be due to the failure of its central bank digital currency (CBDC), or eNaira, which only has less than 0.5% adoption rate in the country.

One reason could be that the Naira has constantly been devalued, and the effects could be even worse due to the current inflation woes.

Meanwhile, Coinbase has received regulatory approval in Ireland as a Virtual Asset Service Provider (VASP).

This comes at a time when centralised exchanges are experiencing lots of uncertainty, where users are now doubting whether their assets are held 1:1 in their custody.

If you still haven’t found a non-custodial wallet, why not give Krystal a shot?

We provide you with a multi-chain wallet that supports both EVM-compatible networks (e.g. Ethereum, BSC, Polygon) and Solana, so you never need to use another wallet again!

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More payment integrations with crypto 🎉

Fiat and crypto may have a stronger relationship with these new features.

Visa announced its intention to use account abstraction to set up Autopayments on a Self-Custodial Wallet.

Account Abstraction was first introduced by Vitalik Buterin, the founder of Ethereum.

This allows wallets to function more like smart contracts, where users can embed programmable features in their wallets.

Visa is currently working with the Argent wallet and StarkWare, a Layer 2 on the Ethereum network.

Uniswap, one of the top decentralised exchanges (DEXes), has integrated with MoonPay, a fiat on-ramp provider.

You can purchase cryptocurrencies like DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH, where it will be sent directly to your account.

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These tokens can be sent to 4 different networks, including Ethereum, Polygon, Optimism, and Arbitrum.

Lastly, Huobi has announced the launch of its Huobi Visa Card.

Similar to other crypto debit cards like the Visa Card, you will be able to get cashback earnings and trading fee rebates.

New advances for Polygon 🚀

Polygon has announced that the final Testnet for its zkEVM will be launching, which is just before its Mainnet release.

zkEVMs are considered to be the holy grail of Ethereum scaling, as it allows many more transactions to be processed at a given time.

You can find out more about zkEVMs in our deep dive here.

Furthermore, Polygon’s co-founder, Sandeep Nailwal, has launched a new Web3 startup accelerator to support early-stage crypto projects.

This includes mentoring sessions and financial support, as Beacon aims to find the next Web3 unicorns.

Paxful delists ETH ❌

In a rather controversial move, Paxful, a peer-to-peer marketplace, has delisted Ethereum from its platform.

In an email to its users, CEO Ray Youssef mentioned 3 main reasons why he removed Ethereum:

  1. The switch from Proof-of-Work to Proof-of-Stake has made Ethereum similar to fiat currencies
  2. Ethereum is not decentralised
  3. Scam tokens that were created on the Ethereum network (ERC20 tokens) have resulted in users losing billions of dollars

Ethereum has faced quite a bit of censorship concerns, in particular after its transition to a Proof-of-Stake consensus mechanism.
You can find out more about how ETH censorship could be its downfall here.

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