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Krystal Newsflash (27th Jan 2023)

●   4 min

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

Visa’s still bullish 🎯

Al Kelly, the outgoing CEO of payments network Visa, has stated that stablecoins and Central Bank Digital Currencies (CBDCs) “have the potential to play a meaningful role in the payments space”.

This supports Visa’s positive outlook on cryptocurrencies, as they have the potential to digitise cash that is being spent by consumers.

Apart from CBDCs and stablecoins, Visa has also explored setting autopayments on a self-custodial wallet, as well as multiple crypto debit cards like and Huobi.

Many countries are interested in creating their own version of a CBDC, with Saudi Arabia announcing that it will be launching a CBDC experiment.

1inch launches hardware wallet 🔒

The hardware wallet industry is getting a new competitor, with 1inch being the latest to release its own.

Hardware wallets are considered more secure than hot wallets like Metamask or Trust Wallet, where the seed phrase is generated offline.

For hot wallets, the seed phrase is generated when the wallet is connected to the internet, which exposes it to a lot of risks such as keyloggers.

Other companies have taken an interest in this industry, with Binance recently investing in Ngrave.

If you’re still wondering why a seed phrase is so important, you can check out our article here.

More hacks this week… 🖥

There have been quite a few crypto security threats that happened this week.

The Robinhood Twitter account was taken over by hackers, who promoted a fake announcement that an RBH token was launched.

However, this was not the case as Robinhood has not launched a token yet.

Fortunately, only 10 people seemed to have fallen for the scam before the links were taken down.

Meanwhile, Kevin Rose, the co-founder of the Moonbirds NFT collection, fell prey to a phishing scam which resulted in $1.1 million worth of NFTs being stolen.

The hack seemed to have been due to Kevin being tricked into signing a signature that approved the transfer of his NFT assets.

With crypto hacks becoming more and more common, we cannot stress the importance of being careful of what links you click, or any transactions you approve.

As you are in full control of your funds, it is best to remain vigilant and be cautious if anything is too good to be true!

Largest DEX On The BNB Smart Chain? 🚀

A new proposal has given the green light for Uniswap to be deployed on the BNB Smart Chain.

Uniswap has already been deployed on multiple EVM-compatible networks, including Ethereum, Polygon, Optimism, Arbitrum and Celo.

They already boast the largest trading volume of any decentralised exchange at $1.31 billion (compared to Curve in second place at $294 million).

With the deployment to the 3rd largest smart contract chain by Total Value Locked (TVL), this could increase their trading volumes even further.

Looking for a self-custodial wallet to store assets from EVM-compatible networks (including Ethereum, BSC, Polygon) and Solana? Download the Krystal mobile app to find out more!

Shanghai Upgrade reaches first shadow fork 🔧

Following the previous announcement that the Shanghai Upgrade is set to be launched in March 2023, Ethereum’s developers have released the shadow fork.

Shadow forks are used to test and finalise code before they are implemented on the public mainnet.

With Ethereum now transitioning to a Proof-of-Stake consensus mechanism, this has allowed ETH owners to stake ETH and earn staking rewards.

Withdrawals of staked ETH have been disabled thus far, but the Shanghai Upgrade will now allow users to unstake and claim their staking rewards.

If you’re looking to do even more with your staked ETH, we’ve partnered with both Ankr and Lido to provide multiple liquid staking options.

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

🔍 Navigate the DeFi Space NOW with Krystal!

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