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Krystal Newsflash (2nd 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: 

BlockFi files for bankruptcy 😔

The next domino has fallen after the collapse of FTX, as crypto lending platform BlockFi has filed for a Chapter 11 bankruptcy.

BlockFi allows you to deposit funds into their platform, and they will lend them out for you while you enjoy a certain interest rate.

However, as a centralised platform, you do not own the private keys to your assets and BlockFi controls all of your funds.

In fact, centralised lending platforms have faced a lot of flak as many of them are now facing liquidity issues. You can find out some of the key lessons we can learn from these crashes here.

We strongly recommend that you hold your funds in a non-custodial wallet, where you have full control.

Still not sure of which non-custodial wallet to use? Krystal’s mobile app supports 10 EVM-compatible chains (Ethereum, BNB Smart Chain, Polygon etc.) and Solana, providing you with the true multichain experience.

World’s first ‘national crypto token’ launched 🚀

Huobi has partnered with the government of Dominica to launch the Dominica Coin (DMC).

This token is claimed to be the first to be ‘authorised by a nation’, and it seems to have certain use cases in accessing a future metaverse world.

What’s more, Huobi and Dominica will be launching Dominica DIDs (decentralised IDs), which are on the Tron blockchain.

After recognising various cryptocurrencies as authorised digital currencies, this is yet another step forward for greater adoption of blockchain technology by Dominica.

Promising regulatory advancements for crypto 🔥

While we’re all still reeling from the FTX crash, there are fears that crypto regulations could be much harsher.

Things still seem promising, as some governments have started to give more recognition to them.

Belgium has declared that Bitcoin and Ethereum are not securities, as they do not have an issuer.

This is amidst the ongoing Ripple vs SEC case where they are trying to prove that XRP is an unregistered security.

Meanwhile, Brazil is almost on its way to recognising Bitcoin as an official payment method in the country.

However, unlike the Central African Republic and El Salvador, Brazil does not recognise Bitcoin as a legal tender.

Lastly, two other countries are exploring the possibilities of developing their own central bank digital currency (CBDC).

Ukraine is considering issuing its own e-hryvnia,

While Indonesia plans to launch the digital rupiah.

CBDCs have been drawing a lot of attention, as governments rush to push out their own regulated digital currency to compete with the existing stablecoins.

Apple’s ‘war’ against crypto rages on… 🤦‍♂️

Apple’s policy of taking a 30% cut of all in-app purchases has drawn controversy yet again with NFTs.

Previously, Apple has insisted that NFTs being sold on iOS mobile apps should be sold through in-app purchases, which allows them to take a 30% cut of every sale.

Coinbase Wallet has become the latest to ‘suffer’ after Apple blocked the functionality to send NFTs to another wallet.

What’s interesting is that Apple claims that the gas fees required to send an NFT to another wallet should be done through their in-app purchase system.

This would allow Apple to take a 30% cut of the gas fee!

Coinbase Wallet has appealed to Apple to discuss the next steps, as this could affect all mobile apps that are listed on the App Store.

Stripe launches on-ramp feature 💰

A brand new on-ramp widget will now allow developers to embed it into their DEX, NFT platform, wallet, or decentralised app (DApp).

Stripe makes it much easier for users to convert their cash to cryptocurrencies, which could provide a seamless onboarding experience for Web3 natives.

Currently, this feature is only available for US customers, but may expand to other countries in the future.

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