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Krystal Newsflash (9th Dec 2022)

●   2 min

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

Circle terminates SPAC deal 🛑

The issuer of USDC and EURC has backed out of its deal with Concord Acquisition Corp for its potential Special Purpose Acquisition Company (SPAC) or IPO listing.

USDC was previously touted as the killer of USDT, but that has dwindled ever since Binance merged USDC balances with BUSD, and the stablecoin is under a lot of regulatory scrutiny after Terra’s collapse.

The crypto winter has been hitting companies hard, and only the most resilient should survive.

The crypto layoffs continue 😔

Multiple crypto companies have been laying off staff amidst these uncertain times.

Bybit announced its second round of layoffs this year,

while Swyftx cut around 90 jobs too.

Amber Group, a digital asset management company, also started laying off staff, even after they stated that they do not have any exposure to Alameda Research.

Amber Group was to raise funds in another round, but the plans have been halted as well.

You can find out exactly what happened to FTX in our breakdown here.

Avalanche 🤝 Alibaba Cloud ☁️

In more positive news, Avalanche has secured a major partnership with Alibaba Cloud.

Avalanche developers can use Alibaba Cloud’s infrastructure to launch a new validator node on the blockchain.

There seems to be a huge interest by cloud software companies to enter the crypto space, with Google Cloud previously announcing its plans to run nodes for Ethereum and Solana.

Chainlink staking goes live 💰

Staking LINK is now possible, where users can “lock up the token in Chainlink’s smart contracts to back performance guarantees for the protocol’s oracle services”.

The very first staking pool is used to secure the ETH/USD data feed, and the system will flag the network if this feed does not meet performance requirements.

Staking has become synonymous with passive income in the crypto world, and you can learn more about what it actually means here.

What’s more, Krystal provides the easiest way to earn passive income on your funds across 7 different networks.

We offer both liquid staking and DeFi lending services, connect your wallet on our platform to find out more!

Unstaking ETH is coming soon 🚀

The Ethereum Merge was one of the biggest events in 2022, where Ethereum transitioned from Proof of Work to Proof of Stake.

Currently, it is not possible for Ethereum stakers to withdraw their staked ETH that are earning rewards.

This feature is set to be ready when Ethereum completes the Shanghai upgrade, in particular EIP-4895 which allows Beacon Chain withdrawals.

This is slated to happen in March 2023, which is much earlier than previously expected.

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