Welcome to Barmy’s Daily Crypto News – December 1st, 2022
1. Huobi and Poloniex are strategic partnership
On November 30, Huobi and Poloniex declared a strategic alliance. The two bitcoin exchanges were not going to join, according to reports that surfaced last week.
On Huobi’s HT coin ecosystem development, connectivity, liquidity sharing, and international compliance, the two exchanges would “progressively cooperate.” The Huobi Advisory Board will begin evaluating all Poloniex projects in December, and top performers may be directly listed on Huobi, according to the exchange.
According to reports, Huobi intends to move its corporate headquarters to the Dominican Republic. Huobi announced it was upgrading its influencer affiliate program on the same day as the merger announcement, offering spot commissions of up to 50% and futures commissions of up to 60%.
Last year, Poloniex and the United States Securities and Exchange Commission reached a $10 million settlement for the alleged sale of unregistered securities. Congressman Brad Sherman, a well-known cryptocurrency skeptic, later criticized the case as an example of the agency going after “small fish” in its enforcement efforts. South Korean officials banned polonium in June.
2. Blasts Bitcoin from European Central Bank
Regulators in the European Union have joined other global politicians in calling for more precise standards and restrictions on cryptocurrencies in the wake of the recent FTX crash and liquidity crisis.
On Nov. 30, the European Central Bank (ECB) published a blog post titled “Bitcoin’s last stand” that provided a brief overview of Bitcoin’s (BTC) financial history amidst recent price volatility. However, it merely highlighted its flaws rather than painting a whole picture that would have included the highs and lows of the cryptocurrency’s history up to that point.
Additionally, it was asserted that little legal business is conducted using bitcoin (BTC) and that the regulatory attention it is currently receiving from lawmakers throughout the world may be construed as “approval.” It also cautioned banks against dealing with the virtual currency since it could damage their reputations.
3. Kraken reduces workforce by 30% to survive crypto winter
Amid the present market conditions, cryptocurrency exchange Kraken said on Nov. 30 that it has made one of its “hardest decisions” and is reducing its global employment by about 1,100 workers, or 30% of its overall workforce.
Due to the rapidly expanding crypto environment, Kraken had to triple its personnel, and the recent pullback puts the company’s employee size back to where it was a year ago.
Kraken decided to reduce its spending by slowing down hiring efforts and avoiding major marketing commitments as a result of lower trading volumes and fewer client sign-ups during volatile market circumstances.
These modifications are required, said the exchange, “to sustain the business over the long term while continuing to develop world-class products and services in niche markets that bring the greatest value to our customers.”
The business said that laid-off workers received respectable severance packages that included amenities including separation money equivalent to 16 weeks of basic pay, performance bonuses, four months of healthcare coverage with counseling, immigration support, and career support.
4. Telegram is building a set of decentralized tools
The founder of Telegram, Pavel Durov, announced plans to develop a collection of decentralized tools on his Telegram channel on November 30. These tools will include noncustodial wallets and decentralized exchanges.
According to Durov, the move is a reaction to the recent FTX crash, as the sector ended up becoming concentrated in the “abuse of power at the hands of a select few. As a result, many people suffered financial losses when FTX, one of the biggest exchanges, filed for bankruptcy.”
A decentralized auction site for unique usernames built on The Open Network, or TON, layer-1 blockchain, called Fragment, launched a few weeks prior to the announcement. Durov claims that in less than a month, Fragment has sold $50 million worth of usernames.
Durov was responsible for creating the first official iteration of the TON blockchain in addition to Telegram and Fragment. pertaining to the newly created decentralized tools being created.
5. Uniswap launches a new tool: NFT marketplace aggregator
Users can now trade nonfungible tokens, or NFTs, using the native protocol of decentralized exchange (DEX) Uniswap, according to a recent post from that day. The function, according to Uniswap, would initially offer NFT collections for sale on websites including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.
By compared to other NFT aggregators, Uniswap developers say that consumers can save up to 15% on gas prices when utilizing Uniswap NFT, which combines ERC20 and NFT swapping into a single swap router. Users can swap many tokens and NFTs in a single swap while saving on gas costs thanks to Permit2’s integration.
The Universal Router smart contract and UX smart contract Permit2, both created by Uniswap, power and optimize the NFT aggregator. In line with the DEX, it “integrates NFT switching and ERC-20 swapping into a single swap router. Users can swap many tokens and NFTs in a single swap while saving on gas costs thanks to Permit2’s integration.”
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