Daily Crypto News | November 26th, 2022


Welcome to Barmy’s Daily Crypto News – November 26th, 2022

1. Starling Bank Blocks Fund Transfers to Crypto Exchanges

Starling Bank, which has its headquarters in London, has informed its clients that it no longer facilitates money transfers to cryptocurrency platforms, including cryptocurrency exchanges.

Due to the considerable risk associated with cryptocurrency activities, Starling Bank has decided to block all card payments to cryptocurrency businesses. A lot of individuals disagree with the bank’s choice. Some even claimed that as a result of the shift, they have closed their bank accounts.

Cryptocurrencies’ reducing technology and way of thinking have a lot of potential benefits. They no longer support them because they are currently dangerous and widely used for illegal activities. One of the newest banks in the UK to set limitations on customer cryptocurrency activities is Starling. 47% of U.K. banks, according to Finder.com, do not support transactions to cryptocurrency sites.

2. Binance releases its official response to liquidity transparency

Binance announced its official answer two weeks after initially pledging to create a proof-of-reserve (PoR) system in response to the FTX liquidity and bankruptcy catastrophe.

The exchange explained how users can utilize the system to check its holdings in an announcement on the Binance website. The Merkle Tree-based system can currently only verify Bitcoin, while the announcement states that other coins will be added in the upcoming weeks.

It also highlighted planned transparency enhancements, including as the use of independent auditors to check its PoR outcomes and the incorporation of ZK-SNARKs into its PoR procedures.

About the most recent update, Binance CEO CZ tweeted. Naturally, the Twitter community had a response, and many of them were supportive of the efforts to increase openness.

3. Singapore’s Central Bank Clarifies Its Stance on Binance and FTX

The central bank of Singapore, the Monetary Authority of Singapore (MAS), released a statement this week “to clarify some misunderstandings that have emerged following the FTX.com (FTX) incident.”

The MAS then went on to explain why it chose to take action against Binance rather than FTX. The former was added on the Investor Alert List (IAL) of the central bank, whilst the latter was not. The regulatory body explained:

Even while neither Binance nor FTX have local licenses, there is a noticeable distinction between the two: Binance actively sought consumers in Singapore, whilst FTX did not.

In September of last year, the MAS issued a directive ordering Binance to stop offering payment services to Singaporeans. The cryptocurrency exchange discontinued its exchange services in the city-state a few months later.

The regulator made the following statement regarding FTX in particular: “There was no evidence that it was specifically courting Singapore users. Singapore dollars could not be used to make trades on FTX. However, Singaporeans were able to use FTX services online, just like thousands of other foreign financial and crypto companies.

4. 1inch released a new tool called “Rabbithole”

1inch released a new tool called “Rabbithole”, which will protect traders against malicious “sandwich attacks.”

Through the usage of Rabbithole, users can send transactions directly to Ethereum nodes, avoiding the mempool. Users must modify their crypto wallet’s remote procedure call endpoint in order to use it. Then, if a sandwich attack might be possible, each swap started via 1inch will be examined using the proprietary tx routing algorithm created by the 1inch team and routed straight to validators.

The latest improvement to the 1inch DEX aggregator is called Rabbithole. The team introduced an Ethereum layer 2 version on Optimism in August 2021, and in November 2021, a new mainnet router was put into place to reduce gas costs.

5. Deloitte estimates the metaverse could add $1.4 trillion to Asia’s GDP annually

Deloitte estimates that the metaverse is a trillion-dollar opportunity in Asia. By 2035, the influence of the metaverse on the GDP in Asia is predicted to be between US$0.8 trillion and US$1.4 trillion annually, or around 1.3-2.4% of global GDP.

No longer a concept from science fiction, the metaverse. Millions of people already use the first metaverse platforms. Numerous customers in Asia already use virtual platforms like Roblox, Decentraland, Fortnite, Asia’s own Sandbox, and Zepeto to play games, connect with others, go to concerts, and shop for goods.

In the Deloitte report, it is further explained: According to projections, the global GDP impact of the metaverse might be between US$1.5 trillion and US$3 trillion per year by 2031. By 2030, projections for the potential size of the global metaverse market (i.e., revenue) range from US$678.8 billion to US$13 trillion annually.

Grand View Research provided the $678.8 billion estimate, and Citi Group provided the $13 trillion estimate. Goldman Sachs estimates that the metaverse represents a $8 trillion opportunity, and McKinsey predicts that it will produce $5 trillion in revenue by 2030.

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