The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to Friday and Happy Thanksgiving. Here’s what you need to know in crypto. |
- Binance has added another $1 billion to its recovery fund.
- Matrixport, led by Jihan Wu, is looking to raise $100 million.
- Ethereum developers have agreed on what could be included in its next upgrade.
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Crypto exchange Binance has allocated another $1 billion for its crypto recovery fund, increasing the size of the fund to over $2 billion. Aptos Labs, Jump Crypto and other prominent crypto companies joined the exchange’s initiative and will contribute $50 million to it. The increase comes a day after Binance CEO CZ announced the fund. |
Founder and CEO of Binance Changpeng Zhao, commonly known as "CZ", attends the "CZ meets Italy" at Palazzo Brancaccio on May 10, 2022 in Rome, Italy. (Antonio Masiello/Getty Images) |
Crypto lending firm Matrixport is looking to raise $100 million at a $1.5 billion valuation. The Singapore-based firm led by Jihan Wu already has commitments for $50 million from lead investors at the sky-high valuation, but is still looking for investors for the rest. The firm has $5 billion in trading volume every month, along with $10 billion in assets under management and custody. Ethereum developers have agreed on what could be included in the network’s next upgrade. The developers have decided to consider eight Ethereum Improvement Proposals for its upcoming hard fork, called “Shanghai.” The upgrade will unlock Beacon Chain staked ether (ETH) withdrawals. However, there is no consensus on when the upgrade will happen. |
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- Wrapped bitcoin (WBTC), an ERC-20 token meant to trade in line with bitcoin's price, has lost its BTC peg since Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy on Nov. 11.
- The prolonged de-pegging has raised alarm bells in the investor community, with some associating the spread with a substantial lag on redemptions at BitGo, a custodian for the Wrapped Bitcoin protocol.
- "Maybe the smart move really is to just nuke all wBTC exposure for the time being unless it is paramount to your operations on chain, better safe than sorry with all the recent shenanigans," pseudonymous market expert @0xMerp said in a Twitter thread.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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