The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today’s newsletter: |
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SBF Said FTX Is Fine as Binance Liquidates FTT Tokens: As speculation built over the weekend about the solvency of crypto exchange FTX, its CEO, Sam Bankman-Fried, tweeted "FTX is fine. Assets are fine" early Monday. CoinDesk last week revealed FTX sister company Alameda Research was loaded with FTX's native exchange token FTT, meaning it may not be able to sell without moving the market or service its loans. |
- Binance CEO Changpeng Zhao, one of SBF’s earliest backers, said he will liquidate over a few months the exchange’s FTT holdings, earned from an equity payout after the two firms decoupled. Alameda initially offered to buy those tokens for $22 apiece to minimize market movements.
- FTT, SOL (a token backed by Alameda and FTX) and Binance’s BNB token all begin the week in the red. Data from Nansen shows that approximately $292 million in stablecoins have been transferred off FTX, suggesting traders may be concerned about solvency.
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Huobi Exchange Users Furious After GALA Holdings Are Converted to ‘Meme Token’: Buyers of the mispriced GALA token on Huobi are “pissed” their GALA tokens have been converted to Huobi’s version of the pGALA token. The crypto exchange delisted the GALA/USDT trading pair on Friday when a wrapped version of the token, pGALA, was temporarily rendered worthless after its issuers found a problem with its bridge code. |
- Huobi referred to its new version pGALA as a “meme token,” noting that it “is not related to the original GALA token.”
- It is unclear, however, how holders of any converted GALA tokens would be able to trade their holdings on Huobi without a GALA trading pair.
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USDC Issuer Circle to Add Solana Support for Euro Coin in 2023: Stablecoin issuer Circle has announced that the Solana blockchain will add support for euro coin (EUROC), a regulated and reserve-backed stablecoin pegged to the European trading bloc’s fiat currency. Euro coin is backed by a mixture of cash and European government debt and currently has a market cap of just $80 million. |
- Meanwhile, central bank digital currencies (CBDC) may require a network of international deals to stop state-backed money from infringing on other countries’ sovereignty, a European Union commissioner said.
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Putting the news into perspective |
(Getty Images) Why NFT Artists Shouldn't Expect 'Royalties' After months of silence, the largest non-fungible token exchange, OpenSea, announced it is taking the middle road on "royalties" paid to NFT creators. The move will likely reshape an ongoing debate as to whether these digital assets should automatically pay out "creator fees" when resold (which benefits artists) or nix that standard entirely (which is better for traders), D.K. writes. Read the full article here. |
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Overheard on CoinDesk TV... |
"Young athletes [should] be able to take their brand awareness and use it." – American football player Tim Tebow, on founding Solana-backed NFT marketplace CAMPUS, on CoinDesk TV's "First Mover" |
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- British Soccer, Brought to You by American Crypto Optimism (NYT - paywalled)
- Feds Score $3 Billion Crypto Seizure From Silk Road Scammer (Bloomberg)
- Hong Kong is ‘actively looking’ at authorizing crypto ETFs (FT - paywalled)
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