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Swiss Bank Sygnum Receives In-Principle Approval to Offer Crypto Services in UAE 

Lele Jima
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Swiss Bank Sygnum Receives In-Principle Approval to Offer Crypto Services in UAE 

Sygnum secures in-principle approval from the UAE government. 

Sygnum, Switzerland’s digital asset bank, has been granted regulatory approval to expand its operations into the United Arab Emirates (UAE). Local news outlet The National Business noted in a report today that Sygnum has obtained in-principle approval from the Abu Dhabi Global Markets’ Financial Services Regulatory Authority (FSRA). The approval will allow Sygnum to cater to the growing demand for cryptocurrencies in the region. 

According to the report, Sygnum will serve the local market with its cryptocurrency-native suite of digital asset banking, tokenization, and asset management, as well as B2B banking services licensed by the Swiss Financial Market Supervisory Authority (FINMA). 

Following Sygnum’s in-principle approval in the UAE, the company will seek new and existing crypto-related clients in the region. Furthermore, Sygnum is also looking forward to onboarding high-net-worth investors who are seeking trusted crypto exposure through a regulated company. 

“Sygnum’s international expansion into the Abu Dhabi crypto hub gives us access to one of the biggest global wealth and asset management pools,” Mathias Imbach, Sygnum’s Co-founder and Group Chief Executive said. “It also gives us new opportunities to show the value of investing in crypto with complete trust to the local community, clients, and partners.” 

The announcement comes months after Sygnum raised $90 million from notable investors such as Animoca Brands, and Hong Kong firm Sun Hung Kai, among others. The funding round pushed Sygnum’s valuation to $800 million, Finextra reported earlier this year. 

Recall that Sygnum received in-principle approval in March from the Monetary Authority of Singapore (MAS), allowing the digital asset bank to conduct three additional under its previous Capital Markets Services (CMS) license. 

About Sygnum 

Sygnum is the world’s first regulated digital asset bank that empowers institutions and privately qualified investors, among others, to gain exposure to the crypto economy. National Business stated that Sygnum currently serves about 1,500 clients globally. Sygnum’s clients can use their deposited fiat (USD, EUR, CHZ, and SGD) to invest in popular cryptocurrencies, including XRP, BTC, ETH, and ADA. 

Sygnum has been offering numerous cryptocurrency services since its launch. TheCryptoBasic reported in August that Sygnum added Cardano (ADA) to its bank-grade staking offering, allowing its clients to stake the cryptocurrency and earn rewards. In July, Sygnum became the first regulated bank to offer Ethereum (ETH) 2.0 staking with a 7% APY. 

“Sygnum clients can participate in the new proof-of-stake Ethereum and benefit from potentially higher staking rewards now. This is a compelling choice for long-term investors in the Ethereum ecosystem,“ Sygnum’s Head of Accounts and Custody Thomas Brunner said. 

Large ETH Whales Just Accumulated 947K ETH Worth $1B+ In a Day

Mark Brennan
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Large ETH Whales Just Accumulated 947K ETH Worth $1B+ In a Day

Large Ethereum whales recently amassed over 947K ETH tokens worth $1B+ in a single day – the fifth-largest daily accumulation in the past year.

Despite the emerging pattern of selloffs that have prevailed amid the market downturn witnessed in the crypto space, large Ethereum whale addresses have recently added 947,940 ETH valued at $1.03B in a day marking the fifth largest daily accumulation the past year.

The ETH tokens accumulated by these whale addresses represent 1.8% of the total ETH supply, as disclosed by the crypto analytics platform Santiment. Notably, the firm observed the massive accumulation in the late hours of Tuesday.

“Ethereum’s large whales (holding $10.9M to $1.09B) have added 947,940 more ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year,” Santiment highlighted in a tweet Tuesday.

Ethereum has witnessed accumulations of similar magnitude up to four times in the past year. The first massive accumulation occurred in early April when large whales added 1.85% of the asset’s supply to their balances. The second was noticed sometime in mid-August, with whales amassing up to 1.91% of ETH’s supply – the largest single-day accumulation this year.

The Ethereum community witnessed the third accumulation in early September when the asset was holding steady above the $1,500 price level. The accumulation saw 1.81% of ETH’s supply amassed by large whales. According to Santiment, in the past four instances of this large whale accumulation, the price of ETH against BTC increased by an average of 3.2% three days later.

As ETH shows a consolidation tendency below the $1,200 price territory, while some investors are capitulating out of panic amid the bleeding market and the FTX saga, it appears large whales are on an accumulation spree, as indicated by this metric.

The accumulation pattern is not unique to large whales, as Santiment revealed four days ago that Ethereum sharks and whales had been “aggressively” amassing more ETH tokens in the past two weeks. It indicates what appears to be an elaborate “buy the dip” campaign. The addresses involved had increased their holdings by an average of 3.52% in 12 days.

The Recent Bloodbath Has Not Spared Ethereum 

Meanwhile, the past two weeks have not been particularly favorable to ETH’s price action due to the ongoing FTX saga and the market-wide downturn. The asset, trading at $1,600 on November 7, declined by over 31% to a value of $1,100 in just three days.

ETH has been struggling to recover from the recent crash but faces rejections at every attempt. Amidst these problematic conditions, market sentiments have waned, with the Coinbase Premium Index indicating a low buying pressure on US investors. The funding Rate also reveals the dominance of short traders.

Notwithstanding, ETH appears to be getting back on its feet, with a 4.55% increase in the past 24 hours. The recent accumulation trend will likely contribute to its price movements in the short term. ETH currently changes hands at $1,163 as of press time, down 4.36% in the past week. 

Prominent analyst il Capo of Crypto, who forecasted the recent market crash, insists that ETH is likely to touch a price point between $600 and $650 before the market will notice a price reversal. 

Terra Classic Casino Launches Officially With Ability To Burn 26B LUNC

Lele Jima
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0
Terra Classic Casino Launches Officially With Ability To Burn 26B LUNC

An online casino capable of incinerating 26B LUNC has gone live.


Terra Casino Launches Officially As Community Expresses Concerns Over the Bookie’s LUNC Burn Transparency.

Terra Casino, an online bookie dedicated to burning LUNC, has officially gone live. The team behind the casino took to Twitter to announce its launch, saying: 

“Hello, #TerraClassic and #LunaClassicCommunity We are delighted to announce that our doors are open.”  

The casino also noted that it would burn 0.2% of all betting volume in LUNC regardless of the payment method bettors use in wagering their favorite games. 

“We are burning 0.2% of ALL betting volume (whichever currency you use) on #LUNC,” it said. 

The development comes days after Terra Classic developer Rex Harrison AKA Rexzy announced that a new casino supporting LUNC burns would soon roll out. Independent Terra Classic development group TerraCVita also confirmed the news by stating that the casino could burn up to 24B LUNC in 6 months. 

Users Express Concern Over the Casino’s Transparency With LUNC Burns

Since Terra Casino launched, many bettors from the Terra Classic community flocked to the platform to wager on their favorite games. Terra Casino revealed this in a tweet, stating that it is overwhelmed with the show of love and support the betting platform has received. 

However, some Terra Classic enthusiasts are still skeptical about the casino, as they took to Twitter to express their concerns. LUNC holders expressed concerns over the fact that Terra Casino is a centralized betting website, which makes it difficult to track the casino’s LUNC burn. 

To further confirm that it will focus on burning 0.2% of all betting volumes on the platform, Terra Casino said it has commenced burning tokens and will provide an update soon. 

 

Terra Casino is an online bookie that aims to incinerate billions of LUNC tokens by using 0.2% of its betting volumes. According to data on the website, the casino claimed to have burned 398,791 LUNC since it went live.  

The bookie supports both casino and sports games. Some of its supported casino games include a variety of Baccarat, Blackjack, Roulette, and Sic Bo. The bookie also has a Live Casino, which gives bettors the feel of a real-world casino. 

Regardless of its name, Terra Casino also offers sports betting, allowing bettors to wager on their favorite sports games, including the English Premier League (EPL), FIFA World Cup, NBA, etc. 

Terra Classic Grants Foundation Seeks To Appreciate Key Community Members In First Initiative

Mark Brennan
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Terra Classic Grants Foundation Seeks To Appreciate Key Community Members In First Initiative

The Terra Classic Grants Foundation pushes to appreciate community members that contributed to the revival of the Terra Classic chain.



Edward Kim, Terra Classic core developer and director of the newly formed Terra Classic Grants Foundation, unveiled the foundation’s first initiative in a Twitter thread today.

Notably, the foundation seeks to recognize and appreciate community members who contributed to the network’s revival following the ecosystem collapse in May. To this end, it aims to create a grant fund of 750 million Terra Luna Classic (LUNC).

“From my viewpoint, hard work not only needs to be acknowledged but needs to be rewarded,” Marco Perreira Terra Grants Foundation Program Manager wrote. “If it weren’t for the past applicants’ work, commitment and time, the Terra Classic blockchain would not be where it is today.”

As highlighted by Kim, it is currently just a signal proposal that will decide if the foundation should create the fund and start receiving applications for the grant. Kim explains that if the community is not impressed following the review process, it can reject the governance proposals that would request the payment of the grants.

Notably, the initiative will consider contributions from four categories: validators, developers, projects, and community ambassadors. The foundation will only consider contributions from May to October. Per the proposal, potential recipients must provide their team/personal background, “proof of evidence,” and impact.

The foundation also reveals that there will be a three-person review committee for the four categories selected based on expertise in the field. Notably, the foundation will disclose the background of these committee members on its website.

For the sake of transparency, the foundation will also publish the following on the website

  • The applicant list in order of application 
  • The fund wallet with transaction details 
  • Grant recipients and award amount
  • The scoring sheet from the reviewers 
  • The reasoning behind individual scores 

So far, influential members of the community have received the initiative well. Rex Harrison, AKA Rexzy, a senior member of the independent Terra Classic development group TerraCVita described the proposal as “well thought out.” Meanwhile, community influencer and network validator Classy declared that he was proud to be the first validator to vote “yes.”

As previously reported, the Terra Classic community approved the allocation of 1.6 million TerraClassicUSD (USTC) to fund the operations of a Terra Classic Grant program for six months. The foundation’s primary goal is efficiently allocating funds in the community pool for Terra Classic development activities.

Terra Classic Beats Bitcoin In Binance Community Contest

Lele Jima
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Terra Classic Beats Bitcoin In Binance Community Contest

Terra Classic (LUNC) achieved the feat after recording 36,000 hashtag mentions.


Members of the Terra Classic community have continued to throw their weight behind LUNC project. The world’s largest cryptocurrency exchange Binance recently announced LUNC as the winner of its Community Showdown contest. 

Binance launched the Community Showdown contest to determine which cryptocurrency project has the most support on Twitter. The leading cryptocurrency exchange urged various cryptocurrency communities to participate in the contest by posting, commenting or retweeting the Binance hashtag alongside their favorite crypto ticker.  

After the contest ran for a few weeks, Binance released a list of the top cryptocurrency projects with the most support on Twitter. Interestingly, #BinanceLUNC was declared the contest winner after recording a total hashtag mention of 36,000.

“A few weeks ago we invited crypto communities to show their strength in support of their favorite projects, and the support was impressive! Now, let’s meet the top 3 projects, voted by you. #BinanceLUNC finished 1st with 36,000 hashtag mentions!” Binance said in an announcement. 

LUNC Beats Bitcoin and eCash in the Contest

Furthermore, Bitcoin (#BinanceBTC) ranked second with a total mention of 17,600, while eCash (#BinanceXEC) came third after recording 6,900 mentions.     

It is worth noting that LUNC achieved the feat less than a month after it was ranked second behind Bitcoin in the same contest. At the time, Bitcoin was in the first position with 12,800 mentions, while LUNC was ranked second with 3,500 mentions. 

LUNC Community Support

The development shows how supportive Terra Classic members are toward the blockchain project. Recall that Terra Classic transitioned to a community-driven network after the cryptocurrency suffered a devastating collapse in May.

Since the incident, Terra Classic community members have jointly sought ways to revive the project. The recently-concluded Binance contest could boost LUNC’s mainstream adoption, based on the number of mentions the cryptocurrency received in the poll.

In the past weeks, LUNC volume skyrocketed, which saw the cryptocurrency ranked among the top 10 KuCoin and Binance coins with the highest volume. A surge in the asset’s volume suggests that more LUNC tokens will be incinerated in the ongoing campaign to reduce the coin’s circulating supply.

According to @LunaBurn_13, a Twitter handle tracking Terra Classic burns, 28.36B LUNC tokens have been incinerated. The community has also staked 893.05 billion tokens, thus bringing LUNC’s circulating supply to around 5.98 billion.

Japan’s SBI Holdings CEO Shares Latest Ripple Achievements

Mark Brennan
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Japan’s SBI Holdings CEO Shares Latest Ripple Achievements

Kitao shows continued support for Ripple’s ODL service.


Japan’s SBI Holdings CEO Yoshitaka Kitao shared a blog post highlighting the recent successes of Ripple’s On-Demand Liquidity (ODL) service in a tweet yesterday as SBI continues to champion the payments solution.

Notably, the service provides liquidity for cross-border payments using XRP as a bridge currency. Moreover, unlike traditional settlement methods, transactions take only seconds and are significantly cheaper.

In the shared blog post, Ripple reveals that its ODL service now serves “nearly 40 payout markets.” Per a statement from Brooks Entwistle, SVP of Global Customer Success at Ripple, this represents about 90% of the forex markets.

It comes as the cross-border settlement solution gains momentum in regions like Africa, Argentina, Belgium, and Israel. In addition, customers of its fiat-based RippleNet service are also upgrading to the XRP-based solution.

As previously reported, Ripple is also looking to expand its services to Europe with a foothold in Ireland as it seeks a virtual asset service provider (VASP) license.

Furthermore, with the expansion of the ODL service, the company has introduced Machine Learning capabilities to scale the product.

“Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products,” said Devraj Varadhan, SVP of Engineering at Ripple. “We’re excited to launch several of those capabilities this year to scale ODL efficiently to serve more customers globally and to provide the best experience possible for our customers.”

It bears mentioning that SBI, one of Japan’s largest conglomerates, and Ripple have a long history. SBI has been one of the biggest drivers of XRP adoption in Asia. Notably, both firms even formed a joint venture called SBI Ripple Asia. In addition, Kitao served as a member of Ripple’s board from 2019 to 2021.

The Japanese conglomerate recently renewed its XRP international remittance service using ODL, pledging to strengthen the service and expand its use cases. In May, SBI Motor Japan became the first Japanese e-commerce platform to accept XRP for payments.

Shiba Inu Price Soars As Newly Born Whale Adds 1.2T Shib, Another Scoops 432B

Zabi
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Shiba Inu Price Soars As Newly Born Whale Adds 1.2T Shib, Another Scoops 432B

Whales added Above 1T Shiba Inu after World Economic Forum invited Shib to work together.


Shiba Inu’s price rebounds sharply as two major SHIB Whales accumulated $15.60 Million worth of the world’s 14th biggest canine-themed cryptocurrency in the past 24 hours.

Etherscan.io data reports that the 77th major Shiba Inu Whale became active about 6 hours ago and scooped up a whopping 432,308,923,741 (432.30B) SHIB, worth $3,897,697 ($3.89M) in one robust transaction.

77th Biggest Shiba Inu Whale Scooped Up 4.73 Million Worth of SHIB
77th Biggest Shiba Inu Whale Scooped Up 4.73 Million USD Worth of SHIB

The Whale now holds a gargantuan 524,396,585,030 (524.39B) SHIB, worth $4,735,301 ($4.73M) in her wallet.

Just about a few minutes ago, a brand new SHIB Whale came to life and immediately became the 46th Biggest Shiba Inu holder by adding a staggering 1,296,926,801,221 (1.29T) SHIB, worth $11,711,249 ($11.71M) to her wallet in a single transaction.

Brand New Whale Accumulated 11.71 Million Worth of SHIB
Brand New Whale Accumulated 11.71 Million USD Worth of SHIB

So far, the two giant Shiba Inu holders have accumulated a herculean 1,729,235,724,962 (1.72T) SHIB, worth $15,608,946 ($15.60M) SHIB in the past 24 hours.

Here’s The Reason That Influenced Major Whales to Fill Up Their Bags with SHIB:

The massive Shiba Inu accumulation comes after the lead developer of Shiba Inu, Shytoshi Kusama, confirmed via tweet that the WORLD ECONOMIC FORUM has approached the Shiba Inu team to help shape global metaverse policy. Kusama left the decision regarding the collaboration with WEF up to the community while launching an immediate Twitter Poll comprising the following three options: Yes, No, and Doesn’t Matter.

The tweet reads:

As of writing, the Community has cast a total of 17,811 votes. 63% of votes favor collaboration, whereas 26.8% don’t think it would be the better option. 10.2% of the voters think it doesn’t matter if everything is on the right track. The poll is still open to voting for another 11 hours.

Shiba Inu’s Price Soared Over 8% in the Past 24 Hours:

The above developments helped Shiba Inu to lick its wounds as the price rebounds sharply from the recently registered low price of $0.0000082. At press time, Shiba Inu is trading at the price of $0.000009027, up 8.43% over the last day with a 24-hour volume of $195,927,430 ($195.92M).

Hoskinson Says VCs Would Rather Invest in FTX and Terra Than Cardano 

Lele Jima
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Hoskinson Says VCs Would Rather Invest in FTX and Terra Than Cardano 

Hoskinson says VCs prefer to deploy capital into FTX and Terra than Cardano.


It is common knowledge that Cardano has not received much Venture Capitalists (VCs) support like other blockchain projects. Cardano’s lack of VC support has prompted discussions across various social media platforms.

In a recent tweet, Paula Manuel, COO of Cardano-based Pavia Metaverse, disclosed that VCs have consistently refused to invest in Pavia because it is built on the Cardano blockchain.

“I’ve had a number of conversations with VCs over the last few months. When we mention we are building on #Cardano, they winced and said ‘Eww, no thanks. We may be in the business of risk, but not risk on risk!” Manuel said. 

Patrick Tobler, the founder of Cardano-based Web3 infrastructure NMKR, corroborated Manuel’s claim. According to Tobler, he received a mail from a VC explaining that it will not invest in any project related to Cardano.

Hoskinson Reacts

Responding to these comments, Cardano founder Charles Hoskinson noted that these Venture Capitalists would rather deploy their capital into collapsed cryptocurrency projects like Terra (LUNA) and FTX exchange.

Despite Cardano’s massive growth and stability, the project has not been able to attract VC investments. Hoskinson has commented on the development on numerous occasions. In January, Hoskinson said Cardano does not need VC backing because the blockchain project has built one of the largest Venture Capitalists while referring to Cardano Treasury.

Cardano Treasury holds a total of 1.06 billion ADA coins, worth about 2 million at the current exchange rate.

After the collapse of the Terra ecosystem in May, Hoskinson took to Twitter to ask why VCs hate Cardano but love other altcoins. He shared the Mike Novogratz, CEO of Galaxy Digital investments, left arm photo, where Novogratz tattooed the Luna logo.

“I’m always wondering why VCs and crypto media love certain alts and hate on Cardano. Just can’t figure it out,” Hoskinson quizzed.

Although Cardano has not received as much VC support over the years, Hoskinson expressed optimism that VCs will flood the network by 2024 when decentralized applications start getting multi-billion dollar valuations.

“So where they get involved is when you see multiple Cardano dApps start getting multibillion-dollar valuations. Because there is something for them to invest in, there is something for them to connect to. So probably 2023, 2024,” Hoskinson said in an interview at Mainnet 2022 Cardano event.

Burn Rate Up 1000% As 135M Shiba Inu Burnt In 24 hours

Zabi
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Burn Rate Up 1000% As 135M Shiba Inu Burnt In 24 hours

Over 134.95 Million Shiba Inu burned in the past 24 hours, 127.82 Million in a single transaction. SHIB Burn rate soars by 1069%.


The first-ever dedicated SHIB Burn Project, Shibburn.com, recently reported that it has moved out a staggering 127,821,443 (127.82M) SHIB from circulation forever in a single transaction.

In a separate tweet, Shibburn.com stated that they’d burn further SHIB once they received payments from Shibburn Radio ads and Super Followers. This massive burn caused Shiba Inu’s burn rate to skyrocket by 1069.23% over the last day.

SHIB Burn Rate Skyrockets 1069 in the Past 24 Hours
SHIB Burn Rate Skyrockets 1069 in the Past 24 Hours

Overall, the Community destroyed a total of 134.95 Million SHIB through 10 separate transactions in the past 24 hours, Shibburn.com reports.

Shibburn.com has been committed to reducing Shiba Inu’s gigantic circulating supply since June 2021. The SHIB Burn Project has built three revenue streams, including Shibburn.com, Shibburn Radio, and Twitter Super Followers, and dedicated 40% of its earnings to burn Shiba Inu.

As per data provided by Shibburn.com, a mind-boggling 410,382,801,110,109 (410.38T) SHIB has been burnt till now from the initial supply of 1 quadrillion. As of writing, the total supply of SHIB stands at 589,617,198,889,890 (589.61T), whereas the current circulating supply stands at 562,398,375,099,183 (562.39T) SHIB with 27,218,823,790,707 (27.21T) SHIB staked onto ShibaSwap.

World Economic Forum Invites Shiba Inu to Work Together

Mark Brennan
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World Economic Forum Invites Shiba Inu to Work Together

Shiba Inu Team Invited To Work With World Economic Forum.


The World Economic Forum invites the Shiba Inu team to help shape global metaverse policy, indicating that policymakers now take the meme coin seriously.

Lead Shiba Inu developer Shytoshi Kusama, in a Twitter thread yesterday, disclosed that the Shiba Inu development team had been invited to the World Economic Forum to discuss and help shape global policy on the metaverse.

 

Notably, Kusama says they would have a seat at the table with big tech giants like Meta and blockchain metaverse leaders like The Sandbox and Decentraland.

However, the developer has left the decision up to the community. “Would love to know what you all think because it’s not our decision, but yours,” Kusama wrote along with a Twitter poll to gauge the opinion of his 861k Twitter followers and the broader Shiba Inu community.

While declining to express his opinion explicitly, the Shiba Inu developer has said it will not prevent them from working on the Shibarium project in response to concerns. Instead, he believes that both “work in tandem.” In addition, he commended the opinion of a user who said the team needed to attend to pass the message that Shiba Inu is “a force of good.”

At press time, 63% of the community voted to work with the WEF on metaverse policies. So far, the poll has attracted over 16,000 votes with over 13 hours left.

It bears mentioning that the invitation from the WEF is a significant recognition of the Shiba Inu community’s push to be taken seriously and shred the meme coin tag.

As previously reported, the Shiba Inu developers first revealed their plans to launch a Metaverse project in January. Then, in February, the team carried out an auction of land in the metaverse. It has since gone on to onboard veterans from the entertainment world and big tech to bolster its metaverse offering.

It is also in partnership with popular visualization and virtual reality company The Third Floor (TTF). Together with TTF in recent weeks, it has released exciting concept visuals of the different landscapes that will make up its metaverse. The most recent one is the Tech Trench, as reported by The Crypto Basic.

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