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Binance Partners with OMFIF to Support Global Think Tank on Its Annual Future of Payments Report

Albert Brown
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Binance Partners with OMFIF to Support Global Think Tank on Its Annual Future of Payments Report

 

Binance will be delivering support to the Official Monetary and Financial Institutions Forum (OMFIF) on its annual Future of Payments Report in a recent partnership.



Binance has formed a partnership with the Digital Monetary Institute (DMI) of the Official Monetary and Financial Institutions Forum (OMFIF), as it receives an opportunity to provide insight on the global think tank’s annual report on the Future of Payments.

OMFIF has positioned itself as one of the most reliable independent think tanks globally, providing a platform for engagement from the public and private entities in central banking, public investment, and private investment.

Binance’s recent partnership with OMFIF has integrated the world’s largest exchange into the think tank, as it secures a position as a member. This gives Binance a seat on the table of discussion on matters arising in the areas covered by OMFIF, especially as included in its annual Future of Payments report.

The development was disclosed by the DMI of OMFIF and Binance through their respective Twitter handles.

“Binance partners with the @OMFIFDMI Digital Monetary Institute! As a member of OMFIF, an independent think tank, we will support their Future of Payments annual report, which covers Digital Assets Regulation,” Binance noted in a tweet Thursday.

 

The exchange further shared a link to an official OMFIF report which addressed global regulatory frameworks for digital assets as the asset class gets more intertwined with traditional finance.

The report also highlights the significance of cryptocurrencies as the asset adoption rate sees a massive surge, pointing out ways businesses and individuals can benefit from digital assets.

Conclusively, the OMFIF also noted the importance of regulatory clarity for cryptocurrencies to implement better consumer protection measures and mitigate risks of a repetition of the Terra debacle, which precipitated a wave of deleveraging in the space. Discussions on these emerging issues will be held in the upcoming Future of Payments report.

Binance’s involvement in this year’s Future of Payments report is immensely crucial, as discussions will highlight the emergence of digital assets, their role in the financial scene, and global regulatory efforts. Resolutions reached are likely to influence how cryptocurrencies are received on the global scene.

The global event slated for December 8 seeks to open discussions on the growing challenges faced across different countries regarding the emergence of cryptocurrencies, their utilities and risks, and how to reach harmonized clarity on their outlook.

“As new digital assets, mobile banking and other fintech initiatives gain traction, the panel examines if these have the potential to make cross-border payments faster, cheaper and more transparent,” OMFIF says in an official article.

According to the article, discussions on the issue of interoperability of digital assets will be held in the upcoming event. This will also help address modes in which the asset class can be included in the financial scene of emerging economies.

OMFIF remains actively involved in the cryptocurrency scene, providing insight into risks and rewards associated with the asset class. Mid-October, the think tank released a report highlighting the importance of CBDCs in addressing fraud and disputes.

Additionally, in April, OMFIF noted the growing rate of cryptocurrency adoption and how global regulatory clarity can contribute to a propitious environment for the assets.

35.7M MATIC Transferred To Voyager Raising Concerns

Mark Brennan
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35.7M MATIC Transferred To Voyager Raising Concerns

$30 million in MATIC transfer to Voyager causes a stir amongst investors.



On Wednesday, Whale Alert tweeted about a 35.7 million MATIC transfer from an unknown wallet to Voyager.

Unsurprisingly, the transfer caused quite a stir among investors. For example, one user questioned how the company was still trading crypto despite an ongoing buyout by FTX as the company battles bankruptcy.

Despite the speculations, a trace of the transaction on Etherscan via the receiving Voyager wallet reveals that it is an internal transaction. However, the reason for the huge transfer remains unknown. Currently, the Voyager address holds over 52k ETH worth over $82.17 million at current rates.

The Crypto Basic reported that FTX.US won a bid to buy Voyager’s assets in September. It is worth noting that Voyager had initially described the bid of $1.4 billion as too low. Meanwhile, recent reports indicate that the deal could see customers of the defunct crypto lender receive up to 72% of their funds.

However, it is worth noting that the courts are yet to finalize the sale. The Judge in charge of the bankruptcy proceeding has urged the company to include a “fiduciary out” clause that will allow it to consider higher bids before finalizing the sale. Notably, the deal can not be completed till the plan receives approval from the Judge, with many expecting a final decision in December.

It bears mentioning that Voyager filed for Chapter 11 bankruptcy in New York in July. The filing came despite assurances in June that it had sufficient credit lines from FTX to keep operating after defunct crypto venture capital firm Three Arrows Capital (3AC) had defaulted on uncollateralized loans.

No Shibarium Launch Date In Latest Unification Update

Lele Jima
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No Shibarium Launch Date In Latest Unification Update

 

Unification Confirms Shiba Inu’s Shibarium Public Beta Will Soon Launch but refuses to reveal the exact date of Shibarium’s launch.



Unification Foundation, one of the developers of Shiba Inu’s Layer-2 scaling solution, Shibarium, has confirmed that the L2 network will soon be rolled out. In a blog post today, Unification said, “our work with the Shibarium team remains our core external project for the year.”

While members of the Shiba Inu community are eager to know when the L2 network will finally ship, Unification said the development teams are currently focused on delivering a secure and usable blockchain network. 

“Although the question of the release date of this project is something we hear and consider daily, it’s much more important for us to work with and support the team to ensure the most secure, usable vision and accompanying product possible,” the blog post read. 

No Official Date Yet 

Unification assured the community that its work on Shibarium is “moving forward with great strength.” Notably, Shibarium’s internal alpha is being optimized daily to fulfill the requirements of the community eagerly waiting for it to roll out. 

Unification assured the community that Shibarium public beta release is around the corner. However, the announcement did not reveal the project’s exact launch date.

“The Wen is soon, and we are excited to support, develop, and release a public update on the product shortly!” Unification noted.

Shibarium Delays As Dev Teams Insist Project Will Soon Launch

The much-awaited Layer-2 network has been delayed on multiple occasions. Unification noted in the September that Shibarium’s alpha and public testnets would launch by the end of the third quarter or shortly thereafter. Members of the community expected the development team to launch the project by the end of September 2022 as promised. However, they were disappointed as the public alpha of Shibarium did not launch as expected. Following the disappointment, critics flooded Twitter to slam Shiba Inu for not keeping to its word. 

Responding to the criticism, Shytoshi Kusama, the pseudonymous lead developer of SHIB, said Shiba Inu did not give the date for the release of Shibarium. He added that the canine-themed project “does not give dates.” He also hinted that an update for Shibarium is around the corner, adding that the community would love the news. On November 1, Kusama confirmed that his attention is now focused on Shibarium after the team completed the players’ guide for the Shiba Eternity game.

This Terra Classic (LUNC) Proposal Wording Raises Concerns

Mark Brennan
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This Terra Classic (LUNC) Proposal Wording Raises Concerns

TerraCVita Member Launches Voting On Terra Classic Proposal, But There Are Concerns Over The Proposals Wording.



A member of the TerraCVita has launched a proposal for the community to vote on IBC re-opening.

In a tweet on Wednesday, the TerraCVita urged the community to consider voting on a proposal to re-open the Terra Classic Inter Blockchain Communication (IBC) channels authored by a couple of its members.

As disclosed by the group, it is voting “yes” to the proposal.

It is worth noting that fragwuerdig, the original proposer authored it with the help of Rex Harrison, AKA Rexzy or RexYellerBelly. The TerraCVita members published the proposal codified as proposal 10880 in October.

While some community members have pledged their support for the proposal, reXx of the Terra Rebels raised concerns over how the authors wrote it. According to reXx, the proposal appears to want to coerce the voters into voting “yes.” Moreover, he notes that voting “no” should not mean that the community does not want IBC re-opened. Furthermore, he points out that the proposed changes will not kick in as the proposal suggests should it pass a governance vote as developers have not finished testing the IBC code.

Meanwhile, the Terra Rebel was not the only one to raise concerns. Other community members also criticized the extremely technical nature of the proposal. According to the user, most of it is not understandable by most community members.

Notably, reXx’s statements elicited a response from the proposer. fragwuerdig strongly denied any claims that the proposal was trying to coerce community members but asserted that he was just a community member with technical skills suggesting the IBC re-opening to the community.

It bears mentioning that IBC is the protocol that allows Cosmos chains to interact and transfer value in the Cosmos ecosystem. Terraform Labs permanently disabled Terra Classic’s IBC connection during the Terra ecosystem collapse in May to prevent impermanent losses.

By re-opening its IBC channels, the chain can access locked liquidity and attract new utility for Terra Classic Luna (LUNC). To this end, members of the Terra Rebels have been working closely with Jacob Gadikian, a renowned Cosmos developer, and other members of the Osmosis team to write the code to re-open the Terra Classic’s IBC channels. 

As reported by The Crypto Basic on October 26, the code is now ready. However, Gadikian has requested that the Terra Rebels make a governance proposal to ensure community support for the effort as the code undergoes testing.

Furthermore, as The Crypto Basic reported yesterday, the Terra Rebels are scheduled to roll out the v23 upgrade in December, along with the IBC re-opening.

26M Shiba Inu Burnt In 24 Hours, 10 Million By One Wallet

Zabi
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26M Shiba Inu Burnt In 24 Hours, 10 Million By One Wallet

Over 26.24 Million SHIB has been moved out of circulation forever in the past 24 hours, and 10.36 Million in one transaction.



Shiba Inu Community continues to burn millions of canine-themed tokens every day. Shibburn.com recently revealed that SHIB Army sent 26,248,144 (26.24M) SHIB to the “inferno” addresses via five separate transactions in the past 24 hours, increasing the burn rate to over 238.93%.

The data further illustrates that the mysterious wallet is responsible for the surge in burn volume. The mysterious wallet became active about 5 hours ago and destroyed a whopping 10,364,304 (10.36M) in one significant transaction.

Following the burn, the total amount of SHIB locked in a dead wallet reaches a herculean 410,382,320,191,699 (410.38T) SHIB are now locked in a dead wallet which makes 41.0337% of Shiba Inu’s initial supply of 1 quadrillion Shiba Inu.

Shiba Inu’s total supply currently stands at 589,617,679,808,300 (589.61T), with a current circulating supply of 561,096,139,541,752 (561.09T). The remaining 28,521,540,266,548 (28.52T) SHIB is staked by the deep-pocketed SHIB investors in ShibaSwap.

Shiba Inu Burn
Shiba Inu Burn

Besides burning activity, the Whales are putting their interest in accumulating Shiba Inu tokens. A few hours ago, the biggest Shiba Inu whale scooped up a herculean 205,815,302,436 (205.81B) SHIB, worth $2,506,829 ($2.50M) via two robust transactions.

Over 340K Addresses Adds 64B Dogecoin At $0.09

Albert Brown
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Over 340K Addresses Adds 64B Dogecoin At $0.09

 

Over 340K addresses had in the past purchased Dogecoin (DOGE) at an average cost of $0.09, establishing a firm support floor for the asset.


Top crypto analyst and influencer Ali Charts took to Twitter to highlight the current auspicious state of most addresses holding DOGE, citing data from market analysis platform IntoTheBlock.

Per data from IntoTheBlock, a massive amount of addresses that had previously purchased DOGE – about 340,500 – procured 63.7B tokens at an average price of $0.09, with the minimum and maximum purchase prices being $0.06 and $0.12, respectively.

According to Ali, this cumulative purchase has successfully established a steady support floor for DOGE at favorable levels, considering the sheer magnitude of the volume.

“More than 350,000 addresses previously purchased nearly 64 billion DOGE at an average price of $0.092, providing a stable and stiff support floor for DOGE,” Ali remarked in a tweet Wednesday, as he shared an IntoTheBlock dashboard.

Additionally, the dashboard revealed that most addresses holding DOGE are profitable during analysis. Addresses holding about 110.41B DOGE – representing 80.76% of the total circulating asset supply – are currently profitable.

On the other hand, addresses in loss appear to hold only 25.79B DOGE, representing 18.86% of the asset’s supply in circulation. Meanwhile, addresses with a 524.5M DOGE are at a breakeven price – these represent 0.38% of the asset’s circulating supply.

DOGE has been performing quite well amidst the hints of a Twitter integration from Musk that have reawakened investor interest, pumping demand into the asset. The asset, which had been consolidating below $0.06 in the days before Musk’s Twitter takeover, suddenly skyrocketed to a 6-month high of $0.15 on Tuesday.

Analysts have attributed this sudden price surge to a massive demand increase for the asset as investors look to rack in profits from a rally once the asset is integrated into Twitter’s payments system. As previously reported, Dogecoin influencer Matt Wallace recently claimed that Musk was already working on a DOGE payment for Twitter.

These reports have led to a massive transaction volume as demand rises. Per data from crypto market intelligence provider Messari, DOGE transaction volume in the past 24 hours sits at a whopping $1.84B.

Additionally, trade volume for the asset in the past 24 hours is currently $3.7B, as indicated by CMC. At this volume, DOGE towers over all other assets besides BTC, ETH, and the three major stablecoins: USDT, BUSD, and USDC.

Despite losing momentum in its recent rally, DOGE has retained a gain of 69% in the past week. The asset is currently changing hands at $0.13 – a value is last seen in May. Meanwhile, DOGE has shed 5% of its value in the past 24 hours at the time of reporting.

Whales Not Holding Back As Top Wallet Adds 205B Shiba Inu

Zabi
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Whales Not Holding Back As Top Wallet Adds 205B Shiba Inu

Whales are not holding back, as they keep adding Shiba Inu.



The 32nd Biggest Shiba Inu holder spent $2.50 Million to buy a considerable amount of the world’s second-largest canine-themed cryptocurrency Shiba Inu.

Etherscan.io recently reported that the 32nd largest Shiba Inu Whale had increased her Shiba Inu holdings by adding a whopping 205,815,302,436 (205.81B) SHIB, worth $2,506,829 ($2.50M) to her wallet via two momentous transactions in the past 24 hours.

The Whale executed her first transaction about 9 hours ago and added 3,377,077,506 (3.37B) SHIB, worth $41,132, to her wallet. To further increase her SHIB holdings, the deep-pocketed investor went for a second transaction and accumulated a staggering 202,438,224,930 (202.43B) SHIB, worth $2,465,697 ($2.46M).

Top SHIB Whale Accumulation within 24 Hours
Top SHIB Whale Accumulation within 24 Hours

Following the massive accumulation, the major Shiba Inu Whales’ holdings increased to 2,831,752,649,076 (2.83T) SHIB, worth $34,235,889 ($34.23M).

The Whales’ investment comes after Binance boosted Shiba Inu’s mainstream adoption by partnering with France-based crypto hardware wallet provider Ledger. Through this partnership, verified Binance users could purchase over 80 cryptocurrencies, including Shiba Inu, using fiat via their bank cards, including Visa and Mastercard.

Binance also added Shiba Inu to Binance Pay on Nov 1, making millions of merchants worldwide accept Shib as payment.

Despite these developments, Shiba Inu remains on the back foot and is trading at the price of $0.0000122, down -4.08% over the last day, with a 24-hour trading volume of $655,016,126 ($655.01M).

Cryptillian Says It Has No Relationship With Ripple, But Will Defend Them Against SEC

Mark Brennan
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Cryptillian Says It Has No Relationship With Ripple, But Will Defend Them Against SEC

 

Cryptillian Payment Systems has requested to file an amicus brief supporting Ripple.


The number of enterprises requesting to file amicus briefs in support of Ripple in the company’s lawsuit against the Securities and Exchange Commission has continued to gain momentum. Cryptillian Payment Systems, an online digital wallet service, is the latest company seeking to file an amicus curiae brief supporting Ripple’s opposition to the SEC’s summary judgment motion. 

Cryptillian Disproves SEC’s Claims

Although Cryptillian has no direct partnership with Ripple, the online digital wallet service noted that its interest in the suit stems from the fact that XRP is one of its supported crypto assets.

“Cryptillian is a non-affiliated party and has no financial or otherwise relationship with the defendants.”

According to Cryptillian, it allows its customers to store and transfer six digital tokens including XRP. According to Cryptillian said it has invested significant financial resources money and time to integrate the processing of XRP transactions using Ripple’s XRP Ledger (XRPL). Cryptillian added that it has been using XRPL to process XRP transactions for its clients without the defendant’s knowledge or assistance.

The online digital wallet service disproved the SEC’s claim that all XRP transfers violate the Securities and Exchange act of 1934. Per Cryptillian, it has processed tens of thousands of XRP transactions since September 2021. 

The Company’s Position on the Matter

Cryptillian said a win for the SEC in the lawsuit would hamper its business and make users of its services violators of the 1934 Securities and Exchange Act.

“Cryptillian respectfully requests that the Court exercise its discretion to grant leave to file the proposed brief because Cryptillian has a unique perspective to share with the Court that will aid the Court in resolving the cross-motions for summary judgment,” an excerpt of the motion read. 

The company also promised to provide the court with data showing Americans’ daily use of cryptos, which are unrelated to securities activities. 

“Cryptillian is uniquely positioned to offer the Court real world data on the use of Crypto on a daily basis, by average Americans and non-online retail and service establishments, again in a manner that does not involve-or inconsistent with-Securities related activities”

Cryptillian further said:

“The SEC will have a full and fair opportunity to respond to Cryptillian’s amicus brief in its Reply, which is currently due on November 15, 2022, and will suffer no prejudice if this request for relief is granted,” Cryptillian added. 

Reason Behind the Numerous Amicus Briefs

Meanwhile, the number of companies pledging support for Ripple against the SEC has continued to increase. Attorney Jeremy Hogan noted that numerous amicus curiae briefs have been filed in a trial-level case like the SEC vs. Ripple suit because Judge Torres understands the complexity of the matter. 

“The Judge’s liberal allowance of Amicus Briefs in this trial level case would suggest that she understands that the issues involved are complicated, novel and that the ruling will affect a large group of people and/or industry,” attorney Hogan said.

The Chinese Government Holds More Bitcoin Than MicroStrategy

Mark Brennan
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The Chinese Government Holds More Bitcoin Than MicroStrategy

The Chinese government is one of the largest Bitcoin whales in the world.



CryptoQuant chief Ki Young Ju in a thread on Wednesday, disclosed a little-known fact that the Chinese government is not only one of the largest Bitcoin whales in the world but also holds more Bitcoin than Michael Saylor’s MicroStrategy.

Elaborating, Ki Young Ju explained that the Chinese authorities handed over 194k BTC and 833 ETH seized from the PlusToken scam in 2019 to the National Treasury.

In comparison, MicroStrategy holds 130k BTC.

It is worth noting that the PlusToken scam attracted several investors in Asia and other parts of the world. It was able to steal about 200k BTC from unsuspecting investors from 2018 to 2019. Notably, the pyramid scheme scam attracted investors with up to 30% returns for holding their Bitcoin and Ethereum with its wallet service. 

As investigations revealed, in typical pyramid scheme fashion, the scheme paid old investors from the deposits of new investors. Consequently, it was not long before users started experiencing withdrawal issues from the unsustainable model.

Notably, in addition to this, data reveals that the team behind PlusToken also contributed to several significant Bitcoin price drops within the period by swapping their loot using over-the-counter (OTC) trading services. The CryptoQuant chief, in his thread on Wednesday, reveals that some members still appear to be active, as someone used the same mixer used by the group to send 50 BTC to exchanges a week ago.

While it may not have been its intent, the thread has sparked concerns among investors. For example, one user questioned what could happen to the price of Bitcoin should the Chinese government decide to sell. Even as another pointed out, it is very likely that the cache disclosed by Ki Young Ju is not the only one the government has confiscated. Moreover, yet another user lamented the continued presence of the Chinese government in spreading fear, uncertainty, and doubt (FUD) in the crypto markets.

It is worth noting that last year the Chinese government intensified its efforts to crack down on crypto trading and mining in the country. Notably, it went as far as even outlawing crypto-related platforms and news outlets. The move caused warranted panic in the crypto markets as, at the time, China played host to most crypto miners.

Notably, the government has championed a Central Bank Digital Currency (CBDC) over crypto to maintain its oversight and monetary control.

492M XRP On The Move Among Binance, FTX, Bitstamp And Whales

Mark Brennan
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492M XRP On The Move Among Binance, FTX, Bitstamp And Whales

 

Whale Alert reports the latest round of hefty XRP transfers.


In the latest round of hefty XRP transfers, Whale Alert saw 492,942,004 (492.94 million) Ripple tokens transferred by high-net-worth investors in the past 24 hours. 

It is worth noting that these large XRP transfers took place a few hours after Ripple locked a total of 1.2 billion XRP in its Escrow wallet.

According to the cryptocurrency whale tracking service, 67,509,674 (67.5 million) XRP were transferred from FTX to an address on Binance in three different transactions. At the time of the transaction, the 67.5 million XRP coins were worth around $30.42 million.

Interestingly, the Binance user moved a total of 68,761,155 (68.7 million) XRP worth about $31 million to an unknown wallet. The huge transfer took place in three different transactions.

Fourteen hours ago, 25 million XRP coins ($11.51 million) were deposited to an address on Bitstamp exchange, a partner of Ripple’s On-Demand Liquidity (ODL) service. 

An anonymous whale moved 140 million XRP from one unknown wallet to another. The transaction was worth $62.97 million when Whale Alert reported it.

Furthermore, an unknown whale transferred 25 million XRP coins (approximately $11.3 million) to an address on the Bitstamp cryptocurrency exchange.

Whale Alert also reported that 23,371,175 (23.37 million) XRP tokens worth $10.56 million were withdrawn by an unknown whale from the Bitstamp cryptocurrency exchange.

Sixty million XRP coins ($27.34 million) were moved from an unknown wallet to an address on the Bitso exchange.

An hour later, 83.4 million XRP ($37.82 million) were withdrawn from the Bitso exchange by an anonymous whale.

Increased Whales Interest in XRP 

Whales’ interest in XRP has continued to spike as events in the SEC lawsuit seem to be going in Ripple’s favor. As reported, several enterprises have pledged their support for Ripple by filing amicus briefs supporting the company’s summary judgment motion. 

Cryptillian Payment Systems, an online digital wallet service, has also requested to file an amicus brief in Ripple’s favor.

At press time, XRP is changing hands at $0.45. Although the price is nothing compared to its previous $3.4, many expect XRP to soar above its previous high once the lawsuit ends in Ripple’s favor.

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