Here’s a quick breakdown of the biggest news stories and developments in the cryptocurrency sector for September 28, 2022.
1. FTX US president Brett Harrison steps down
FTX US president Brett Harrison has announced that he is stepping down from his role. According to Harrison, he will stay with FTX US in an advisory role, and transfer his current responsibilities “over the next few months”. Harrison, who served as the FTX US president for roughly a year and a half, says he plans to remain in the crypto industry and will be focusing on “removing technological barriers to full participation in and maturation of global crypto markets”.
The move is interesting because it’s part of a string of notable executive exits that the crypto industry has seen as of late. Sam Trabucco recently stepped down as the co-CEO of Alameda Research, a trading firm and market maker with close ties to FTX. Other crypto CEOs that have recently stepped down or announced their intentions to step down include Jesse Powell (Kraken), Michael Saylor (MicroStrategy) and Alex Mashinsky (Celsius).
2. Chainlink staking is expected to go live in December
Chainlink co-founder Sergey Nazarov has announced that Chainlink staking rewards are expected to go live in December. Nazarov also revealed two programs, BUILD and SCALE, that are meant to improve the economic sustainability of Chainlink’s decentralized oracle network. The announcements were made at Chainlink’s SmartCon conference in New York.
The BUILD initiative will give projects that want to use Chainlink’s services the option to allocate a portion of their total token supply to the Chainlink ecosystem, and receive “enhanced access to Chainlink services and technical support” in return.
The Scale initiative, on the other hand, involves blockchain projects (both layer 1 and layer 2) offsetting the gas fees of oracle networks on their chains.
#SmartCon Keynote highlights
Chainlink BUILD: Pre-revenue projects provide 3-5% of their token supply to service providers like stakers
Chainlink SCALE: Blockchains cover the operating costs (gas fees) of oracle networks on their chain
Staking v0.1 launching in December pic.twitter.com/Plosekjcsk
— ChainLinkGod.eth @SmartCon NYC (@ChainLinkGod) September 28, 2022
3. Pantera wants to raise $1.25 billion for its second blockchain fund
Bloomberg reports that crypto investment firm Pantera Capital is looking to raise $1.25 billion for its second blockchain fund. The company is planning to raise the capital by May next year. Pantera Capital CEO Dan Morehead noted that institutional investors are showing increased demand for digital assets, despite the bearish turn in the crypto markets.
The fund would back cryptocurrency and blockchain projects by acquiring both equity and tokens. The fund would also invest in companies that Pantera Capital has already invested in, taking advantage of the fact that valuations have lowered during the cryptocurrency market slump.
4. Crypto.com exchange gets regulatory approval from France’s leading financial authority
Crypto.com, a popular digital asset trading platform, announced earlier today that the company has been registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF), France’s leading stock market regulator.
Crypto.com CEO Kris Marszalek highlighted the importance of receiving AMF’s regulatory approval for future European expansion in a statement:
“The European market is central to the long-term growth and success of Crypto.com and we are tremendously proud to now receive registration in France from the AMF.”
According to a press release, Crypto.com was subject to a rigorous regulatory process, involving a review of the company’s compliance with anti-money laundering and combating the financing of terrorism regulations.
Crypto.com has previously received regulatory approvals from several financial institutions around from a number of countries around the globe, including Singapore, the UK, South Korea, Italy, Greece, Cyprus, and Canada.
5. Sam Bankman-Fried considers buying bankrupt crypto lender Celsius’ assets
Tech billionaire Sam Bankman-Fried, the CEO and founder of the FTX cryptocurrency exchange, is reportedly considering buying assets of a bankrupt centralized lender Celsius. The news was first reported by Bloomberg, citing a person familiar with the matter.
The news comes just a day after it was reported that FTX won an auction for assets of Voyager, another bankrupt crypto lender, in a bid worth more than $1.4 billion.
The price of CEL, the native token of Celsius, saw a considerable spike following the news, increasing from $1.41 to above $1.57 in a matter of 5 minutes. CEL has since relinquished most of its gains, trading at $1.45 at press time.