• CryptoWallet has successfully renewed its Estonian virtual asset provider license.
• The renewal comes despite strict regulatory measures that were introduced last year to maintain compliance and transparency within the crypto space.
• CryptoWallet will be launching a crypto card later this year, which will support over 800 cryptocurrencies.

CryptoWallet Renewal of Estonian License

CryptoWallet has become one of the few companies that managed to renew an Estonian virtual asset provider license amid tighter regulatory measures toward crypto companies in the EU. According to a press release shared with crypto.news on March 17, CryptoWallet received a stamp of approval from Estonia’s Financial Intelligence Unit (FIU).

Tightened Regulations for Crypto Companies

The Estonian license to provide a virtual currency service granted to 55% of all virtual asset providers in 2021 has become far more competitive. As many as 90% of companies in Estonia are exposed to losing their license or being forced to move to another jurisdiction, according to data collected in 2022 by CoinDesk. The new requirements are designed to root out companies that are poorly managed to prevent financial crime and mitigate risk. Regulators now require companies offering services like CryptoWallet to hold a minimum of €250,000 in capital reserves compared to just €12,000 under the previous requirements. Other requirements for the license include stringent KYC/AML checks, personal requirements for management board and personnel, and local presence in Estonia.

Achievements by Crypto Wallet

CryptoWallet’s COO, Aleksander Smirnin summed up the company’s achievement: „This sought-after license, once again awarded by the FIU is the culmination of years of hard work and dedication by the CryptoWallet team. We are fully compliant have required shared capital and are launching products that will enhance our users‘ lives.“ Following the renewal, the company can legally facilitate storage purchase and sale of digital assets as well as launching a crypto card later this year which supports more than 800 cryptocurrencies with cashback earned through staking referral program and partnership programs.

Custodial Wallet Security

The platform also provides custodial wallet security through advanced security protocols such as multi-signature authentication two-factor authentication cold storage accounts mnemonic codes IP whitelisting system logs etc., thus ensuring customers funds remain safe at all times even when using third party services like exchanges or payment processors.

Conclusion

In conclusion, Cryptowallet has achieved success amidst tightened regulations regarding cryptocurrency businesses within Europe while providing secure services with its newly launchedcryptocurrency card supporting over 800 cryptos with various rewards options available for users making it an attractive option for cryptocurrency trading enthusiasts looking for reliable options when it comesto their digital assets usage safety and security

• ARK, a renowned investment firm led by Cathie Wood, purchased more than 350,000 Coinbase shares on March 9th.
• This purchase was valued at $20.6 million and brings ARK’s total holdings in Coinbase to nearly 10 million shares worth $575 million.
• The purchase demonstrates the growing institutional interest in cryptocurrencies, despite recent market pressure from Silvergate’s collapse.

ARK Purchases Over 350k Coinbase Shares

Investment manager ARK increased its holdings in Coinbase (COIN) on March 9 by purchasing more than 350,000 COIN shares, consisting of 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW). This marks the most enormous one-day buy this year and was valued at $20.6 million based on March 9 closing prices. ARK now owns a total of 9.9 million COIN shares worth $575 million at the March 9 closing price of $58.09.

Rise in Institutional Interest

The purchase reflects a clear sign of growing institutional interest in cryptocurrencies as evidenced by the increase in holdings made this month which surpasses that of January and February combined. Despite recent market pressures caused by cryptocurrency-friendly bank Silvergate’s fall from grace, both bitcoin (BTC) and ethereum (ETH) have experienced an 8% drop over the past 24 hours indicating that investors remain confident about the crypto markets future prospects.

Cathie Wood & ARK Invest

Cathie Wood is a renowned investor who leads the firm ARK Invest which specializes in disruptive innovation investments across multiple asset classes including Equities, Fixed Income and Digital Assets such as cryptocurrencies like Bitcoin and Ethereum. Her portfolio has been credited with impressive returns since its launch back in 2014 with her flagship fund – The “ARK Innovation ETF” having returned more than 300% since inception compared to S&P 500’s 87%.

Silvergate Bank Collapse Impacts Crypto Market

The ongoing impact of Silvergate’s collapse has shaken up the crypto market significantly causing Coinbase shares to fall nearly 8% on March 9th leading BTC & ETH down 8% over 24 hours period adding further pressure to an already volatile cryptomarket landscape .

Conclusion

In conclusion , this latest purchase of Coinbase stock by Cathie Wood & Co shows that there remains strong confidence amongst institutional investors regarding potential growth opportunities within Cryptocurrencies despite current pressures caused by Silvergate Bank’s collapse .

• Ethereum developers have launched a new software feature called EntryPoint, which allows wallet accounts to function as smart contracts.
• EntryPoint is designed to improve the user experience of crypto wallets and make them more accessible and intuitive, allowing for features such as automated payments and account recovery.
• After a security audit by OpenZeppelin, EntryPoint is now available on various blockchain networks like Ethereum, Polygon, Arbitrum and BNB Chain.

Ethereum Update: Wallets Operate As Smart Contracts

Ethereum developers have released a new software feature called EntryPoint that enables wallet accounts to function as smart contracts. This mechanism, known as account abstraction, allows users to take advantage of advanced features such as automated payments and account recovery without having to interact directly with the underlying blockchain. It is designed to improve the user experience of crypto wallets by making them more accessible and intuitive.

Security Audit By OpenZeppelin

EntryPoint underwent a thorough security audit by OpenZeppelin before being launched on several blockchain networks including Ethereum, Polygon, Arbitrum and BNB Chain. Moreover, it is part of the broader ERC 4337 standard that describes features such as two-factor authentication recovery options and automated payments. The security of this architecture relies on how securely it is implemented in an audited smart contract referred to as the „EntryPoint“ contract.

Features Of Entrypoint

EntryPoint enables users to benefit from „smart wallet“ features like native multi-signatures, gas fee coverage for users and account recovery without having to manually implement these options into their wallets themselves. It also provides wallet infrastructure providers with additional options when creating smart wallets for their users.

Benefits Of Account Abstraction

Account abstraction offers numerous benefits to both users and developers in terms of convenience and ease-of-use when using crypto wallets. Users can take advantage of enhanced features without needing any technical knowledge while developers can quickly create secure wallet solutions without having to worry about creating complex code or dealing with complicated protocols directly.

Conclusion

Overall, account abstraction via EntryPoint represents a significant step forward in improving the usability of crypto wallets by providing both users and developers with additional options for implementing enhanced features quickly and securely.

• Block Inc. reported a drop in bitcoin (BTC) sales in its Q4 results, with revenue falling by 7% year-on-year.
• The cause of the decline in bitcoin income is attributed to the decrease in BTC’s price throughout 2022.
• Despite the reduced bitcoin sales, gross profit for Block Inc. increased by 40%, and after-hours trading resulted in a significant rise in the company’s share price.

Block Inc.’s Q4 Results

Block Inc. exceeded the expectations of industry analysts and experienced a rise in its share price through after-hours trading. However, its fourth quarter results revealed a drop in bitcoin (BTC) revenue due to the price drops throughout 2022.

Bitcoin Sales Dropped by 7%

The Bitcoin sales made by Block Inc.’s Cash App business section totaled $1.83 billion for the quarter, representing a 7% decrease compared to the same period last year. Blockchain attributed this reduction to BTC’s 65% decline over 2022. Consequently, Cash App’s Bitcoin gross profit decreased by 25%, coming in at $35 million for Q4 -the lowest quarterly total since reporting began on these earnings. For all of 2022, there was also a 29% decrease ($711 million) in Bitcoin revenue and 28% decrease ($156 million)in gross profit compared to 2021 figures.

Gross Profit Increases Despite Decline In Bitcoin Sales

Despite the fall in Bitcoin income, Block Inc.’s adjusted profits before interest, tax, depreciation and amortization (EBITDA) rose 53%, resulting from an increase of 40% from 2021’s fourth quarter gross profit figure which exceeded analyst estimates. Furthermore, overall revenue for this period was reported as $4.65 billion – thus prompting an after-hours surge of Block’s shares on release of these results earlier today (Feb 24).

Bitcoin Price Decrease Impacting Revenue

The main cause behind this reduction is linked to Bitcoin’s loss of value during 2022 which impacted its sale rate via Cash App according to Blockchain – leading to their recorded losses for this quarter reaching $114 million; compared to 2021’s loss of just $77million . With such steep declines seen over 2020/2021 it will be interesting to observe if we see any recovery or upturn moving forward into 2023 as other crypto assets experience growth or if BTC continues on this downwards trend…

Conclusion

In conclusion, although Block Inc.’s Q4 report revealed a drop in bitcoin revenue due to declining prices throughout 2022 – their overall performance exceeded initial projections with increases seen across their remaining metrics including EBITDA up 53%, gross profit up 40%, and revenues up 4%. After-hours trading saw an uptick following news release -allowing investors more insight into what we can expect from them moving forward this year!

Overview

• Tether Holdings, the issuer of USDT, is now claiming that every USDT in circulation is backed „in excess of 81% by cash and cash equivalents“.
• Tether Holdings has locked $39 billion in United States Treasuries to assure their liquidity.
• As of Feb. 16, USDT now commands a bigger market share, exceeding 50%.

Overcollateralization

Tether Holdings has reiterated the soundness of their stablecoin when United States regulators appear to be hammering on crypto projects. They have stated that every USDT in circulation is overcollaterized. Out of their cash reserves, they have locked $39 billion in United States Treasuries. The remainder is tied to money market funds, reverse repo agreements, and cash and bank deposits which can be easily redeemed for cash on demand. In 2022 alone they had redeemed over $22 billion and made over $700 million in net profits which boosted their excess reserves to $982 million.

Uptrend in Market Share

Following the New York Department of Financial Services (NYDFS) order directing Paxos, the issuer of BUSD to halt minting new tokens and focus on redemption, BUSD has been sliding in market capitalization. As of Feb. 16, BUSD is down to eighth place with a circulating supply of $13,853,012,963 losing over $2.5 billion from its peak at Feb 1 with a circulating supply of $16104 828 484 . Over the past three days there has been a clear drop in the BUSD market cap while USDT gained more market share rising above 50%. There are currently 69 785 731 025 USDT circulating across major blockchains and sidechains including Ethereum Tron Polygon and Arbitrum with an average trading volume up 60% at 58 591 117 003 on Feb 16th 2021.

Reserves Audit

Despite this increase there has not yet been any official audit on Tether’s reserves however they do issue attestation reports such as one by BDO showing that every coin is sufficiently backed since Tether’s assets exceeded their liabilities.

Conclusion

To conclude Tether’s claims about overcollateralizing each USDT token appears credible given its large reserve backed by US treasuries as well as other liquid collateral allowing them to process redemption demands at any size easily leading them to gain more market share while maintaining profitability during times like these.

• Ethereum based liquid staking protocols such as Lido (LDO), Coinbase (COIN) and Rocket Pool (RPL) have seen a surge in Total Value Locked (TVL), with gains of 20-40% over the past month.
• Liquid staking on Ethereum allows users to stake their ETH on the Beacon chain and maintain liquidity at the same time.
• Coinbase Ventures recently announced they would join Rocket Pool’s Oracle DAO, sparking debate about whether Ethereum is becoming too centralized.

Ethereum DeFi Staking Protocols Surging

The liquid staking industry has been thriving on the Ethereum (ETH) network of late since the introduction of the Beacon chain. As of Feb. 9, the total value locked (TVL) in three top Ethereum-based liquid staking protocols had risen above $11b, with Lido (LDO), Coinbase (COIN), and Rocket Pool (RPL) all recording gains in the 20-40% range over the past month, according to DeFi LIama.

What Is Liquid Staking?

Liquid staking is an automated process that allows users to stake their ETH on the Beacon chain, a proof of stake blockchain. Allowing users to maintain the liquidity of their tokens while they stake for better platform security enhances overall liquidity. Additionally, the Beacon Chain’s shorter staking window allows users to switch up their strategies rapidly to capitalize on market trends.

Market Analysis

Coinbase and Rocket Pool have been making waves in the liquidity staking space. Coinbase Ventures recently announced they would join Rocket Pool’s Oracle DAO. According to a survey by Gnosis co-founder Martin Köppelmann, Lido currently controls 27.5% of staking, while Coinbase is in second place at 14.5%. This has sparked a debate about whether Ethereum is becoming too centralized, with Bitcoin maximalists arguing that this proves so.

Price Action Analysis

Looking at the price action of Lido and Rocket Pool on CoinMarketCap, we can see that Lido has been more volatile and registered an impressive 17% gain over the last 7-days, taking its price to $2.71 as of Feb 9 with a market cap of $ 2 billion making it 30th largest crypto by market cap respectively .Rocket pool has also seen 40 % increase from previous month .

Conclusion

Ethereum based liquid staking protocols are surging due to various benefits associated with it such as maintaining liquidity , faster transaction times etc . This has sparked debate among bitcoin maximalists who argue that ethereum centralization is increasing however due to its potential these protocols have become increasingly popular among investors who see great potential in these platforms .

• The Damus app backed by Twitter’s former CEO Jack Dorsey, has been recently approved and incorporated into Apple’s app store.
• The app utilizes the decentralized network created by the Nostr open protocol, allowing encrypted end-to-end conversations among other services.
• The approval of the Damus app marks a milestone in implementing open protocols.

The decentralized social networking platform Damus app, driven by the Nostr open protocol, has been officially approved and incorporated into Apple’s app store. The approval of the app was announced on the 31st of January through a tweet by the Damus team to its 11,500 followers, and was later confirmed by Jack Dorsey, the former CEO of Twitter who is working closely with Nostr.

The incorporation of the Damus app into Apple’s app store is a momentous milestone for open protocols. The decentralized app, which is being dubbed as the ‚Twitter Killer‘, utilizes the decentralized network created by Nostr, allowing for encrypted end-to-end conversations. It also provides other services to its users. To use the app, users must open an account via a client application, and broadcast information through a relay.

The development of the Damus app was not without its challenges, as the team encountered more than three rejections during the process of incorporation into the app store. However, their hard work and determination paid off, and the team is now celebrating the approval of the app.

The approval of the Damus app marks a significant step forward in the field of decentralized networks, and is a testament to the hard work and dedication of the developers and team behind the project. With the launch of the app, users now have access to a more secure and private communication network, which is free from the control of centralized networks such as Twitter. This can be seen as a major step towards a more open and transparent internet.

• Elon Musk has expressed his support for a common digital currency being developed by Brazil and Argentina.
• The goal of creating the new currency is to undermine the U.S. dollar’s strength in the region.
• Robert Kiyosaki has recommended buying bitcoin and avoiding the crash of the dollar.

Elon Musk and Robert Kiyosaki have recently expressed their support for the creation of a common digital currency between Brazil and Argentina. Reports indicate that the two countries are working on the project, which is being called ‘Sur’, and they are inviting other Latin American countries to join. The goal of this new currency is to reduce the strength of the US dollar in the region.

The news has been welcomed by many, including Musk himself, who took to Twitter to express his opinion that the move is “probably a good idea.” Sergio Massa, the minister of the Economy of Argentina, has said that deep discussions are the first step in the creation of the currency.

The news has also sparked predictions from Kiyosaki, the author of “Rich Dad Poor Dad”. He believes that the US dollar is toast and that Saudi Arabia joining BRICS in October is a sign of this. As a result, he is recommending that people buy bitcoin, as it will help them to avoid the crash of the US dollar.

The creation of the new currency is likely to have a big impact on the region and the global economy. It will be interesting to see how this project develops and if it will be a success. It is clear that the initiative has been welcomed by both Musk and Kiyosaki, and it is likely that other figures in the world of finance will also express their views.

• Fidelity Investments-backed crypto exchange OSL has cut its staff in order to reduce overhead costs and stay afloat amid the crypto winter.
• Silvergate, Coinbase, ConsenSys, Huobi, Crypto.com, Wrye, Genesis and SuperRare have also been reported to have downsized their staff.
• Surprisingly, Binance has announced it currently has 700 open job positions in key areas such as account managers, software developers, and blockchain evangelists.

Amid the current crypto winter, Fidelity Investments-backed crypto exchange OSL has joined the list of exchanges cutting down their workforce in order to reduce overhead costs and stay afloat. OSL did not immediately respond to requests for comments, however, Hugh Madden, CEO of OSL’s parent company, BC Technology Group, said in a statement to Bloomberg that the major reason for the retrenchment is due to the severe effects of the crypto winter.

Silvergate, a US-based cryptocurrency bank, recently announced that it would retrench 40% (the equivalent of 200 workers) of its workforce to stay afloat in business, its shares plummeting by 46% shortly before the announcement. Coinbase, a leading US-based crypto exchange, then announced through its CEO and Co-founder Brian Armstrong that it would be laying off about 950 employees, adding to the 1,100 that were retrenched in 2022. Armstrong cited skyrocketing expenses as the major reason for its layoffs, however he reiterated the exchange’s commitment to providing quality service amidst the current market anxiety.

Reports then circulated that New York-based ConsenSys web3 company was contemplating the possibility of slashing out 100 workers from its team to cope with the gloomy market conditions. Other crypto platforms such as Huobi, Crypto.com, Wrye, Genesis and SuperRare have also been reported to have downsized their staff.

Surprisingly, Binance announced on Jan.3 that it currently has 700 open job positions that are focused on key areas such as account managers, software developers, and blockchain evangelists. The exchange’s CEO, Changpeng Zhao, stated that they were hiring in order to increase their customer support and build better products.

The effects of the crypto winter have been widespread, with many exchanges cutting down their workforce in order to reduce overhead costs and remain afloat. Although the landscape may seem bleak, some exchanges are making moves to take advantage of the situation, such as Binance, who is hiring in order to increase their customer support and build better products. It remains to be seen how the situation will pan out in the long run, but for now, it is clear that many exchanges are taking necessary steps to remain competitive in the current market climate.

• Silvergate Capital reported a net loss of nearly $1 billion at the end of Q4 2022.
• The firm experienced deposit outflows, necessitating liquidity maintenance.
• Silvergate executed a plan to sustain a highly liquid balance sheet and fortified capital position.

Silvergate Capital, a global virtual asset bank, recently released their Q4 results for 2022, showing a net loss of $949 million. This is a stark contrast to their 2021 results which showed a $75.5 million profit. The firm attributed the loss to deposit outflows and the crypto market impediments that led to various partakers initiating a change of risk-off on all virtual asset trading.

Silvergate reported that they saw $117 billion in transfers in the fourth quarter, a 4% increase from the third quarter ($112.6 billion). However, it is a 47% decrease compared to the fourth quarter of 2021 ($219 billion). A class action lawsuit was also initiated against the firm on December 16, 2022.

In response to the losses, the Chief Officer of Silvergate mentioned that they remained focused on providing value-added services for their clients. The organization also executed a plan to sustain a highly liquid balance sheet with a fortified capital position. As of Dec. 31, 2022, Silvergate had 1,620 customers.

Overall, the losses at Silvergate are a reminder of the volatility of the crypto market and its potential to cause disruption. While the company is taking steps to ensure a better future, it is still uncertain how the losses will impact their operations in the long run.