• Swiss-based startup Centi announced the launch of a stablecoin pegged to the Swiss franc on March 21.
• The token is called the Centi Franc Stablecoin (CCHF) and it will be backed 1:1 by a Swiss bank guarantee.
• The Global Payment Network launched by Centi uses blockchain technology to significantly reduce the cost and time it takes for merchants to settle transactions.

Centi Launches CHF Stablecoin

Swiss-based startup Centi announced the launch of a stablecoin pegged to the Swiss franc on March 21, according to a press release.The token, called the Centi Franc Stablecoin (CCHF), will be backed 1:1 by a Swiss bank guarantee.

Global Payment Network

Centi’s new payment network uses blockchain and web3 technology to significantly reduce the cost and time it takes for merchants to settle transactions and receive funds. It essentially allows real-time settlement between buyer and seller.The company intends to compete with credit card payments and other traditional payment providers through the platform.

Advantages Of The Network

Centi claims processing payments through its network is 90% cheaper than established rivals like Paypal, VISA, and Mastercard.The company added that its goal is to allow a buyer and seller to interact and settle their transaction without the need for „deep-pocketed middlemen“ that operate using hidden fees and costs.

No Crypto Knowledge Necessary

Merchants and users don’t need prior crypto knowledge in order to use this payments network, nor do they have to change accounting practices. The network is fully integrated with current POS and cashier payment systems so merchants can be quickly onboarded without needing additional hardware or software.

Blueprint For Digital Currencies & Fiat On-Off Ramps

Centi said that it is providing the „blueprint“ for how digital currencies and fiat on-off ramps „should and could work.“

Crypto Market Update

• The cryptocurrency market cap remained flat at 1.09 trillion despite declining by around 0.16% in the last 24 hours.
• Bitcoin increased 1.59% to trade at $24,966 as of 07:00 ET, while Ethereum’s market cap decreased by 0.50% to $203.92 billion, respectively.
• All top 10 cryptocurrencies recorded losses in the last 24 hours, except Bitcoin and BNB, which rose 1.59% and 2.8%, respectively.

Price Performance

The cryptocurrency markets were mainly flat during the reporting period with Bitcoin (BTC) and Ethereum (ETH) both recording slight gains over the past 24 hours. BTC increased 1.59%, trading at $24,966 as of 07:00 ET, while ETH fell 1.35% to trade at $1,664 as of 07:00 ET. Meanwhile, Tether (USDT) saw its market cap increase to $74.47 billion and Binance USD (BUSD) remained flat at $8.34 billion — while USD Coin (USDC) decreased to $37.49 billion correspondingingly..

Top 5 Gainers

PromPROM had the highest gain among all cryptocurrencies during this reporting period increasing 35%. Gains Network (GNS), Mask Network (MASK), Elamachain’s ELAMA Token(ELAMA), and CryptoIndex 100 Token(CIX100). also gained 20%, 13%, 9%, and 8% respectively over the same period of time.

Biggest Losers

During this reporting period Shiba Inu (-5%) Solana (-5%) Hyperion (-4%) Zilliqa(-3%), and Ontology (-3%) were among some of the biggest losers on a day-on-day basis.

Conclusion

Overall there have been minimal changes in terms of prices across most major cryptocurrencies over this reporting period with only marginal gains or losses for most tokens that make up the top 10 cryptocurrencies by market capitalization list according to CoinMarketCap rankings at press time .

• FTX has proposed a $4M employee bonus plan to retain employees with specialized skills.
• FTX’s sister company Alameda Research is set to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited.
• No bonuses will be paid out to FTX’s former top executives, their families or employees engaged in wrongdoing.

FTX Proposes $4M Employee Bonus Plan

FTX has proposed a retention plan that would pay the exchange’s employees bonuses of up to 94% of their salary, capped at $4,027,204. The bonus is designed for employees with „unique and specialized skillsets“ that are critical to the firm’s case, such as programming knowledge of Python, Rust, Flutter, and NodeJS; administrative duties; accounting and finance processes; etc.

Insiders Not Eligible For Bonuses

No bonuses will be paid out to FTX’s former top executives – Samuel Bankman-Fried, Gary Wang, Nishad Singh and Caroline Ellison – their families or any employee engaged in wrongdoing.

Alameda Research Set To Sell Stake In Sequoia Capital

FTX’s sister company Alameda Research intends to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited. The deal is subject to the Delaware bankruptcy judge’s approval and is expected to close by March 31.

About Al Nawwar Investments RSC Limited

Al Nawwar is a company incorporated under the Abu Dhabi Global Market laws and reportedly owned by the Abu Dhabi government. It is also an investor in Sequoia Capital.

About Sequoia Capital

Sequoia was one of FTX’s investors prior to filing for bankruptcy protection.

• Chainlink has unveiled a new serverless developer platform, ‚Chainlink Functions,‘ to allow the connection of decentralized apps or smart contracts to any Web2 API.
• Chainlink Functions provides a seamless environment and robust toolkit for developers to build, test, simulate, and run custom logic for their Web3 applications.
• The platform is secured by Chainlink decentralized oracle networks (DONs) and integrates with major Web2 providers for extensive connectivity, customizable computation and trust-minimized security.

Introduction

Web3 oracle provider Chainlink has unveiled a new serverless developer platform, ‚Chainlink Functions,‘ on its Web3 services platform to empower developers to build decentralized applications and connect smart contracts to any web2 API.

What Is Chainlink Functions?

Chainlink Functions is a web3 serverless developer platform that allows the connection of decentralized apps or smart contracts to any Web2 API. It provides a seamless environment and robust toolkit that enables developers to build, test, simulate, and run custom logic for their Web3 applications.

Features Of Chainlink Functions

The platform is secured by Chainlink decentralized oracle networks (DONs) which ensures accurate data is incentivized through a token-based reward system with the native [cs_coins]LINK[/cs_coins] token. Furthermore, it integrates with major Web2 providers for extensive connectivity, customizable computation and trust-minimized security via self-service and serverless architecture. A beta version of the platform is currently available on Ethereum Sepolia and Polygon Mumbai testnets.

Benefits Of Using ChainLink Functions

By using this serverless developer platform from ChainLink one can ensure feature-rich web3 applications as well as secure access of external data sources into blockchain enabled applications in an efficient manner without compromising on trust factor associated with such transactions.

Conclusion

ChainLink’s launch of chainLink functions means that almost any form of off-chain data API can be integrated into blockchain applications with the same benefits of a legacy chainLink Oracle feed but eliminating the risk associated with such interactions due to its permission less & decentralised characteristics thereby making it an ideal choice among developers looking forward towards efficient & low cost development solutions over traditional methods .

• Realized price is an on-chain metric used to determine market movements in bear and bull markets.
• Long-term holders (LTHs) and short-term holders (STHs) are the two primary groups driving the market.
• The LTH-STH cost basis ratio can illustrate how the market dynamic is shifting and how STHs or LTHs are buying/selling their BTC.

Realized Price: An On-Chain Metric

Realized price is a metric often used to determine market movements in bear and bull markets. Defined as the value of all Bitcoins at the price they were bought divided by the number of circulating coins, realized price effectively shows the cost-basis of the network.

Long Term & Short Term Holders

Dividing the network into cohorts can help us reflect the aggregate cost basis for each major group owning Bitcoin. Long-term holders (LTHs) and short-term holders (STHs) are the two primary cohorts driving the market — LTHs are all addresses that held BTC for longer than 155 days, while STHs are addresses that held onto BTC for less than 155 days.

The LTH-STH Cost Basis Ratio

The LTH-STH cost basis ratio is the ratio between the realized price for long-term and short-term holders. Given the historically different behaviors LTHs and STHs exhibit, this ratio can show how STHs or LTHs are buying/selling their BTC and illustrate how market dynamics might be shifting during different phases of a bear or bull market.

Uptrend in Cost Basis Ratio

An uptrend in this ratio is seen when STHs realize more losses than LTHS, which indicates a bear market accumulation phase led by LTHS. A downtrend in this ratio indicates that LTHS spend coins faster than STHS, which shows a bull market distribution phase where long term holders sell off their coins for profit, which STHS buy up.

Cost Basis Ratio Higher Than 1

A cost basis higher than 1 suggests late stage bear capitulations turning into bull runs – when short term holders accumulate more losses than long term ones, it implies that long term investors have been accumulating Bitcoin throughout a bearish period and now feel confident enough to take profits as prices start rising again during a bullish cycle.

• Recent enforcement actions have caused many to believe that the SEC is determined to hinder the US crypto industry.
• Jeff Zelkowitz, Executive Vice President at APCO Worldwide, believes there is appetite and willingness among U.S. lawmakers to make progress in the cryptocurrency regulatory space.
• The lack of a unified framework has led to oversight by various state and federal financial regulators with existing legislation, creating an overlap between different regulators.

US Crypto Regulation on Track Despite Recent SEC Enforcement Actions

Appetite and Willingness Among Lawmakers To Make Progress

Recent enforcement actions against Kraken and Paxos have caused many to believe that the SEC is determined to hinder the US crypto industry. However, Jeff Zelkowitz, Executive Vice President at APCO Worldwide, believes there is appetite and willingness among U.S. lawmakers to make progress in this space.

Lack of Unified Framework Creates Regulatory Overlap

The lack of a unified framework has led to oversight by various state and federal financial regulators with existing legislation, creating an overlap between different regulators. This method cannot appropriately capture all the nuances of cryptocurrencies or tackle bad actors effectively which has been highlighted as a key criticism of US crypto regulation approach.

White House’s Executive Order & Senators Gillibrand & Moran’s Stablecoin Act

In order to rectify this issue, recent efforts made include White House’s Executive Order as well as Senators Gillibrand & Moran’s Stablecoin Act which aims to bring clarity and consistency in regards to digital asset regulations across all states in United States.

CoinMarketCap 2023 Crypto Playbook Overview

CoinMarketCap’s 2023 Crypto Playbook overviewed what may lie ahead for various sectors such as DeFi (decentralized finance) and user adoption according to leading figures in the space while also providing insight into US regulatory outlook from Jeff Zelkowitz himself.

Conclusion

U.S cryptocurrency regulation still has a long road ahead but it appears that congressional members are making concerted efforts towards achieving a balanced solution between reinforcing American leadership in global financial system while also tackling bad actors operating within this space effectively

• Binance’s Asia-Pacific head Leon Foong says that a full audit of the exchange’s reserves will take a while due to the crypto learning curve of big accounting firms.
• The first Bitcoin PoR report was published with auditing firm Mazars, but they have since announced they will no longer be working with crypto clients globally.
• Binance is now working to separate its collateral from customer funds and publish a more comprehensive proof of reserve statement.

Binance’s Reserve Audit Delayed

Binance Asia-Pacific head Leon Foong recently told Bloomberg News that a full audit of the exchange’s reserves may be „some way off“ due to the difficulty traditional accounting firms face in understanding the cryptocurrency sector. This comes after Mazars, who Binance previously worked with for their first Bitcoin proof of reserve (PoR) report, announced they would stop working with crypto clients globally.

Challenges for Accounting Firms

Foong explained that the challenge for traditional accounting firms is twofold: one being that it isn’t their core competence and two being that there is much scrutiny if they get it wrong. He also noted that these firms lack agreed standards when it comes to challenges such as price volatility within the crypto market.

Separating Customer Funds

In light of this, Binance is now working to separate its collateral from customer funds and publish a more comprehensive proof of reserve statement. The first reserve report was criticized for not including liabilities alongside assets; however, CEO Changpen Zhao clarified that there were no outstanding loans and auditing liabilities was harder than expected.

Big Accounting Firms Learning Curve

Despite this setback, Foong still believes that a full audit can happen eventually once big accountancy firms have learned enough about cryptocurrencies to do so effectively and accurately without risking mistakes or scrutiny from investors or regulators alike.

Conclusion

In conclusion, Binance’s audit delay highlights some unique challenges faced by traditional accounting firms when dealing with cryptos due to lack of agreed standards, as well as difficulties in assessing liabilities and separating customer funds from collateral reserves. However, once these issues are addressed through better education on cryptos by major accountancy firms, we can expect Binance to move forward with their audit plans in order to provide greater transparency into their operations..

• Squid, a cross-chain routing protocol powered by Axelar, has raised $3.5 million to build native-to-native cross-chain token swaps.
• The protocol will enable developers on 25 blockchains to swap tokens across chains natively and securely.
• Squid’s DEX will allow any user across 25 chains to swap native tokens with one click and leverage Axelar to purchase NFTs with assets from any blockchain.

Cross-Chain Token Swaps Enabled by Squid

Axelar powered protocol, Squid, has closed a $3.5 million seed round to bring native cross-chain swaps to EVM and Cosmos ecosystems. The technology enables developers on 25 blockchains to swap tokens across chains natively and secure them in an interoperable manner.

One Click Native Token Swaps

Squid’s DEX will allow any user across 25 chains to swap native tokens with one click. Its developer tools are provided as an „API and SDK alongside an easily implementable and customizable widget.“ This feature allows users to transact without the need for wrapped assets or confusing bridge UX which can be time consuming and expensive.

Secure Cross-Chain Swapping

Outside of centralized exchanges, options for cross-chain swaps are limited; however, some protocols do offer this service such as THORChain which processes a daily swap volume of around $20 million through its RUNE token paired liquidity pools. With Squid’s launch of mainnet support for 25 blockchains including EVM and Cosmos ecosystems, users can now move their tokens securely in an interoperable manner between multiple networks with just one click.

Purchasing NFTs Across Blockchains

In addition, the platform leverages Axelar technology so that users can purchase NFTs with assets from any blockchain supported by Squid as well as convert integrated wallets into „chain agnostic“ wallets – allowing access across multiple networks all at once.

Conclusion

By leveraging the power of both Squid’s DEX technology as well as Axelar messaging network, users are able to move their tokens securely between multiple networks while also being able to purchase NFTs using assets from any supported blockchain – all within just one click!

• Several U.S. senators are seeking new details from Silvergate Capital about its knowledge of FTX’s wrongdoing.
• The group of senators asked Silvergate to disclose whether it was aware that FTX instructed users to wire funds to Alameda’s account at Silvergate and whether it flagged any suspicious transactions. They also asked about due diligence and external reviews/audits.
• Silvergate has until Feb 13 to respond, but there is no known consequence for failure to do so.

Senators Seek New Details on Silvergate Ties to FTX

Several U.S. Senators, including noted cryptocurrency critic Elizabeth Warren (D-Mass.) as well as Roger Marshall (R-Kan.) and John Kennedy (R-La.), are seeking new details from Silvergate Capital about its knowledge of FTX’s wrongdoing, according to a Jan. 31 report from Bloomberg.

Questions Asked About FTX Instructed Users

The group of senators asked Silvergate to disclose whether it was aware that FTX instructed users to wire funds to Alameda’s account at Silvergate — an instance of fund mismanagement that was first reported last November — and whether it flagged any suspicious transactions. Furthermore, they asked about the due diligence process and the results of external reviews and audits conducted by the company.

Silvergate Obtained $4 Billion Loan After Collapse

The same senators noted that following the collapse in late 2022, Silvergate obtained a $4 billion loan from the Federal Home Loan Bank — a government sponsored banking system — which they used as a lender of last resort. The group of senators asked how this loan will be used by them in the future.

December Letter Revealed Relationship Predated Founding

The letter follows another one sent in December, where although citing confidentiality rules, revealed that their relationship with Alameda Research predated FTX’s founding and were reviewing transactions related to both firms while also conducting due diligence on their clients—a statement made public earlier that month too.

Silvergate Has Until Feb 13 To Respond

Silveragate has until Feb 13th 2021 to respond fully or face unknown consequences; however they have not provided any further information on what those consequences may be if they fail to do so before then

• Over 500,000 BTC has left Coinbase, Kraken, and Gemini in the past 13 months – more than any other exchange.
• At the end of 2021, Coinbase held over 690,000 BTC, Kraken held roughly 195,000 BTC, and Gemini held approximately 315,000 BTC.
• At the beginning of 2023, the exchanges now hold roughly 485,000 BTC on Coinbase, 83,000 BTC on Kraken, and 133,000 BTC on Gemini.

The decentralized finance (DeFi) and cryptocurrency industry has seen a significant amount of growth over the past year, resulting in an increased demand for cryptocurrency exchanges. With more and more people looking to buy, sell, and trade cryptocurrencies, the number of exchanges has skyrocketed.

However, one noticeable trend amongst the major exchanges has been the amount of Bitcoin (BTC) that has been leaving them over the past 13 months. According to data from on-chain analytics firm Glassnode, Coinbase, Kraken, and Gemini have seen more than 500,000 BTC leave their platforms in the last year.

Coinbase is the largest of the three exchanges and holds the most amount of Bitcoin. At the end of 2021, the exchange held over 690,000 BTC. This number has since dropped to roughly 485,000 BTC as of the beginning of 2023.

Kraken, the second-largest exchange by Bitcoin holdings, has seen its balance drop from 195,000 BTC at the end of 2021 to 83,000 BTC at the start of 2023. Lastly, Gemini, the third-largest exchange by Bitcoin holdings, has seen a significant drop in its balance as well. At the end of 2021, the exchange held approximately 315,000 BTC. As of the beginning of 2023, the exchange now holds roughly 133,000 BTC.

This trend of outflows from centralized exchanges could be attributed to a number of different factors. One of the most likely reasons for the outflows is the increasing popularity of DeFi protocols, which allow users to store and trade cryptocurrencies without relying on a third-party custodian. Additionally, the increasing number of institutional investors entering the space could also be a factor in the outflows.

It is unclear why exactly the outflows from Coinbase, Kraken, and Gemini are so much higher than other exchanges, but the trend does seem to be continuing. As more and more investors move away from centralized exchanges in favor of more trustless solutions, it is likely that the outflows from these exchanges will continue.