Logan Paul, the popular YouTuber, has expressed remorse for the failure of his CryptoZoo project. He apologised to individuals who sustained financial losses from investing in the cryptocurrency game he had promoted as a [play-to-earn](/news/article/best-farm-games-2022) endeavour.

The CryptoZoo Logan Paul initiative initially offered egg-shaped cartoon images as NFTs that could be hatched into randomly selected animal images. Collectors could breed their animals and earn $ZOO, a linked [cryptocurrency](/news/article/what-is-market-cap-cryptocurrency).

However, Logan, who had previously been associated with another unsuccessful cryptocurrency venture, abruptly stopped promoting the project after generating substantial revenue from selling NFTs and crypto coins. It was alleged that he endorsed a fraudulent cryptocurrency called [Dink Doink coins](https://www.sportskeeda.com/mma/news-youtuber-accuses-logan-paul-creating-promoting-dink-doink-coin-cryptocurrency-scam). An anonymous cryptocurrency investor in CryptoZoo has recently demanded that the Youtuber fulfil his initial promises rather than offering refunds.

## CryptoZoo Logan Paul apology

Stephen Findeisen, a cryptocurrency scam investigator who goes by the YouTube name Coffeezilla, recently released a three-part video series in which he labelled CryptoZoo a scam. He interviewed investors from various countries who claimed to have invested significant amounts of money, ranging from hundreds to thousands of dollars, into CryptoZoo products. He expressed their disappointment and anger towards the company's founder, Paul.

On Thursday, Logan shared a video in which he expressed his frustration and acknowledged that he had erred in hiring individuals he deemed to be "conmen" and "felons" to manage his project. However, he denied any responsibility for the project's failures.

He also criticised Mr Findeisen for providing inaccurate information and warned of legal action. By Saturday, he removed the video and apologised to the investigator. He also posted on the CryptoZoo Discord page that he intended to take responsibility, express remorse, and provide a plan for moving forward shortly.

## What do the CryptoZoo investors want next?

A 34-year-old American man shared with BBC News that he had invested $40,000 in the game after being influenced by the Impaulsive podcast. He expressed disappointment in how the project was handled, stating, "the way he dragged everyone along and then just abandoned it with no words is just wrong".

He also noted that he believes Logan is only now attempting to make amends after the Coffeezilla videos. The man stated that while he does not want a refund, he wants to see the project completed as promised and for "founders'' to fulfil their obligations to investors.


red image of logan paul and cryptozoo egg logo cracking 

CryptoZoo: Logan Paul Apologises for Failure 

This next quarter, the central bank in Russia will start looking into two different potential cross-border CBDC settlement models.

There are continuous sanctions against Russia due to its invasion of Ukraine. Yet, reports indicate that Russia's central bank is about to begin building a cross-border settlement system using a central bank digital currency (CBDC).

[According to a report published on 9 January by media outlet Kommersant](https://cointelegraph.com/news/russia-to-begin-work-on-cbdc-settlement-system-in-q1-as-sanctions-endure-report), the digital rubble plans are expected to progress in the first quarter of 2023. Russia's central bank will study two possible cross-border settlement models before moving forward.

## CBDC Russia future: Bilateral agreements or hub-based platforms

In the proposed plan’s first version, different countries will integrate their CBDC systems by entering into separate bilateral agreements with Russia. 

Each agreement would be crafted to ensure that asset conversion and transfer between the nations would be compliant with the rules outlined in the other agreements.

The second, more complicated approach suggests establishing a single hub-like platform on which Russia and other countries can engage, sharing common protocols and standards to make it easier for connected countries to make payments to one another.

Roman Prokhorov, the Financial Innovations Association (AFI) board of directors' head, expressed his opinion that the first model was less promising for bilateral interactions between countries, but was easier to implement.

While the first model was simpler to implement, the second was more complex. The other choice was deemed more "advanced," and its proponent evaluated the possibility of implementing an initial two-way system.

He viewed China as the most likely partner in this scenario due to the country's "technical and political readiness". [According to reports from September,](/news/article/russia-approves-cross-border-crypto) Russia's plans to use digital currency for settlements with China may only occur sometime in 2023. Others, however, believe that technological limitations rather than political ones will support the CBDC Russia proposes.

## CBDC Russia will not improve political situation - claim

Alexey Volkov, the vice president of the Association of Banks of Russia, stated that the introduction of a digital ruble will not change or improve the global political situation of the country and that trials for the Russia CBDC platform can only be undertaken with countries that are friendly with the Russian government and are technologically ready.


Russia to Develop CBDC Settlement System

The racing unit of luxury automaker [Ferrari](https://www.ferrari.com/), part of the 2023 Formula One World Championship, has terminated its contract with the cryptocurrency sponsor, [Velas](https://velas.com/), causing the F1 Ferrari team to lose backing worth millions of dollars before the start of the season. The news came just a month before the pre-season testing.

## F1 Ferrari and crypto sponsors split up

Scuderia Ferrari partnered with the Velas blockchain firm in 2021. The deal assigned a yearly amount of $30 million to boost fan engagement via different initiatives, including non-fungible tokens ([NFTs](/news/article/virtual-land-nft-rush)). It was a multi-year arrangement, but now Ferrari has broken its ties with the blockchain firm.

The partnership lasted only a year, as neither party would renew their alliance. According to some sources, the team was non-compliant with the clauses that permitted Velas NFT creation. 

Furthermore, chip manufacturing company, [Qualcomm Snapdragon](https://www.qualcomm.com/snapdragon), won't be part of Scuderia's sponsors. Following the splits, the logos of both these companies will be removed from Ferrari's partner list for the 2023 Formula One Championship.

The end of the partnership has also resulted in heavy losses for the racing team. The Italian squad has to bear losses of around $55 million.

## Teams cutting ties with crypto firms

It is not the first time an [F1 team](/news/article/formula-one-teams-crypto) has ended its partnership with a crypto company. Various automakers are also hesitant to work with blockchain firms. 

Earlier, Mercedes withdrew from its deal with the cryptocurrency exchange FTX. It was after the exchange filed for Chapter 11 bankruptcy. Red Bull's racing team also ended its association with the Tezos Foundation because of the misalignment of strategies between the two firms. 

Web3 projects and crypto firms have been a part of sports events for some time. Crypto.com was also one of the sponsors of the [2022 FIFA World Cup](/news/article/cronos-crypto-falls-flat-world-cup), but it gained little traction from the partnership. The market going through a crypto winter may affect these partnerships, further aggravating the bear run.


red image of Velas Scuderia Ferrari with crypto coins bordering

F1 Ferrari Team Breaks Ties with Crypto Firm

[CoralCube](https://coralcube.io/), an innovative Solana NFT aggregator and AMM DEX platform, is revolutionizing how investors and collectors transact and purchase NFTs. 

## CoralCube: What is it?

CoralCube is a decentralized NFT marketplace that gives users access to various trading alternatives. These include auctions, spot trades, derivatives, and a safe and simple way to buy and sell digital artwork, collectibles, and other [non-fungible tokens (NFTs)](/news/article/moonray-nft-gaming-platform).

With its intuitive user interface, secure trading environment, and advanced features, this NFT marketplace is quickly becoming the go-to platform for experienced investors and casual collectors. 

## Recent updates on the CoralCube marketplace

According to a [recent tweet on its official Twitter handle](https://twitter.com/coralcubenft/status/1595494147497988096?t=kIiHc-K_9_rNXpYkMWXULQ&s=19), CoralCube has implemented an Automated Market Maker (AMM)-based DEX "with 13 launch partners" - the tweet reads in part.

The traditional order book is assumed to be changed by liquidity pools which are already funded on-chain for both assets in the trading pair in an AMM-based decentralized exchange.
  
![coralcube1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coralcube1_6db2b10310.png)

By doing this, liquidity (primarily on Solana) is provided by other users who also receive trading fees on their deposits based on the chunk of the liquidity pool they contribute.

## CoralCube: How it works

Getting started with CoralCube NFTs is simple. First, users must create an account on the platform and complete the necessary verification process. Once the account is open, users can begin searching for NFTs to purchase. They can also create their own NFTs and manage them on the platform.

## Features and functions

•	CoralCube is a decentralized, non-custodial NFT platform. NFT producers and collectors can trade NFTs straight from their wallets because it is a "non-custodial" platform. This means they always have full ownership and control of their wallets and NFTs. As a non-custodial platform that uses smart contracts to facilitate any NFT transaction, this eliminates the need for third parties.

•	Additionally, CoralCube provides a safe escrow system to ensure that transactions are carried out securely.

•	An intuitive user interface that makes it easy for users to quickly find the perfect asset for their collections.

•	Its advanced search and filtering capabilities.

•	Transactions are also transparent and can be tracked by anyone on the blockchain.

•	Other features include auctions, classifieds, and P2P transactions. These features provide a wealth of options for users to buy, sell, or trade their NFTs.

## Top collections on CoralCube

There are several NFTs, including collectibles, gaming assets, art, and music, that users can access on the marketplace. 

![coralcube2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coralcube2_980b98e76a.png)
  
On [CoralCube's official website](https://coralcube.io/), the current trading dashboard of NFT collections by 24-hour volume shows that y00ts is at the top of the list with a floor price of 157.99 SOL.

![coralcube3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coralcube3_2a79983b30.png)
  
However, users can create their own NFTs and manage them in the space, with access to a wide range of NFTs from various sources. 

CoralCube is designed to be a secure and reliable digital marketplace for making NFT investments. The platform gives users access to various security features, such as two-factor authentication and encryption, to protect their investments.


pink image of coralcube nft solana marketplace

CoralCube: NFT Game Changer

Coinstar is about making buying crypto easier - the company based in the US operates coin-cashing machines. The idea is simple: all you have to do is pour your coins into the machine and it does the rest of the work for you.

After you put the coins in the machine, you have three options:

•	You can get cash which typically has a convenience fee.

•	You can get a no-fee eGift card.

•	You can donate to a charity of your liking.

## Buying crypto with Coinstar made easy

The coin-machine giant is partnering with Coinme to make exchanging [cash for crypto](https://coinme.com/coinstar/) more straightforward. Since crypto has gained popularity in recent times and is only available to purchase online, many people feel left out. 

Coinstar anbd Coinme are doing a phenomenal job at giving people the option to exchange their cash for crypto in three easy steps.

•	First, you need to create a Coinme account and claim your [crypto wallet](/news/article/crypto-wallet-multiple-currencies), which is free.

•	Second, find a Coinstar kiosk near you and buy a crypto voucher for cash at the coin-cashing machine.

•	Finally, redeem your voucher instantly and claim your crypto with Coinme.

## Crypto offered

Of course, since [blockchain technology](/news/article/what-is-blockchain) and crypto have taken the world by storm, you will have a lot of options when you exchange your cash for a crypto voucher. At this time, Coinme offers:

•	Bitcoin

•	Dogecoin

•	Ethereum

•	Litecoin

•	USD Coin.

•	[Chainlink](/news/article/chainlink-staking-to-boost-oracle-security).

•	Polygon

•	Stellar

If you are someone who has thought about or wants to get into the crypto world, this could be your chance in a straightforward way. With this partnership, the two companies, Coinstar and Coinme, are making buying crypto easier and more accessible than ever. Find a kiosk near you today to exchange cash for crypto vouchers and get started.


Coinstar: Buy Crypto with Cash

The governor of the French central bank, Francois Villeroy de Galhau, has called for stricter licensing criteria and requirements for crypto companies operating out of France. His comments come after taking into consideration the current turbulence in the crypto market.

During his speech on 5 January in Paris, the Bank of France governor stated that [France should not wait](/news/article/france-crypto-rules-under-pressure) for the upcoming crypto [laws in the EU](/news/article/eu-crypto-regulation-save-energy) to impose compulsory licensing for local digital asset service providers (DASPs).

The Markets in Crypto Assets Bill (MiCA) by the European Parliament lays out a crypto licensing order not expected to be put into force until 2024.

In a 5 January report from Bloomberg, the governor talks about the country's financial industry, stating that all the chaos in 2022 only points to one thing. That is, France should move to a compulsory licensing of DASPs instead of just a registration as soon as possible.

Presently, all crypto businesses that offer crypto custody and training must only register with the Financial Markets Authority (AMF), the country's market regulator.

## The French central bank governor urges for licensing after MiCA amendment proposed

The push for licensing comes after an amendment was proposed in December by Hervé Maurey, a member of the senate finance commission. The amendment called to eliminate a clause that allows companies to operate without a license.

Currently, the laws in France allow companies to operate without needing a license until 2026. This is to remain the same until MiCA passes a regime that does not allow companies to run unlicensed. 

Considerations regarding the amendment will begin in January in the parliament.

MiCA has been a work in progress for the EU parliament since September 2020. On 10 October, a European Parliament committee passed the [crypto framework](https://cointelegraph.com/news/european-parliament-committee-passes-mica-crypto-framework-in-landslide-vote) on Economic and Monetary Affairs as a result of deliberations between the European Commission, EU Council, and European Parliament.


yellow image of french central bank banque de france

French Central Bank Boss Urges Crypto Licensing

Silvergate bank declared on Thursday that it would fire at least 200 employees besides halting plans to develop a blockchain payments network. The drastic action is a consequence of its association with the recent [FTX fiasco](/news/article/ftx-bankrupt-who-to-blame). 

A Wall Street Journal (WSJ) [report](https://www.wsj.com/articles/silvergate-raced-to-cover-8-1-billion-in-withdrawals-during-crypto-meltdown-11672895207) stated that the crypto-focused Silvergate Capital Corp experienced a surge in withdrawals following the collapse of FTX. Consequently, the bank was forced to liquidate $5.2 billion in digital assets it held on its balance sheet leading to losses amounting to $718, which exceeded its cumulative profit since 2013.

## Silvergate Bank sells assets at steep loss

A corresponding 68% decline in deposits during Q4 2022 saw Silvergate's $11.9 billion deposits slashed to a paltry $3.8 billion on 31 December. The bank has been forced to downsize its workforce and sell off its assets at a steep loss to try and rein in costs amidst the ongoing industry downturn. 

The downfall of Sam Bankman-Fried’s FTX, once the world’s second-largest cryptocurrency trading platform, and his subsequent arrest in the Bahamas and [extradition to the USU](/news/article/sbf-agrees-to-return-to-us-for-fraud-charges) has rattled parts of the banking industry.

The events rippling across the budding sector have eroded some people's confidence in crypto platforms. Silvergate bank is among the institutions bearing the brunt. Crypto brokerage Genesis also seems to have 'caught a similar cold’ as it [announced](https://www.bloomberg.com/news/articles/2023-01-05/crypto-brokerage-genesis-eliminates-30-of-staff-in-latest-cuts?srnd=premium) on Thursday of plans to let go more than 60 employees representing at least 30% of its workforce.

## Bullish on crypto

The setbacks suffered by Silvergate haven't gone unnoticed by US regulators, with three Senators asking for more information in a letter addressed to the bank last December asking about the extent of customer losses as FTX went under.

The [letter](https://www.warren.senate.gov/imo/media/doc/Letter to Regulators re Banking System Exposure to Crypto.pdf) hints that there may have been a lapse in Silvergate’s capacity to monitor and report suspicious activity. The bank played a significant role in assisting FTX in transferring customer funds to Alameda. 

Despite the preceding, Silvergate has remained bullish on digital assets and claims to have sufficient funding to manage a "sustained period of transformation".

The bank [stated](https://www.businesswire.com/news/home/20230104005963/en/Silvergate-Announces-Select-Preliminary-Fourth-Quarter-2022-Financial-Metrics-and-Provides-Business-Update): “While Silvergate is taking decisive action to navigate the current environment, its mission has not changed. Silvergate believes in the digital asset industry.”

Silvergate bank said it remained committed to crypto and its recent moves were necessary to survive a tumultuous phase in the crypto economy.


red image of silvergate bank building with dollars falling

Silvergate Bank Loses $718m in Asset Sell-Off

Launched in July 2020, [Anyswap](https://anyswap.exchange/#/dashboard) is a fully distributed protocol that allows you to swap tokens from various platforms. This protocol entered the DeFi space and facilitated cross-token exchange and trading, obtaining strength from its ECDSA Signature Support.

It can efficiently manage the token flow between various blockchains. Most cryptocurrencies, including XRP, [Litecoin](/coins/ltc), and Tether, use Anyswap. It’s also backed by Fusion’s Decentralized Control Rights Management (DRCM) technology.

## What makes it unique?

The Fusion Network powering Anyswap uses private key sharding: splitting the private key into several pieces. Various network nodes manage these parts to ensure that your assets are safe. Also, they are never mixed during trading or exchange to boost asset security further. Here are some other features of the platform that make it unique:

•	Open-source smart contracts that enhance security using individual audits.

•	Can help verify if a platform is decentralized.

•	Allows users to exchange cryptocurrencies instantly.

Not only this, ANY token holders can determine which coins they want to list on the Anyswap DEX, its decentralized exchange.

## ANY coins in circulation

In terms of the maximum possible supply, ANY cannot exceed 100 million. Currently, there are more than 17 million ANY coins in circulation. Initially, this was 15 million, including 5 million as a part of the liquidity provision when the platform launched. The remaining 10 million coins were earmarked for the community, to improve its user base.

## ANY price live data

The live price today, December 9, 2022, is $4.32, with a 24-hour trading volume of $486,218. ANY price keeps changing in real time: it’s up by 5.9% in the last 24 hours. [You can track the changing rate of Anyswap here](https://www.coingecko.com/en/coins/anyswap). ANY has a circulating supply of 0 ANY coins and a total supply of 99.7 million. The all-time highest price for Anyswap is $33.66, as noted on January 14, 2022. Its lowest value was $0.116838 on January 22, 2021.

## ANY trading

It is based on the Ethereum blockchain and supports all ERC-20 tokens. You can buy ANY coins through exchange platforms like Hotbit, 1inch, and SushiSwap. Some other platforms where you can trade Anyswap are PancakeSwap (v2), Uniswap (v2), and SpookySwap. Here are some popular Anyswap trading pairs in the market:

•	ANY/USD.

•	ANY/CAD.

•	ANY/AUD.

•	ANY/GBP.

•	ANY/INR.

•	ANY/PHP.


blue image of anyswap logo and people trading on a laptop

What is Anyswap? 

IT and blockchain solutions firm Core Scientific has shut down 37,000 crypto mining rigs it had hosted for Celsius, a cryptocurrency lender. The two companies came to this mutual agreement because Celsius had [gone bankrupt](/news/article/celsius-bankruptcy-protection), and it could no longer afford the massive mining rig farm.

Core Scientific first brought up this complaint in October when it [claimed](https://cases.stretto.com/public/x191/11749/PLEADINGS/1174910202280000000005.pdf) that Celsius had not been keeping up with its due bill payments. The IT firm still managed to hold on to its initial hosting contract for a further two-month period, but eventually filed a motion to cancel the contract between the two companies on 28 December.

According to the information brought up in the court, holding on to the contract was neglecting Core Scientific of about $2 million per month in potential revenue. 

Furthermore, Core Scientific claimed to have covered around $7 million in bills left unpaid by Celsius, but it couldn't "shoulder the burden of Celsius’ unpaid costs” anymore. The rising energy costs due to the ongoing Russia-Ukraine crisis also played a role in Core Scientific’s decision.

Finally, the mining rigs, all 37,000 of them, were shut down on 3 January, 2023, with no plans of restarting them any time soon.

## But why hasn’t Celsius been able to pay its bills?

A few months ago, Celsius filed for bankruptcy; hence, it couldn't afford to pay for the 37,000 mining rigs. The main reason behind the firm's bankruptcy was the downfall of the crypto market itself, as it was tightly correlated with Celsius' business model.

When your main course of business relies on lending cryptocurrency to others on highly lenient loan terms, you’re bound to get hit hard if the value of those cryptocurrencies plummets. That’s exactly what happened to Celsius. With the [crypto market crash](/news/article/crypto-crash) in 2022, along with the entire [Terra Luna debacle](/news/article/terra-luna-collapse), it would’ve taken a miracle for Celsius to have survived.

## A bad year for miners!

2022 served as a horrendous year for the crypto industry, especially for miners. Along with the market crash of major cryptocurrencies, the Russia-Ukraine crisis has also led to increased power costs. Both of these reasons combined have led many crypto miners to lose significant value in their share price.


red image of core scientific ceo and closed sign

Core Scientific Shuts Celsius Mining Rigs 

United States financial regulators have issued their first-ever combined warning to banks regarding cryptocurrency risks and the potential dangers of crypto markets and digital assets.

The regulators warned the financial institutions to guard against fraud, legal uncertainty, and deceptive disclosures by digital asset companies. [A notice was also sent to banks over the "contagion risk" posed by the sector](https://www.bbc.com/news/business-64159452).

It comes less than two months after the trading platform FTX went offline, which sent shockwaves across the cryptocurrency market. The joint statement from the Federal Reserve and Federal Deposit Insurance Corporation, alongside the Office of the Comptroller of the Currency, stated that they were closely watching the activity of banking organizations regarding cryptocurrencies.

According to the statement, "The events of the previous year have been characterized by high volatility and the exposing of weaknesses in the crypto-asset industry."

The authorities also stated that it was "very likely inconsistent with safe and sound banking procedures" to issue or hold tokens stored on public, decentralized networks.

## US regulators issue warning to banks on cryptocurrency risks

In addition, banks were encouraged to take action to prevent issues in the digital asset market from spreading to the broader financial system.

"Risks associated with the crypto-asset sector that cannot be mitigated or managed mustn't move to the financial system," it continued.

"The banking system is not a suitable environment for these risks."

The statement released on Tuesday follows several months of reluctance by watchdogs of the US financial industry to publish universal recommendations on cryptocurrencies, even though institutions have requested clearer advice from authorities.

[The failure of the FTX exchange](/news/article/is-crypto-dead) in November sent shockwaves through the sector. It was the second-largest cryptocurrency exchange in the world, serving as the gateway for millions of consumers to enter the market for digital assets.


sign pointing to safe or risky over red image of american flag and cryptocurrency coins

Cryptocurrency Risks Warning Issued to US Banks

On 15 September, 2022, South Korean prosecutors announced they had requested the international crime agency Interpol to issue Terra Labs co-founder Do Kwon a [red notice](https://www.coindesk.com/business/2022/09/26/interpol-issues-red-notice-for-do-kwon-report/).

The red notice is an international call to arms for all law enforcement agencies to locate and apprehend a person for extradition or similar legal actions.

Putting Do Kwon on the list makes him a man of interest to all law enforcement agencies anywhere in the world, making it difficult for him to hide.

On 19 September, South Korean prosecutors put out an arrest warrant for Kwon. This comes after they launched an investigation into Kwon and some associates at TerraLab after the fall of Terra Luna, which caused investors to lose $60 billion.

## Why was the red notice issued?

According to South Korean prosecutors, reaching out to Interpol for help was a reaction to the TerraLab co-founder's lack of cooperation with the investigation launched after the disastrous collapse of Luna.

## Do Kwon red notice 'hoax'?

Through all of this, Kwon has maintained that the red notice is an elaborate hoax. According to Kwon, the red notice is disputed since he hasn't received any official message.

It isn't only him who thinks this way. Some people also believe the Do Kwon red notice might just be South Korea's way of putting a target on Kwon's back.

## Where is Do Kwon now?

In the months since South Korean prosecutors asked Interpol to put Do Kwon on the infamous red list, the wanted co-founder has been nowhere to be found. Ironically, Do Kwon has made several tweets debunking the allegations that he is on the run and in hiding.

South Korean prosecutors have, however, maintained that Do Kwon has refused to make himself available to face the charges levelled against him in his home country.

Although Do Kwon was said to be in Dubai in October, no one has been able to confirm his whereabouts despite him being a guest on several podcasts. That was until 11 December, when it came to light that [Do Kwon had moved to Serbia](/news/article/do-kwon-hiding-in-serbia) from Dubai. The South Korean authorities are now in talks with Serbia's law enforcement agencies to gain cooperation in apprehending Kwon.



red notice mark on image of Do Kwon, Terraform labs founder. 

Do Kwon Red Notice Explained

Coinmama is one of the oldest crypto exchanges around, having launched in 2013. It was among the first to allow users to purchase popular crypto assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) using a VISA or Mastercard credit/debit card.

While Coinmama claims to be the "world's friendliest crypto exchange", how easy to use is the platform? Is the cryptocurrency exchange safe? What is the registration process? What is the fee structure?

## Is Coinmama safe?

With all that has transpired with the [FTX ecosystem](/news/article/ftx-vs-binance-liquidate-funds) in 2022, crypto users expect the safety of funds when on an exchange more than anything. If you aren’t aware of what happened (gosh, you need to read the news!), [$1-2B of customer funds have gone missing](https://nypost.com/2022/11/12/ftx-clients-out-up-to-2-billion-after-crypto-collapse-reports/). It is alleged that ex-CEO Sam Bankman-Fried moved around $10B of customer funds into Alameda Research.

First things first, ALWAYS store your [assets in a hardware wallet](/news/article/cryptocurrency-hardware-wallet). If you can’t afford a hardware wallet, turn to a trusted desktop, mobile, or paper (highly-recommended) wallet. While funds stored/kept on an exchange are yours, they are technically in the custody of the exchange and subject to potential risk and attacks.

Now, getting back to Coinmama - the platform has your back. The primary parent company behind the exchange, New Bit Ventures Ltd. (the other being Cmama Ltd.), is registered with the US Department of Treasury Financial Crimes Enforcement Network. This essentially means that the US Department of the Treasury can ensure Coinmama customers do not use the platform for financial wrongdoings such as money laundering.

Additionally, the exchange uses military-grade data encryption technology and does not store your credit/debit card details on the platform. To substantiate my claim, the platform suffered an attempted hack on 15 February, 2019. While the hackers accessed some email addresses and passwords, they couldn't latch onto and misuse user funds. The exchange simply instructed users to change their passwords - end of the story.

The cryptocurrency exchange does not store user funds on the platform either. All purchased funds are sent to a user-provided crypto wallet immediately. Last but not least, account verification adds an added layer of security. We will explore this in the next section.

These factors contribute to Coinmama being one of the safest and most trusted cryptocurrency exchanges in the business.

## Coinmama registration process

The registration process at [the cryptocurrency exchange](/news/article/huobi-exchange-who-owns-it) is fairly simple.

![coinmama 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_1_0b0b1be485.png)
  
As illustrated above, to register at the cryptocurrency exchange, enter your email address, create a password, select your country and state of residence, and click on the Create Account button. Of course, if you want the latest information regarding discounts, promotions, and updates, tick the applicable box.

You'll be redirected to another page that asks for your personal details.

![coinmama2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama2_16451e1f4b.png)
  
Enter your full name, select your date of birth, and identify your gender (they should include more options, shouldn’t they? All in for #inclusivity). Click on the Next button when done.

![coinmama3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama3_5086da684b.png)
 
Now, you must select your country and state of residence (once again), enter your residential address, including your city and zip code, and input your phone number. You can then click on the Next button.

![coinmama 4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_4_647e2695e3.png)
  
We now come to the final and arguably most important step - identity verification. Coinmama requires you to verify your identity via a government-issued ID, click on a link they send you to confirm your email address, and verify your physical identity via a photo check (you will require a mobile phone with a working camera for this step). To begin the final stage of the verification process, click on the Let's Go button.

![coinmama 5.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_5_a2da5f23ae.png)
  
To further help you in this process, the above image is what the email verification procedure will look like. Click on the Confirm Your Email button to, well, confirm your email address.

Once identity is confirmed, you can take advantage of the features on offer at the cryptocurrency exchange. You should remember that the entire verification process may take up to six hours.

## Coinmama features: cryptocurrencies, payment methods, loyalty program, and fees

At the time of writing, the crypto trading platform allows you to purchase 16 cryptocurrencies. These include BTC, ETH, LTC, XRP, Ethereum Classic (ETC), Bitcoin Cash (BCH), Dogecoin (DOGE), Aave (AAVE), Chainlink (LINK), and Compound (COMP).
 You can instantly purchase these cryptocurrencies with a VISA/Mastercard credit or debit card or via a bank transfer. Apple Pay, Google Pay, Skrill, and SEPA payments are available for the same. You can start with just $50. 

![coinmama 6.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_6_6f7630fac7.png)

Additionally, [the trading platform](/news/article/tradingview-uk-101) allows you to sell BTC and receive money directly into your bank account. Simply enter the amount of BTC you want to sell, receive a quote for the same (with the current market price), fill in your bank details, and you will receive money in your bank account quickly and easily. There are no hidden fees for the same (we will explore the fee structure shortly).

Currently, Coinmama allows users to transact up to $15,000 in buy and sell transactions in a single day, with 24/7 access to their account and dedicated customer support.

### Fees

Fees are on the higher side. Here is the fee structure at Coinmama:

•	A commission fee of up to 3.81% on purchasing cryptocurrencies.

•	An additional 5% express fee if you use a credit/debit card. A bank transfer does not incur this fee.

•	Cryptocurrency trading incurs a 2% fee, along with an indexed market rate.

•	If you choose to sell BTC, you will incur a straight fee of 0.9% of your selling amount.

•	The withdrawal fee for selling other cryptocurrencies depends on your Coinmama Loyalty Level. Curious members are charged 1.9%, Enthusiast members must pay 1.4%, and Believer members incur a fee of 0.9%.

The high fee structure at Coinmama means that you should be extra cautious while purchasing, trading, and withdrawing cryptocurrencies. Do your own research, strictly follow market trends, learn all you can about crypto fundamentals, and only engage in a particular trading activity if you are sure of it. Otherwise, you may waste a significant chunk of your investment/investments on fees alone.

## Conclusion: is Coinmama a good crypto exchange?

Coinmama is safe and compliant and offers a few interesting features. That said, compared to [market leaders such as Binance](/news/article/bnb-chain-security-system) and Coinbase, the number of cryptocurrencies on offer and features are on the lower side. Additionally, the fee structure is very high. On a concluding note, I feel Coinmama is a good platform for those who are new to the industry, owing to its safety and ease of use.

#### Rating: 8/10


green crypto altcoins on black background with coinmama logo overlayed

Coinmama: A Good Crypto Exchange?

Cameron Winklevoss, co-founder of crypto exchange Gemini Trust Co with his twin brother, accused CEO of Digital Currency Group Barry Silbert of "bad faith stall tactics" on Monday and demanded that he commit to settling $900 million in disputed client assets by 8 January.

## Winklevoss says Genesis owes more than $900 million

In partnership with DCG's crypto company [Genesis](/news/article/genesis-brokers-owes-gemini), Gemini offers a crypto financing product called Earn. Following the bankruptcy of major cryptocurrency exchange [FTX](/news/article/is-crypto-dead) in November, [they froze customer withdrawals](https://www.reuters.com/technology/crypto-broker-genesis-suspend-redemptions-new-loan-originations-tweet-2022-11-16/). 

Winklevoss stated that Genesis owed about $900 million to around 340,000 Earn investors and that he had been attempting to achieve a "consensual resolution" with Silbert for the previous six weeks. 

"Over the past six weeks, we have done all we can to engage with you in good faith and collaboratively in an attempt to seek a consensual settlement for you to return the $900 million that you owe while also assisting you in the preservation of your business," Winklevoss said in his letter. "However, it is now evident that you have been using deceptive delay tactics. 

## Winkelvoss's open letter to Silbert and his response

"However, it is now evident that you have been participating in bad faith delay tactics," Winklevoss stated in a Twitter https://twitter.com/cameron/status/1609913051427524608?s=20&t=belP_IbOFb4yt9f9xIG4Aw to Silbert. "We are asking you to commit to collaborating to fix this problem by 8 January, 2023," he continued.

The letter should have specified what would happen if an agreement with Silbert was reached by 8 January. Winklevoss responded that DCG owed Genesis $1.675 billion, which Genesis owed to Earn users and other creditors, adding that "this disaster is all of your inventions".

In a [tweet](https://twitter.com/BarrySilbert/status/1609926715454771200), Silbert stated that DCG had not borrowed $1.675 billion from Genesis. In his opinion, DCG has never missed an interest payment to Genesis. 

It has no loans outstanding, adding that on 29 December, DCG delivered a proposal to Genesis and Winklevoss' counsel and has yet to get a response.

Genesis said in a letter to clients on [7 December](https://www.reuters.com/technology/crypto-lender-genesis-tells-clients-it-is-working-preserve-their-assets-2022-12-07/) that it was trying to safeguard client assets and increase liquidity, but that it would take weeks rather than days to develop a plan.


red image oc cameron winklevoss with genesis logo

Winklevoss Claims Genesis Owes Earn Investors

The need for alternative forms of payment has never been greater. The rise of Web3 payment solutions, like Kasta crypto, proves this need is more than just a passing trend.

The Web3 payment provider Kasta was developed to expedite the adoption of decentralisation while providing a viable medium of digital exchange.

Built on the Polygon network, Kasta crypto is an [ERC-20](https://en.wikipedia.org/wiki/Ethereum#ERC20) token allowing holders to send and receive the same coins instantly and for free. This simplicity and ease of use will make the platform a hit in the digital revolution.

## Simple yet powerful

The project has been designed with simplicity in mind, making the transfer of digital assets safe and convenient. Holders can send tokens via mobile number or by simply scanning the QR code. Using crypto has never been easier.

At its core, the project is a basic wallet application with various features encouraging everyday use. This accessibility means anyone can quickly learn to use the platform for their own benefit.

The application is a powerful all-in-one wallet allowing even the most novice crypto users to enter the Web3 world. While the platform only supports eight coins so far, they include some of the most popular tokens on the market.

## Easy Swap

The platform's native token is the [$KASTA coin](https://coinmarketcap.com/currencies/kasta/markets/) which is currently available at a wide variety of exchanges, including Gate.io, UniSwap, and ByBit.
With a current circulating supply of 129 million priced at $0.0266 per coin, the total market cap is $3.4 million.

The 'Easy Swap Engine' allows holders to choose which token to receive, regardless of the coin sent. For example, should a friend send Bitcoin, you can simply change your settings to ensure that all crypto is received in Ethereum.

Kasta crypto token forms the backbone of the application, and, alongside P2P payments, it will soon be used for several other purposes.

## Future of Kasta

This project is a shining example of a P2P payment processor and is leading the way in blockchain adoption and Web3 development. The company has ambitious plans for the future, with many features currently in the pipeline. 

In the near term, users will be able to earn passive income by taking advantage of various yield-generating opportunities via the mobile app. Furthermore, platform users will also be able to apply for a debit card, allowing them to spend their crypto holdings in a wide variety of merchant stores. 

Lastly, all application users will be able to choose to stake their idle crypto and earn passive income.

With countries like Nigeria pushing their citizens to adopt [distributed solutions](/news/article/paybis-rewards-customers), the future of cross-border payments is about to change. Applications like Kasta crypto are at the cutting edge of the decentralised revolution and will form the backbone of the future society.


Kasta Crypto - Changing Thinking on Money

Are emissions from the crypto industry a global issue?

The worldwide energy market has been in turmoil for many years. Several European countries, the United States, China, India, and South Korea, are among those worst hit by the ongoing energy crisis. This crisis is a culmination of several issues, the chief of which is the sharp reduction in the use of oil and electricity during the early stages of the [COVID-19 pandemic](/news/article/omicron-variant-crypto).

This led oil and gas companies to limit the production of these resources. However, these companies did not anticipate the global market to recover so quickly from the pandemic. Factor in the Russia-Ukraine War, climate change, greenflation, and geopolitics, and we are in the middle of an unprecedented energy crisis. You must be thinking, what is this to do with cryptocurrencies and crypto emissions?

## Crypto emissions from crypto mining are a problem

Today’s total crypto market cap [is nearly $800B](https://www.tradingview.com/symbols/TOTAL/). Yes, billion. The most popular cryptocurrency, Bitcoin (BTC), boasts a market cap that is almost 40% of the market's total value! BTC is one among [19k+ potential cryptocurrencies](https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/) generated on the Proof of Work (PoW) consensus mechanism.

This 'generation' takes place through crypto mining, a costly, time-consuming, energy-consuming, and rewarding (potentially) process. It involves sophisticated hardware and solving complicated computational maths problems. The 'energy-consuming' component of cryptocurrency mining is the real problem.

Crypto mining consumes an ENORMOUS amount of energy. The annualised consumption of [BTC alone is 88.87 TWh](https://ccaf.io/cbeci/index), with an upper limit of 125.93 TWh! That is around 10% of the [total energy consumption of countries](https://worldpopulationreview.com/country-rankings/energy-consumption-by-country) like South Korea, Brazil, Germany, and Canada, and much more than Austria as a whole! Now that we have established the amount of energy Bitcoin alone consumes through [Bitcoin mining](/news/article/free-bitcoin-mining), imagine the total energy consumption of all cryptocurrencies.

Also, imagine the massive carbon footprint of crypto. Now that is what is hurting the climate.

## The carbon footprint of crypto emissions

Earlier this year, Ethereum too was a PoW chain. However, the change from PoW to the consensus mechanism of Proof of Stake (PoS), [The Merge](/news/article/the-merge-ethereum-nft-impact), on 15 September, 2022, led to a reduction in energy consumption [by nearly 99.95%](https://ethereum.org/en/upgrades/merge/)!

Unfortunately, a move to the PoS model is not viable for Bitcoin. Bitcoin serves as a store of value, much like traditional assets such as gold and silver, and has fundamentals enabling the decentralisation of the chain securely. Moving to the PoS mechanism would undermine the very purpose of the crypto asset and would not be permitted by the Bitcoin mining community anyway. The six largest Bitcoin mining pools [control nearly 95% of the resources](https://definoobs.com/will-bitcoin-move-to-proof-of-stake/) on the chain–the irony!

Let us talk numbers. What impact do crypto emissions led by BTC really have on the environment? Bitcoin's carbon footprint increased a mammoth [126 times between 2016 and 2021](https://www.eco-business.com/news/bitcoin-minings-carbon-footprint-swelled-126-times-in-just-five-years-study/). During this duration, Bitcoin-led crypto emissions caused global climate damages worth an estimated $12B. According to Benjamin Jones, University of New Mexico Assistant Professor of Economics,

*“We find no evidence that Bitcoin mining is becoming more sustainable over time.”*

According to him, Bitcoin-led crypto mining is becoming “dirtier” and even more “damaging to the climate”. In 2021 alone, Bitcoin-caused crypto emissions resulted in 113 metric tonnes of carbon dioxide on average, PER COIN MINED. If we assume one metric tonne of carbon dioxide causes $100 worth of climate damage, each BTC mined led to $11.3k worth of environmental damage (researchers used similar figures). Ouch.

As long as non-renewable resources like coal are used to fuel crypto mining operations, crypto emissions will be a climate problem and an ever-growing one. So is a change to PoS for all PoW chains the answer to reducing crypto emissions for other cryptocurrencies? Changing from one consensus mechanism to another is not easy. 

It is a very time-consuming and complicated procedure.

To put it into perspective, the original date for 'The Merge' was January 2020! The Ethereum community waited more than two years for the change.

Ethereum is backed by the strongest community in crypto and boasts of some of the best talents, led by the charismatic and brilliant Vitalik Bueterin. A change to PoS is not the solution. While cryptocurrencies of the future should look away from the PoW model, for current PoW chains, the solution is a move to green mining. This will help drastically reduce crypto’s carbon footprint.

## A move to green mining will help address the issue of crypto emissions

I'd be lying if I said there are no mining rigs that have turned to green energy sources for crypto mining. Texas, for example, produces the most [renewable energy](/news/article/crypto-mining-farms) in the US, powered by solar and wind farms. A crypto mining data centre in West Texas, called [HODL Ranch](https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-in-clean-crypto/?sh=268943ff34ce), is taking full advantage of the ferocious gusts in the region and mining BTC at the cost of just $2,000 per coin! On today's market, that is a profit of over $14,000 per coin. Insane.

Crusoe Energy Systems has raised $250M to mine Bitcoin in states including Texas, New Mexico, and Dakota. 

This green mining gamble will be fuelled by natural gas that would have either been flared or burnt off. The Scrubgrass Generating power plant in Pennsylvania combusts gob (coal waste) to mine Bitcoin, earning significantly more from mining than selling to the power grid–nearly 15 times more. These are just a few examples from the US.

Several players all over the globe are [turning to green mining](/news/article/norway-bitcoin-mining) to reduce crypto emissions or maximising existing waste to good effect. The problem is that at the current rate of carbon emissions per BTC mined, the green mining initiative of today just is not enough. We need a more drastic change soon.

The fact is that the above-listed 'organisations' can afford to use green energy or combust waste material. Other crypto and Bitcoin miners will always choose the cheapest available fuel source. Dirty fuels like coal will remain cheap for the foreseeable future, and this will prohibit a green revolution.

Banning crypto mining will not solve the issue either. [China banned cryptocurrency mining](https://techstory.in/china-bans-crypto-mining-due-to-huge-power-consumption/) last year, leading to miners fleeing to countries such as the US and Kazakhstan, where they sourced energy for mining from coal power and gas. We have to enforce a change for the betterment of the climate.

It is no longer why but how. How do we enforce a global green mining revolution? How soon can we significantly reduce crypto emissions? We are harming the environment by the day. It is time for the cryptoverse to stand as one and work towards a common goal - a green planet.


image of emissions with cryptocurrency falling from sky

Crypto Emissions: A Growing Climate Problem?

So, Elon Musk finally put pen to paper and bought Twitter. This is probably the highest-profile business deal of 2022.

Long regarded as 'broken', Twitter had fallen into a bad place under previous CEO and founder Jack Dorsey. Users regularly complained of too much spam, counterfeit accounts, and automated reply bots making the platform impossible to use, especially in a business context.

And so, Elon Musk decided to step into the fray with an audacious $44 billion bid. Although initially rejected, it was finally inked on 27 October. 

Let's look at what motivated the Twitter Elon Musk purchase, and what the future may hold for the much-maligned platform.

## Twitter Elon Musk deal

Twitter currently has around 450 million monthly users, with some 237.8 million 'monetizable' daily users. The USA is its most prolific market. Around 24% of all US adults (79m) have accounts, with 40% of all Twitter users aged between 18 and 29, [according to research](https://blog.hubspot.com/marketing/twitter-vs-facebook).

Facebook remains the world's largest social networking site, based on user engagement. Twitter languishes at the bottom of a long list, below even the freeware instant messaging app Kik.

This massive user base with declining engagement goes some way to explain Musk's motivation and desire to transform Twitter into the '[de facto public town square](https://twitter.com/elonmusk/status/1507777261654605828)'.

## Rock solid

Elon Musk is a prolific Tweeter. His average of 16.8 tweets a week compares to the 11.55 from 'similar accounts' (presumably CEOs with large social media presence). Frequent use of the platform may explain the desire behind the Twitter Elon Musk deal, alongside wanting to, in his words, 'help humanity'.

In the three weeks after the deal completed, as promised, a lot happened. First, Musk has committed to firing much of the workforce, with the remaining employees encouraged to quickly 'build and launch new products'.
Secondly, Musk removed the requirement that users validate their accounts in return for the blue check mark. 

Instead, users can purchase this authentication for a monthly fee of $7.99. This encountered myriad problems and, consequently, Musk postponed the rollout until 29 November to 'make sure it is rock solid'.

## Monetization

This may give us an indication of where Twitter could head in the not-too-distant future. The monetization of social media platforms is a hot topic, with many viewing it as an [inevitable step in developing the medium](https://www.disciplemedia.com/community-monetizations/social-media-monetization/).

It is well known that Elon Musk has a strong association with the popular cryptocurrency Dogecoin. Indeed, other than buying a brand-new Tesla, [Dogecoin](/news/article/should-i-buy-dogecoin) is now accepted by a growing number of online and in-store merchants, including GameStop, AMC Theatres, and Twitch. With this information in mind, many believe it has become only a matter of time before Twitter becomes monetized.

Social media monetization has been widely discussed in recent years. It is a concept that spans a wide variety of formats depending on the platform, use case, and audience. Monetization is a huge area and would signify a step change for the industry.

## Micropayments

The potential for users to generate income from their content or producers and suppliers of goods and services to utilise an inbuilt platform payment system has [fascinated the crypto world](https://futuristspeaker.com/business-trends/the-emerging-crypto-micropayments-industry/) for many years.

However, for this to become a reality, platforms like Twitter and Facebook need the right micropayment processor for their needs. When you are processing thousands of transactions per minute, it is essential that you not only have the network capability to handle that amount of traffic, but it is also imperative that transaction fees are kept to a minimum.

With this in mind, the close relationship between Twitter, Elon Musk, and [Dogecoin](/news/article/dogecoin-to-gbp) becomes a little clearer. It points a clear path toward the future for both social media and distributed ledger technology.



blue image of the twitter homepage with elon musk standing, arms folded in the foreground. The image represents his acquisition of Twitter

Twitter Elon Musk Acquisition: What Now?

[Nexo](https://nexo.io/) is a blockchain-based ecosystem providing instant crypto loans, supporting more than 20 currencies, including the most prominent like Bitcoin and Ethereum. The platform promotes the seamless acquisition of crypto loans in fiat money without relying on credit score history. It allows users to deposit supported crypto tokens into its blockchain's wallets and then proceed to receive their cash-based loans.

## Next crypto legitimacy

To its credit, Nexo is backed by Credissimo, a fintech team with millions of users and customers. The development team possesses decades of rich experience built on delivering instant customer loans, online payment services, and e-commerce financing. Credissimo seeks to revolve its functionality in digital assets through its modern technology. 

While other projects get stuck battling the scrutiny of regulatory bodies and solid public caution, Nexo crypto is free of worries. The Credissimo team runs under bold supervision from multiple European financial and banking services authorities. It's undoubtedly a legit platform with over four million clients.

## Goals in the crypto world

The base ambition driving the Nexo crypto project is to solve the most pressing problems identified by its developers in the financial industry.

Nexo wants to eliminate the idle state of digital assets, particularly with the proliferation of cryptos. As the mainstreaming of cryptocurrencies is ongoing, early adopters of this technology have accumulated enormous wealth. The developers are looking to touch base with investors, people in business, and non-professional users to let them tap into this wealth. Due to a lack of regulations and inadequate tech infrastructure, the accumulated idle wealth isn't beneficial. With Nexo, users hold crypto assets and secure access to cash in fiat currencies like USD.

Liquidating digital assets is tiresome and Nexo cuts down the process with readily available cash. While there are numerous crypto exchanges, each platform comes with unique requirements that vary drastically across these platforms. Furthermore, their withdrawal limits and slow procedures are unsuitable in a digital economy. Nexo seeks to eradicate these issues, giving more agility for seizing investment asset opportunities and accessing liquidity in less time.

Nexo frees users from the pressure of selling digital assets for fiat. Users profit from future prices tied to digital assets based on time. Crypto loans are an alternative to selling and allow users to keep capital gains while enacting wealth creation activity with their assets.

Fostering transparency and immutability on crypto loans, Nexo crypto loans are deployed on smart contracts in blockchain architecture. Users' funds are held in cold multi-signature wallets with verified custody standards through digital security companies; in this case, it's BitGo. In the preceding blockchain protocols' loan transactions, management was in the hands of peer-to-peer platforms relying on questionable legal agreements and often escalated to fraud. 

With Nexo, transactions' legal status is asserted by blockchain technology and further backed by the [Credissimo team](/news/article/what-is-blockchain).

## The Operation Model

Loans are channeled into users' accounts on the same day or the following through bank transfers involving SEPA, ACH, or SWIFT. If you opt for the instant ones, you get paired with the free Nexo card. The recipient's accounts are flexible – they can either be personal or business.

Loan limits are calculated basing the value of a user’s crypto assets. Moreover, additional credit is available with an appreciation of the assets.

Nexo Oracle, the heart of this platform, manages its operation domains which include the following:

•	Network governance.

•	Monitoring assets in real-time.

•	Analyzing data to manage loan distribution and repayment plans.

•	Determining users' loan limits, borrowing costs, collateral, and repayment period.

To establish clients’ credit worth without needing to check bank accounts’ ratings, Nexo Oracle calculates the Loan to Value (LTV) ratio. For instance, a user with 1000 USD in Bitcoin (BTC) gets assessed by Oracle’s algorithm to receive a 50% LTV ratio; the user can only borrow up to 1000 USD as the minimum fiat loan.

## Accessing and repaying Nexo crypto loans

### To get a loan, follow these steps:

1.	Transfer crypto assets into your Nexo account. After completion, the blockchain system initiates a series of validations for the specific asset. Based on the validity evaluation, Oracle determines your loan limit and prepares to issue it.

2.	You then receive an instant loan in fiat currency through your preferred option – a bank account or Nexo card. Again, you are given the freedom to choose which fiat currency to receive your loan. If your asset appreciates, Oracle increases your limit instantly.

3.	To repay your loan, you can choose between bank transfers and crypto. There would be additional discounts if you decided to repay using Nexo tokens. Alternatively, you can partially repay your loan by selling your account's crypto assets.

4.	Cryptocurrency in a Nexo crypto account can be withdrawn either fully or partially as long as you meet the obligatory limit tied to your account balance.

## Nexo crypto token availability

The native token for Nexo is NEXO, which is traded as a restricted security. Other perks include higher loan limits and a 30% profit share for holding NEXO. The total supply at the market cap is set to 1,000,000,000. It is available for trading on crypto exchanges like HitBTC.

## Final thoughts

As the crypto industry rises and sees mass adoption, crypto lending offers an opportunity for a trillion-dollar venture. If you want to unlock assets’ value without giving out ownership, Nexo is the best option.



What is Nexo Crypto?

Millions are searching for the answer to the question, 'is crypto dead?'. This key phrase brings forth millions of results in articles covered by reputable financial news outlets across the globe because of the liquidity issues that have mired the crypto finance industry in November 2022.

The second-largest cryptocurrency exchange, [FTX](/news/article/ftx-bankrupt-who-to-blame), which recorded at least $1 billion in daily volume and trailed only Binance in exchange rankings, filed for Chapter 11 bankruptcy protection in the US on 11 November. Filing for Chapter 11 bankruptcy means that FTX has many creditors who have poured liquidity into the company, but it has taken this step so that it can propose a reorganization plan to keep the business alive and pay creditors over a given period. The Sam Bankman-Fried-led company has seen the freezing of its assets by the Bahamas government, while provisional liquidators chosen by the country's securities have agreed to continue the [bankruptcy proceedings](https://www.cnbc.com/2022/11/22/ftx-lawyer-says-in-first-bankruptcy-hearing-this-is-different-animal.html) in Delaware, US.

Following the collapse of FTX and its bankruptcy filing on 11 November, the total market capitalization of the entire crypto industry plunged by more than $100 billion in 10 days. There was a 13% decrease from 11 November's $840 billion to approximately $728 billion on 21 November. Due to interest in tokens such as Trust Wallet Token (TWT) - which has risen by more than 100% in the last two months due to increased demand for crypto wallets as a result of its self-custody purposes - the markets have made some gains.

It recouped more than $50 billion in the three days towards the close of 24 November, which saw capitalization climb up to $791 billion, data from [Trading View](https://www.tradingview.com/x/4jMz1P1X/) showed. 

![Picture2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture2_36e7999c8f.png)
 
Despite the billions of dollars of liquidity that poured into the market from 21 November to 24 November, the industry had not accounted for the remaining $50 billion that had left the market.

These metrics have become a major cause for concern for many stakeholders in the industry, prompting the question, 'is crypto dead?'. But the roots of FTX's demise were sown 12 months ago.

## Terra Luna's collapse

The seeds for the contemplation of the question 'is crypto dead?' were sown in 2021. This was a period where sophisticated (traders and investors who conduct fundamental and technical analysis before making decisions) and unsophisticated (those who do NOT) saw multiple percentage gains within a short time. 

Cryptocurrencies such as SAFEMOON and meme-inspired digital currencies such as Shiba Inu (SHIB) and Dogecoin (DOGE) brought more than 10,000% gains to their holders. Low-cap digital assets by market capitalization (coins with less than $2 billion in value) were not the only assets to see gains. Medium (digital assets with more than $2 billion but less than $10 billion in market cap) and large (coins and tokens with more than $10 billion in market value) such as Bitcoin (BTC), Ethereum (ETH),

Cardano (ADA), Ripple (XRP), Solana (SOL), Polkadot (DOT), Litecoin (LTC), and Dash (DASH) also brought triple-digital percentage gains to investors.

After the industry reached a peak of $3 trillion in November 2021, the fear of missing out (FOMO) set in. With reports of millions of dollars being made within a short time circulating on pro-crypto news forums and websites across the globe, millions more joined to milk the cow. Unfortunately, whatever goes up also comes down. During the pandemic's peak in March and April, the financial markets were brought to their knees, with BTC trading below $4,000. What followed was a bullish market that saw decentralized finance (DeFi) tokens such as Compound (COMP), Aave (AAVE),

Uniswap (UNI), and Yearn Finance (YFI) lead a turnaround towards the end of 2020. It was that turnaround that led to the record highs achieved by the crypto market in 2021.

At the beginning of 2022, there was the invasion of Ukraine by Russia, and this led to a rise in commodity prices. Industry-wide reports of inflation began circulating online in February and March. This was a time when the roots of bearishness which commenced after the highs in November started showing their branches.

What followed was the increase of interest rates by the Federal Reserve in the US. Millions of people jumped onto the crypto bandwagon, and DeFi especially, because of the above-average returns it promised. Since the US is the financial capital of the world, a rise in interest rates in the country led to a significant spike in interest rates in many developing countries whose citizens rely on crypto for passive income. Many of these residents and some crypto holders in developed economies began dumping the highly volatile asset class for safe and risk-free government bills and bonds that can add three, six, nine, and 12 months of passive income to their regular salaries.

In the middle of May, the shaky market saw the collapse of one of its new major assets in the form of [TerraUSD (UST)](/news/article/terra-luna-collapse), an algorithmic stablecoin that supported the Terra project. As one of the major projects in the industry with more than $30 billion in total value locked (TVL), the collapse of the token wiped more than $40 billion off the market within two weeks. 

As of 24 November, around $2.2 trillion had been wiped off the market since November 2021's highs. Holders of BTC, ETH, ADA, the old Terra (LUNA), and now FTX Token (FTT) have taken the biggest hit. The industry-wide bloodbath was captured by [TradingView](https://www.tradingview.com/x/bcnxPIIH/).

![Picture3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture3_fe5af36b85.png)

## So, is Crypto Dead in 2022?

To outsiders of this broad industry, crypto is on its knees in 2022. Unfortunately for the same outsiders, crypto is more than some virtual assets on screen being traded by millions of people daily. Its underlying infrastructure, blockchain technology, has been tapped by many financial institutions to improve their systems.

A cryptocurrency like Ripple's XRP is used in the company's on-demand liquidity (ODL) feature during cross-border payments. This has helped millions of remittance companies that have partnered with Ripple meet their customers' demands.

One of the emerging sectors of the crypto industry is non-fungible tokens (NFTs). As of 24 November, NFT global market sales had surpassed $40 billion with projects such as [Axie Infinity](/news/article/axie-infinity-coin), Bored Ape Yacht Club (BAYC), CryptoPunks, and NBA Top Shots among highest selling collections. Blockchains such as Ethereum, Avalanche, Binance, and Solana continue to play an integral part in NFT creation and sales. 

Aside from that, sports clubs have also tapped into the industry to improve fan engagement. Global Fan Tokens have surpassed more than $100 billion, with football clubs such as Paris Saint Germain, Lazio, AC Milan, AS Roma, and FC Barcelona among the top teams whose tokens lead the ranks of the most purchased.

Is crypto dead? In a nutshell, no. The market is going through a phase where shady projects are being thrown out, while others are being restructured to protect investors from losing billions of dollars of their hard-earned money.



Is Crypto Dead After FTX Collapse?