Crypto Flipsider News – Binance Adds Apple Pay; Ethereum 2022 Roundup; SOL Falls 97%; Turkey CNBC Test; FBI Probing 3Commas

Binance Adds ApplePay; Ethereum 2022 Roundup; SOL Falls 97%; Turkey CNBC Test; FBI Probing 3Commas

Read in the Digest:

  • Binance Integrates Apple Pay and Google Pay as Crypto Payment Options
  • Ethereum Foundation Developers Share 2022 Roundup and Project Updates
  • Solana’s (SOL) Price Falls to 97% of All-Time High, Comparable to Bust Tokens
  • Turkey’s Central Bank Successfully Completes First Phase of CBDC Tests
  • The FBI Is Reportedly Investigating the API Keys Leak of 3Commas Users

Binance Integrates Apple Pay and Google Pay as Crypto Payment Options

The world’s leading crypto exchange, Binance, announced in their recent Binance Build update that its users can now purchase cryptocurrencies using credit and debit cards via Apple Pay and Google Pay.  

The move is a massive milestone in the global adoption of crypto assets and improving the accessibility of digital assets, as Apple Pay alone boasts 43.9 million users. Google Pay boasts 25 million as per data from Business.com.

According to the Dec. 29 update, the payment options are only available to citizens of the UK and EEA (European Economic Area). Also, users who want access to the service must complete the Binance account verification procedure.

Flipsider:

  • Binance explained that the new service is not provided directly by the exchange but through the services of “third-party partners” that Binance works with from time to time.

Why You Should Care

The integration will make it easier for users to purchase crypto. It could also boost customer acquisitions of digital assets on Binance.

Digest breakers Coins

Ethereum Foundation Developers Share 2022 Roundup and Project Updates

In a blog post on December 29th, the Ethereum Foundation summarized its developments to its research team and customers. Developers refer to the switch to Proof-of-Stake as a significant step towards scaling the network and improving security.

The Ethereum Foundation disclosed that withdrawals of ETH staked on the beacon chain are a priority and will be available soon. However, there was no definite timeline for the unstaking of the 15,766,262 ETH locked on the network.

Ethereum Fe Lang developers note that they are preparing for the first beta launch of Fe – a language for Ethereum virtual machines. The cryptography team highlights their work with researchers to build a signature scheme to protect Ethereum against quantum computers.

Building on the Merge, other teams have intensified work to significantly improve the scalability and performance of the Ethereum network, with most preparing for launch in 2023. Read more here.

Flipsider:

  • Although Ethereum’s goals include processing 100,000 transactions per second at significantly lower fees, getting there would take a few more years.

Why You Should Care

The update summary shows how important the Merge is in actualizing the long-term goals of Ethereum, which can now be made possible.

Digest breakers NFT

Solana’s (SOL) Price Falls to 97% of All-Time High, Comparable to Bust Tokens

The close tie of Solana (SOL) to the collapsed crypto exchange, FTX, has seen the token embark on a freefall since early November. Before FTX imploded, SOL traded at $38.55 on November 5th.

However, in the aftermath of the collapse, SOL has fallen by more than 73% to trade as low as $8.14 – the first time Solana will be priced under $10 since February 2021. The recent 41% drop in the last week follows the migration of projects from the network.

The 3-month price chart for Solana (SOL)

The 3-month price chart for Solana (SOL). Source: CoinMarketCap

SOL has lost nearly 97% of its value since peaking near $260 in November 2021 and is down over 95% since the start of 2022. The 97% price drop of Solana puts it in the same category as busted coins, including FTX Token (FTT) and Terra (LUNA).

The year-to-date price chart for Solana (SOL)

The year-to-date price chart for Solana (SOL). Source: CoinMarketCap

Solana’s market cap peaked above $76 billion in November 2021 but is now valued at $3.3 billion. There could be hope for Solana as SOL forms a Doji candlestick pattern on the daily chart, signaling the potential of a 50% uptrend.

SOL/USD daily price chart featuring Doji candlestick pattern

SOL/USD daily price chart featuring Doji candlestick pattern. Source: TradingView

Flipsider:

  • Despite the challenges of Solana, Ethereum founder Vitalik Buterin has backed Solana, saying that the project has a bright future.

Why You Should Care

The breakdown of Solana can be linked to Alameda Research holding and dumping SOL, the consistent network issues, and the recent migration of projects.

Digest breakers Chart

Turkey’s Central Bank Successfully Completes First Phase of CBDC Tests

The Turkish Central Bank (CBRT) announced on December 29th that it had completed its “first payment transactions” for its central bank digital currency (CBDC) network utilizing the Turkish Digital Lira, which is the initial test phase before the final release.

According to the bank, the CBRT will continue to run its small-scale, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023. The test results will be shared with the public through a “comprehensive evaluation report.”

Upon completion of this phase, the Turkish digital lira will move to advanced stages of testing where the mass, like selected banks and financial technology companies, can participate in the CBRT pilot tests.

The CBRT first introduced the idea of a digital Turkish Lira and took no decision on its issuance in September 2021 in a research project called “Central Bank Digital Turkish Lira Research and Development,” and is now exploring the usage of distributed ledger technology in payment systems and their “integration” with instant payment systems.

Flipsider:

  • Turkey aims to boost its currency which lost 29% of its value in 2022, by introducing the Digital Turkish Lira.

Why You Should Care

Throughout 2023, studies will be focused on the technological requirements and the economic and legal framework of the Digital Turkish Lira.

Digest breakers Blocks

The FBI Is Reportedly Investigating the API Keys Leak of 3Commas Users

Just hours after 3Commas CEO Yuriy Sorokin finally took responsibility for the leak that saw the API keys of 100,000 3Commas users published online, the Federal Investigation Bureau (FBI) reportedly got involved.

The FBI is now investigating the data leak of the Estonia-based crypto trading service, which has seen at least 60 users lose over $20 million worth of crypto. At the time, 3Commas denied involvement, linking the hack to phishing.

The leader of the victim group, Edmundo (Mundy) Pena, said they had previously reached out to the U.S. Secret Service and other law enforcement agencies to understand how their funds had gone missing.

Sorokin has noted that the company will continue investigating and working with enforcement agencies. However, the API database leaker has openly said that an insider had sold the 3Commas keys.

Flipsider:

  • Despite the reports, Sorokin maintains that no “employee of 3Commas was somehow involved in attacks against the API data.”

Why You Should Care

Although there is no official word from the FBI, a probe would be necessary to understand how the database and users’ funds went missing.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
DailyCoin Team

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