Crypto Flipsider News – ETH Outflow at 4-Year Low, Kraken Targets NFT Lending, Binance Gets Canadian License, FibSWAP to Launch First DEX App, DAO to Buy Blockbuster, Dogecoin Founder is no Whale
Read in the Digest
- (ETH) outflows on exchanges drop to four year low.
- Kraken targets NFT art lending, Ozzy Osbourne announces NFT collection, Ferrari (NYSE:) Formula 1 partners with Velas.
- Canada issues Binance license to offer crypto-services, FibSwap to launch the world’s first DEX app.
- DAO group aims to raise $5 million to buy and revive Blockbuster.
- Founder Billy Markus reveals his DOGE holdings.
Ethereum (ETH) Outflows on Exchanges Drop to Four Year Low
As Ethereum staged a recovery that saw the ETH peak at $4,129, exchange outflows of the token have fallen to a four-year low. According to data from Glassnode, ETH exchange outflows are now at their lowest point since January 2022.
Exchange outflow has long been used as an indicator for determining trends in the crypto market. Although low outflows often mean low selling pressure and lead to a price decline, this situation may be an outlier.
The reserves of Ethereum in exchanges could be low due to the number of investors holding their funds on exchanges also reaching record-low values. The performance of ETH indicates as much, as Ethereum remains one of the top performers of 2021.
A similar trend was noticed with , where the amount of BTC held on exchanges has dropped to 1.3 million, or 6.3% of the total Bitcoin supply.
Flipsider:
- The delay of the Ethereum network’s transition to the PoS consensus mechanism has led to some investors and developers abandoning the network.
Why You Should Care
Many investors have decided to HODL rather than sell their coins amidst predictions of explosive growth for the crypto industry in 2022.
Kraken Targets NFT Art Lending, Ozzy Osbourne Announces NFT Collection, Ferrari Formula 1 Partners with Velas
2021 has been the biggest year yet for non-fungible tokens. Even as the year winds down, the rate of adoption and the number of use cases for NFTs have just continues to rise. Premier crypto exchange Kraken is now targeting NFT art lending.
According to CEO Jesse Powell, the marketplace will allow its users to take out loans backed by their NFTs. The NFTs in question will reflect their values in the accounts of the respective users, who can then use them as collateral to collect loans on the marketplace.
English singer, Ozzy Osbourne, is the latest celebrity to venture into the world of digital arts. Osbourne announced that he would be launching ‘Cryptobatz’ – a collection of 9,666 unique NFT bats in January. The NFTs were created by Osbourne and NFT studio Sutter Systems.
Continuing the growing adoption of NFTs in the sports industry, Ferrari’s Formula 1 team has unveiled a partnership with Velas. The partnership will see Velas create exclusive digital collectibles for the team’s motorsport fans.
Flipsider:
- Despite the blanket crypto ban in China, Huawei, Tencent, and Alibaba (NYSE:) lead the approximately 1,300 firms pushing for metaverse patents in the country.
Why You Should Care
The NFT sector is predicted to grow even more in 2022, with more individuals looking to explore the world of digital arts.
Canada Issues Binance License to Offer Crypto-Services, FibSwap to Launch the World’s First DEX App
On the same day it received approval in Bahrain, Binance announced that it had also secured an MSB license from Canada’s regulatory authorities, permitting them to offer cryptocurrency services in the country.
The world’s largest exchange is now registered as a domestic entity as of December 1st, 2021. The license received by Binance to function as a Canadian crypto exchange will reportedly be valid until December 31st, 2024.
Decentralized crypto exchange FibSWAP has announced that it is preparing to launch the world’s first decentralized (DEX) mobile application. On January 4th, 2022, FibSWAP will release the first DEX mobile application on Android devices.
The FibSWAP app will be a DEX that supports tokens from different blockchains, similar to the functions available on their currently existing DEX. The app will also include a UI/UX that makes swapping tokens from different chains much easier.
Flipsider:
- How to operate within regulatory frameworks has been one of the major limiting factors faced by DEXs like FibSWAP.
Why You Should Care
For cryptocurrencies to reach mainstream adoption, exchanges like Binance and FibSWAP have to be on the front foot and release new features.
DAO Group Aims to Raise $5 Million to Buy and Revive Blockbuster
A DAO (Decentralized Autonomous Organization) has announced its plans to raise $5 million in a bid to purchase and revive Blockbuster – a movie and video game rental service owned by Dish Network (NASDAQ:).
The group of investors, going by BlockbusterDAO, aims to purchase and relaunch the movie-rental company. BlockbusterDAO hopes to raise the $5 million by minting NFTs which will then be sold to investors for 0.13 ETH (approximately $530 USD by rates at the time of writing) each.
BlockbusterDAO hopes to relaunch Blockbuster as a decentralized streaming service. In an announcement the group said;
“It’s time to build a massive DeFilm project that will revolutionize the creative decision-making and financing of the film and television industries forever. I believe that BlockbusterDAO will be like lighting in a bottle for the future of DAO governance.”
Flipsider:
- The DAO failed to buy one of 13 remaining copies of the Constitution in November.
Why You Should Care
The number of DAOs is increasing, which is serving to push for more decentralization across various sectors.
Dogecoin Founder, Billy Markus, Reveals His DOGE Holdings
Co-creator of the multibillion-dollar meme coin, Billy Markus, has revealed the amount of Dogecoin he owns. As the co-founder of Dogecoin, which now has a $25.2 billion market cap, many would assume that Markus owns a significant portion of the crypto.
Contrary to popular belief that he is a DOGE whale, Markus announced that he only owns approximately 220k DOGE, worth around $42,000 as of this writing. Not expecting people to get the joke, in 2015, Markus reportedly sold most of his DOGE to buy a used Honda Civic.
The Dogecoin founder has since clarified his place in the pioneer meme coin. According to Markus, he is now just a Dogecoin community member. He adds that he doesn’t speak for or work with the Dogecoin Foundation, and as such, shouldn’t be considered a representative of the project.
Flipsider:
- Dogecoin ceded its title as the most popular meme coin to , which was the most viewed crypto on CMC in 2021.
Why You Should Care
Billy Markus has now clarified his holdings, reducing the scrutiny he’ll face during any major DOGE whale transactions that may take place.
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