Block 1: Important news
- Ledger: a crypto wallet with a touch screen
On the occasion ofOp3n In Paris, Ledger, the French unicorn, presented a brand new technological toy: the Stax. Designed by the creator of the Apple iPod, Tony Fadell, the Wallet 3.0 will be as thin as a credit card and will have a touch screen. It will even be possible to set a non-fungible token (NFT) as the lock screen. For a delivery in March 2023, however, 279 euros must be pre-ordered. Product teaser with a click here.
- Goldman Sachs is doing its Christmas shopping with cryptos
The American giant has Notice putting aside tens of millions of dollars to invest in companies in the crypto ecosystem. Mathew McDermott, head of digital assets at Goldman Sachs, explained that this week “We see very interesting opportunities at a lower price” and that the underlying cryptocurrency technology “keep up the good work”. The American banker had Notice Seeing a bitcoin at $100,000 within five years earlier this year? Will the prophecy come true?
- Renault launches Web3 to mark the 50th anniversary of the Renault 5
In homage to the mythical Renault 5 of the ’70s and ’80s, the French carmaker has decided to launch a collection of NFTs dubbed “genR5” that will allow fans of the brand to “step into a new era”. With the new community platform “R3NLT”the company wants to bring together lovers of the diamond brand and a new clientele. According to Renault, holders of NFTs will have access to private events, privileged car tests, meetings with athletes, discoveries of preview exhibitions and many other undisclosed benefits. From December 15, it will be possible to receive NFTs at a price “accessible to all” with payment by credit card, i.e. with real euros, or directly in cryptocurrencies.
- Binance reveals BTC reserves after external audit
After the collapse of FTX, cryptocurrency exchanges wanted to reassure users. The largest cryptocurrency exchange by trading volume has asked French firm Mazars to review its bitcoin reserves. According to the press release, Binance holds 575,742 bitcoins or a total of $9.6 billion on its platform, which is 101% undercollateralized. On the other hand, it is only about bitcoin reserves and not all the cryptocurrencies offered on the platform, which number in the hundreds. But Mazar has announced that it will continue to verify other assets. Still, beyond holding assets, it would be interesting to examine Binance’s debt to have a global view of the crypto giant’s balance sheets. Keep in mind that Binance, like FTX, is not publicly traded and has invested heavily in outside companies in recent years.
- The company Pari Mutuel Urbain (PMU) gallops into the Metaverse
The company’s Chief Innovation Officer, Constantin Garreau, Notice, during a conference organized by Alliance Digitale, that the PMU would release a collection of NFTs on horse racing. These NFTs serve as authentic horses in a video game. On this topic, the company wants to work with companies to create a game on this topic. Although no date has been announced, this new Web3-style format attempts to attract new customers in a fun way.
Block 2: Cryptic Analysis of the Week
1) I still don’t have access to a lot of my data – professionally or privately. So there is a limit to what I can say and I will not be as helpful as I would like.
But since the committee still finds it useful, I’m prepared to testify on the 13th. https://t.co/KR34BsNaG1
— SBF (@SBF_FTX) December 9, 2022
So far, Sam Bankman-Fried hasn’t been charged with anything, but the FTX founder is facing numerous investigations against him. After declining an invitation to testify before the Congressional Committee, specifically the House Financial Services Committee in Washington DC, he said: qthat he wanted to wait and “see what happens” with the businesses he ran and owned, SBF reconsidered its decision, likely with advice from its attorney, Marc Cohen. Also because aa letter from senators threatened Bankman-Fried with a trial before Congress if he refused to cooperate.
“I still don’t have access to a lot of my data – professionally or privately. As such, there is a limit to what I can say and I will not be as helpful as I would like,” SBF tweeted, adding, “But as the committee still finds it useful, I’m willing to be available on April 13.” .
In particular, the chairmen of the House Financial Services Committee and Senate Banking Committee — both of which are holding hearings next week leading up to the FTX fall — want Bankman-Fried, now based in the Bahamas, to testify about the implosion that led to that customers faced potential multipliers. Billions of dollars in losses.
But the legislature doesn’t stop there. Regulators are increasingly talking as everyone tries to figure out how a company as big as FTX has evaded scrutiny for so long.
Banking regulators are also starting to worry as the links between the cryptocurrency industry and lenders appear to be tighter than previously thought. Senators Elizabeth Warren and Tina Smith asked Federal Deposit Insurance Corp officials. and the Office of the Comptroller of the Currency to shed light on SBF’s relationship with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These two organizations have been widely criticized for their lack of vigilance regarding the FTX files. We are not, therefore, immune to shocking revelations about obscure connections between these organizations and Bankman-Fried. Be continued…
The FTX episode has shown how widespread the lack of oversight is in the cryptocurrency ecosystem. Testimony next week in Washington will shed more light on the existing regulatory loopholes, however, on the FTX case, forcing lawmakers to strengthen consumer protection and corporate governance standards for the industry. An essential requirement for the survival and development of the ecosystem. The whole thing will consist of putting the cursor in the right place, between the freedom of market participants and the suffocation of the ecosystem. At the very least, the hearings — as well as any enforcement action by federal prosecutors against SBF — will help ensure stronger safeguards are eventually put in place to protect investors.
Block 3: Tops & Flops