A new NFT art gallery joins news of recovery funds and institutional adoption this week...
More Help Is On The Way for Crypto Projects in Crisis
Continuing on last week’s news of recovery funds for crypto projects in crisis, Binance announced they would initially allocate $1 billion for its industry recovery fund. The initiative has attracted several big-name contributors including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, and Kronos.
Binance CEO Zhao stressed that this is not an investment fund but is instead intended to aid good crypto projects in liquidity crises. The investment could increase to $2 billion "in the near future if the need arises."
Bybit is the latest exchange to follow suit with a recovery fund. They’re kicking off with $100M to support institutional traders that have faced financial or operating issues as a result of the FTX collapse. The fund will be available to eligible market makers and high-frequency trading institutions at a 0% interest rate.
Source 1 - Finance , Source 2 - Bybit
Institutions March Forward With Crypto Adoption
The FTX crash isn’t holding back institutions from pushing forward with their cryptocurrency plans.
Japan's central bank is issuing an experimental digital yen in early 2023. The CBDC proof-of-concept experiment will involve several banks conducting stress tests for more than two years. The country will decide on the formal adoption of digital yen in 2026.
Singapore Bank DBS has become the first Asian bank to use the Onyx Digital Assets network, JPMorgan's (JPM) blockchain-based fixed-income trading network. The completion of the first trade puts them in company with large international institutions like Goldman Sachs (GS) and BNP Paribas (EPA). The aim of the Onyx network is to allow banks to settle such transactions in a matter of hours, as opposed to the one or two working day-period it has taken historically.
A new crypto hedge fund is reportedly on the way from the world’s largest publicly traded hedge fund manager, Man Group. Bloomberg has reported from reliable sources that the crypto hedge fund strategy has been in development for several months and may launch early 2023.
Source 1 - Japan, Source 2 - Japan, Source 3 - Singapore DBS, Source 4 - Man Group
Will Proof-of-Reserves Become The New Norm?
Binance has shared a new proof-of-reserves system in an effort toward transparency. Starting with bitcoin, the exchange is providing cryptographic evidence that it holds the amount of customer deposits that it says it does, in an attempt to restore confidence in the now mistrusted area of centralized crypto exchanges where more recently exchanges have been misappropriating user assets for their own purposes.
It will be interesting to see if the trend continues, which could become a positive silver lining to the FTX crash.
New NFT Art Gallery by 'Vincent Van Dough'
Is digital the art of the future? A prolific NFT art collector with the pseudonym “Vincent Van Dough” certainly thinks so. This week they opened a new NFT art gallery entitled Art of This Millennium, abbreviated to AOTM.
The NFT gallery opened earlier this week and features 32 artists including AlphaCentauriKid, Cath Simard, Claire Silver, Dmitri Cherniak, Deekay, Grant Yun, Isaac Wright (DrifterShoots), Other World, and Sam Spratt. In addition to organizing exhibitions, AOTM will offer curation, marketing, promotion, and sales services for NFT art, taking a 15% commission.
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NFA DYOR (Not financial advice. Do your own research.)
