CryptoBlog n.795
Korea’s DAXA to Implement Consumer Protection Measures for Crypto Korean Crypto Alliance DAXA announces guidelines for consumer protection. The guidelines cover various risk assessment measures. The exchanges will offer transaction support to its consumers. The Digital Asset Exchange Alliance (DAXA) detailed its intention to implement universal standards for transaction support and review, beginning October 10. The DAXA is a consortium of the five largest cryptocurrency exchanges in Korea: Upbit, Bithumb, Coinone, Korbit, and Gopax. The group banded together in June of 2022 with the aim of fostering the industry’s long-term growth in the region and developing strategies to safeguard consumers better. Per the announcement, the guidelines cover measures such as intrinsic risk assessment, technical risk assessment, and commercial risk assessment. In addition, the five exchanges will make their own decisions about transaction support during the listing review process in accordance with their own procedures and standards; however, item evaluation will be in accordance with common guidelines. However, DAXA is debating the best ways to track and assess the risks associated with various crypto assets. A special focus will be given to the process of selecting and tracking risk indices for LUNA-related stablecoins and coins issued by international trading operators. If the agreed-upon risk indicators are discovered, the consortium expects to collectively respond within a specific time period, for example, by designating key assets or opting to cease transaction support. The alliance has also decided upon how many external experts are to be included when evaluating token listings. Every company’s listing review committee must include at least two external experts or at least 30% of the entire review committee. Finally, DAXA has chosen to create internal guidelines for a virtual asset warning system for each exchange, which will allow it to swiftly notify investors of sudden movements in price, trading volume, or deposit amounts. It is anticipated that the advisory committee will meet by the end of next month to discuss the standard value and implementation date after developing a framework for internal standards.
CryptoBlog n.794
Despite some concern over their past handlings of cryptocurrency listings, major financial service company Robin Hood App has made another big move towards the crypto space. The platform has integrated and begun offering the most widely used cryptocurrency stablecoin - USDC. Since first making cryptocurrency available to their millions of retail users back in 2018, Robinhood has added a total of 17 to their platform. The latest, USDC demonstrates a key understanding in the wants and needs of crypto traders. USDC as a stablecoin is often used by traders looking to take a step back from the volatility of the crypto scene, without converting their coins into FIAT.
CryptoBlog n.793
Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs). Sharapova mentioned that “she is exposing herself to this new world of crypto and Web3,” noting that the sector will help her better engage with her fans. Sharapova was also one of the strategic investors behind MoonPay’s Series A financing round, yet she mentioned that she aims to bridge her personal experiences to the digital world moving forward.
CryptoBlog n.792
CryptoPunks, originally created by Larva Labs and now owned by Yuga Labs, are one of the most recognizable NFT collections out there , Originally minted in June 2017, the project can be credited with creating the NFT PFP ecosystem that makes up the majority of the space today. Today’s big sale takes things a whole step further, as it isn’t every day you see NFTs selling for millions. However, CryptoPunk connoisseur and DJ Seedphrase just sold one of the rarest punks in the entire collection for a whopping 3300 ETH (~$4,428,435). The CryptoPunk in this case (2924) possesses not one, but two of the most highly sought after and limited traits in the entire collection. CryptoPunks with the “Hoodie” trait are extremely rare, comprising only about 3% of the collection. Add in the even rarer “Ape” trait (found on a small total of 24 CryptoPunks), and you’ve got the makings of a nearly $4,500,000 NFT.