Binance walks out from deal to acquire FTX, Crypto exchange Giottus to publish proof of reserves

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The breakdown of the Binance-FTX deal is the newest chapter in a shocking collapse that’s rocked the crypto world this week. Here are some important stories from the past few days.

Binance backs out from deal to acquire FTX

Crypto exchange Binance decided to walk away from its intent to buy rival FTX, leaving CEO Sam Bankman-Fried’s crypto empire on the verge of collapse.

This news comes a day after Binance CEO Changpeng Zhao revealed that the largest cryptocurrency company in the world has struck a non-binding agreement to purchase FTX's non-U.S. businesses, saving the company from a financial crisis. But after reviewing the company's financials, Binance decided against moving further with the non-binding offer.

A sell-off in FTT tokens issued by FTX has also sparked panic among its customers which led to the crisis.

Crypto exchange Giottus states it will provide proof of reserves

Indian cryptocurrency exchange Giottus says it will provide customers with proof of reserves. 

Other prominent crypto trading platforms in India either declined to comment or didn't respond to requests for comments when asked if they would publicly publish their fund reserves or do a "Merkle tree" proof of reserves.

The Merkle tree proof of reserves, named after its inventor Ralph Merkle, is a cryptographic tool at the heart of all blockchain technology. It’s a cryptographic data structure that maintains privacy but allows users to verify the stability of their holdings on exchanges.

Read the full story here

Google Cloud becomes Solana validator

Tech giant Alphabet's subsidiary Google Cloud has announced it is now a validator for the Solana blockchain protocol. They also said that it will add more features that will open up several options for Solana-based protocols to expand and communicate with the global community. 

Google Cloud revealed that it will launch a Blockchain Node Engine for the Solana protocol by 2023. The company described the proposed node engine as a “fully-managed node hosting service” for the Solana blockchain.

The tech giant said it would have indexed all of Solana’s data by the end of the first quarter of 2023. It also confirmed that upon the complete indexing, it will add the data to its BigQuery Data Warehouse, a push that will “make it easier for the Solana developer ecosystem to access historical data.”

Google Cloud also announced that “select startups in the Solana ecosystem” will be able to apply for up to $100,000 in Cloud Credits.

South Korea tests buying NFTs with CBDC

South Korea’s central bank, the Bank of Korea (BOK) has reportedly tested buying NFTs with its central bank digital currency (CBDC). The central bank had recently completed a 10-month experiment into a digital South Korean won, Governor Chang Yong Rhee revealed in a speech.

The BOK said it had completed a simulation and research project carried out over the past ten months since Aug. 2021, creating a simulated environment for its CBDC using distributed ledger technology (DLT). 

The research examined how a digital currency would work in practice, including how it would be issued, used for transactions, and how it would be used for remittances.

South Korea will provide its residents with blockchain-powered digital IDs in 2024 that they can use for transportation, healthcare, taxes, and financial transactions.

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin. 

Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.