Headlines
▌Former US SEC official: Binance's financial situation is more opaque than FTX
The former director of the Internet Enforcement Office of the US Securities and Exchange Commission (SEC) (John Reed Stark) believes that Binance's financial situation is more "opaque" than FTX's financial situation. He said: "There is absolutely no transparency, and it does not operate under the sun, without any confirmation of its financial status". According to the report, Binance did not disclose information about the role of its native token on the balance sheet or the risks it faces in allowing customers to use borrowed funds for margin trading, among other things. A review of filings by Binance subsidiaries around the world has revealed scant details about the overall business structure, operations and how Binance moves funds between itself and its many subsidiaries.
Blockchain Application
▌Visa proposes to use StarkNet for automatic recurring payments
Visa said that StarkNet, a layer 2 blockchain built on top of Ethereum, may help bridge the gap between cryptocurrencies and the real world, making it easier for people who use self-custodial wallets to pay bills. While automating recurring payments is common in traditional mobile banking apps, it’s a harder task on blockchain, according to a crypto thought leadership proposal from Visa. Visa implemented a proof-of-concept for crypto wallet Argent using the StarkNet extension platform, as the account abstraction that allows smart contracts to execute transactions for users has yet to go live on Ethereum. The proposal outlines a method for users to automatically make payments using self-custodial wallets without signing every transaction.
Cryptocurrency
▌Voyager announced today that it selected Binance US as the highest and best bid for its assets and valued at approximately $1.022 billion.
Crypto firm Voyager Digital Ltd said on Monday it will sell its assets to Binance.US in a deal valued at about $1 billion following a review. Palo Alto, California-based Binance.US, which operates as an independent legal entity and has a licensing agreement with Binance.com, will make a $10 million deposit and reimburse Voyager for certain expenses up to $15 million. The purchase price comprises $20 million and repayments to Voyager's customers, while most of the $1 billion valuation consists of debt Voyager owes to clients.
▌Daniel Alegre has been announced as the new CEO of Yuga Labs. He was stepping down from his position as President and COO of Activision Blizzard
Yuga Labs, web3 leader and home of Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, and more, today announced the appointment of Daniel Alegre as Chief Executive Officer (CEO), effective in the first half of 2023. He succeeds Nicole Muniz, who will stay on as a partner and strategic advisor to the company. Alegre will work closely with Yuga Labs founders Wylie Aronow and Greg Solano in continuing to grow the business.
▌China's Zhejiang province to build $28.7 billion metaverse industry by 2025
Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several companies integrating this tech as part of its operations by 2025.