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Jump Crypto, Polygon Ventures, and Justin Sun have indicated the desire to contribute to Binance’s recovery fund.
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Genesis could file for bankruptcy if it fails to get funding as FTX’s collapse continues to affect more companies.
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Cardano’s algorithmic stablecoin will go live in 2023.
Binance’s $1 billion recovery fund off to a positive start
Binance, the world’s leading crypto exchange, announced earlier this week that it targets around $1 billion for its recently announced “industry recovery fund.” the company CEO Changpeng Zhao revealed that the fund’s wallet address would be public so that there would be transparency during the contribution phase.
A few companies also have announced their intention of contributing to the fund. Jump Crypto, Polygon Ventures and Aptos Labs announced this week that the fund would include contributions from Tron DAO (Animoca Brands), Tron DAO, Tron DAO, GSR and Kronos. CZ stated that these companies have committed to contributing to the fund, with an initial commitment of $50 million. Binance stated that it expected more firms to join its fund, having received over 150 applications.
FTX’s negative impact continues
It’s been two weeks since FTX filed to bankruptcy. Already, the impact is evident in the cryptocurrency market. Earlier this week, FTX-owned Liquid exchange, announced that it had halted trading activities on its platform. The Japanese-based exchange stated that its decision was due in part to the ongoing Chapter 11 bankruptcy proceedings at FTX.
Genesis, a cryptocurrency lending platform, also announced earlier this week that they are having trouble raising funds to continue their operations. The company could file for bankruptcy if it fails to raise funds. Cryptocurrency exchange Binance has reportedly decided against investing in Genesis despite approaches from Digital Currency Group, Genesis’ parent company.
On its part, FTX had requested to hire BitGo to secure its assets as the bankruptcy procedure. The company is trying to protect its assets against theft and hackers. FTX disclosed in a separate filing this week that it has a cash reserve of $1.24 trillion. This money is much lower than the $3.1 billion FTX owes to its top 50 creditors.
Cardano’s algorithmic stablecoin will launch next year
COTI’s CEO, Shahaf Bar-Geffen, announced earlier this week that Djed, Cardano’s over-collateralised algorithmic stablecoin, will go live in January 2023 following a successful full audit.
The Cardano community has taken lessons from Terra’s collapse earlier this year and said it would implement a gradual and slow approach to providing ADA liquidity to the Djed smart contract. Djed’s launch will see the stablecoin integrated into select Cardano partners, allowing for more use cases.
ConsenSys tracks MetaMask users’ IP addresses
ConsenSys, a blockchain-focused software company, has updated its website privacy policy This week, the company revealed that it collects IP addresses of users accessing the Ethereum wallet MetaMask.
According to the company, it uses the Infura blockchain infrastructure service to collect the data. ConsenSys controls both MetaMask and Infura. ConsenSys explained how users can initiate transactions on blockchain using their MetaMask wallets. Infura is defaulted to when Infura is contacted. Infura then broadcasts a transaction to the Ethereum Blockchain. MetaMask then connects with Infura via remote call procedure (RPC).
However, ConsenSys added that it doesn’t collect data from users who access MetaMask with alternative RPC providers like Ankr, Alchemy and others.
