“Some Exchanges Won’t Make It Through The Crypto Winter” – Tech Tribune France


According to Toya Zhang, CMO of Bit.com, cryptocurrency exchanges that bet on excessive leverage will not make it through the current bear market.

Bit.com is the second largest crypto options exchange, established as part of the Unicorn Matrixport ecosystem.


Based in Singapore, it offers spot, forward, perpetual, options and savings contracts. The company founded by Jihan Wu and mining rig maker Bitmain in 2019 recently said it was doubling its workforce despite large-scale layoffs seen elsewhere in the industry to take advantage of available talent.

Zhang, who will speak at the European Blockchain Convention 2022 this week on the transition from Web2 to Web3, said the market correction will cause a number of companies to fall.

“The cryptocurrency market is at a turning point. Businesses will either pivot and successfully weather the storm or suffer the consequences,” she said.

“The future format of cryptographic services will be a combination of Web2 and Web3. Exchanges should prioritize an aggregate service approach focused on the customer and the chain; those who still bet on excessive leverage will not make it through the crypto winter.

Traditional and digital financial markets are in turmoil, with ongoing conflict in Ukraine and significant market uncertainty. The chaos erased over $2 trillion in value from the crypto market, with several institutions going bankrupt and retail investors losing their life savings.

With skepticism at an all-time high, the general public lacks trust in those they see as the responsible stewards of their assets. As a result, many companies are taking this time to focus on finding ways to maintain trust with their investors.

“In order to stand out, exchanges like ours will need to provide real value to consumers with services and tools built with cutting-edge simplicity,” added Leslie Hsu, director of business development at Bit.com.

$200 million boost for Unizen “smart exchange”

A “smart exchange” that aggregates the most profitable trades on centralized and decentralized exchanges has secured a capital growth commitment of $200 million.

Unizen, which operates on the BNB channel, aims to attract both retail and institutional investors through the mix. An example of CEX is Binance, while Uniswap is a DEX.

Global Emerging Markets, a $3.4 billion private equity giant with offices in New York, Paris and Nassau Bahamas, will provide the funding over time as the company reaches certain milestones.

Unizen also actively fosters innovation through ZenX Labs, a CeDeFi incubator that supports decentralized projects, empowering their growth with technical expertise and growth management, while ensuring full compliance.

It states that Unizen (ZCX) token holders will benefit from the growth of incubated projects through Dynamic Multi Asset Staking (DMAS) which allows the community to share rewards reflecting the long-term success of incubated projects.

The ZCX token is available on major exchanges including Kucoin, Gate, MEX, BitMart, and Uniswap.

“We are proud to welcome GEM to the Unizen ecosystem as a powerful, strategically aligned growth partner who can support the rapid expansion of the Unizen platform, brand and community,” said Sean Noga. , CEO of Unizen.

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Cryptocurrency Shorts

French MEP Aurore Lalucq called the country’s decision to grant Binance regulatory approval “surprising and worrying” and asked the French market regulator to reconsider its decision.

Collapsed crypto hedge fund Three Arrows Capital defaulted on its $670 million loan. Digital asset brokerage Voyager Digital says it will continue to operate and process client withdrawals while it seeks to recover the loan.

Crypto crime in the UK saw one of its lowest annual increases in 2021 – 7% – according to research from Crypto Head. However, victims still lost £204m from 9,458 reported incidents. There have been 34,305 reports of crypto-crime in the UK since 2016, with an average growth rate of 100% per year.

Supercar rental company Classic Parade – which has showrooms in London, Manchester and Edinburgh – has launched a cryptocurrency payment system for Bitcoin or Ethereum. The company offers 150 supercars from 28 brands. The £2.4million Bugatti Chiron, for example, costs £200,000, 220.75 ETH or 11.696 BTC per day to rent. Its owner said: “Our clientele is international and want to be able to pay to rent our supercars without the hassle and cost of exchange rates and transfer fees.

Polygon co-founder Sandeep Nailwal and Arcanum Capital invested $2.25 million in Lucidao to create Altr. Users will be able to purchase luxury physical collectibles – such as rare watches and cars – in crypto, as well as the NFT tied to the product. Their ownership allows them to redeem the physical product, which can be kept in storage, at any time.

Crypto.com integrates Apple Pay into its app and website. Apple does not directly support payment, but users will have the option to use crypto to make in-app purchases via credit or debit card.

Flowdesk, headquartered in Paris, secured €28 million for its digital asset infrastructure and trading platform. The company provides its solution to Web3 players, including cryptocurrency token issuers.

‘We’re missing something’: Conservative politicians call on UK to embrace crypto

Crypto prices

The aggregate market cap of over 20,000 coins is $932.9 billion at the time of writing (7am UK), a 2% decrease in the last 24 hours.

Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – fell 2% to $20,750. BTC is down 1% in a week.

Ethereum, the second most valuable crypto coin – created as a decentralized network for smart contracts on the blockchain – fell 2% to around $1,185. ETH is up 3% in a week.

Binance Coin is a cryptocurrency created by popular crypto exchange Binance to help it become the infrastructure service provider for the entire blockchain ecosystem. Its BNB token lost 1% to $234, leaving it up 5% over seven days.

Cardano is an open-source network facilitating dApps that sees itself as an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, fell 3% to 48 cents and is down 3% in a week.

Ripple’s XRP token, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP lost 4% to 34.5c but its price is up 6% from seven days ago. It rose above Cardano in the market cap valuation chart.

Solana is a blockchain designed to make decentralized finance accessible at scale – and capable of processing 50,000 transactions per second. Its SOL token lost 6% to $37.79 but is up 2% from its price a week ago.

The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies, but is now a major player in the space. DOGE fell 8% to 7.1c, leaving it up 15% in a week.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. Its DOT token, which aims to securely connect blockchains, fell 4% to $7.62 and is down 7% from its price a week ago.

Avalanche is a lightning-fast auditable platform for institutions, businesses, and governments. Its AVAX token lost 5% to $19.25 and is up 9% in a week.

To see how the valuations of major coins have changed lately – and for a roundup of recent developments in cryptocurrency news – click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price changes, see below.

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“Some Exchanges Won’t Make It Through The Crypto Winter” – Tech Tribune France

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