Paradigm Shift amid Global Crypto Chain Reactions

Crypto industry leaders on Wednesday discussed the landscape change amid the market downturn over the past half year.


Chain reactions have been triggered after the crash of LUNA/Terra in May. Amid the so-called crypto winter, the subsequent market meltdown resulted in shutdowns among crypto institutions, such as the declaration of insolvency by crypto lenders Three Arrows Capital (3AC) and Celsius Network.

The industry has been widely discussing the consequences in the crypto space over the past 12-18 months.

Speaking at an online forum Wednesday, industry leaders in digital assets discussed the ongoing paradigm shifts of the ecosystem in terms of blockchain, digital assets, cryptocurrency and Web 3.0.

“I think the paradigm shift to takeaway is that, as amazing of the blockchain technology, as it’s kind of revolutionary as cryptocurrencies, I think the industry itself that has a long way to go in terms of being a stable and globally scalable platform,” said Jehan Chu, founder and managing partner of Kenetic, adding “there are lots of lessons to learn, and continue to learn these lessons.”

Chu said the institutionalization, maturation and evolution would be integrating and undergoing a hybrid combination of Web 2 and Web 3 in terms of business and tech sides.

In addition, the ecosystem would transform into a fully decentralized, fully open, decentral-mediate situation. Still, he added that this possible scenario would take time rather than fulfil in the short term.

Meanwhile, Alfian Sharifuddin, managing director of DBS(Hong Kong) Ltd., suggested a centralized platform deal with crypto trading would also be sustainable from the perspective of the banking sector as it is more “safe” than other institutions.

Sharifuddin said DBS received approval to roll out a crypto trading platform from the Singapore regulator, allowing them to occupy an advantageous position by boosting the confidence of investors to trade in a trust-worthy institution.

The head of Technology and Operation (Hong Kong and China) of DBS further elaborated that the underly technology of blockchain would be useful in pursuing the industry’s development in the banking sector for the long term.

As the concept of decentralized finance (Defi) can remove the limitation of an intermediate or settlement house to do the finality of settlement, which is a comprehensive process.

The cutting-edge technology will also free the time limit restriction that allows 24/7 transactions and enhance global transaction efficiency within seconds and universality.

During the webinar, participants also discussed how to deal with negative sentiment in the market, the balance between regulation and innovation, but also what kind of role a decentralized autonomous organization (DAO) should play.

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Crypto Popularity to Spur Growth in Blockchain-Powered Banking, Financial Services

The surging use of cryptocurrencies is expected to enhance the development of blockchain in the banking and financial services market, according to The Business Research Company. 

The report noted that the worldwide blockchain in banking and financial services market size is anticipated to hit $1.89 billion this year from $1.17 billion recorded in 2021.


As a result, recording a compound annual growth rate (CAGR) of 61.9%. The report added:

“The blockchain in banking and financial services market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.”

Reinsurance companies have been adopting blockchain technology for more accurate, faster, and more efficient compliance checks and claim settlements.


 For instance, Ryskex, an insurance company, deploys a blockchain-powered platform to streamline insurance analysis and minimize risks. The report stated:

“Blockchain technology allows for safe data management across different interfaces and stakeholders while maintaining data integrity. The system reduces operational expenses across the board, from identity management and underwriting to claims processing, fraud management, and reliable data availability.”

With SAP SE being the biggest company in the blockchain in the financial market, it is continuously adopting cutting-edge technologies to streamline processes. 


For instance, it revealed plans to incorporate blockchain technology into its supply chain traceability platform to enhance stakeholders.


Nevertheless, the report highlighted that blockchain scalability is the major stumbling block toward market growth.


Meanwhile, the benefits rendered by blockchain technology, such as transparency, transaction security, and detection of fraudulent activities, are expected to be major catalysts enhancing the fintech industry, Blockchain.News reported. 

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Bitcoin Makes Two Back-to-Back Weekly Closes Above 200-Week MA

Bitcoin (BTC) has closed above the 200-week moving average (WMA) for two consecutive weeks, according to market analyst Ali Martinez.

Martinez pointed out:

“Bitcoin printed a second consecutive weekly candlestick close above the 200-week MA. This week, BTC needs to remain trading above $23,000 to keep this crucial level as support. Notice that all previous BTC bear markets since 2014 ended around the 200-week MA.”




The 200 WMA is a long-term indicator that shows a market’s bearish or bullish trend. Therefore, Martinez believes Bitcoin should close above $23,000 this week to hold this significant support level.


The leading cryptocurrency was hovering around $23,073 during intraday trading, according to CoinMarketCap.


On the other hand, Bitcoin’s open interest has been experiencing an uptick. Bloomberg analyst Mike McGlone stated:

“If CME-listed futures are a guide, the maturation process of Bitcoin and Ethereum is progressing well, with price implications. Bitcoin open interest is steadily trending upward, Ether futures’ 90-day volume is at an all-time high, and the curve is tilting toward earning income.”

These bullish signs and the fact that BTC deposits on exchanges reached a 2-year low seem to be changing the narrative.


Low crypto deposits on exchanges illustrate a hodling culture because coins are mostly held in cold storage or digital wallets for future purposes other than speculation. 


Meanwhile, inflows into crypto investment products have been experiencing an uptrend, Blockchain.News reported. 

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Blockchain Identity Management Market to Hit $17.81B by 2030

The urge for digitization is expected to push the blockchain identity management market to $17.81 billion by 2030, according to a report by Market Research Future (MRFR).

An analysis of the blockchain identity management market indicated that a compound annual growth rate (CAGR) of 56.6% would be recorded during the forecast period between 2022 and 2030.


The report noted:

“Market expansion is predicted to be aided via the expansion of governmental initiatives for the blockchain technology development in both developed & emerging nations.”

The need for digitization could propel market growth, given that various industries, including retail, manufacturing, healthcare, and consumer products, are embracing this approach. 


Blockchain identity management solutions are expected to fill the void, with cyberattacks becoming more widespread. 


Furthermore, the presence of significant market players in North America is expected to make the region spearhead the blockchain identity management market.


Per the report:

“Due to its highly developed infrastructure and technological breakthroughs, North America currently retains the highest market share. The main driving force in the area is the existence of key market players that provide blockchain identity management solutions.”

Nevertheless, the lack of awareness could be the primary market restraint. 


Meanwhile, a recent study by MRFR showed that blockchain in the fintech market could reach $31.4 billion by 2030 because the penetration of blockchain technology in the financial industry has boosted app-based operations, Blockchain.News reported. 


Open banking and the high adoption of international payment platforms emerged as the key driving forces behind the expansion of blockchain in the fintech market. 

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NFT platform Pinata Announces Completion of $21.5m Series A Funding

Nebraska-based NFT platform Pinata announced the closing of a $21.5 million funding round.

Pinata co-founder and CEO Kyle Tautenhan said the total amount comes from a recently closed $18 million Series A co-led by Greylock and Pantera and a $3.5 million 2021 seed round co-led by Greylock and Offline Ventures financing.

Other investors include Volt Capital, OpenSea, and Alchemy, according to Pinata.

The funds raised will provide the media infrastructure and support for NFT marketplaces, metaverses, web3 applications, and other crypto projects to “power the next generation of NFTs” faster and more stable while also strengthening team building.

Pinata is a media management company that provides media infrastructure and NFT platforms for creators and developers.

According to Tautenhan, the firm wants to be able to provide content support to millions of people like YouTube or TikTok.

He said that “we power a significant portion of web3. Some of the biggest names in the space are using us. Those users range from non-technical creators to software engineers.”

Tools developed by Pinata are designed to create and manage content on the Interplanetary File System easily.

The company’s tools simplify immutable data and combine blockchain with immutable off-chain data storage, enabling developers to increase the speed and stability needed for production applications, allowing users to Manage, share and monetize media on any blockchain like Avalanche and Algorand.

Pinata has raised a total of $21.8M in funding over 3 rounds. Their latest funding was raised on Aug 9, 2022, from a Series A round.

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RISC Zero Raises $12m in Seed Round Led by Bain Capital Crypto

RISC Zero, a startup that creates scalable blockchains with zero-knowledge (zk) technology, announced that it had raised a $12 million seed round led by Bain Capital Crypto.

According to RISC Zero, participating in the financing include Geometry, D1 Ventures and Cota Capital and angel investor Optimism’s Jing Wang, Coinshares’ Meltem Demirrors, Synthetix’s Kain Warwick, Uniswap Labs’ Marvin Ammo, and others.

RISC Zero was founded by a team of Seattle-based hackers committed to enabling users to control their experience on the internet through the creation of privacy-enhancing decentralization technology.

The funds raised will be used to accelerate the development and update of the company’s first open source product, the RISC Zero-Knowledge Virtual Machine (zkVM), released in March 2022.

By integrating zero-knowledge proof technology, organizations can avoid putting any real data on the blockchain and replace the data with proof of its existence and validity. Essentially, it allows for the safe and authentic delivery of proof of personal background without requiring everyone actually to share the information

Alex Evans of Bain Capital Crypto said that:

“Zero knowledge proofs are integral to many important blockchain privacy and scalability efforts. Risc Zero has demonstrated the first zkVM that natively supports standard languages ​​and tools such as C++ and Rust through LLVM. We’re thrilled to partner with the RISC Zero team as they empower developers to realize the full potential of this technology.”

The company plans to launch a developer preview of the new RISC Zero network in the third quarter of this year.

In March of this year, RISC Zero received a $2 million seed round led by Geometry and Ramez Naam Ventures.

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Hong Kong Can Serve Global Community through Web 3 Involvement: Ex-Financial Secretary

The former financial secretary of Hong Kong said Wednesday that the virtual economy would be important to Hong Kong, encouraging the young generation to be active through web 3 involvement and technology adoption.

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Speaking at an online forum of Yahoo Finance All Markets Summit Extra Asia on Wednesday, John Tsang Chun-wah shared about his career in the virtual economy sector after stepping down as the financial head of the HKSAR’s administration.

With the rising trend of Web 3, the involvement of the Metaverse and the adoption of technology, “We are still at the early stage of technology of J curve for many areas, like AI or blockchain and so forth. But don’t expect a smooth transition at a leisurely pace; it’s more like a step function. In time, it might be a sort of like quite stable while it’s just get disrupted and jumped quite a few levels,” said Tseung, suggesting a mindset of globalisation would be a key element for the next generation to prepare the future of Web 3.

Tsang, also known as “Choi Yeah”, referring to the “Wealth God” in Chinese culture, has shown interest in non-fungible tokens (NFTs) and their applications, believing this kind of digital asset would be valuable in the next generation.

The former finance executive also recently participated in an NFT project by using his personal image to explore its potential value. Tsang also serves as an advisor for young entrepreneurs related to virtual insurance and digital wealth firm in the private sector.

By issuing free “Choi Yeah” NFTs to people, Tsang hopes that the minting of the NFTs can raise awareness and interest in the public “beyond the use of a speculative tool.”

“The intention of mine is simple. To (us), we are going through a difficult period here in Hong Kong, and I would like to give people, or at least 3,000 people, something to cheer about it,” Tsang said.

Tsang further elaborated that he also appreciated the new business model on Web 3, a platform to conduct massive, decentralized activities, which is a fundamental infrastructure based on Web 2. He wishes people would benefit and be incentive to understand the nature of the digital ecosystem related to Web 3 or even the Metaverse through his NFT project.

However, Tsang said he is still sceptical towards cryptocurrencies because of their volatility, suggesting the public should take a conservative approach in finance, adding that crypto would be different compared to NFT in nature. He also warned of the bubble of crypto, which could be another bubble burst sparked in 1995.

Over decades, Hong Kong, as one of the global financial hubs among cities, has not only been facing regional competition such as from Singapore or in the greater bay area (GBA) in China but also some new challenges in terms of a virtual economy in recent years.

Speaking of “paradigm shift”, Tseung believes this is the generation of young people, suggesting the necessity to integrate technology and talents as the integration of engaging future trends.

“Paradigm shifts usually bring along many new and exciting business opportunities; and of course, it brings a lot of risks as well, so we need to capitalize on these emerging trends in a timely manner with the right mix of technologies and talents,” adding that “we have lots of different technologies that we can digest in this point, so the big need is really on talent aspects, we need to educate our younger generation, or even ourselves with the latest technology, so that we can become talents as well. ”

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CoinFLEX Files for Restructuring in Seychelles

Crypto futures exchange CoinFLEX on Tuesday filed for restructuring in a Seychelles court as part of its efforts to address a shortfall caused by a counterparty who failed to make a margin call.

CoinFlex said it had sent a notice about its restructuring process to its clients via email. The firm further said it intends to get approval from depositors and the court on a proposal to issue depositors with recovery value USD (rvUSD) tokens, equity, and locked FLEX coins.

Mark Lamb, Chief Executive Officer of CoinFlex, commented: “We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”

On June 23rd, CoinFLEX suspended customer withdrawals due to harsh market conditions. The exchange cited extreme market conditions and also pointed to uncertainty involving a counterparty as the reason for halting all withdrawals.

The company also suspended trading of its native token, FLEX Coin (FLEX), as well as both perpetual and spot trading.

On July 22, the firm proposed a plan to compensate depositors and bolster its financial situation amid efforts to recover more than $84 million in debt owed by a “large individual customer.”

In June, CoinFLEX halted withdrawals after the individual’s account suffered a loss during the recent market crash, which affected the balances of the exchange’s customers. The company later identified the individual as the prominent crypto investor Roger Ver. But Ver denied such claims on social media.

Mid-last month, CoinFLEX reopened limited withdrawals, allowing customers to withdraw 10% of their balance for a week and cutting “a significant number” of its workforce to lower costs.

The firm further disclosed its intent to work with a laser focus on recovery plans that would enable it to regain solvency. The company also talked about the possibility of further withdrawals, new equity investors, and acquisition of the firm.

Such possibilities followed plans mentioned in early July 9, which highlighted CoinFLEX’s plans to raise capital from new investors, raising funds through its Recovery USD (rvUSD) token, and seeking depositors willing to turn their deposits into equity.

In late June, CoinFLEX entered arbitration with the customer, Roger Ver, through the Hong Kong legal system. But the firm said it could take up to a year to receive a judgment and enforce it against Ver’s assets.

CoinFLEX was one of several firms that suspended customer withdrawals after crypto markets crashed in June.

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Market Slips Into a Bear Motion, Fate in The Merge of ETH Might Reboot Positive Sentiment

The volatility inherent in the digital currency ecosystem may seem stabilized at the moment, but a deeper insight into on-chain analytics shows more indeterminate trends are at play. 


These trends can easily tilt the balance in space, and per the current outlook, the bears seem to be igniting such a pressure that can grow to their advantage if sustained enough.

At the time of writing, Ethereum (ETH) has started paring off its weekly gain and is down 4.53% to $1,690.39, according to data from CoinMarketCap. This Ethereum slip is not a standalone event as it trails Bitcoin (BTC), which has slipped by 3.65% over the past 24 hours to $23,089.63.

Considering the two digital currencies largely define the pace at which other altcoins move, we have seen a massive negative trend on all key altcoins, including Solana (SOL), Cardano (ADA), and Binance Coin (BNB), and Polkadot (DOT) to mention a few. 

Besides the current negative slide being seen, the industry has experienced a transient revival over the past two weeks. While the market bulls are still trying to figure out the best strategies to place their bet in order not to get burnt, as in the case of Terraform Labs and Celsius, investors must hang onto a whole new fundamental that can help sustain the positive sentiment to stay committed to digital assets.

Pitching Ethereum’s Merge Event as the Temporary Bull Factor

In searching for an encompassing use case that can keep market bulls in line in the medium term, the forthcoming Ethereum’s Proof-of-Stake (PoS) merge with the Proof-of-Work (PoW) is one formidable push that can rally even Bitcoin as well as other digital currencies.

The emergence of Ethereum 2.0 will mark another era of scalability, usability, and energy efficiency for the world’s second-largest blockchain network. Investors, particularly the corporate ones, are poised to pay more favorable attention to Ethereum-based products as they can now fit more into their ESG strategies with its now energy efficiency.

The fact that it is also cheaper than Bitcoin and that real-world use cases can be attached to the protocol will also drive its growth. 

With September 19 set for the event, CoinShares data shows institutional investors have started stacking up on the coin as they may be pushed to buy the rumour and sell the news. The expectation is that the potential embrace of Ethereum will also spread out to other altcoins even though the coin’s successes will be a way of demarketing the offerings of the so-called “Ethereum Killers”.

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Bitcoin (BTC) $ 40,982.98 6.52%
Ethereum (ETH) $ 2,188.65 7.12%
Litecoin (LTC) $ 72.39 6.79%
Bitcoin Cash (BCH) $ 228.63 8.63%