The [Matic token](/coins/matic) has been one of the few cryptocurrencies in recovery since May 2022 in the bearish crypto market. One primary reason behind it is the [Polygon news](/news/article/polygon-crypto-news) confirming the Matic Disney collaboration for the Disney 2022 Accelerator Program. 

Since then, the token has seen some positive price action. It currently trades at $0.742, according to per [CoinMarketCap](https://coinmarketcap.com/currencies/polygon/). Though the token gained momentum after the news, its value is still less than USD. 

Many are curious why Disney prioritised Polygon tokens over other high-performing ones. Let's take a look at the reasons Disney preferred Matic! 

## What is the Accelerator Program?

Walt Disney Co. runs business development and mentorship programs for tech startups. It is aimed at funding and mentoring six innovative firms. The entertainment giant selects the firms based on their potential to thrive in the entertainment industry. The initiative takes place in summer each year. This year, it also started in July and will conclude in October.

Part of the plan for the [Disney Accelerator programme](https://thewaltdisneycompany.com/2022-disney-accelerator-participants-announced/) is to build immersive experiences with Augmented Reality (AR) tech and create AI-based character NFTs. For this reason, Matic's team is also part of this year's mentorship initiative. 

Alongside Matic, Disney will work with five other AR, AI, and web3-based companies. These include; [FlickPlay](https://www.flickplay.co/), [Red 6](https://red6ar.com/), [Obsess](https://www.obsessar.com/), Inworld, and [Lockerverse](https://www.lockerverse.com/). Polygon is the only cryptocurrency firm to be part of this program. 

## Four reasons why Matic and Disney teamed up for Accelerator

Let's examine why Polygon is the ideal selection for the Accelerator!

1. Scalable network for web3 projects 

One primary reason behind the popularity of the [Polygon](/news/article/polygon-crypto) network is its scalability. It is a layer-2 solution for Ethereum which can support scalable web3 projects. Besides being an Ethereum Virtual Machine (EVM), it provides formidable security. 

The network offers an array of Ethereum solutions, which developers can use for varying needs. From PoS to the open-source EVM, all are impressive scalable solutions.

2. A cost-effective option for NFTs and GameFi

The Matic network costs are also on the lower side. It is the prime factor behind the Matic Disney union. As the entertainment platform is seeking its place in the non-fungible token NFT market, it can be pretty helpful. The firm can leverage the Matic blockchain to turn its famous characters into NFTs. And the low transaction fee can be a crucial selling point to entice the audience. 

Similarly, this feature can also be quite helpful in developing blockchain-based games. Polygon ecosystem has a variety of GameFi projects. These include notable games like Voxies, Rebel Bots, Pegaxy, Crypto Raiders, and others.

3. Polygon's alliance with other key players

The Matic Disney collab for the Accelerator program is not the only impactful partnership this protocol has. It enjoys alliances with many other key players in the industry, including one of the most impactful alliances with the social media and Metaverse giant [Meta](/news/tag/meta/2). Mark Zuckerberg's company recently rolled out a cross-posting feature using Polygon. 

Also, one of the largest NFT marketplaces, [OpenSea](/news/tag/opensea), integrates with Matic NFTs. Meanwhile, other noteworthy names include Reddit, Robinhood exchange, and Stripe partner with the Matic network. Which suggests it is a growing blockchain company in the industry.

4. Diverse ecosystem

Another reason Disney selected Matic for its Accelerator program is its complete and diverse network. It can be an ideal platform for various Decentralised Applications (DApps). Its suite has numerous solutions designed for developers' ease of integration. The ecosystem can support NFTs, GameFi, and other DeFi projects that align with the needs of Disney.  

## How beneficial will the Matic Disney union be?

For Matic, the Disney partnership means growth. The short-term gains are already quite evident. Before this announcement, the token was traded at only $0.4 starting in July. 

However, in mid-July, it started gaining positive momentum as the price approached $0.6. The price then appreciated to over $1 in August. And now its price has decreased to $0.75. Nonetheless, this is commendable as the crypto market is going through a severe winter. Moreover, it positions the crypto well for future gains.

The [prospects](/news/article/matic-price-prediction) also look pretty exciting for the blockchain. It may unlock an opportunity of turning Disney World's characters into live NFTs. Moreover, it may lead to creating a Disneyland Metaverse, where the audience can enjoy an AR-based immersive environment. It will likely introduce the Polygon network to a prominent entertainment industry audience. 



Matic Disney Collab: Why Polygon for Accelerator 2022?

The asset management behemoth, [BlackRock Inc](https://www.blackrock.com/corporate), has rolled out a blockchain technology exchange-traded fund ([ETF](/news/article/crypto-etfs)). The firm has extended its services to European consumers, giving traditional markets more exposure to investing in blockchain companies. 

The latest BlackRock ETF has been named [iShares Blockchain Technology UCITS ETF (BLKC)](https://www.ishares.com/ch/institutional/en/products/328618/ishares-blockchain-technology-ucits-etf). The product was introduced on September 27 and consists of 50 holdings. Among them, 35 companies are blockchain-related, while others firms aid the blockchain industry. 

## BlackRock ETF offering EU investors exposure to blockchain

Previously, the Blackrock introduced a similar ETF product in the US. Now, it is seeking expansion in European market. 

The firm's product strategist for thematic and sector ETFs, Omar Moufti, has said that the new offering will allow customers to interact with leading companies in the distributed ledger ecosystem. 

Moufti further pointed out that these technologies will "become increasingly relevant for our clients as use cases develop in scope, scale and complexity."

## Blockchain BlackRock ETF holdings

There are 50 holdings, including around 75% of crypto exchanges and mining firms. On the other hand, firms supporting the blockchains make up the remaining 25%. Moreover, this new BlackRock ETF does not deal in crypto investments directly.

The top five holdings are [Coinbase](/news/article/blackrock-crypto) (13.20%), the fintech firm Block (11.40%), Riot (10.50%), Marathon Digital Holdings (11.13%) and USD cash (13.00%).

Other companies the new BlackRock ETF invests in include twenty-three IT firms, six financial, one communication, and one industrial company. 

## A Metaverse ETF is in the works

Bloomberg recently [reported](https://www.bloomberg.com/news/articles/2022-09-29/blackrock-plans-another-crypto-etf-after-feeble-iblc-debut#xj4y7vzkg) that BlackRock plans to introduce a unique exchange-traded fund related to Metaverse, which may include virtual or social media platforms. Its ticker and fees are yet to be confirmed. 

Earlier in August, the world's largest asset manager made its way into the crypto space by offering its institutional clients [Bitcoin spot](/news/article/blackrock-investing) exposure. Now, it is working on several other products related to digital assets to expand in the market. 



New BlackRock ETF invest in 35 crypto-related companies

Cryptocurrencies have digitised a significant amount of global monetary flow in a matter of years. But unfortunately, this transition has also provided a medium for scammers. Many criminals take advantage of blockchains to launder money. Because of this reason, anti-money laundering (AML) laws have become more relevant today.

Investors are at more risk of fraud from Ponzi scheme-based projects than ever. That’s why introducing such laws in crypto has become crucial to keep investors and the overall industry safe. 

In this article, we will learn about the role of AML in crypto and why it has become necessary for the regulatory authorities.

## Understanding AML in crypto

Money laundering is defined as an illegal act of cleaning money that is obtained through illicit means. Fraudsters conceal their actual source of earnings and change it to a legal one to escape from laws. To impede such crimes, governments have AML laws.
 
AML for crypto is the set of similar regulations that applies to the traditional laundering of money. These help stop the fraudulent conversion of illegally gained digital assets into fiat currencies. 

In many countries where crypto is regulated, AML is supervised by financial crime authorities. For instance, in the United States, [FinCEN](https://www.fincen.gov/) handles AML. Likewise, in the United Kingdom, [FCA](https://www.fca.org.uk/) ensures accountability.

## How does AML work in crypto?

The Financial Action Task Force [(FATF)](https://www.fatf-gafi.org/) is a global organisation. It defines the rules each country has to follow to prevent the misuse of finances. In 2014, the organisation also incorporated virtual assets into its code. Following that, the financial authorities of many countries included it in their regulations. 

Authorities are working with virtual asset service providers (VASPs) to implement these laws. VASPs include cryptocurrency exchanges, NFT marketplaces, token issuers, and some DeFi firms. These are required to register themselves to the regulatory bodies. 

Furthermore, they must follow the know-your-customer (KYC) standard to get user information. This way, regulators can easily track suspicious transactions as they have access to necessary user information. 

## AML and KYC for crypto

The KYC procedure is one of the most critical parts of identifying illegal transfers. The decentralised distributed ledgers maintain transparency and traceability. That’s why they allow irregularities to be easily spotted. Once the authorities know the public wallet address, they can track down the person or entity behind it through blockchains. 

However, digital asset companies have a different KYC standard than traditional firms. Here, face and biometric verification are not required. Instead, you must provide your legal name, authentic address, and ID card. But, these standards differ from one service provider to another. The reason is that not all of them are regulated by one authority.

## AML Consulting services for crypto 

In the digital assets market, anti-money laundering (AML) measures have become so necessary that now there are consultants in this domain. Various firms have emerged that provide P2P services for compliance with laws. These firms operate to ensure compliance with AML and protection against terrorist financing regulations. 

One leading firm among them is the [Digital Officer](https://digiofficer.com/about-us), a team of specialists in the AML domain. The firm can protect you against scams and assist in complying with the set code by the local authorities and FATF. Their services cater for both P2P and B2B, such as VASPs. 

## Why does AML crypto matter?

Cryptocurrencies have reshaped the entire world economy. But, it has also posed several challenges for financial regulators. Since the dawn of blockchain technology, criminals have relied on it for their illegal activities. Financing terrorism, running Ponzi schemes, and other [scams](/news/tag/scam) have become prevalent. Definitive measures became mandatory to stop the crime. And so, AML regulations took shape. 

Now, the financial authorities in many countries have [crypto regulations](/news/article/crypto-regulations) for penalising criminals. By regulating VASPs, they get information about the investors. Then track the suspicious transactions and withdrawals to prevent crimes. 

This has opened up a new area of the market for compliance consulting business. Now many service providers specialise in anti-money laundering laws. They assist clients in complying with local and international laws and protect their funds from scammers. Make sure you're covered with crypto compliance with firms such as Digital Officer.



Crypto AML & its importance in the industry

[Pantera Capital's](https://panteracapital.com/press/) founder and CEO, Dan Morehead, said the hedge fund intended to raise $1.25 billion for a second [blockchain](/articles/learn-moni/what-is-blockchain) fund.

Morehead [said at a Singapore conference](https://www.bloomberg.com/news/articles/2022-09-28/pantera-capital-s-morehead-seeks-1-25-billion-for-blockchain-fund#xj4y7vzkg) on Wednesday that the company's goal is to close the blockchain fund by May. According to reports, the fund will invest in digital tokens and equity to draw institutional investors.

 ![pantera.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/pantera_60f4e2d7bc.png)

Additionally, the CEO mentioned that he wants to purchase more shares of some of the businesses in which Pantera has already invested but whose valuations have declined. This includes companies like [FTX](/news/article/what-is-ftx), Anchorage Digital, Amber Group, Coinbase, and Flashbots.

The fund's goal is to support investors in [cryptocurrencies](/articles/learn-moni/cryptocurrency-price-charts) who might be beginning to lose hope due to price declines in 2022, which have been further impacted by the general decline in global financial markets.

The Pantera CEO said, 
"We want to provide liquidity for people that are kind of giving up because we're still very bullish for the next 10 or 20 years."

"Unfortunately, crypto pricing has become correlated with risk assets, which I don't think has to be true. I hope that soon crypto will decouple from the macro markets."

## Pantera Capital investment funds

The investment firm has grown to be one of the most active in the crypto space since its launch in 2013, with currently $4.5 billion in assets under management.

There are currently five funds available: venture, Bitcoin, early-stage token, liquid token, and blockchain funds.

The first blockchain fund launched in 2021 to raise $600 million. The firm announced in January 2022 that it had secured more than $1 billion in commitments. This active investment invests in a mix of venture equity, early-stage tokens, and liquid tokens.

Morehead claims that the firm's second fund will invest in equity and digital tokens. Pantera anticipates that investments will be closed in May 2023.

pantera capital logo blockchain fund on bitcoin

Pantera Capital set to raise $1.25B blockchain fund

Digital bank [Revolut](https://www.revolut.com/), fintech unicorn based in London, has been granted permission to provide cryptocurrency services in the UK after passing the FCA's (Financial Conduct Authority) requirements for anti-money laundering.

The $33 billion valued digital bank Revoult was added to the [crypto asset firm register](https://register.fca.org.uk/s/search?predefined=CA) of the UK financial watchdog on September 26. 

Revolut had been attempting to get listed on the FCA's register since January 2021. The company has been operating as an authorised electronic money institution since May 2018.

The firm had previously offered cryptocurrency buying, selling, and trading to UK customers under the FCA's Temporary Registration Regime (TRR), which was designed to allow businesses to continue operating while their applications were being reviewed.

When the approval deadline passed at the end of March this year, the FCA allowed a limited number of companies to remain on the TRR. Revolut was one of five companies listed on TRR, alongside CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain. None of the other four firms were later approved.

With the addition of the Revolut bank to the UK’s crypto asset firm register, there are now 38 companies authorised to provide custodial and exchange services for crypto assets.

## Other firms to win FCA crypto regulation

The [FCA](/news/article/ftx-uk-ban) was designated as the UK's anti-money laundering and counter-terrorism financing authority at the beginning of 2020. Since then, any firm wishing to engage in crypto activity in the UK has been required to register with the organisation under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017.

[Gemini](/news/article/gemini-crypto-exchange), [Kraken](/news/article/kraken-ceo), eToro, and Archax are among the other firms that have met the FCA's anti-money laundering and counter-terrorist financing (AML/CFT) standards.

Crypto exchange, crypto.com was the most recent addition, joining the list in August.

Currently, 38 of 248 crypto firms seeking registration have met the FCA's standards and have been granted permission to operate in the UK.





Digital Bank Revolut gets approval to offer crypto services in UK

Mastercard and the crypto app 'hi' [launched the first NFT customisable debit cards](https://www.mastercard.com/news/europe/en/newsroom/press-releases/en/2022/september-2022/hi-launches-world-s-first-nft-customizable-card-with-mastercard/). With the launch of customisable debit cards, users can personalise their cards' with the NFT avatars they own.

## Crypto app and Mastercard partnership

On September 25, in a [hi blog post](https://resources.hi.com/video-announcing-the-worlds-first-nft-card-with-mastercard/), the crypto and fiat app 'hi' announced a new partnership with Mastercard to launch customisable debit cards, allowing users to design their cards with NFT avatars.

![mastercard.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/mastercard_d3ff63ad2a.png)

With this new partnership, users can now add popular NFT avatars to their cards, such as CryptoPunks, [Apes](/news/article/how-to-buy-monkey-nft), Goblins, or any other they own, as long as it meets Mastercard design standards.

The new hi [debit card](/news/article/crypto-debit-card-uk) will enable crypto enthusiasts to spend fiat and digital assets, such as $Hi, $BTC, $ETH, and $USDT, at over 90 million locations worldwide that accept Mastercard crypto payments.

It will also allow users to spend money from their IBAN accounts in various fiat currencies and cryptocurrencies. Users will receive crypto rewards when making online purchases and will have access to several digital subscriptions, travel benefits like hotel discounts, and more.

Furthermore, it will allow members in the United Kingdom and Europe to deposit their paychecks directly into the card via their banks and split fiat in their preferred cryptocurrency.

The card will operate on the buy-now-convert-later functionality, eliminating the need to convert digital assets into fiat currency. Thanks to the implemented functionality, customers won't miss out on any potential returns from the cryptocurrency market.

## How to get your exclusive NFT debit card?

The NFT customisable debit cards are exclusive for hi members only. The crypto app ['hi' released the steps to join the waitlist](https://resources.hi.com/join-the-card-waitlist/) to get the exclusive NFT debit card. 

Users can head over to the card page in the hi mobile app. They will be required to choose a card tier, each offering different benefits. 

To access the NFT card benefits, the user must purchase and stake their native token, HI. To gain access to the benefits, users must stake at least 100 HI tokens or 10 EUR and fulfil the platform's know your customer (KYC) requirements. 






Crypto app and Mastercard launch first NFT card

One of the top-rated cryptocurrency exchanges, FTX, has secured the auction for Voyager Digital’s assets. The [crypto firm Voyager](/news/article/voyager-crypto) confirms that FTX US made the winning bid for the company’s assets, which was $1.422 billion. 

[Sam Bankman-Fried’s](/news/article/sam-bankman-fried) exchange competed for this sale with the crypto investment firm [Wave Financial](https://wavegp.com/). Apart from that, Binance, CrossTower, and several other virtual asset firms also participated in the auction.

On Monday, the exchange issued a [press release](https://www.prnewswire.com/news-releases/voyager-completes-successful-auction-and-announces-agreement-for-ftx-to-acquire-its-assets-301633679.html) announcing the auction’s completion. It mentioned that the bidding war took place for two weeks. It has concluded with the Bahamas-based firm’s winning bid. 

Moreover, it disclosed that the accepted bid includes the future market value of the firm, which is $1.311 billion. Also, it consists of an estimated incremental value of $111 million. 

## Bankruptcy of the crypto firm Voyager

Earlier this year, in July, crypto Voyager Digital filed for [bankruptcy protection](/news/article/crypto-lending-platform-voyager) in the United States. Chapter 11 bankruptcy protection allows businesses to continue their operations while they figure out a plan for either restructuring or selling it. 

It suffered losses of around $650 million as [Three Arrows Capital (3AC)](/news/article/genesis-crypto-claim) defaulted. When filing for the protection, the company was in financial ruin as it had a debt of $1 billion. Following that, it restrained its consumers from retrieving their funds. 

## What is in store for the future of Voyager Digital?

As of now, the company has not provided much information regarding its customer’s crypto funds. However, it has been mentioned that the information regarding how the customers will be able to access their funds will be shared “as it becomes available.”

Nonetheless, it clarified that the exchange would allow its customers to stock and trade their virtual assets. However, it will be authorised after the firm’s chapter 11 bankruptcy cases are resolved. Moreover, this deal will also be completed after the conclusion of the debt issues. The expected date for its decision is October 19.





crypto lender voyager sells assets to ftx

Crypto lender Voyager's assets auctioned to FTX US

[Swapit.io](https://swapit.io/) is a one of a kind DeFi platform that brings in the unique features of gameFi and NFTs with it. It also introduces a mobile application that allows users easy access to its services. Besides, the platform's [GameFi](/news/article/what-is-gamefi) involves social gaming features, which can shape a dynamic community. 

Moreover, the roadmap for this project hints toward a possible NFT distribution service. It also aims to introduce Ethereum-like protocols and interoperable standards. Indeed, the features of this [DeFi](/articles/learn-moni/what-is-a-defi-token) platform sound promising. But due to a lack of clarity in its roadmap, it faces questions about its legitimacy. 

## How does Swapit.io work?

Before we discuss whether or not Swapit.io is legit, it's essential to know how it works. The games on the platform have the swap and win mechanism. There is a random number generator or RNG algorithm behind it. It generates randomised numbers that trigger a particular event in the game. It may result in getting a rare collectable or landing a hit. 

The platform introduces 980,000,020 cards as tokens. RNG score decides the items you will get for a game. The Joker card is the rarest, and if you submit it to the community pool, an NFT will be auctioned. To trade these NFTs, you will need SWIT tokens. 

## Swapit.io trustworthiness

The project combines three different elements on the [blockchain](/articles/learn-moni/what-is-blockchain). These are; Play-to-earn games, NFTs, and a tokenised DeFi ecosystem. It is a decent project built on a highly trusted network of [Binance smart chains](/news/article/bnb-price). Moreover, it has sophisticated SWIT tokeonomics with a total supply of 1,000,000,000. 

Besides, one prominent feature that makes it trustworthy is that the project is audited by Automated Security Audit System (ASAS). This ensures that no overpaying happens by maintaining weekly payouts at 80%. Along with that, its roadmap suggests that NFT distribution and interoperable protocols can be introduced later. 

However, one thing that still leaves some doubts is the lack of information about the project's founders. But, all the other signs indicate that Swapit.io is a legit company. 

This review is based on the information provided on the company website and other available resources. There is always risk involved in crypto-related services and products. That's why it's wise to conduct your research before investing.
 



Swapit.io Review

On Thursday, the UK government released [an Economic crime and Corporate Transparency bill](https://www.gov.uk/government/news/new-crackdown-on-fraud-and-money-laundering-to-protect-uk-economy) to tackle illicit finance funnelled through the crypto ecosystem. The UK crypto bill aims to increase law enforcement's ability to target [cryptocurrencies](/articles/learn-moni/cryptocurrency-trading-strategies) used for unlawful activities to target money laundering and fraud.

As of now, the bill is scheduled to have its second hearing on Oct 13th.

##  UK crypto bill purpose

The [UK crypto](/news/article/crypto-price-uk) bill released in Parliament on Thursday strives to keep "dirty money" out of the nation. The proposed legislation included measures to reduce "red tape around confidentiality liability" and give law enforcement the power "to compel businesses to hand over information related to money laundering or terrorist financing," including crypto.

The bill specifically targets those involved in illegal activities like money laundering, drug trafficking, and cybercrime, in addition to [cryptocurrency](/articles/learn-moni/cryptocurrency-prices), which acts as a critical enabler. This bill will help the relevant authorities in their quest for cryptocurrencies that have been used fraudulently.

The bill mandates the new upcoming companies in the UK to verify their identities. This includes cross-checking data with public and private partners and listing suspicious activity to security and law enforcement agencies.

The bill is meant to build on the previous Economic Crime (Transparency and Enforcement) Act, which helped regulators impose sanctions on Russia and freeze relevant assets in the country. Regulators are concerned that some Russians use cryptocurrency to circumvent sanctions imposed by Ukraine's invasion.

## UK government active with crypto activities

According to [reports](https://www.policeprofessional.com/news/mps-makes-record-breaking-180m-cryptocurrency-seizure/), in July 2021, the Met police reportedly seized 180 million pounds in a money laundering investigation. This incident took place just after a month when Met police seized 114 million pounds in cryptocurrency linked to international money laundering.

Cryptocurrency has been a vital ground for criminals to execute their illicit activities. But, with new reforms and bills, the UK government is preparing to tackle dirty money and target unlawful crypto activities in the nation.



UK released a crypto bill to tackle illegal finance

It might seem we’ve not heard the last from the Do Kwon Terra debacle, as Interpol has issued a red notice for the arrest of the embattled founder of Terraform labs.

The South Korean security authority has been investigating the case; however, the embattled Terra founder has not been cooperating and is believed to be on the run.

With Interpol's red notice, security agencies worldwide are requested to start a search and arrest him.

## Do Kwon's statement on the Terra collapse investigation

Do Kwon, in a series of tweets via his official Twitter handle ([@stablekwon](https://twitter.com/stablekwon/status/1571197156907679745)), has denied not cooperating with the security agencies. He further claimed he’s not on the run as speculated in the media.

[Do Kwon's Terra labs collapsed earlier this year](/news/article/terra-luna-collapse), which led to the loss of investors' money estimated to be around $40 billion.

Many investors have lost their money through investment in LUNA and can’t wait to get clarity on the investigation presently being carried out. This case is one that the whole crypto community is observing with keen interest.

## Legal Issues in the cryptocurrency industry

There seem to be a lot of legal issues in the cryptocurrency industry, and Do Kwon Terra issues is not the only one taking centre stage.

Ripple labs, the parent company of Ripple, is presently embroiled in [legal issues with SEC](/news/article/xrp-court-case-update) in what seems to be the longest court case in the cryptocurrency industry's history.

A [Dogecoin](/coins/doge) investor also [sued Tesla and SpaceX CEO Elon Musk](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334) for $258 billion (€245 billion) for allegedly "running a pyramid scheme to support the cryptocurrency".

In an accusation filed in Manhattan federal court, plaintiff Keith Johnson accused Musk, the electric vehicle maker and the space tourism company CEO of racketeering by touting Dogecoin and driving its price up, only to let it tumble.

Key Tech figures like Warren Buffet and Bill gates have earlier questioned the worth of Bitcoin. The major criticism of Bill Gates is the anonymity and irreversibility of transactions, while Buffet doesn’t see it as a means of utility.



Terra debacle: Interpol issues red notice on Do Kwon

There are several credible crypto projects if you're interested in learning more about cryptocurrency. These include Solana, Polkadot, and Mistertango, which shine as beacons of credibility in a shady market. Other examples include Coinbase and Discourse, both open-source discussion platforms for crypto projects.

## Solana, Polkadot, and Solana are credible cryptos

[Polkadot ](https://polkadot.network/) and Solana use different blockchain networks, but their main goal is similar: to provide high-speed transactions and low fees. Solana is designed to be compatible with other blockchains, while Polkadot aims to facilitate interoperability and secure data transfer between networks. These are all promising cryptos but have their fair share of challenges.

[Solana's network](https://solana.com/) has a few features that make it unique. Its network can process up to 65,000 transactions per second. Its transaction fee is 0.00000001, which is negligible compared to other cryptos. It also features a turbine protocol that helps deal with network bandwidth problems.

However, Solana has some problems that make it risky to invest in. One of its most significant vulnerabilities is that the network is monolithic, leading to a centralized structure. This can limit the number of validators and reduce the overall network security. Another problem is that just a few addresses hold a large portion of on-chain wealth. This can create governance problems, reduce the number of validators, and reduce overall network security.

## Mistertango is a shining light of credibility 

While cryptocurrency has become a hot topic for speculators and traders, it is not without its share of legitimate businesses. Many of these firms have been involved in scandals that have cast doubt on their reliability. One of these companies, Mistertango, is dedicated to building trust among traders and exchanges. 

As a result, it has developed a highly successful PR campaign that has contributed to a sharp rise in web traffic, inbound inquiries, and sales.

## Coinbase is a credible crypto exchange
[Coinbase is one of the most popular](/news/article/blackrock-crypto) and trusted exchanges today. This popular exchange is based in San Francisco and has a high level of regulatory oversight. It offers various products and services and is popular among hundreds of thousands of users. It is also one of the most highly reviewed cryptocurrency sites. While not regulated by the Securities and Exchange Commission, Coinbase does claim to use cold storage for customer assets and to halt suspicious transactions.

It is important to use a legitimate wallet when trading. This way, you won't lose your private keys to a third party or scammer. Coinbase requires that customers use two-factor authentication to secure their accounts. This includes using biometric fingerprints or AES 256 encryption on their private keys.

Coinbase has excellent security practices to protect user funds. It requires two-factor authentication to access your account and a 48-hour waiting period for withdrawals. It also offers whitelist withdrawal addresses.

It also uses industry-leading security measures. Although Coinbase is expensive, the security of your funds is a significant selling point. Unlike most other exchanges, Coinbase offers a higher level of security and is many institutions' preferred exchange and custodian.

## Discourse is an open-source discussion platform

Discourse is an open-source discussion platform that is used by many cryptocurrency projects. These projects use Discourse to discuss protocol design and governance issues. However, the forums can also be a source of scams, so cryptocurrency users must stay on guard. This platform allows users to follow their favourite projects and interact with them, but they should ensure that the information they get comes from reputable sources.

While the effect of Discourse on crypto prices is uncertain, it could play a role. It may be related to the source of news, which can influence prices. Further research may be needed to model crypto discourses and find the connections between the news source and its effects on prices.


What are the most credible crypto projects?

Russia's Deputy Finance Minister described the acquisition and use of cryptocurrency in cross-border settlements through a new agreement. 

According to [Kommersant](https://www.kommersant.ru/doc/5572328), a news outlet, Deputy Finance Minister Alexei Moiseev stated on Thursday that the government department has agreed "on the whole" with the central bank on a rule that would allow residents to send cross-border payments using cryptocurrencies.

The report quotes Deputy Finance Minister, Moiseev statement: 

"Now we have a bill in this part already agreed with the Central Bank on the whole ... It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with for cross-border settlements,"

Russian citizens are intended to benefit from the proposed policy change by having access to digital wallets. The central bank reportedly spoke with government representatives about the issue of cross-border crypto payments, according to news agencies. However, the bank of Russia is allegedly opposed to allowing cryptocurrency exchanges to function legally and not accepting cryptocurrencies as legal tender.

## Russia's volatile relationship with crypto

It's interesting how Russia has viewed cryptocurrencies. Cryptocurrency payments were prohibited in the country in 2020. 

Vladimir Putin, the president of Russia, drafted a new law on July 16 that effectively banned using digital assets to pay for goods and services there. According to the law, cryptocurrencies and NFTs were no longer recognised as legitimate payment methods. These digital assets, though, could still be bought, sold, exchanged, and pledged.

[Russia crypto](/news/article/crypto-russia) has always had a contentious relationship. In May 2022, Denis Manturov, the trade minister, said that the country would "sooner or later" legalise crypto payments, and its position on using them for cross-border settlements shifted.

It's critical to note that 72% of Russian investors have never purchased cryptocurrency like Bitcoin, according to a July 2022 survey by the Swiss cryptocurrency wallet provider Tangem. Therefore, BTC adoption in the nation is likely to be influenced by the proposed policy change driven by the Russian bank and the Ministry of Finance.



Russia approves cross-border crypto payments

FTX is one of the top-rated crypto exchanges in the world. It was founded by renowned entrepreneurs and investors Sam Bankman Fried and Gary Wang. The exchange launched in 2019, with its headquarters in the Bahamas. 

It offers a range of services in the crypto space. In the last few years, the platform has become increasingly popular. Now, it is only behind Binance and Coinbase, according to [CoinMarketCap rankings](https://coinmarketcap.com/rankings/exchanges/). 

Are you interested in learning more about what FTX exchange is and what services it offers? Here are all the details!

## What does FTX offer?

It is a centralised cryptocurrency exchange that offers various services and products. Here are a few of them! 

1.	Various leveraged coin pairs on the exchange offer up to 3x returns. 
2.	Its futures trading allows short-term and long-term bets. You can trade assets at a set future price and date.
3.	With Spot, you can trade in over 100 pairs.
4.	Its options feature gives you call-and-put options so that you can speculate and hedge future prices by mitigating risks.
5.	It allows trading in 11 different fiat currencies, including USD, GBP, CAD, AUD, EUR, etc.
6.	Its MOVE contracts enable you to wager the change in price over time. The price change can be in either direction, and you can make a profit from it. 
7.	It has its native token, FTT, that you can stake to make profits. 
8.	The exchange also offers a range of advanced, basic, and reduce-only order types. 

## What is the FTX exchange fee?

The platform does not have a withdrawal or deposit fee. However, you have to pay for withdrawing BTC, ETH, and other ERC-20 tokens. Bitcoin withdrawals of less than 0.01 would be charged 0.1% trading fees. But your first withdrawals and withdrawals over 0.01 BTC will be free. 

On the other hand, for fiat currencies, the trading fees range from 0.02-0.07% if the amount is smaller than $5000. However, trades over this amount will be free. Moreover, if you have staked the FTTs, you would not have to pay this fee.   

## Regulation and security 

Regulation and security can be one of the main concerns of investors. However, FTX can be a safe option as it is looking to register in different parts of the world, including the [UK and the US](/news/article/ftx-expansion). Currently, it is regulated by the Bahamas Securities Commission. Also, FTX US is held by the US’s FinCEN bureau.
 
Moreover, the company rebranded LedgerX as a crypto derivatives platform, [FTX US Derivatives](https://derivs.ftx.us/), in the US. This platform is regulated by the Commodity Futures Trading Commission (CFTC). 

To ensure the security of the transactions, FTX uses the 2-factor authentication method. You might get an SMS or a notification from Google to log in on the exchange. Moreover, it also seeks help from cybersecurity firms like FBG Capital, True USD, and Circle. They audit the security and maintain transparency. 

## What is FTX token, FTT?

The exchange has also introduced its token, FTT. The token can be quite beneficial for investors for various reasons. For one, it can be staked to generate a passive income. Moreover, it allows you to pay the exchange’s trading fee. Also, it helps in futures trading by working as collateral. 

FTX is a highly reputable crypto derivatives exchange. It caters to all digital asset investors regardless of their investing exposure. The array of crypto trading services it offers allows you to make comprehensive profits. 

The firm ensures commendable security and transparency, making it a reliable choice for investors. Apart from that, as it is seeking a green signal from numerous regulators and partnering with reputable crypto exchanges like [Reddit](/news/article/reddit-partner-with-ftx-crypto), FTX might become a global leader in future. 


What is FTX crypto exchange? 

The Financial Conduct Authority (FCA), responsible for crypto regulation in the UK, has reiterated the unauthorised status of FTX. Recently,[ FCA issued a warning](https://www.fca.org.uk/news/warnings/ftx) for the consumers in the country that the exchange is working without approval. The regulating body has added the company to the list of unregistered digital asset firms. Following this, the FTX UK ban is expected. 

The crypto exchange had planned to seek[ expansion into the UK](/news/article/ftx-expansion) and European markets in March 2022. The Sam Bankman-Fried exchange pursued approval from the British regulators. However, FCA’s strict enforcement of anti-money laundering laws has not allowed the business to get the registration.

## FCA’s warning for consumers

The warning issued by the crypto market watchdog says, “We believe this firm may be providing financial services or products in the UK without our authorisation.” It cautioned the investors that they would not get their money back in case of losses. 

It also mentioned that the consumers of this service would not be eligible for Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS). Moreover, regulators advised that consumers must deal with registered firms to protect themselves financially. 

## Enforcement of crypto regulations in the UK

This is not the first instance of such a warning from the British regulating body. Earlier, they issued warnings for several virtual asset service providers. Among them, a famous firm is Binance. Last year, in June, regulators deemed the activities of Binance to be unauthorised, which led the firm to relocate its headquarters to Ireland.

Meanwhile, FCA received around 248 applications for authorisation. But only 37 are registered cryptocurrency and digital asset companies in the country. Recently, Crypto.com has been one firm to get approval. Other known names to get the approval are eToro UK, Rubicon Digital Limited, DRW Global Markets LTD, Uphold Europe Limited, etc.

## Will it lead to an FTX UK ban?

Britain’s policies have been strict for the enforcement of [regulations](/news/article/fca-crypto-regulation). The list of unapproved firms indicates that. FTX has become the latest company on the list. Regardless of the strict enforcement, the regulators have not yet pushed for a complete ban on any firm. Therefore, an FTX UK ban also looks unlikely. Nonetheless, this step may affect the company’s operations in the region. 


FTX UK ban expected, FCA iterates unlicensed status

Kraken

Jesse Powell, the outspoken and frequently controversial co-founder of the Kraken cryptocurrency exchange, announced [his resignation](https://fortune.com/crypto/2022/09/21/krakens-powell-steps-down-incoming-ceo-says-culture-will-not-change/) as Kraken CEO to devote more time to the company's products and broader industry advocacy.

Powell will be succeeded as chairman of the board by Chief Operating Officer Dave Ripley. Once a new COO is selected, the transition is expected over the next few months.

Powell has been a prominent player in the crypto scene since Bitcoin's inception. He has played a significant role in growing the company from a new startup to a significant exchange with a reputation for innovative products.

Kraken CEO Powell, though a prominent figure in crypto circles, has also become controversial due to his unconventional views on diversity, abortion, and vaccines.

Powell, the company's largest shareholder and chairman conducted a thorough CEO search and interviewed more than a dozen applicants before selecting Ripley.

Ripley, who plans to fully take charge of the senior role once Kraken finds a new COO, says he enjoys managing large teams and expects little to change in the company's culture.

## Shrinking company share

[Kraken](/news/article/kraken-exchange-under-investigation) has grown to be one of the largest US crypto exchanges over the years, ranking fourth among global spot exchanges as of Wednesday, according to CoinMarketCap data. Nonetheless, the current "crypto winter" has impacted the industry. According to data provider CryptoCompare, Kraken's global market share among the top 15 exchanges has dropped by about 32% since the beginning of the year.

Kraken, a remote-first company, closed its San Francisco headquarters this year. The company employs over 3,300 people worldwide.

Kraken had plans to go public, backed by significant crypto venture capital firms such as Tribe Capital and Electric Capital. Last year, the company was in talks to raise funds at a more than $10 billion valuation. Powell said the company is preparing to go public, but he couldn't give a specific timeline for when that would happen. Ripley added that the organisation currently has no active fundraising plans.

The Commodity Futures Trading Commission fined the company $1.25 million last year for offering illegal crypto margin products to US residents.


Kraken CEO steps down, succeeded by Dave Ripley

## Comments about theft from Wintermute CEO

According to a series of [tweets](https://twitter.com/EvgenyGaevoy/status/1572134271011225601) by Wintermute's founder and CEO, Evgeny Gaevoy, the attack allegedly targeted the company's decentralised financing (DeFi) operations. Gaevoy promised clients that the company is still "solvent with twice over" the $160 million taken in the residual stock.

As per blockchain research firm Elliptic, these services are "uniquely vulnerable to hacking" due to their open source code, vast pools of assets, and fast growth, which may have resulted in a gap in security best practices in some circumstances.

## Details of Wintermute scam

A cryptocurrency wallet address labelled as belonging to the Wintermute exploiter on blockchain explorer platform Etherscan revealed a series of transactions earlier on Tuesday, [one of which](https://etherscan.io/tx/0xd7bf7b67e0d0095b7eb1813a4a60c129b45694374bf996f9ecc249d07efbcd02) involved transferring 112 million native tokens of Curve's 3pool, a platform for swapping stablecoins, from a null address to the hacker.

The token exchange consisted of $114.4 million USDT, $61.4 million USDC, and $23.6 million DAI.

Based on research released last month by blockchain monitoring firm Chainalysis, a startling $1.9 billion in bitcoin was stolen in hacks of various platforms in the first seven months of 2022, a 60% rise from the same time the previous year. 

Some of the most [significant crypto breaches](https://www.cnn.com/2022/08/16/tech/crypto-hack-rise-2022?cid=external-feeds_iluminar_msn) this year have occurred on DeFi protocols, including a $625 million attack in March on a gaming-focused blockchain network that powers the popular video game [Axie Infinity](/news/article/axie-infinity-price). Some of these thefts, notably the Axie affair, have now been [linked](https://www.cnn.com/2022/04/14/politics/fbi-north-korea-hackers-crypto/index.html?cid=external-feeds_iluminar_msn) to North Korean hackers.

## Will Wintermute be able to pay lenders?

Wintermute, which Gaevoy started in 2017, is a "leading" digital asset market maker. It has offered liquidity on over 50 different exchanges and cryptocurrency platforms. The company informed users that service disruptions might occur over the following few days.

Wintermute is the [highest borrower](https://app.clearpool.finance/pool/0xCb288b6d30738db7E3998159d192615769794B5b?market=mainnet) on the DeFi liquidity marketplace Clearpool, with $22.2 million in USDC outstanding. According to Andrew Thurman, content lead at Nansen, it also has a $92.1 million USDT [loan](https://app.truefi.io/borrowers/0xA1614eC01d13E04522ED0b085C7a178ED9E99bc9) with TrueFi. According to the platform's website, the TrueFi loan will mature on October 15.

Gaevoy concluded his tweet by stating that Wintermute is solvent but issued lenders that they can also recall their loans if they wish. 




Wintermute victim of $160 million scam

AstroSwap is a decentralized exchange (DEX) built for the Cardano ecosystem. Launched in October 2021, it is a layer 2 DEX made on the Velas network, considered the fastest blockchain in the world.

AstroSwap’s link with the Velas network allows users to trade and swap Cardano tokens at faster speeds with lower fees. The project also features Galaxy Pools, where users can stake their tokens and earn and Space Lottery, where users can play and win amazing prizes.

## ASTRO Token

ASTRO token is AstroSwap’s native token. Also launched in October 2021, the token started pretty well thanks to a successful IDO exclusive on ADAPad. Within a few hours of launch, ASTRO tokens hit a [21,000%](https://finance.yahoo.com/news/astro-trades-over-33-000-182751241.html) ROI. They would continue to rise and hit a peak of 50,000% ROI within a few days after launch.

However, despite their great start, ASTRO tokens would begin to depreciate and end the year 2021, trading at $0.1345. For most of January 2022, the tokens would trade at $0.1, hitting $0.2 on a few good days. By the end of January, they were down, trading at $0.08137.

For most of March 2022, ASTRO tokens traded between $0.007 and $0.009. They picked up by the end of the month to close each worth $0.01206. The coins did drop again and have continued to trade below $0.01 as of writing.

According to [Coinmarketcap](https://coinmarketcap.com/currencies/astroswap/), while ASTRO tokens show some price appreciation, they are currently worth $0.001905. They are ranked the 1575th largest cryptocurrencies by market cap. 

ASTRO tokens have a max supply cap of 10,000,000,000 ASTRO coins. There are currently 428,462,821 ASTRO coins in public circulation. If you wish to invest in the tokens, they are available on AstroSwap, PancakeSwap, Gate.io, BKEX, and ZT. They are not listed in many crypto exchanges.

## What sets AstroSwap Apart?

Several things enable [AstroSwap](https://www.astroswap.app/#Tokenomics) to stand out as a worthwhile crypto project.

•   Features: Swapz Bridge is a feature that allows users easily and quickly bridge tokens between networks with minimal fees. Other features include Galaxy Pools for staking and Space Lottery for awarding loyal users.

•   High APY: Users can access ultra-high APYs not found anywhere within the crypto ecosystem. The High APY is possible thanks to the 45% of the total ASTRO token supply set aside for staking incentives.

•  Partnerships: It has the backing of a few strategic partners, including ADAPad, WagyuSwap, Swaps, and Bluezilla, a veteran incubator firm.


AstroSwap’s road map also shows that bigger and better things are coming. The project seeks to continue to introduce DAO governance and voting rights, [NFT collection](/news/category/nft-news), and lending and borrowing Protocols. The future seems bright for the project.




A simple AstroSwap guide for beginners

Cryptocurrency and blockchain technology have revolutionized tech with their multiple benefits. More interestingly, it has allowed people to explore new ways to make money. So, imagine making money from what you love. That is a way to live your best life.

Smooth Love Potion (SLP) is a play-to-earn cryptocurrency asset. Powered by the Axie Infinity ecosystem, it is one of the ways you can make money by engaging in activities that interest you. For instance, adult content, gaming, and NFTs are areas where SLP integration plays a key role.
If you love GameFi (gaming and decentralized finance), you would be familiar with the Axie infinity game. Smooth Love Potion is used in the Axie Infinity ecosystem to breed Axies.

## What Is Smooth Love Potion?

Smooth Love Potion (SLP) is an ERC-20 gaming token popular within the Axie infinity ecosystem. With a maximum token supply of 43.32 billion, it powers the cash reward system for gamers in the Axie Infinity ecosystem.

Axies are pets on the Axie platform bred with SLP, and you can buy/sell them on its NFT marketplace. As a crypto asset, you can trade SLP on exchanges like Binance, FTX, KuCoin, Gate.io, etc.

SLP hodlers get incentives to hold their tokens due to the scarcity of Axie Infinity items, and they can cash out by selling at high prices on secondary markets. Most SLP holders prefer to hold rather than sell due to the high demand. Holders of SLP also get bonuses or discounts purchasing NFTs with SLP rather than using SOL, ETH, and BNB.

## What is Axie Infinity?

Smooth Love Potion (SLP) plays an essential role in the Axie Infinity gaming platform. However, what is Axie Infinity? Axie Infinity is an NFT gaming platform where gamers battle each other with unique characters called Axies. 

Axie Infinity is one of the most [popular NFT gaming platforms](/news/article/metaverse-crypto-coins) built on the Ethereum blockchain. To become a participant on the Axie Infinity platform, you’ll need to assemble a team of Axies to battle with other gamers.

Axies are available on many NFT marketplaces, including Opensea, and you can borrow from other gamers via the scholarship platform.

## Use cases of Smooth Love Potion

SLP is presently [ranked #146 on Coinmarketcap](https://coinmarketcap.com/currencies/smooth-love-potion/) with a market cap of over $18 million, and you can trade it on major global exchanges. SLP can purchase things outside the Axie infinity ecosystem as a tradable asset. Hence, it is essential to explore the benefits of SLP.

Buying and selling Axies: SLP is the native token of the Axie infinity game and is available on major crypto exchanges. You can use it to buy and sell Axies. As an ERC-20 token, you can use ETH to purchase Axies. However, the prices are much higher when purchased with SLP.

Trading on Decentralized Exchange: For crypto enthusiasts that love trading on decentralized exchanges, you can make money by speculating on the price of tokens. SLP is an ERC-20 token and is compatible with most decentralized exchanges.

Payment: SLP is a cryptocurrency asset you can use to purchase goods and services like other crypto tokens like Ethereum and Bitcoin. If you love HODLing cryptocurrency assets, then SLP is a good buy as it is limited in supply and has the potential to eclipse Ethereum and Bitcoin soon.

## Bottom line

Axie infinity is one of the most in-demand NFT gaming platforms in the GameFi space; this, by extension, makes SLP valuable.

For anyone researching potential crypto assets, the Smooth Love Potion (SLP) is one to look forward to adding to your portfolio; this is not classified as financial advice but rather the author's opinion so ensure you DYOR (Do your Research).
 
 
 



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