Home Crypto News Nexo Ranks #2 as One of many Few Remaining Centralized Crypto Lenders Settles for $45 Million With the SEC — Prime 3 Cash to Look ahead to Jan 23 — Jan 29 – CoinCheckup Weblog – Cryptocurrency Information, Articles & Assets

Nexo Ranks #2 as One of many Few Remaining Centralized Crypto Lenders Settles for $45 Million With the SEC — Prime 3 Cash to Look ahead to Jan 23 — Jan 29 – CoinCheckup Weblog – Cryptocurrency Information, Articles & Assets

by Cryptoroz


The third week of 2023 introduced us the continuation of the uptrend, which carried the full market capitalization from $1.00 trillion firstly of the week to $1.07 trillion. Bitcoin is up by virtually 10% final week, whereas the second largest cryptocurrency, Ethereum, has posted a weekly achieve of a bit lower than 7%. Prime gainer from the Prime 10 cryptocurrencies was OKB, which appreciated by 17% final week and thereby managed to overhaul SOL (Solana) and re-enter the ten largest cryptocurrencies by market capitalization. However you might be probably asking your self which cash are in for some attention-grabbing worth motion this week? Learn by means of and familiarize your self with our Prime 3 Cash to Watch in Week 4.

3. FTX Token (FTT)

FTX is a now defunct cryptocurrency derivatives change that supplied futures, leveraged ERC-20 tokens and OTC buying and selling however went bankrupt in November 2022. FTX Token (FTT) was the official token and the spine of the FTX cryptocurrency derivatives change and its ecosystem, dropped from $26 to beneath $2 in a matter of some days after the change’s collapse. The utmost provide of FTT was capped at 350 million tokens, however the FTX change used a portion of its earnings to purchase again and burn FTT, so the present circulating provide stands at 328.9 million tokens. Whereas customers might as soon as make the most of FTT as collateral for futures positions, for incomes rebates on buying and selling charges, and even stake tokens to earn extra rewards, the use instances of FTT have change into very restricted following the collapse of its issuer.

New FTX CEO sends FTT worth on the transfer once more by hinting at a believable change revival

The FTT token worth has seen a speedy decline of just about 95% after the FTX change turned out to be constructed like a home of playing cards and collapsed in November 2022. Moreover, the collapse of the FTX change, didn’t solely trigger the worth of FTT to plummet, but additionally triggered the wipe-out of a number of billion USD from the full cryptocurrency market capitalization. However after buying and selling beneath the $1.50 valuation for greater than a month the FTT worth is on the transfer and traders appear to be flocking in once more. The rationale for this revived curiosity is the appointment of John J. Ray as the brand new CEO of FTX, who in his first public interview after taking on the corporate revealed that he’s contemplating resuming operation (in different phrases reviving the change and all its actions). The FTT worth has elevated by 60% over the previous week and over 170% previously month, outperforming virtually all different high 100 cryptocurrencies over each durations. The primary query stays – is it doable for the FTX change to renew operation?

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FTT/USD worth chart for the previous 30 days demonstrating FTT’s bull run that triggered it to understand by 170%.

2. Nexo (NEXO)

Nexo began out as a centralized lending and borrowing platform that permits individuals to take out stablecoin loans in addition to fiat money loans by depositing their crypto holdings as collateral. The platform additionally affords excessive yield curiosity accounts, which act because the supply of liquidity for the platform’s loans. By its historical past Nexo saved increasing its vary of companies, which now additionally embrace a cryptocurrency change with over 300 buying and selling pairs and a Nexo Card, which lets you spend your crypto with out promoting it. Nexo Token is the native cryptocurrency of the ecosystem and the premise of the Nexo loyalty program. Customers who maintain a bigger proportion of their portfolio in NEXO can get pleasure from decreased buying and selling charges in addition to increased rates of interest when lending and decrease rates of interest when borrowing. As well as, Nexo has additionally dedicated to purchase and burning $50 million value of Nexo Tokens as a part of its most up-to-date Buyback Program.

Nexo settled the case with the U.S. SEC for $45 million

After years of litigation, the cryptocurrency lender Nexo agreed to pay $45 million to settle a case with the U.S. Securities and Alternate Fee (SEC) over the unregistered providing of its crypto asset product, the corporate introduced on Twitter:

The SEC claimed that Nexo’s Earn Curiosity Product (EIP) constituted an unregistered securities providing, however since day one of many allegations Nexo has cooperated with the U.S. regulator and even voluntary stopped providing its EIP on U.S. territory. Nonetheless, the authorized saga dragged out over the course of some years and has solely not too long ago reached the tip with Nexo agreeing to pay a financial penalty of $45 million, payable over a 12-month interval. Nexo’s representatives had been content material with the consequence and highlighted that the settlement was reached on a no-admit-no-deny foundation. The SEC additionally confirmed the information in their very own press launch. NEXO token rallied on the information of the settlement, gaining 16% in a single day on January 20 and peaking on the worth of $0.85 per token. On the time of writing, NEXO is altering palms at a worth of a bit lower than $0.84 and is up by 12% in final 7 days. As well as, Nexo is without doubt one of the few remaining centralized cryptocurrency lenders available in the market, as its opponents Celsius, BlockFi, Vauld, Voyager, and a number of other others both went bankrupt or massively restructured their companies throughout the bear market of 2022.

3. Kava (KAVA)

Kava is a excessive throughput Layer 1 blockchain developed by Kava Labs. It’s designed to make use of an modern blockchain structure of two co-chains working aspect by aspect to create a unified scalable community and facilitate a myriad of decentralized finance (DeFi) use instances. Kava’s personal Tendermint consensus engine combines Ethereum’s sensible contract capabilities with Cosmos’ interoperability to facilitate transactions for 1000’s of supported decentralized functions. To realize cross-chain communication and asset transfers, the Kava ecosystem makes use of IBC Protocol and ChainLink’s decentralized blockchain oracle community. Kava Labs have additionally established shut partnerships with business leaders similar to Binance, Kraken and Ripple. The platform’s native token KAVA is used to switch worth on the community and performs a key position within the governance of the blockchain.

Coinbase listed KAVA only a few days earlier than the scheduled launch of Kava 12

Kava earned the highest spot on our this week’s checklist as a result of upcoming launch of Kava 12. In response to Kava builders, the replace that’s scheduled to roll-out on January 25 might be a complete game-changer.

By implementing a brand new module referred to as x/kavamint, the platform will give Cosmos chain DAOs much more management and adaptability over their emissions. As well as, Kava 12 can even enhance the transparency of Kava DAO communities, giving all contributors a transparent perception into neighborhood portfolio and move of funds. Kava 12 can even implement the flexibility to set burning mechanisms primarily based tied to numerous on-chain parameters and some different modern options. The total checklist of options included within the new module might be discovered right here. As well as, KAVA not too long ago received listed on Coinbase. KAVA buying and selling on the biggest U.S.-based cryptocurrency change commenced on January 19, however KAVA pumped by greater than 15% already the day earlier than, when the itemizing was introduced on Kava’s official Twitter. Kava representatives additionally highlighted that the itemizing won’t solely profit KAVA however the entire Cosmos ecosystem. In response to Kava builders, all Cosmos Inter Blockchain Communication (IBC) Protocol suitable tasks will now get pleasure from a far shorter time to itemizing on Coinbase, which could possibly be decreased from present 18 months to as brief as 1 month. KAVA is presently buying and selling at $1.05 and is up by 24% within the final 7 days and 83% YTD. Will this constructive pattern proceed and push KAVA worth even increased?

Andrew is a author that does most of his work on cryptocurrency-related matters. Whereas he’s primarily concerned about Bitcoin, he additionally follows main altcoins and the modern concepts that new cryptocurrency and blockchain tasks are bringing to the desk.

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