Dear readers,
We hope you are well and that everything is going well. Although I was a bit stressed out by my landlord last week, I felt it was my duty to get you the newsletter, and I hope you enjoy reading about the week's developments. Before we get to the developments, let me remind you about our latest podcast, so you don't miss it!
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Decentralized and Autonomous — Decentralized Podcast
In recent weeks, following the FTX scandal, claims have begun to emerge that Binance , a centralized cryptocurrency exchange that has become quite popular, could also be brought down by a similar scenario.
What FTX experienced in November actually stemmed from the platform starting to operate like a bank . It began investing users' deposits in various areas, even when it shouldn't have .
Is a Binance Scandal on the Way? — Decentralized Bulletin
However, according to Bankless 's investigations, the situation at Binance isn't particularly alarming. While we understand there's nothing to worry about too much, we should remember that holding your assets on a centralized exchange will never be as secure as holding them in your own decentralized cold wallet.
As we learned this week, the Argentine Football Federation has made a metaverse move. Having partnered with Upland , the federation will take steps towards Web3 fan engagement and work on digital collections .
Another detail that pleased us was the International Chess Federation 's Web3 Chess project with Avalanche . The Federation's CEO, Emil Sutovsky , stated that they were excited to be involved in this project, noting that Ava Labs is one of the leaders in on-chain technologies and that this project would allow for the strengthening of ties between communities.
This week, DeFi , or decentralized finance , seems to have gained some new friends. Several platforms have started talking about updates and innovations to their payment systems. One example that has attracted attention is Visa . They mentioned that they will begin working with L2 StarkWare and that they will be moving towards automation in payment systems with crypto wallets.
It was argued that decentralized finance wouldn't become widespread until the user experience improved. Now, managing wallets with smart contracts could instantly advance that experience several steps forward.
also learned that Polygon will be partnering with Mastercard . They are said to be offering a bank card service on the Web3 platform , and rumors suggest that NFT minting without transaction fees will be possible. Let's see what they achieve.
Another development comes from Uniswap ; through their collaboration with Moonpay , they will be leading the way in the DeFi space. We believe this innovation will allow you to make purchases directly from your bank cards, with the funds transferred to your MetaMask wallets.
MetaMask , we also heard about a collaboration with PayPal . MetaMask founder ConcenSys announced that they will be bringing PayPal integration to their cryptocurrency wallet system . We'll see what happens when these two companies, both at the forefront of their fields, combine their services.
Last Wednesday, there were some developments regarding the FTX scandal . As we previously reported, Alameda Research officials were found guilty. They appear to face estimated prison sentences of 110 and 50 years. We also learned that Sam Bankman-Fried's $250 million bail was paid. Where did he get that much money? We don't know.
That was this week's news, and we hope to bring you more joyful news next Sunday. We hope you have a peaceful and wonderful day and that it inspires you on your other days.
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See you next week,
Decentralized Bulletin
Originally published on Medium on December 25, 2022. English translation of “Binance Skandalı Yolda mı?”.