💰 Binance starts a new fund to help prop up crypto projects

💰 Binance starts a new fund to help prop up crypto projects ⛔ Visa ends its partnership with FTX 🏃 Users still not convinced by crypto exchanges' “proof of reserves”

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💰 Binance starts a new fund to help prop up crypto projects

⛔ Visa ends its partnership with FTX

🏃 Users still not convinced by crypto exchanges' “proof of reserves”

Binance starts a new fund to help prop up crypto projects

It seems like not everyone is careless when it comes to their crypto projects' liquidity. Binance starts a new fund to help prop up crypto projects that are facing liquidity crunches.

Changpeng Zhao, Binance's CEO, tweeted about the plan early on Nov. 14. The fund is designed to reduce further cascading negative effects of FTX and help out strong projects that just ran into a bit of bad luck when it comes to liquidity. CZ said that any crypto investors wishing to contribute to the fund can do so.

This is a good move by Binance. It shows that they are willing to help out strong projects that have just run into a bit of bad luck. And if this will truly help to reduce further cascading negative effects of the latest FTX incident, then it is a step in the right direction. The fund can be seen as a way to show that Binance is committed to helping its users and the crypto community as a whole.

Some might say that this could be just another example of how Binance is trying to centralize the crypto industry, and while there might be some truth to that (Binance wasn't a non-profit organization last time we checked) we still think that this is a good move by them. As they say, "a rising tide lifts all boats." Fingers crossed.

Visa ends its partnership with FTX

The most recent development in the FTX drama is that Visa has unapologetically ended its partnership with the cryptocurrency exchange, less than a month after announcing a new debit card program.

There's a saying that goes: "you're not really in the crypto world until you've been exit scammed/hacked/defrauded/abandoned" and it looks like Visa just had its first foray into our world, courtesy of FTX.

Visa called the situation "unfortunate" and said they are "monitoring developments closely." In other words, they had no idea what they were getting themselves into when they partnered up with FTX.

The partnership between FTX and Visa has been announced in October, less than a month ago. The goal of the partnership was to expand the debit card program to Latin America, Asia, and Europe. But it looks like that won't be happening now.

FTX is quickly becoming the poster child for everything that's wrong with the crypto world. They're heavily indebted, their CEO has a history of shady business dealings, and now they've been dumped by every partner they've ever had.

It's a tough break for Visa, but they'll be fine as they have been in the payments business for more than 60 years. And as for FTX, the drama is far from over.

Users still not convinced by crypto exchanges' 'proof of reserves'

Crypto platforms, exchanges, DAOs and DeFi projects are falling over themselves to show they have enough liquidity. They're doing this by creating "proof of reserves" dashboards, which is basically a way of saying "look, we have enough money." But it's not working.

Investors are still fleeing exchanges like Crypto.com or Binance, with a combined $850 million moved out of their exchanges in the last few days.

And it's not just the big players who are affected. Smaller projects are also feeling the squeeze, with many forced to shut down or cut back on operations. The blockchain data platform Nansen has become the in-demand platform for proof of reserves, with Binance, Crypto.com and OKX all creating dashboards in the last few days.

So what's the problem? It seems that no matter how much evidence of liquidity is out there, investors are still not convinced. And with good reason, as it's not just about whether there's enough money to cover the current withdrawals. It's also about trust, which has been in short supply lately. In the post-FTX crypto space, it's going to take more than a dashboard to restore faith in the system. The solution? Start building trust, from the ground up.