🗡️ FTX vs Binance: Is two major crypto exchanges bickering good for the industry?

🗡️ FTX vs Binance: Is two major crypto exchanges bickering good for the industry?  ⌚ Rolex goes crypto: luxury watchmaker files trademark applications for cryptocurrencies, NFTs, the Metaverse 🏋️‍♂️ Japan's Web3 push: Top mobile operator teams up with Astar Network to create web3 consortium

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🗡️ FTX vs Binance: Is two major crypto exchanges bickering good for the industry?  

⌚ Rolex goes crypto: luxury watchmaker files trademark applications for cryptocurrencies, NFTs, the Metaverse 

🏋️‍♂️ Japan's Web3 push: Top mobile operator teams up with Astar Network to create web3 consortium

FTX vs Binance: Is two major crypto exchanges bickering good for the industry?

Could it be that the two biggest crypto exchanges butting heads isn't the best idea for the industry?

The drama started on November 6 when CZ took to Twitter to announce that Binance would be liquidating its remaining FTT holdings. "Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books" he wrote. He didn't elaborate on what these revelations were. However, it didn't take long for the internet to speculate that they were related to Alameda Research's books, which had been scrutinized by a Bloomberg report some days earlier.

Alameda is a trading firm founded by Sam Bankman-Fried, who also happens to be the CEO of FTX, one of the leading crypto exchanges. The firm's balance sheet is full of FTT, according to the report. So when CZ announced that Binance would be liquidating its FTT, many people assumed that he was doing so because he believed the token to be overvalued.

This is where things get complicated. Alameda is Bankman-Fried's company, but FTX is its own entity. So even though the two companies are closely related, they are not the same thing.

This is important to keep in mind because it means that CZ's decision to liquidate Binance's FTT holdings doesn't necessarily mean that he believes FTX is a bad exchange. It could simply be that he believes Alameda's books are overvalued and wants to avoid any potential exposure. It's a convoluted situation with many moving parts and no information coming from either CZ or FTX.

But it is also a blow to the industry, as it once again highlights the lack of transparency that still plagues the crypto world. Had this been a traditional financial institution, such as a bank or hedge fund, this type of information would have been readily available. But because crypto exchanges are still largely unregulated, they don't have to divulge this type of information to the public.

BitDAO, one of the largest DAOs out there, asked Alameda for proof of funds on Nov. 8 in light of the brewing mess and Flint, a Sequoia-backed crypto exchange, reportedly moved its funds out of FTX. This is not a good look for the industry and is likely to damage crypto's reputation in the eyes of mainstream investors.

And this lack of transparency is one of the main reasons why many people are still hesitant to get involved in the crypto world and hopefully this type of thing will eventually change. In the meantime, however, it's important to remember that this is still a young and immature industry. So while the lack of transparency is frustrating, it's not entirely surprising.

Rolex goes crypto: luxury watchmaker files trademark applications for cryptocurrencies, NFTs, the Metaverse

Rolex goes crypto: The luxury watchmaker has filed trademark applications related to cryptocurrencies, metaverse, and non-fungible tokens (NFTs). On November 7, trademark and patent attorney Michael Kondoudis published some data that sheds light on this subject.

Specifically, the luxury watchmaker’s trademark application suggests plans to introduce NFTs, NFT-backed media, NFT marketplaces, and even a cryptocurrency exchange.

This move signals that Rolex is taking serious steps to enter the world of cryptocurrencies and catch up with its competitors who have already made inroads into this field. It also highlights the growing mainstream adoption of cryptocurrencies and blockchain technology.

The news of Rolex’s entry into the cryptocurrency space comes at a time when the prices of crypto are down. However, this has not deterred Rolex from exploring the potential of this new asset class.

But Rolex isn't alone. A number of other luxury brands have also been dipping their toes in the crypto waters. In May, Swiss watchmaker TAG Heuer teamed up with BitPay in order to start accepting crypto payments - including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) - for online purchases made on its United States website.

This was followed by Breitling, which also partnered with BitPay to allow customers to buy its wristwatches and straps using popular digital assets such as Binance USD (BUSD), Dai (DAI), Gemini Dollar (GUSD), USDP, and USD Coin (USDC).

This is a clear indication that the world’s leading luxury brands are taking cryptocurrencies seriously and are looking to enter this space in a big way. It is only a matter of time before we see more high-end brands embrace cryptocurrencies.

Japan's Web3 push: Top mobile operator teams up with Astar Network to create web3 consortium

Japan's largest mobile operator, NTT Docomo, has teamed up with Astar Network to accelerate the implementation of Web3 in the country. The joint effort will take the form of a consortium, which would give individuals and corporations the ability to utilize tokens for governance.

The two companies have also specifically agreed to collaborate on three fundamentals: sustainable development by researching case studies for environmental issues in Web3, improving digital inclusion by expanding access to the internet and developing applications that can be used by everyone, and promoting responsible innovation by sharing best practices and lessons learned.

This is a significant partnership because it brings together two major players in Japan's tech industry to work on advancing the country's adoption of blockchain technology and makes them leaders in the Japan's push for Web3.0.

Previously, Astar Network CEO Sota Watanabe said the project’s mission is to bring Web3 out of a narrow tech-savvy circle to the general public.

On November 2nd, The Digital Agency of Japan launched a research decentralized autonomous organization to study Web3. The group is open to any registered member of the country and will be investigating three areas: governance, financial inclusion, and digital identity.

Fukuoka, the country's second-largest port city, partnered with Aster Labs in late October to create new applications for Web3 technologies. The city has a booming startup scene and is supportive of blockchain innovation.

All in all, these partnerships and initiatives underscore Japan's commitment to becoming a leader in the development and implementation of Web3 technologies. With the backing of major corporations and government organizations, it's only a matter of time before the country realizes its vision of a fully decentralized future, and good progress is being made.