💰 Kraken exchange is planning to start its own bank

March 07, 2023

💰 Kraken exchange is planning to start its own bank 💪 NFT market activity pumps back to record highs 💀 Egypt busts a crypto scam network, 29 arrested over stolen $600K

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💰 Kraken exchange is planning to start its own bank 

💪 NFT market activity pumps back to record highs

💀 Egypt busts a crypto scam network, 29 arrested over stolen $600K

Kraken exchange is planning to start its own bank

Kraken recently confirmed that it was in the progress of starting its own bank, which could be a potential game changer for the digital currency exchange industry.

Kraken is probably doing this because of the challenging regulatory environment that is currently in place, previously it announced that it will no longer be using the crypto-focused Signature Bank for non-corporate clients, deposits and withdrawals of US dollars have been set to end on March 15th and 30th respectively, so now it seems that rather than relying on third-party banking services, Kraken is taking matters into its own hands.

Kraken currently stands as the third largest crypto exchange by volume on CoinMarketCap, and its bank could very well be a major step forward in terms of crypto exchange services. With its own banking system, Kraken will have more control over the funds that customers have deposited. This could help to improve trust and reliability, while also providing a secure platform for customers to make deposits and withdrawals, but it remains to be seen whether the government will let these plans go through.

NFT market activity pumps back to record highs

The NFT market saw a major pump in activity during February this year, with total trading volume breaking the $2 billion mark for the first time since May 2022, that's according to DappRadar's data.

This pump in activity was primarily attributed to BLUR, which saw a 117% increase in monthly trading volume, totaling $1.2 billion in February alone. BLUR and OpenSea are still fighting over their share of the market. DappRadar also discovered that NFT trading volume on Polygon grew by 147% within the 28-day period, $109 million worth of Polygon NFTs were traded on OpenSea in particular. All in all, NFT market is still alive and well, with no signs of dying off in the near future.

This only further solidifies the idea that NFTs aren't just a flash in the pan, but rather an emerging asset class that is here to stay.

Egypt busts a crypto scam network, 29 arrested over stolen $600K

Egypt authorities have detained at least 29 people in connection to a fraudulent crypto scam. Of the 29 people, 13 were reportedly foreigners.

This scam network ran a project called HoggPool that was designed to defraud thousands of investors. The group allegedly pocketed around $620,000 from these victims. The scam project offered users large profits from mining and fees from different crypto trading services. After launching in August, HoggPool disappeared with the money in February.

Well, you can't call it the biggest bust in the history of crypto, but this is undoubtedly an important step in the fight against crypto rug pullers and e-fraud. Hopefully, this will send a message to people that crime doesn't actually pay.