1 March

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5:59 PM UTC
1 March

|

5:59 PM

Crypto News – November 8th

  1. FTX token plummets significantly

FTT, the token of FTX exchange, plummeted on November 8 amid controversy involving Changpeng Zhao, owner of Binance exchange.

The token’s price fell from roughly $22 to below $18 at the time of this writing according to data tracked by CoinMarketCap. Although Sam Bankman-Fried, CEO of FTX, tried to calm the market, Binance offloaded FTT tokens invested in FTX. At the same time, Alameda, CEO of Caroline Ellison, had offered to buy Binance’s FTT holdings at $22 per token.

However, the price of FTT has tumbled below $22, indicating a panic sell signal for the FTX token.

  1. Bank of Korea Tested NFT Trading, Remittances With CBDC

The Bank of Korea (BoK) has developed and tested a program that facilitates cross-border remittances by linking different central bank digital currencies (CBDC) from other countries.

Governor Chang Yong Rhee revealed in a September speech that the central bank had recently completed a 10-month experiment into a digital South Korean won. During the project, the bank also tested the use of its CBDC to purchase NFTs.

This is undoubtedly fantastic news for the entire crypto market in the context of striving for “massification”.

  1. Neon Labs plans to support EVM on Solana

Neon Labs plans to deploy an Ethereum-based smart contract layer on the Solana blockchain on December 12.

Known as Neon EVM, the solution aims to support Ethereum Virtual Machine (EVM) – a mechanism that will allow developers to write Ethereum applications on top of Solana. Over the last few years,  EVM has become the most widely adopted computing standard for developing smart contracts. This will enable Ethereum-based applications to be built on Solana, which was previously impossible.

“For the first time, Ethereum-based projects can tap into the previously inaccessible audience and liquidity of Solana without needing to rewrite their code in Rust,” Marina Guryeva, CEO and Founder of Neon Labs, said. As a result, users will now get to enjoy enhanced user experiences on Solana without losing out on Ethereum’s battle-tested DApps.

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