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Monthly Wrap Up - October

Monthly Wrap Up – October

Visa releases elaborate blueprint for the coming future for crypto, Solana-based Mango Markets gets hacked for $110M, BNB Chain undergoes hard fork following exploit, Moldova bans crypto mining, and more.

The past month has seen the crypto industry witness increasing stability, with the total amount of capital entering this space rising from $985 million to approx. $1.07 trillion. And here are some of the most exciting stories from October.

SEC’s Gensler vocalizes support for Bitcoin ETF support

Earlier this month, Bitcoin supporters across the globe rejoiced. The US Securities and Exchange Commission (SEC) chairman, Gary Gensler, once again showcased his support for Bitcoin ETFs backed by future contracts, suggesting that the regulatory body could potentially greenlight one of these offerings in the near term.

Payment giant Visa releases vision for a blockchain-based future

With the crypto ecosystem continuing to witness an inflow of funds, the world’s largest payment processor, Visa, is looking to get ahead of the curve by releasing a detailed vision for a “Universal Payment Channel” (UPC). The company envisions it as a multi-blockchain network, thus connecting a wide range of digital assets (including stablecoins) with central bank digital currencies (CBDCs).

DeFi hacks continue to emerge

On October 12, Solana-based trading and lending platform Mango Markets was on the receiving end of a significant hack. The protocol lost up to $110 million as a result. Solana is currently the 9th largest crypto in the market by total capitalization. Its associated dApp development ecosystem has become famous for housing a number of peer-to-peer trading, borrowing, and lending applications in recent months.

Stellar Development Foundation launches $100M fund

The Stellar Development Foundation, the primary organization overseeing the development of the Stellar Network, recently announced the launch of a new funding initiative worth $100M. The capital seeks to encourage developers to build on the Soroban smart contract platform.

BNB Smart Chain undergoes hard fork following $100M exploit

On October 13. BNB Smart Chain, Binance’s smart contract-enabled blockchain, executed a hard fork in order to address a critical security loophole that cost the leading cryptocurrency exchange a whopping $100 million earlier this month.

Amazon enables crypto payments using Venmo

As per a recent press release, e-commerce giant Amazon announced that it will allow users to facilitate their purchases using a wide range of cryptocurrencies. This will be made possible thanks to PayPal-owned American mobile payment service Venmo. Crypto payments will commence on Amazon.com and the Amazon mobile app on November 25, 2022, with the move helping spur the digital retail giant’s shares by a whopping 7%.

A divisive cryptocurrency bill may be passed soon by US Senate

As per reports, a bill titled the “Responsible Financial Innovation Act,” which has crypto enthusiasts all over the world divided, may be passed within the next six odd months. Authored by American Senators Kirsten Gillibrand and Cynthia Lummis, there are sections of the document that give the Commodities Futures Trading Commission (CFTC) control over digital commodities such as Bitcoin.

Moldova bans cryptocurrency mining

According to a recent press release by the Moldovan government, cryptocurrency mining and all related activities are now officially banned within the country. The announcement comes in light of the nation’s ongoing energy crisis, with regulators prohibiting the importation of any mining-related equipment with immediate effect.

Millennials and GenZ’ers continue to be enticed by crypto

According to a study by Schwab Workplace Financial Services, nearly fifty percent of all millennials and Gen Z’ers either own some crypto assets or are looking to add them to their retirement portfolios. Not only that, but researchers also found that 43% of Gen Z’ers and 47% of millennials actively invest in cryptocurrencies.