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13/10/2022

Alt Coin News: Huobi Soars up to 12%

Why is Huobi Token's price up 12% today when the rest of the market is falling?

As Huobi Global launches SEAN spot trading, the HT price continues to rise, but the rally may not last long as technical indicators become negative.

One of the few cryptocurrencies defying the overall slump is Huobi Token, which has increased by 12% over the past 24 hours.

The price of HT, which is currently trading at over $7, has increased by more than 80% since the start of this week, making this its greatest weekly performance since February 2021.

The introduction of Starfish Finance (SEAN) spot trading on Huobi Global's platform and HT's intraday gains are related events.

Additionally, About Capital Management had a role in HT's strong weekly gains. This Hong Kong-based investment company revealed on October 8 that it has acquired Huobi Global, one of the top bitcoin exchanges by volume.

A utility token in the Huobi Global network is HT. On October 10, Justin Sun, the creator of the Tron blockchain project and presumably the primary supporter of About Capital, declared that they would give HT the authority to advance Huobi Global's brand and commercial operations.

However, a variety of technical indications suggest that the HT price increase has made it vulnerable to various scenarios of profit-taking.

This week's HT price increase coincides with a decline in trading volume, indicating that investors have been increasingly pessimistic about the uptrend's durability. Once more, it can cause a price adjustment in the upcoming days.

Notably, the price of HT is currently testing a confluence of resistance composed of its 50-week exponential moving average (50-week EMA; the red wave), the 0.786 Fib line around $7.30, and a horizontal level near $7.40 that formerly functioned as support but is now acting as a price limit.

12/10/2022

Crypto News: Solana’s Mango Defi Platform Drained $100M
Mango Markets, a Solana DeFi platform, lost $100M, and the token fell by 52%. After an attacker tricked the platform's native token's pricing data to force users to take out loans against their holdings, the platform's treasury was depleted of over $100 million worth of cryptocurrencies.

Mango Markets, a decentralized finance (DeFi) exchange situated in Solana, California, has reportedly suffered a breach of over $100 million as a result of an attacker changing pricing oracle data and enabling them to get uncollateralized bitcoin loans.

By manipulating the value of the exchange's MNGO native token collateral and then taking out "large loans" from Mango's treasury, the attacker was able to drain the exchange of over $100 million, according to a tweet from blockchain security company OtterSec.

Soon after, the Mango Markets team tweeted to advise customers not to deposit money until "the situation was more apparent" and to get in touch with the attacker to talk about a bug reward.

Later, the company acknowledged that a price oracle—a price data feed of the value of its MNGO token—had been manipulated and said that it has disabled deposits while looking into the matter.

According to statistics from CoinGecko, the price of the platforms' MNGO token has decreased by almost 52% over the past 24 hours as a result of news of the exploit.

According to the exploiters' account on the platform, the three largest withdrawals totaled $50 million in USD Coin, over $26.7 million in Marinade Staked SOL (mSOL), and almost $24 million in Solana's SOL. Additionally, $14.7 million in MNGO was withdrawn, and Mango stated that it is "taking steps to have third parties freeze funds in flight."

According to blockchain security firm Beosin, the QANplatform blockchain also had an issue on October 11, with its Ethereum bridge losing over $1.89 million in its native QANX coin. QANplatform stated that it is looking into the situation.

11/10/2022

Crypto News: Major Adjustment in Bitcoin Mining

Bitcoin mining is now more tough than ever, up 13.5%. As more and more BTC miners join the network and the difficulty rises, there is no bear market for the developers of the Bitcoin network.

It's a brand-new record high for the difficulty of mining bitcoins. The difficulty adjustment, or the difficulty that miners must overcome to solve legitimate blocks, has increased by 13.55% just as the Bitcoin hash rate reached fresh highs.

The difficulty adjustment keeps steadily rising from the August 2021 lows, despite pressure from declining prices in 2022. On October 10, it reached an all-time high of 35.61 trillion, capping a stretch during which six blocks were quickly solved one after the other.

The next difficulty adjustment "suggests that miners are still finding adequate profit margins to switch on new machines and are likely profiting on falling machine prices," according to Mark Morton, CEO of Scilling Digital Mining.

The increasing difficulty and hash rate, according to Morton, are "extremely favorable for the security of the Bitcoin network. Despite the decline in the price of Bitcoin, network security is surging.

Every 2,016 blocks, or approximately every two weeks, the difficulty is adjusted. The difficulty adjustment was raised since, on average, blocks have been solved in somewhat less time than the desired 10 minutes. The most recent epoch of 2,016 blocks, or an average period, was little under nine minutes, according to Braiins, a provider of Bitcoin mining equipment.

Morton warned that miners who mishandled their funds during the 2021 bull market would face difficulties due to the sharp decline in price and rising difficulty. In fact, the bear market of 2022 poses challenges to miner capitulation, and several miners were compelled to sell part of their holdings over the summer.

Some Bitcoin miners have started searching for ways to reduce their expenses, such as utilizing waste heat to maintain constant temperatures in workstations, as Morton stated, "Miners that anticipated we would have an up-only market and acquired computers at high prices would undoubtedly be feeling the squeeze."

10/10/2022

Crypto News: Visa and FTX partner have Permitted Crypto Payments to Various Countries

Payments behemoth Visa and cryptocurrency exchange FTX have joined up to enable 40 different nations' crypto holders to use their digital assets for shopping.

With an emphasis on Europe, Latin America, and Asia, Visa will provide crypto debit cards as part of the cooperation in 40 different nations. According to reports, the cards will link to users' FTX accounts and let them utilize their cryptocurrency funds at checkout at any of the millions of Visa-supported retail locations.

On hearing that Sam Bankman-startup, Fried's FTX, will launch a debit card in collaboration with payments behemoth Visa, the FTX token increased by more than 7%.

Cryptocurrency spending might get a lot simpler. One of the biggest cryptocurrency exchanges in the world, FTX, has teamed up with payments giant Visa to introduce debit cards across 40 nations.

The change would allow FTX customers to make purchases with debit cards that have "zero costs," according to the company website, and card ownership is also free.

Sam Bankman-Fried has long made a point of saying he wants to introduce an FTX debit card. His company's decision to collaborate with traditional payment rails rather than alternative crypto payment rails like the Lightning Network is in line with his opinion that Bitcoin's viability as a payments network cannot be guaranteed.

In response to the announcement, the FTX token, the native cryptocurrency of the FTX trading platform, increased 7% and hit a high of $25.62. However, at roughly $80, the token's all-time high is still some distance away.

The advancement would put Mastercard, a rival, on par with its most recent cryptocurrency ventures. In reference to the anticipated 2022 crypto bear market, chief financial officer Vasant Prabhu commented, "Even if values have decreased, there is still sustained interest in crypto."

According to SBF, collaborations like this can spur the cryptocurrency market's expansion while dispelling the notion that cryptocurrencies are only speculative investments or a store of wealth. Additionally, it would help retailers as it would allow them to extend their customer base to include cryptocurrency users without worrying about putting up proprietary systems.

07/10/2022

Crypto News: McDonald’s in Swiss Town Became Crypto-Friendly

In a Swiss town, McDonald's has begun to take Bitcoin and Tether. One of the first to take part in a crypto-friendly trial in the town of Lugano is the international fast food business.

McDonald's, a global fast food business, began to take Bitcoin in the Italian-speaking part of Switzerland, the 63,000-person city of Lugano is becoming a hotspot for the adoption of cryptocurrencies in Western Europe.

On October 3, Bitcoin Magazine posted a one-minute video on Twitter showing the purchase of food at a McDonald's digital kiosk and the subsequent payment of that item using a mobile app at the store's cash register. Unsurprisingly, the Tether could be seen on the credit cash machine next to the Bitcoin sign.

The so-called "Plan B" was launched when the city and Tether Operations Limited signed a memorandum of understanding on March 3, 2022. Under this plan, Tether established two funds: the first is a $106 million (or 100 million Swiss francs) investment pool for cryptocurrency startups, and the second is a $3 million (or 3 million Swiss francs) effort to promote the adoption of cryptocurrency for stores and businesses throughout the city.

The idea will expand payments to parking tickets, municipal services, and student tuition costs in addition to enabling Lugano residents to pay their taxes using cryptocurrency. Additionally, more than 200 local stores and companies are anticipated to accept cryptocurrency payments for products and services.

El Salvador became the first nation in the world to accept Bitcoin as legal money in September 2021. Since then, all 19 of McDonald's locations around the nation have started to accept Bitcoin.

06/10/2022

Crypto Exchange News: Binance Obtains Kazakhstan’s Permanent License

Kazakhstan awards Binance a permanent license to provide services related to digital assets. Binance has been given a permanent license by the AIFC Financial Services Authority in Kazakhstan to operate a platform for digital assets and offer custody services there.

Binance was granted a permanent operating license in Kazakhstan following the development of many memorandums of understanding (MoU) and an initial "in-principle" authorisation to operate in Kazakhstan.

The Astana International Financial Center has been given a permanent license to operate a platform for digital assets and offer custody services as of October 6 by Kazakhstan's AIFC Financial Services Authority (AFSA).

With the recent acquisition of a permanent license, Binance now has legal recognition as a regulated platform within the nation. This is another move toward Binance becoming a "compliance-focused exchange," according to Gleb Kostarev, Binance's Asia Regional Head.

Binance signed its first Memorandum of Understanding (MoU) on May 25 and set the stage for operations in Kazakhstan by promising to support the expansion of crypto usage and regulation there. then another on October 3 to aid in the battle against financial crime.

This Kazakh breakthrough comes after a number of government initiatives to broaden the country's crypto-related potential.

Kassym-Jomart Tokayev, the president of Kazakhstan, told a local news outlet that if demand rises, the government is prepared to approve a method of converting cryptocurrency to money.

A scheme enabling cryptocurrency exchanges to create bank accounts and conduct legitimate business was introduced by the Kazakhstan Republic's Ministry of Digital Development, Innovations, and Aerospace Industry in June.

Due to affordable electricity, Kazakhstan has historically had a favorable reputation as a location for cryptocurrency mining. The nation increased its power consumption reporting requirements for mining businesses during the previous year, along with new tax regulations with anticipated effects on the sector.

05/10/2022

Crypto News: Middle East and North Africa are Fast-Growing in Crypto Market

The last year showed significant expansion for cryptocurrency in the MENA area, from institutional crypto usage in the United Arab Emirates to remittance payments in the Egyptian market.

Particularly in the combined Middle East and North Africa (MENA) area, emerging markets continue to make their way into the cryptocurrency landscape and find a variety of use cases.

According to a recent Chainalysis research, the MENA area has the world's fastest-growing cryptocurrency industry. Users in the MENA area got $566 billion in cryptocurrencies between July 2021 and June 2022, according to transaction volume. This represents an increase of 48% over the prior year.

Latin America and North America, with growth rates of 40% and 36%, respectively, follow MENA.

About 22 nations make up this area, including several with developing economies like Morocco, Egypt, and Turkey. In these nations, the use of cryptocurrencies finds application in remittance payments and the preservation of savings.

The use of cryptocurrencies for conserving money and sending money abroad is particularly prevalent in nations like Turkey and Egypt, which have both seen significant depreciation of their own fiat currencies.

Egypt's increased transaction volumes throughout the period covered by the research can be attributed to regional economic instability. The amount of cryptocurrency transactions has increased by 221.7% year over year. With $192 billion in crypto received throughout the reporting period, Turkey is the region's largest crypto market.

The more affluent nations of the MENA area, including the United Arab Emirates (UAE), which is home to Dubai, a paradise for cryptocurrency, have also made contributions to the local crypto ecosystem, albeit in different ways.

The UAE and Saudi Arabia both made it into the top five nations in the area in terms of receiving crypto value, the survey said.

However, in these Gulf countries, it is more common for major institutions to use cryptocurrencies than for direct payments like remittances.

Major cryptocurrency firms like Binance have been given the go-ahead to establish operations in Bahrain, Abu Dhabi, and Dubai in the United Arab Emirates.

Even local entrepreneurs in the UAE are now able to launch cryptocurrency-based enterprises thanks to a local cooperation with Binance Pay.

04/10/2022

Alt Coin News: XRP Could Rally to 50%?

Investors in XRP are hoping that a likely court victory over the SEC would increase the cryptocurrency price by at least 50%.

XRP is anticipating a significant price increase for the token in 2022, crossing its fingers that Ripple will prevail in its protracted legal battle with the United States. Commission for Securities and Exchange.

The records written by William Hinman, the former director of the corporation finance section at the SEC, were ordered to be made public by the commission on September 29 by Judge Analisa Torres, the district court judge presiding over the case.

In contrast to what the SEC asserted in the complaint filed in December 2020, Ripple's defense might utilize Hinman's work as proof that its blockchain's native cryptocurrency, XRP, should not be considered as a security.

Since then, several regulated cryptocurrency exchanges have banned XRP, including Coinbase and Bitstamp. Due to investor caution, it is now one of the few major cryptocurrencies that has never created nor regained a record high throughout the boom of the 2020–2021 crypto market.

Some may contend that XRP pricing is still inexpensive when compared to other leading cryptocurrencies from a technical analysis perspective. And given that the token gained 20% in the day following Judge Torres' judgment, a Ripple victory may change that.

From a technical perspective, XRP is just needing one breakthrough to record a 50% price increase. Notably, the coin is currently testing a resistance combination that includes a Fibonacci line, a flipped support bar, and a multi-year declining trendline resistance, all turning about $0.57. A victory for Ripple might support XRP's decisive breakout above this confluence.

With such a breakout, XRP may aim for a rise toward the next Fib line, which is located at $0.72 and is almost 50% higher than the price of October. In contrast, a retreat may cause XRP to drop 35% from current price levels, to its prior support level of $0.31.

03/10/2022

News: MicroStrategy for BTC Maximalists

MicroStrategy hires a new developer to advance their BTC maximalism.

The person who has the most bitcoins in the world is seeking a software developer to develop cybersecurity solutions and allow Lightning Network use cases for e-commerce.

The largest Bitcoin (BTC) reserve in the world is held by MicroStrategy, a business intelligence and technology company. MicroStrategy is recruiting a Bitcoin Lightning software developer to build a Lightning Network-based software-as-a-service platform.

According to a job advertisement on the MicroStrategy website, the new engineer will be in charge of developing a Lightning Network-based platform to handle business cybersecurity issues and allow new e-commerce use cases. The applicant should possess "an adversarial attitude," credentials, expertise with decentralized finance systems, and understanding of tools and programming languages.

The 1989-founded company MicroStrategy started buying Bitcoin in August 2020, and as of this writing, it has a reserve of 130,000 BTC, which is currently worth $2.57 billion. On September 20, it was revealed that the last 301 BTC of its assets will be purchased for around $3.98 billion. Recently, the long-term profitability of bitcoin fell to a four-year low. Currently, MicroStrategy owns 0.62% of every Bitcoin that will ever be created.

Michael Saylor, the former CEO and co-founder of MicroStrategy, is well known for being a Bitcoin maximalist and supporter of the digital currency.

The Washington, DC attorney general's office filed a lawsuit against Saylor and MicroStrategy at the end of the same month accusing them of tax fraud.

30/09/2022

News: Meta Presents Instagram's NFT Cross-posting

Users may now upload and distribute nonfungible tokens from their digital wallets in 100 different countries.

The parent corporation of Facebook and Instagram, Meta, recently revealed a new advancement in its program for digital artists. The ability to connect wallets and share non-fungible tokens (NFTs) across 100 nations is currently available to all users of both platforms.

Users will be able to cross-post digital items between platforms without incurring any costs as part of the functionality, which has been in trial since May.

In August, Meta announced a worldwide expansion to include nations in Africa, Asia-Pacific, the Middle East, and the Americas. Users are now able to publish digital artifacts they possess throughout Facebook and Instagram.

Along with compatibility for the Ethereum, Polygon, and Flow blockchains, the business has introduced support for third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.

At that time, a number of Twitter users highlighted their concerns about the security and privacy of the data transferred by integrating digital wallets with Meta's platform. Sensitive personal data for more than 500 million Facebook users was exposed in April 2021 on a popular hacker forum.

Facebook and Instagram each have 2.9 billion and 1.4 billion monthly active users, respectively, according to Statista data.

29/09/2022

Alt Coin News: Cosmos’ New Project for ATOM

A new Cosmos white paper updates the idea and repurposes the ATOM coin. The announcement that Delphi Labs will direct its research and development efforts on the Cosmos ecosystem is followed by this news by a few weeks.

The interoperability-focused blockchain network Cosmos has published a new white paper that includes important modifications to its Cosmos (ATOM) currency as well as a redesigned Cosmos Hub that is intended to improve interoperability and security.

At the Cosmoverse conference in Medellin, Colombia, the brand-new Cosmos white paper was unveiled on Monday. Although the enhancements described in the white paper are still considered "proposals," adjustments are anticipated to be made on Oct. 3.

A network of interconnected blockchains called Cosmos is built to scale. The first blockchain to be constructed on the Cosmos platform was Cosmos Hub, which initially acted as a bridge between many linked blockchains.

Within the Cosmos ecosystem, ATOM is utilized for transactions and may also be used for governance and staking.

Cosmos will develop into a more secure, decentralized, and interoperable environment as a result of the suggested modifications.

The Cosmos Hub will be reimagined as the "Interchain" web, allowing other Cosmos blockchains to borrow the Hub's validator pool to secure their networks rather than needing to create their own. This is one of the modifications that will be made.

The Cosmos network would become "legally, defensibly decentralized" as a result of this switch to Interchain Security, according to Billy Rennekamp, the Cosmos Hub product lead.

Interchain Security will also allow Cosmos Hub to "host a unique category of apps with complementing capabilities," according to the white paper.

Additionally, the white paper suggests a new issuance model for ATOM in an effort to better balance ecosystem development and interchain adoption "while still keeping the security given by the original regime."

There will be two stages to the new monetary policy: "transition" and "steady state."

The first month of the transition phase will see the issuance of 10,000,000 ATOM, which will then gradually decline until it reaches the steady state phase 36 months later.

Ethan Buchman, a co-founder of Cosmos, claimed that this new token issuance approach will make it possible for additional Cosmos blockchains to link more readily to the Cosmos Hub and ATOM.

The white paper also described a strategy for enabling leveraged liquid staking in order to increase the value of the ATOM token.

The Cosmos "liquid staking module" will soon make it possible for ATOM holders to unstake their ATOM with the same ease with which they staked them.

The white paper was published shortly after research and investment company Delphi Labs announced a change in its R&D priorities to concentrate on the Cosmos ecosystem.

The research company cited network speed, chain liquidity, enough decentralization, and cross-chain interoperability as the main determinants of its choice to support R&D efforts to aid in Cosmos' expansion.

28/09/2022

News: Avalanche and Polygon Advances to Web 3

$20M is contributed by Avalanche and Polygon to the Web3 automation company. Blockchain oracle company Chainlink offers help to Web3 data company Space and Time through its startup program.

A fundraising round for the data platform Space and Time, which seeks to convert central databases into trustworthy data sources driven by smart contracts, included Web3 and IT businesses.

Space and Time stated that it received $20 million in strategic financing from backers including Avalanche, Polygon, and Microsoft's M12 fund, the company's venture capital division. Stratos, Hash CIB, Coin DCX, Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, and other Web3 communities and angel investors were also investors.

Space & Time's co-founder and CEO, Nate Holiday, expressed his delight at receiving the assistance of Microsoft's venture capital division. The company, according to him, sits at the nexus of on-chain and off-chain data computing. Holiday claims that it would collaborate with its partners to create a data ecosystem for businesses and decentralized apps.

M12 executive Michelle Gonzalez said that the company is eager to see the outcomes and how centralized operations may be automated and connected to smart contracts.

Additionally, Space and Time is a participant in Chainlink's "Startup with Chainlink" initiative and has teamed with the blockchain oracle company. Space and Time's efforts to create a decentralized data warehouse will continue to be supported, according to Chainlink co-founder Sergey Nazarov.

In the meanwhile, Web3 initiatives are attracting millions of dollars in investments despite the weakening markets. A nonfungible token (NFT) collection called Doodles reported on September 13 that it has raised $54 million in investment, bringing its worth to $704 million.

The developers of the Sui blockchain said earlier this month that they had collected $300 million, which would be used to hasten the adoption of the blockchain and develop its infrastructure. A investment round lead by FTX ventures, according to Mysten Labs, a company established by former Meta workers, is how the money was obtained.

27/09/2022

Alt Coin News: Cardano to the Moon?

Following the Vasil hard fork and impending 40% ADA price fall, Cardano bulls lose steam. Vasil appears to follow a pattern of Cardano hard forks that often precede ADA price falls.

On September 22, Cardano's (ADA) eagerly anticipated Vasil upgrade went online, promising to make its platform more scalable and affordable than before. The ADA market has not seen much upward momentum as a result, though.

Since the announcement, ADA's price has decreased by about 9.5% and was trading at $0.43 on September 26. A rejection candlestick appeared on the daily price chart of the ADA/USD pair, which was followed by a steep decline following a brief climb to $0.48 on the day of the fork.

The tepid reaction of ADA bulls to the successful Vasil update is comparable to what happened in the Ether (ETH) market following Ethereum's Merge.

In other words, an occurrence similar to most of Cardano's other hard forks, which have a history of being followed by ADA price falls. Macro issues, driven by a Federal Reserve that is quite hawkish, also hindered ADA's positive prospects following Vasil.

Within 48 hours after the Cardano update, the U.S. central bank decided to increase its benchmark rates by another 0.75%. As a result of its persistently strong correlation with equities during 2022, ADA declined along with risk-on assets in reaction.

A falling triangle pattern is depicted by ADA's technical analysis, which points to a negative view in the near future.

A descending triangle in a downtrend theoretically functions as a bearish continuation signal, which means it resolves if the price firmly falls below its support trendline. As a result, the price decreases up to the maximum triangle height.

The price of ADA might thus collapse toward $0.25 if it breaks down below the triangle's support level of $0.41. Or, a 40% decrease in price by the end of 2022.

22/09/2022

News: Binance Gets Approval for Cryptocurrency Services in Dubai

The new MVP License replaces a provisional license that was granted earlier this year under a new regulatory framework.

The Virtual Asset Regulatory Authority (VARA) of Dubai has granted the cryptocurrency exchange Binance a Minimal Viable Product (MVP) license, allowing it to provide a variety of virtual asset services to qualified retail and institutional clients.

The development comes after the business received the temporary license issued in March, which allowed it to open an office in the United Arab Emirates and offer services for the exchange of digital assets to pre-approved investors and financial institutions.

With the new authorization, Binance will be allowed to provide a variety of services linked to virtual assets to accredited retail and institutional investors in accordance with the regulations governing virtual asset service providers (aka VASPs).

Additionally, it will let the business access regional banking systems and offer services such as open money accounts, virtual-fiat currency conversions, asset transfers, custody, and management, token offerings, and trading.

The acts of Binance indicate that it seeks to increase its influence in the Middle East. The exchange received a license to operate in Bahrain in March and now provides cryptocurrency services including custody, trading, and portfolio management.

Dubai's VARA, which was established in March 2022, is in charge of authorizing and policing virtual asset providers throughout the emirate and its free zone regions. Additionally, local officials gave CryptoCom a temporary license and approved the establishment of FTX's regional offices.

Binance's founder and CEO, Changpeng Zhao (CZ), said in a statement: “We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world, as we have been doing in Dubai.”

21/09/2022

Report: Staking Providers Could Increase Institutional Footprint in the Crypto Market

The most recent Ethereum update emphasizes institutional holders' options for staking. But for the time being, liquidity is still a problem.

Following the Merge event last week, the carbon footprint of the Ethereum blockchain is anticipated to decrease by 99%. According to a report from Bitwise on Tuesday, the change may significantly affect the cryptocurrency economy by framing staking as a service for institutional and individual investors.

According to the business, staking Ether (ETH) might result in returns of 4% to 8% for long-term investors, whereas J.P. By 2025, staking rewards on PoS blockchains may increase to $40 billion, according to Morgan analysts.

Users who stake cryptocurrency assets are rewarded by network users through transaction fees. Staking, which some people view as a kind of passive income production, requires users to lock their assets in a smart contract, preventing them from being used or exchanged on the open market during that period. This could be one of the biggest obstacles to institutional investors' adoption of PoS blockchains.

A variety of ideas have been put up by industry participants to alleviate the lack of liquidity surrounding staked coins. Alluvial unveiled a multichain protocol and liquid collective business on Sunday, with Coinbase and Kraken serving as integrators and Staked, Coinbase Cloud, and Figment serving as validators. The goal of the solution is to offer institutional investors a workable liquid staking option.

The Swiss digital asset banking platform SEBA Bank has introduced an Ethereum staking solution for organizations keen to profit from staking on the Ethereum network ahead of the Merge. Decentralized finance (DeFi) services are in greater demand among institutions, the company claims, prompting the decision.

The possibility of staking may further increase the community's concerns about centralization. Only two addresses, those of Lido and Coinbase, control 46.15 percent of Ethereum's PoS nodes, according to Santiment study conducted hours after the upgrade. These two addresses collectively held 30.8 and 14.7 percent of the $13.2 billion in ETH staked as of August 31.

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