Press Release Daily Today TheBitTimes.com

The exchange's share in crypto spot trading was slashed by one-third over the past year. Crypto exchange Binance's market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago. According to the November 6 report by blockchain analytics firm 0xScope, the exchange has lost one-third of its market share in the past 12 months. "Binance's spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy," researchers wrote, "Most popular coins experienced a downturn immediately after being listed on Binance." At the same time, Korean crypto exchange Upbit saw the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period. When all crypto trading volumes, including both spot and derivatives, are included, Binance's market share came at 51.2% in October 2023. This was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6....

Decentralized social network Friend.tech may be booming right now, but execs say decentralized social media apps still have an onboarding and retention issue to fix. Despite the recent hype around riend .tech, some decentralized social networks are still having a tough time getting users to sign up and stay on their social media platforms. Two executives in the decentralized social (DeSo) media space told Cointelegraph that as much as 99% of users moving into DeSo for the first time will end up quitting, either due to clunky onboarding or simply not knowing anyone. Ed Moss, the head of growth for layer-1 blockchain firm DeSo, said the process of cryptocurrencies from an exchange, transferring it to a wallet with an installed Chrome extension, and then paying high gas fees to transact on-chain or across chains is tedious and expensive for first-time users. “We've found that 99% of mainstream users will drop off at that first step, so simplifying this flow is mission critical.” ...

The venture firm has introduced its crypto fund for Web3 infrastructure and applications, promising a collaborative approach with startup founders. Venture capital firm Vessel Capital has announced a $55 million fund to invest in Web3 infrastructure and applications, TechCrunch reported. According to the founders, their goal is not to scale, but rather to assist crypto founders working on early-stage startups to launch and grow their projects. “Crypto has become more global, so it’s not the same circle and group you might have seen in 2018-2020, and we want to be able to help more people,” Mirza Uddin, one of the co-founders, said. Aside from Vessel, Uddin is also head of business development at Injective Labs. Other co-founders include Eric Chen, CEO of the Injective protocol, and Anthony Anzalone, co-founder of Burnt (formerly Burnt Finance), a Web3 firm building XION, a layer-1 blockchain for consumer adoption. 1/ I'm excited to announce the public launch of @VesselVC, the o...

Not all exchanges have disclosed wallet addresses for the funds, however. According to a new report published by blockchain analytics firm Nansen on June 14, most reputable cryptocurrency exchanges adopted user protection funds amid the collapse of FTX. Together, exchanges such as Binance, OKX and Bitget have more than $2 billion combined in nominal fiat protection funds . Meanwhile, Huobi’s insurance fund is collateralized by 20,000 Bitcoin (BTC), while Coinbase grants up to 150,000 British pounds ($189,140) worth of insurance to U.K. customers’ accounts. The Nansen researchers wrote: “Proof of Reserves should become the minimum standard in the exchange industry, However, as stated above, these are both positive indicators for an exchange but do not guarantee its solvency.” Among other items, Binance has maintained the top spot with regard to both spot and derivatives trading volume. In the spot sector, the exchange had an overall market share of 69% and a monthly trading volume...

According to Elliptic, a blockchain analysis company, an estimated 5,500 crypto wallets have been affected by the attack. Atomic Wallet, a noncustodial decentralized wallet, has been hit by a staggering exploit, leading to users reporting losses of their entire cryptocurrency portfolios. This unforeseen breach has sent shockwaves through the crypto community, as Atomic Wallet's fundamental premise relies on users assuming full responsibility for storing their assets securely.  The losses from the Atomic Wallet heist have now skyrocketed to over $100 million, according to Analysis conducted by Elliptic. This alarming figure highlights the severity of the attack, which compromised an estimated 5,500 crypto wallets. Despite the magnitude of the incident, Atomic Wallet has yet to provide any explanation regarding the root cause of these substantial losses. This has led to mounting concerns from frustrated users who anxiously await clarification and reassurance from the company. Mea...

The firm aims to fund startups building infrastructure for Web3 and other decentralized technology projects. Early-stage venture capital firm Dispersion Capital recently exited stealth to launch a $40 million fund for startups working on infrastructure for Web3 projects.  Per an announcement, Dispersion Capital has already invested in 20 companies, “with a majority receiving follow-on financing.” Dispersion Capital is a global early stage web3 VC fund. We invest in the disruption of the blockchain technology emerging from the web3 infrastructure reinvention which we are calling the “Dispersion Economy”. Dispersion specializes in web3 infrastructure and platforms. — Dispersion Capital (@DispersionVC) May 11, 2022 The firm aims to invest in startups working to “advance cutting-edge infrastructure needed for a multichain, multi-currency, and multi-platform world,” with a particular focus on Web3 and decentralized platforms. Dispersion Capital’s backing comes from several high-profil...