Binance Doubles 'Industry Recovery Fund' to $2B

ALSO: Cardano's "MakerDAO" pauses development, Jihan Wu's new firm raises at $1.5B valuation and more |

November 25, 2022 The biggest crypto news and ideas of the day  Were you forwarded this newsletter? Sign up here. Don't want this newsletter? Unsubscribe Supported by Welcome to an abbreviated version of The Node. I'm Daniel Kuhn here to take you through the stories you need to know on the day after Thanksgiving.   In the news: Binance doubles funding to buy distressed crypto projects, Jihan Wu raises more capital for new $1.5 billion venture after Bitmain and Cardano's DeFi giant Ardana halts development. The Node will be back to regular programming on Tuesday, Nov. 29.   – D.K. Today's must-reads Top Shelf Binance Allocates Another $1B for Its Crypto Recovery Fund: The world largest crypto exchange Binance has effectively doubled its "Industry recovery fund" to $2 billion, which will be used to buy distressed crypto assets and support the industry. The additional allocation was announced by Binance CEO Changpeng "CZ" Zhao on Friday.  Aptos Labs, Jump Crypto, along with other prominent crypto companies joined Binance's initiative and will contribute $50 million to the fund. Jihan Wu's New Business Matrixport Looks to Raise $100M: The Singapore-based crypto lending firm founded by Wu, a titan of the bitcoin mining industry, the founder of Bitmain, has $50 million in commitments from several investors and is still on the market to raise double the amount. The firm is being valued at $1.5 billion.  Matrixport closed a $100 million Series C in August 2021 that valued it at $1 billion, led by DST Global, C Ventures and K3 Ventures. Cardano DeFi Project Ardana Halts Development, Citing Funding: Ardana, a once-promising decentralized finance project that closed a $10 million round led by now bankrupt crypto hedge fund firm Three Arrows Capital last year, is pausing development citing money troubles and timeline concerns. DANA, the token for the so-called "MakerDAO of Cardano," is down approximately 90%. "Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security," project founders said about the proof-of-stake blockchain. Don't want to miss out on the Web3 revolution? Few platforms make it easier to join than Nexo.    For starters, you can buy BTC, ETH, and 50+ more coins instantly with a card. On the Nexo Exchange, you can swap 300+ pairs and get up to 0.5% in crypto rewards on each transaction.    The gem in the all-in-one suite is the Earn Crypto Interest product. What sets it apart is that the interest you earn compounds automatically and is paid out to your wallet daily.   To top it all off, Nexo makes it easy to borrow funds against your crypto, starting at 0% APR. Their pioneering Instant Crypto Credit Lines have stood the test of time thanks to fundamental principles such as overcollateralization and robust risk management.     Create your Nexo account today and get everything for your crypto from a single, secure platform.    Disclaimer: The Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as the USA, Bulgaria, Estonia. What others are writing Off-Chain Signals  Infura Collecting MetaMask Users' IP, Ethereum Addresses After Privacy Policy Update (Decrypt) I Lost $17,000 in Crypto. Here's How to Avoid My Mistake (Wired) 10,000 BTC moves off crypto wallet linked to Mt. Gox hack (Cointelegraph) Crypto investor DCG reveals web of investments between units (FT – paywalled) Generation C hosts Avery Akkineni of Vayner 3 and Sam Ewen from CoinDesk share how brands and marketers are using Web3 to experiment and potentially transform their businesses. Tune in to explore how Fortune 500 companies and new start-ups alike are coming to the blockchain to generate attention, gain customers and create value for their bottom line and their communities. Listen now. Building on Nine Years of Trust   For those who have been in crypto for a while now, this isn't their first winter. While crypto winters past and present have tumbled some of the most well known players in the industry, those who remain continue to adhere to core principles and build on the trust they've gained along the way.   Even if FTX fully collapses, crypto will continue to prevail and the future will be dependent on projects and companies like Huobi that continue to push for a more transparent, democratized financial system.    *This is sponsored content from Huobi. The Chaser... The Node: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Don't want this newsletter? Unsubscribe. Copyright © 2022 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Manage subscriptions | Opt out

Market Outlook 🚀 - US markets open for half day

US dollar declining

Inside.com Part of   Network November 25, 2022

U.S. Markets The U.S. stock market was closed yesterday for Thanksgiving.  Markets will be open for a shortened day of trading today.  Historically stocks have risen on shortened trading days.  The current 10 Year U.S. Treasury yield is set at 3.70010% Dow Jones  34,194.06 0.28% S&P 500  4,027.26 0.59% Nasdaq  11,285.32 0.99% Russell 2000 1,863.52 0.17% *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.

Canadian Markets Statistics Canada has said that the number of job vacancies was up to 994,800 in September.  The number of job vacancies was up 3.8% compared to last year. The industry with the highest number of vacancies was the construction industry, which had a 14% vacancy rate.  Accommodation and food services had a 12% vacancy rate, which remains elevated following the pandemic.  TSX  20,344.07 0.30% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European markets were up on Thursday despite U.S. markets being closed.  The Stoxx 600 was up 0.5%, gaining for a third consecutive day.  Chemicals stocks led the markets to gain 1.1% as all sectors finished up on the day.  Turkey's central bank cut interest rates by 1.50% to 9% in a bid to support its economy.  Euro STOXX 50  3,961.99 0.39% UK (FTSE 100)  7,466.60 0.02% Germany (DAX)  14,539.56 0.78% France (CAC 40) 6,707.32 0.42% *European stock prices are as of 7am ET. Data received directly from the references indexes through ICE Data Services.

Asian Markets Stocks in Asia were also down despite the U.S. markets being closed.  Stocks in Malaysia saw the biggest increase as investors benefited from increased political stability. The KLCI index (the largest index in Malaysia) gained 3.86%. The Bank of Korea increased its interest rates by 0.25% to 3.25%.  Stocks in Mainland China were down, with the Shanghai Composite down 0.25% and the Shenzhen Component down 0.15%.  S&P Asia 50 4,229.57 1.97% Japan (Nikkei 225) 28,383.09 0.95% South Korea (KOSPI) 2,441.33 0.96% China (Hang Seng) 17,660.90 0.78% India (SENSEX) 62,272.68 1.24% *Asian stock prices are as of 7am ET.Data received directly from the references indexes through ICE Data Services.

Commodities Oil prices were down slightly on the day, accounting for the decline in demand with U.S. markets closed.   Brent crude was down 0.3%, while U.S. West Texas Intermediate crude was flat.  The stability comes a day after Brent and U.S. West Texas Intermediate were down 3%.  Private data shows that crude inventories in the U.S. are at 431.7M.  Oil (NYSEARCA:OIL) 29.33 -3.87% Gold (NYSEARCA:GLD) 163.08 0.62% Silver (NYSEARCA:SLV) 19.81 1.96% Corn (NYSEARCA:CORN) 26.40 0.53% Lumber (NASDAQ:WOOD) 76.53 0.45% *Commodity prices are as of 7am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The U.S. dollar was down on Thursday, with U.S. markets closed and international markets continuing to react to the latest Federal Reserve meetings. The British pound is currently at a three-month high against the U.S. dollar.  The Euro is at a five-month high against the U.S. dollar.  The Canadian dollar remained even with the U.S. dollar despite the movement in Canadian exports.  UK(GBP) £0.83 -1.73% Europe (EURO) €0.96 -0.85% Canada (Canadian Dollar) $1.33 -0.14% Japan (Yen) ¥138.75 -1.71% *Exchange rates as of 7am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Cryptocurrency Bitcoin and Ethereum were both flat on the day despite trading volumes falling.  Belgium's financial regulator has claimed that Bitcoin and Ethereum are not securities and should not be regulated as such.  This is different from the U.S., where the SEC, CFTC and other agencies have fought over the right to regulate cryptocurrencies.  Binance has bid to purchase Voyager after it was put back on the market following FTX's bankruptcy.  Bitcoin $16,511.80 2.25% Ethereum $1,192.31 0.68% Litecoin $77.22 -2.13% Bitcoin Cash $114.90 5.17% *Exchange rates as of 7am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Liam Gill is a founder, lawyer and investor. He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.   Editor Gregory Bridgman is a writer and researcher with an academic background in politics and the philosophy of science and technology. He holds a BA from the University of Cape Town, an MS from University College London, and a Ph.D. from the University of Cambridge. He is interested in climate issues, technological changes, and the implications of the fourth industrial revolution. Please feel free to contact me at gregory@inside.com!

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