Ferrari has begun accepting crypto payments for its luxury sports cars in the United States. The decision was driven by market demand and dealer requests, with numerous clients, including crypto-savvy young investors, having invested in digital currencies. The carmaker also plans to accept crypto payments in Europe.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
Reddit Sunsets Community Points
Reddit’s blockchain-based ‘internet points’ program designed to reward creators and developers will end — in favor of other rewards programs. The points will be phased out by November.
Mastercard Successfully Tokenized CBDCs
Mastercard announced that it has “successfully demonstrated capabilities of a new solution that enables CBDCs to be tokenized (or ‘wrapped’) onto different blockchains.” The company stated that this solution will provide consumers with “a new option to participate in commerce across multiple blockchains with increased security and ease.”
JPMorgan Is Ready to Tokenize Assets
JPMorgan recently debuted its in-house blockchain-based tokenization application, the Tokenized Collateral Network (TCN). The application enables the conversion of traditional assets into digital assets and makes way for faster and more secure on-chain settlements.
EU Agrees on Tax Data Sharing Rules
New European Union rules letting tax authorities share data on individuals’ crypto holdings were formally adopted by the bloc’s finance ministers on Tuesday. The document will be published in the EU’s Official Journal and entered into force 20 days later.
What’s Ahead
A Digital Yen Slated for 2024 Coming
Digital currency and electronic payments business DeCurret Holdings intends to launch a Japanese yen-backed digital currency (DCJPY) in July 2024. The leading issuer of the DCJPY will be Aozora Bank, a commercial entity with 19 domestic branches in Japan. DeCurret itself is backed by the likes of Japan Post Bank, Mitsubishi, and Dentsu Group.
Chart of the Week
Ethereum Account Abstraction
Ethereum account abstraction is a new paradigm to allow for a more user-friendly experience when interacting with decentralized applications (dapps). Account abstraction within blockchain systems allows for assets to be exclusively held by smart contracts rather than controlled by externally owned accounts (EOAs).
ERC-4337 is the account abstraction token standard that aims to unlock the power of smart contract crypto wallets on the Ethereum blockchain. The chart below shows the growth in ERC-4337 user operations (UserOps), which are defined as transactions made by ERC-4337 smart accounts.
Research & Insights
Monthly Feature Article | Alpha Navigator: September 2023
The monthly Alpha Navigator summarizes market trends of the previous month and provides trading analysis to help traders make better decisions.
Key Takeaways for September 2023:
- Asset classes continued to drop across the board in September, although Commodities managed to eke out a small gain:
- BTC’s 1-month correlations with other assets were mostly negative:
- For the BTC vs. ETH pair, the price ratio (BTC price divided by ETH price) remained around the 1-standard deviation (SD) ceiling:
Read the full Alpha Navigator report: Alpha Navigator: Quest for Alpha [September 2023]
NFT Spotlight
If you’ve always wanted to be more than just a manga/anime fan, then you can hold true ties in the NextGen Manga Franchise by becoming a LIFE OF HEL (LOH) NFT holder when ‘LIFE OF HEL — Reapers’ drops on Wednesday, October 25.
Driven by passion, the founding team has been working relentlessly on a way to empower manga and anime fans on a global level. LOH represents the establishment of a new IP monetization platform, elevating the LOH saga as the next global-scale manga and anime series, which consists of seven volumes to be physically published.
This drop is the first PFP collection of the LOH saga and features various utility items. Each NFT entitles its holders to exclusive benefits, including commercial license rights over the ‘Reapers’ NFTs, ⛏️ a mint reward bundle, 🎟️ weekly ticket to the LOH Lottery, and 💴 access to the future success of the LOH franchise. Early access for holders of the previously released ‘LIFE OF HEL — Volume 1’ collection starts 30 minutes before the scheduled drop time.
“If you like manga, fun, and ramen, look no further! A HEL of a journey awaits!”
Start your HEL of a journey. Mmmmm, ramen.
Product Picks
Steadily Build Your Portfolio Across 140-Plus Tokens With Recurring Buy
ARB, EGLD, MOON, and 65 other tokens have been added to the Recurring Buy feature in the Crypto.com App. Users can now apply the Dollar Cost Averaging (DCA) strategy for over 140 tokens with Recurring Buy. Find out more here.
Enjoy 0% Trading Fees for EUR Spot Pairs on the Crypto.com Exchange
For a limited time, all users can trade EUR Spot pairs without Maker or Taker fees! Eligible pairs include BTC/EUR and ETH/EUR. In addition, there are no transfer fees for both EUR deposits and withdrawals. Find out more here.
Crypto Level Up
What Is MakerDAO and DAI?
MakerDAO is a decentralized autonomous organization (DAO) that issues two cryptocurrencies: DAI and MKR. The former is a stablecoin minted on the Ethereum blockchain and the latter is found across three blockchains. Here’s all you need to know about MakerDAO and DAI.
MakerDAO’s Key Features
The MakerDAO system is essentially governed by MKR holders, who decide how risk is managed along with other platform parameters. MKR is also used to settle fees and pay penalties in this DAO.
The DAI Stablecoin
DAI aims to maintain a one-to-one peg with the US dollar, much like its fellow USD-pegged stablecoins. However, DAI is collateralized by cryptocurrencies like ETH instead of backed by fiat money in a traditional bank account.
The Tokenomics of DAI
DAI’s system employs a combination of overcollateralization and automated mechanisms to maintain its one-to-one peg with the US dollar. Users must lock up collateral in the form of cryptocurrency to generate DAI, with ETH as the most common asset.
Get the Full Scoop on MakerDAO and DAI.
CryptoIRL
A little pop of Crypto.com Royal Indigo Visa Card color to go along with Nature’s splendid artwork in the Fall. Thank you for the treat, @_silverstar88_.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Decoder
What’s a P2P Network?
Peer-to-peer (P2P) networks do not have a central server or authority that facilitates the management of their communications. Each user contributes in effort to help keep the entire network running smoothly. All members of this network are considered equal and have the same amount of privileges.
P2P is extremely important when it comes to cryptocurrency and blockchain, as it is aligned with one of the core tenets of cryptocurrency: decentralization. It removes the need for a central authority and creates a mutually beneficial system with participants acting equally.
Security Tips
Phishing Incident Results in Theft of US$1.8M of BTC and ETH
On October 13, 2023, a BTC and ETH holder was ensnared in a phishing incident on a fake imToken website. This caused them to lose approximately US$1.8 million worth of BTC and ETH. The individual was likely searching for the imToken cryptocurrency wallet, which led them to this fake URL.
Here’s How to Safeguard Yourself From Phishing Attacks
Keep your guard up. Always be skeptical of emails, instant messages, or calls that have an urgent call to action. Thinking rationally is your first line of defense.
Consider the tell-tale signs. For emails, did the originating email address come from the usual contact email address for that organization? Also, when the email domain is padded, additional characters or words are added at the end of a URL to create an illusion of legitimacy before directing you to fake websites.
Be wary of links. Hover over the link that you’re required to click and check the URL. If the real link doesn’t match the sender or what you expect, assume it is poisoned. If you believe the sender is legitimate, go to the company’s website by typing in the site address directly or using a page you have previously bookmarked instead of a link provided.
Remember, don’t click on the link, just hover over it.
Watch out for language errors. Multiple spelling mistakes and grammatical errors in an email or message are huge red flags. Hackers often make these mistakes when attempting to impersonate communications from legitimate organizations.
If you fall victim to an attack, act immediately to protect yourself. Alert your financial institution.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
