👋 Hello December! Glad you’re here! We bet many of you have a certain sense of relief in the realization that 2020 is in its last weeks. Well it’s been a great year, but haven’t we learned and achieved much? For that we say: “Thank you, 2020”. Let’s be nice. 😇 But 2020 is still here, as is our regular monthly news feed from CEX.IO experts. In this edition:
- CEX.IO news and achievements
- Security of funds – can’t be too much of it
- DeFi – what’s in it? Look under the hood
- Analysis of crypto and traditional markets
and some more trending industry news. Without further ado, let’s dive in!
📰 CEX.IO news and achievements
🔶 Have you heard that yet? CEX.IO was seven years old in November. Seven years of challenges and achievements, seven years of transformations and innovation, seven years of being true to our mission of being a guide to the open financial system. Read the interview with Oleksandr Lutskevych, founder and CEO of CEX.IO for the perspective on the trajectory and outlook of the company.
🔶 We had one more reason to celebrate in November. CEX.IO Limited has receive the Money Lender License granted by the Gibraltar Financial Services Commission. With this license, CEX.IO clients can immediately borrow money against their cryptocurrency holdings without credit checks through the new CEX.IO LOAN service. Find out more about why it’s so important in the news below.
🛡 Security of funds (it is always current!)
🔶 Crypto scams and attacks are on the rise again as the broader industry breaks out of a nearly three-year bear market. The process is usually like this: scammers target sites like YouTube, Twitter, and Google to trick unsuspecting users and either create fake ads – like attractive giveaways – or even create a fake website with domains similar to the original – with using ‘0’ instead of ‘o’ or sneaky spelling mistake. Such an attack vector saw millions of XRP stolen from a fake Ledger site, with the attackers using a fake domain name and successfully defrauding money. Dmytro Volkov, CTO at CEX.IO, shared how such hacking attacks on crypto wallets can happen.
2020 was a year of threats to crypto owners, not the least of which were fraud and hacking attacks exploiting browser vulnerabilities. When it comes to cryptocurrency theft attempts, criminals almost always focus on the browser most users use to access exchanges to buy or sell crypto assets. How can you protect your crypto assets?? Dmytro Volkov shares the tips on that.
🔶 Decentralized financing (DeFi) Pickle Finance’s protocol was hacked for $ 19.7 million from the stablecoin DAI, such as the DeFi the industry seems to be turning into a hacker’s paradise. Dmytro Volkov, chief technology officer at CEX.IO, shared the main drawback of DeFi protocols that enable such attacks.
🔶 Providing new use cases for digital assets, cryptocurrency lending is more popular than ever. Crypto loans are one of the main drivers of the fast-growing DeFi industry, but institutional service providers are also gaining a foothold in the market. Compared to the general market’s asset-backed loans (eg real estate or gold-backed loans), Cryptocurrency-backed loans have a number of features that make them unique. Anton Chaschin, a commercial director of CEX.IO Loans, talks about it.
🔶 While Bitcoin’s price rose in the price charts, DeFi tokens added TVL in both BTC and ETH. While the top 15 performance-based DeFi tokens include Alpha, Yield Farming DAI, EASY, XOR, and HEGIC, tokens such as SUSHI, AAVE, and YFI have delivered double-digit returns of over 70%. Anton Chashchin, Commercial Director at CEX.IO Loan, talked about the drivers behind DeFi double-digit profits.
🧐 DeFi – what’s in it? Look under the hood
🔶 A recent report from Consensys says it The increase in decentralized exchange volumes (DEX) in the third quarter of 2020 is due to the adoption of the automated market maker (AMM). According to the report, DEXs using AMM, a software that creates algorithmic token trading savings, now represent 93% of the market. The Consensys Defi report states that the increase in the use of SMPs is largely due to the fact that they “are seen as a valuable way to reduce the likelihood of human error or manipulation and also to leave a clear audit trail. leave for regulators “. However, many within the Defi community argue against SMP despite DEX’s embrace. Dmytro Volkov, the CTO at CEX.IO, talks about this.
🔶 It has been alone 12 years since Satoshi Nakamoto published a nine-pager in late October 2008 describing what the internet of money could be. The whitepaper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, describes a pure peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without the intervention of a third party. . Konstantin Anissimov makes summarizes Bitcoin history and shares his views on the outlook of the pioneer cryptocurrency. Read more!
📊 Crypto Market Analysis
🔶 The global economic and political events – such as the US presidential election, the advancement of the Covid-19 vaccine, the economic hardship, increased attention from institutional investors, and so on – have impacted the cryptocurrency market. Read all traditionally cryptocurrency market analysis from Konstantin Anissimov, the Executive Director at CEX.IO.
📊 Traditional market analysis
🔶 Are you interested in how the traditional market, especially the British pound, reacts to global political and economic events? Read the expert opinions and analysis of Konstantin Anissimov, our Executive Director.
🤓 Will do for now. I hope we have provided some useful “food” for your mind with these bits. Of course there is more to come. But we look forward to talking about the topics you are interested in. Let us know – drop us a line in our Telegram channel. Still not there? Here’s the link: 👉 https://t.me/CEX_IO
We will be very happy to see you there. In the meantime, you have a great few weeks remaining of 2020. Be healthy and see you next year! 🤗
Your CEX.IO team