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Matrix Partners With BitGo, Spreads Mass Adoption of Crypto in UAE

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Partners
  • Matrix partners with the BitGo network.
  • The Matrix network is fully compliant with the Abu Dhabi Global Market (ADGM).

Matrix, a global virtual asset trading platform, joined hands with the BitGo network, a digital asset financial services leader. This partnership enables Matrix to use the technology of BitGo that will allow it to have a wide array of services and increase the security of its hot and cold storage capabilities. Indeed, this new development in the platform brings the Matrix network to a whole new level.

This made Vasja Zupan, the president of Matrix, react:

We are thrilled to be working closely with BitGo, one of the most respected and biggest custodians in the industry. The partnership with BitGo comes at an exciting time and offers our users the highest quality service when entering the virtual assets industry.

The Matrix network is a virtual asset platform that is fully compliant with the Abu Dhabi Global Market (ADGM). Furthermore, Matrix is one of the digital asset platforms in the region that pushes the mass adoption of cryptocurrencies. With this, we can say that the United Arab Emirates (UAE) is steadily catching up to Western countries in terms of participation in the virtual asset ecosystem.

On the other hand, BitGo is one of the networks that see the potential of the UAE region in terms of crypto assets and blockchain. The CEO of BitGo, Mike Belshe, further explained, “We are constantly expanding in the Middle East and specifically in the UAE, a hidden gem with an innovative virtual asset landscape.

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Mike added that BitGo supports Matrix in its aim to spread the mass adoption of digital assets in the region. “We look forward to offering users first-class service, and by partnering with a distinguished trading platform such as Matrix, we are cementing our foothold in the region, he said.”

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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