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Pleasing News From Crypto

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Well, we admit it, not all of our ’12 Days of Cryptomas’ stories are directly related to classic music! But we can promise that each edition is designed to give you an insight into the company we all know and love.

2022 has been a mixed year for the crypto sector, to say the least. While the industry has seen many setbacks, unprecedented use of crypto, financial shortages and headline-grabbing job crashes, it has also seen major victories and successes in many areas. somewhere. Despite this, it is not an exaggeration to say that the various problems encountered in 2022 have had a great impact on the growth of the company. Let’s not forget that the crypto sector started the year in a positive way before the bears entered them. The

Brute and The Ugly

A report from Chainalysis found that between the start of the year and November, more than $3 billion was lost to DeFi hacks, putting 2022 on track to double the losses of 2021 in terms of hacking.

The collapse of Terra’s operations, which some analysts say almost single-handedly plunged the company into the current bear market, has exacerbated the problem, and individual investors losing more than $40 billion in the fiasco. A wave of damage was removed from the outside, eventually forcing famous companies, such as Celsius, 3AC, Hodlnaut and others, into abundance.

Although these events have a negative impact on the growth of the crypto-sphere, it cannot be said that 2022 is all bad news for the industry.

Completion of “The Fusion”

One of the brightest places to make the film in 2022 is the Ethereum connection. According to the findings, the merger, which took place in mid-September, marked the transition of the network from PoW to PoS models. The change has allowed the network to reduce its energy consumption by at least 99.95%.

The merger opened the way for faster transaction processing, increasing stability in the chain and simplifying the transaction verification process. Naturally, the success of the exchange received a lot of attention in the cryptocurrency space as the industry watched with enthusiasm.

In 2023, the Ethereum Foundation plans to complete the next steps of its network development, as outlined in its roadmap. These stages are called “Surge”, “Verge”, “Plague”, “Purge”, and “Splurge”.

Binance Is Spreading It’s Wings

Despite the current market situation, crypto businesses have continued to rise in their quest for global presence and adoption. Among them, Binance continues to engage in social media to expand its operations and grow crypto adoption at all levels. Throughout the year, the exchange received licenses to operate from many countries, including Spain, France, the United Arab Emirates and many others.

Meanwhile, as part of its mission to drive the use of crypto around the world, Binance has partnered with global payments leader Mastercard to launch the Binance Card in Argentina. This allows the local exchange users to buy products and pay with crypto currency.

In the immediate aftermath of FTX’s crisis, the exchange issued a $1 billion stimulus package to help rescue struggling assets from the impending collapse. With all these significant achievements, the change has had a positive impact on the region.

Growing Adoption Between Countries and Companies

In November this year, a group of Brazilian lawmakers approved the use of cryptocurrencies as a means of payment. With this, the country joins the growing list of countries that have accepted cryptocurrencies as payment. African countries have not been seen as they want.

Bitcoin is accepted as a means of payment and legal tender in the Central African Republic. Ethiopia has also, recently, been relentless in regulating crypto as a form of payment. Influential companies, such as Standard Chartered and JPMorgan, have also made significant progress in cryptocurrencies. As a result of all these developments, the region has expanded its reach and is poised to see an increase in adoption by 2023.

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