Daily Crypto #14
The most important news of the day: Ripple wants to buy FTX assets, zk-SNARKs technology for checking the balances of exchanges, New Cardano stablecoin
Ripple will consider purchasing FTX assets
Ripple is exploring the possibility of buying the assets of the cryptocurrency exchange FTX. The company is interested in business-focused units, CEO Brad Garlinghouse told The Sunday Times.
Garlinghouse said FTX founder Sam Bankman-Fried called him when he was trying to raise funding for business rescue. He said they discussed whether the exchange had units that Ripple "would want to acquire.
Vitalik Buterin suggested using zk-SNARKs to check the balances of exchanges
Ethereum founder Vitalik Buterin suggested using zk-SNARKs to verify data on cryptocurrency exchanges' reserves. In his opinion, the technology will make the Proof-of-Reserve (PoR) procedure more effective.
According to Buterin, ideally, there should be a system that would prevent exchanges from handling clients' funds without their consent. He stressed that zk-SNARKs technology could help achieve this goal.
The Ethereum founder called the Merkle Tree Proof-of-Reserves procedure "as good as a commitment proof scheme can be at all." He noted, however, that the model has a number of privacy concerns.
Blockchain Cardano will launch a U.S. dollar-pegged stablecoin
Emurgo, the company behind the Cardano ecosystem, has announced a USDA pegged stablecoin. The instrument is scheduled to launch on the main network in Q1 2023.
Emurgo is the commercial wing and one of the co-founders of the Cardano project.
USDA will become part of the Anzens platform. The latter will offer users various financial services and products based on Cardano. In particular, the developers plan to launch a lending service.
According to a press release, the instrument is a stablecoin, which is fully backed by fiat and "complies with regulatory requirements." Emurgo's partner, an unnamed "regulated financial company based in the U.S.," will hold the reserves and deposits.