Skeptics are taking a cheap shot at framing the FTX debacle as the end of crypto’s mainstream appeal and adoption. Nothing could be further from the truth. If anything, the collapse of one of the largest centralized exchanges is a clear sign that in 2023 and beyond we will see more reliance on decentralized infrastructure and better regulation.

As many have pointed out, Sam Bankman-Fried's litany of alleged crimes and abuses was a failure in CeFi, not DeFi. A look at DeFiLlama shows that decentralized exchange (DEX) volumes are up by almost 70% despite negative market sentiment. A portion of the market is clearly doubling down on crypto’s decentralization ethos.

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Sean Lee is the co-founder of Odsy Network and serves as the executive director of the Switzerland-based Odsy Foundation. This article is part of Crypto 2023.

But there’s also a way in which crypto’s influence will continue to grow in traditional finance despite the controversy. A 2022 survey by The Economist found that 85% of investors “agree there is a need for open-source digital currencies as a diversifier in a portfolio or treasury account.” However, that same survey found that a lack of regulation was the most cited barrier to digital asset adoption among institutional investors and corporate treasuries.

(Tellingly, “lack of regulation” was tied with “financial market structures” as a barrier, which will be discussed as well.)

In 2023, a side effect of the FTX and Alameda Research debacle will be a shift towards more traditional regulated entities as the entry points into digital asset markets. This will be especially true for users who still prefer to use more straightforward and familiar service providers over centralized finance (CeFi). Why go with middling services? Go fully DeFi or fully traditional.

Read more: 23 Blockchain Predictions for 2023 | Opinion

After the market recalibrates and regulations catch up, these are the firms that will be primed to meet the rising demand for digital assets among institutions, family offices and even many retail customers. It’s easier to imagine a family office going to a regulated and reputable firm like Fidelity for diversification into crypto rather than directly into Uniswap or some new CeFi contender that may or may not operate similarly to FTX.

Is TradFi prepared?

Now, the important question is: Are these firms ready for this? The truth is that there are some significant challenges they face at the moment. Although federally chartered banks in the U.S. have had a green light for crypto since 2020, most firms have shied away from offering digital asset products other than some exposure to BTC or ETH in limited capacities.

Custody and regulations

The first challenge they face comes from the responsibilities that are created by taking custody of digital assets. There are potential liabilities that firms have to take into consideration when offering crypto due to risk management policies and consumer protection laws.

There’s also added complexity in the fact that different regulations might have to be taken into account for different digital assets. While the global regulatory landscape continues to evolve, when a firm retains custody of an asset, some of these questions fall under its responsibility. For example, determining whether a particular asset is considered a security or a commodity, and how it may be treated differently in other jurisdictions, becomes relevant to how it needs to be managed by the firm.

See also: 5 Digital Economy Predictions for 2023 | Opinion

Infrastructure

Then there are a number of infrastructure problems that need to be solved before firms can expand their product offerings into digital asset markets effectively. At the root of them is the fact that crypto is an incredibly fragmented space with assets being managed in different blockchain networks, and has minimal crossover with current financial market structures (as found in the aforementioned survey by the Economist).

A firm looking to offer digital asset products has a hard time building products that can count on a consolidated view of the crypto space. They would have to set up and run dedicated systems for each blockchain network and all the different crypto or tokenized assets that run on them.

In fact, crypto on-ramp services often have entire teams dedicated to addressing the compliance and technical development issues of adding new assets to their offering. It’s easy to see how solving these complex problems on their own is not a priority for traditional finance firms despite the growing demand for digital assets.

All of these challenges point to a broader problem that can be summarized as follows: Crypto and Web3 infrastructure are evolving quickly, but developers still ignore rules-based access control as the main starting point.

Where they are now

Currently, traditional financial firms looking to offer digital assets have limited options in terms of implementing compliant custody and infrastructure. They rely on either siloed proprietary software or turnkey solutions that offer the same product to every other competitor and eliminate any competitive advantage firms might develop.

These approaches go against an overall transition towards open-source software infrastructure for institutions that pre-dates Web3 and offers known benefits in security, customizability and community-driven innovation with no vendor lock-in. Moreover, they leave little room for developing financial products that meet customer needs such as user experience, access rights, self-custody, risk controls or rule-based frameworks and guardrails for local regulations.

Where they should be

What would be a better option that allows these firms to meet customer needs? A decentralized and open-source access control layer for crypto and Web3.

This layer would take the form of a single network dedicated to dynamic decentralized wallets (dWallets) that are programmable, transferable and able to sign transactions across different blockchains. This new open-source-based infrastructure for wallets could take on the burden of custody and off-load much of the complexity in infrastructure-building for traditional firms.

Read more: 2023 Should Be the Year of On-Chain User Security | Opinion

As a result, financial services firms could just focus on expanding their digital asset offerings as they see fit in an almost plug-and-play manner. As long as their services are built on top of this layer, they can introduce crypto into existing financial products with ease and even develop their own digital asset products. All of this happens while custody stays with the customer and all the necessary rules for the product are mapped into existing risk and compliance policies set by the firms but enforced by the decentralized network.

Such a layer would enable firms to address customer needs by offering services such as:

• Non-custodial products that are decoupled from potential associated liabilities and reduce regulatory burden

• Easier expansion into new assets thanks to multi-chain compatibility

• Consolidated views and portfolio curation across digital asset markets

• Allow listed liquidity pools or licensed trading venues restrictions

• Standardized rule-based products with risk controls, investment profiling, regulatory compliance and particular customer preferences for exclusion of certain assets (ESG considerations)

For their customers, digital assets would feel like an easily-digestible extension of the financial products they already know. It would simply be another component of products like pensions, insurance or savings accounts.

Since the emergence of NFTs in 2016, many artists have experimented with this new digital device to market their creations. NFTs are most often bought and resold via auction sites, where payments are made in cryptocurrency (such as ether currency). It is this notion of a certificate registered on a blockchain that distinguishes an NFT from a standard digital work.

The public and media discourse about NFTs is polarized: in the eyes of their strongest enthusiasts, NFTs represent the future of art, while their detractors consider them a vast ripoff and waste of energy.

How can this NFT phenomenon be characterized? To what extent does it challenge the established codes of contemporary art?

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As a researcher specialized in media studies and sociology of culture, I am providing a brief overview of the situation.

Crypto-evangelists and crypto-skeptics

On one hand, there is the camp that can be described as crypto-evangelists: they adhere to a discourse that present NFTs as a radical revolution that will change everything.

This is precisely the discourse surrounding the sensational 2021 sale of a work by the artist Beeple (a collage of vignettes created by digital software) at the prestigious auction house Christie’s for nearly US$70 million. According to the two main buyers, the purchase was “emblematic of a revolution in progress,” and marked “the beginning of a movement carried out by a whole generation.”

On the other side, there are the crypto-skeptics. This is the position of Hito Steyerl, a widely recognized media artist. She believes that NFTs are the “equivalent of toxic masculinity,” and owe their development to “the worst and most monopolistic actors” who are “extracting labour from precarious workers” and “take up way too much attention and use up all the oxygen in the room.”

This polarization means that the real potential of NFTs, as well as their flaws, which are also very real, tend to be overshadowed by caricatured positions of principle. However, within this ecosystem of NFTs, there exists a set of rich and plural artistic practices.

Emerging creative scenes

The NFT format definitely represents a new type of object being traded. It is based on a new type of contract (known as “smart”), which is itself the result of the innovation of blockchain technology. In this way, the NFT format has given rise to the emergence of a new creative scene. Or, rather, scenes, in the plural, which are characterized by a great effervescence — but also by certain contradictions.

The “native” scenes of the NFT format, that is to say, those born with the invention of this format, are characterized by a strong media visibility, a volume of far-reaching financial investment, and, for some of its actors, a will to reshuffle the cards of the art world by criticizing its established order.

A large portion of NFT creators come from a practice of 3D modelling, graphic design, animation or video game design — in other words, from the creative industries sector. In recent decades, this sector has generated a very large pool of skills, whose creative surplus finds a mode of expression in the NFT format, but also a source of additional income to cope with the often precarious conditions of creative work.

Many figures of the native NFT scenes are, to use the expression of the sociologist Howard S. Becker, outsiders (neophytes) in comparison to the established art world. That is, they socialize in circles other than those of the institutional art world, and they transgress its rules in many respects.

A more egalitarian art world?

The discourse of the main purchasers of Beeple’s sensational work is very enlightening in this sense. MetaKovan and Twobadour (two investors of the crypto world, both of Indian origin) reveal in an interview:

We have been conditioned, from a very young age, to think that art was not for us. …We have always been against the idea of exclusivity. The metaverse is all inclusive. … A metaverse in which everyone will have the same rights, powers, will be legitimate. … It is particularly egalitarian.

However, there are major contradictions between the discourse of egalitarianism they are advocating here, and its implementation in the projects of these two investors. For example, during the technological art event Dreamverse that they organized in New York in 2021, the price of admission to the evening varied between US$175 and $2,500 — an unaffordable cost for many amateurs. This hierarchy of prices leads, rather, to the reproduction of a logic of exclusivity that favours the most fortunate.

Museums are cautious

The gap between the market value of NFTs and their value in museums is unprecedented. The former is reaching unprecedented heights, while the latter is still at rock bottom. Indeed, the collection of NFT by museums remains, to this day, a very marginal practice. Only a handful of NFTs are integrated into museum collections. Some of them are acquired following an exhibition in a museum, where they are presented on digital screens hung on the wall.

Cultural legitimacy is affected by the disintermediation (elimination of intermediaries) and reintermediation (introduction of new intermediaries) that characterize the world of NFTs. In its disruptive impulse, the proclaimed revolution of NFTs cuts itself off from a chain of well-established, legitimate intermediaries — the gallery owners, curators, art critics, conventional collectors and public subsidies.

It has replaced them with new intermediaries, primarily “whales” — investors who have made a fortune in cryptocurrency — or popular culture celebrities. These new intermediaries overinvest in financial capital in the production of NFTs with the aim of gaining a position of prestige as a collector, or to enrich themselves by increasing the value of works. But they often lack the social and cultural capital to find a way to access museums and their exhibition spaces and their collections.

In search of legitimacy

However, these works are publicly accessible, as all NFTs are freely searchable on their buyers’ e-wallets. Some collectors buy works only to speculate. Others gain visibility by displaying their NFTs in a metaverse (a virtual world) such as Decentraland or Space.

And for others, still, the quest for legitimacy goes further: in the spring of 2022, a group of artists, curators, collectors and NFT platforms organized a Decentral Art Pavilion, in parallel to the Venice Biennale. Remaining outside the official program, the exhibition aimed to position NFTs in the orbit of this key contemporary art event.

But the presence of NFTs remained marginal in this edition of the biennial. Only the Cameroon pavilion exhibited NFTs under the leadership of a curator with a shady reputation, and the result was disappointing.

The recognition of the NFTs by the consecrated art world will perhaps come about by other avenues, like the more experimental practices presented at the documenta art exhibition in Kassel, Germany this year, or through artistic movements from developing countries, like the Balot project, which used an NFT to criticize the appropriation of a work originating from the Republic of the Congo by an American museum.

So recognition could come through the margins. But in these cases, the marginal players could more easily access the established art world because they share its codes.

Not everyone may be aware of bitcoin; it has surfaced over the past few years and has been gaining immense popularity as a means of cryptocurrency, a form of electronic money. It is a type of a digital currency without any single bank or need for an intermediary that can be purchased and sent from user to user with the peer-to-peer electronic medium. This article aims to shine some light on this type of cryptocurrency. Read on to know more.

What is a bitcoin?

• The invention of bitcoin has been credited to Satoshi Nakamoto, a pseudonym used by a person or possibly a group. This was invented in 2009.

• The aim of the creator of bitcoin was to create a new type of electronic cash system that was completely decentralized with no server or central authority.

• Bitcoin is a type of digital currency, which means that it requires no physical bills or coins.

• It is decentralized, meaning there is no government, authority, or an institution (bank) controlling the transactions.

• Rather than using names, Social Security numbers, or tax IDs, bitcoin uses encryption keys for connecting buyers and sellers.

**What are the benefits of using bitcoins?**Following are some of the benefits of using bitcoins, which make it better than any other form of conventional currency:

• Digital and decentralized: Conventional cash is controlled by banks, whereas bitcoins are not. You get the liberty to exchange value without intermediaries, which means you have more control over the funds and their lower fees. The entire process is faster, cheaper, more secure, and immutable.

• Stability: Bitcoin is less volatile than cash. It has global acceptance, which makes it easier to conduct transactions across boundaries and online.

• Makes online shopping convenient: With bitcoins, you can do online shopping with ease. It is like an e-wallet that can store, track, and allows you to spend your digital money on sites that accept it.

• A real way of tracking transactions: While there is no real way of tracking cash, bitcoins can be appropriately tracked. The credit goes to the underlying technology called blockchain. Thousands of computers in a distributed network use cryptographic techniques to create a permanent and a public record of every bitcoin transaction occurred. The record can serve a lot of useful purposes besides tracking payments.

• Great investment tool: It indeed is a great investment tool, as you can use it all over the world without any hassles of the conversion process.

• It is open yet secure: Bitcoin allows you to exchange value over the Internet without any intermediary. It provides you with a private key to make the entire process private and secure.

• Duplication is impossible: Unlike cash, duplicating a bitcoin is impossible.

• Serves tax purposes: Using bitcoins is a great way of maintaining records for tax purposes. The ownership gets transferred once the bitcoin is transferred. This implies that two people cannot transact on the same bitcoin.

• Seamless transactions: In contrast to conventional currency, bitcoin, or digital currency, the transactions are seamless. The reason is that there are no exchange values and no third-party interventions. It allows you to have seamless transactions worldwide while maintaining a ledger at the backend.

**How to buy bitcoin stocks?**If you are wondering how to buy a bitcoin stock, here are some useful tips:

• Download a wallet: You would have to download a bitcoin wallet for bitcoin stocks. It is an online storage for your digital currency, which not only holds your bitcoins but your personal key as well. The key is a long string of letters and numbers that help keep your bitcoin secure. You must choose wallets that work with most devices and operating systems.

• Register with a bitcoin exchange: Bitcoin trades on a variety of online exchanges across the globe. Therefore, you can register with a bitcoin exchange medium for bitcoin stocks. It is always better to register with an exchange that also supplies a bitcoin wallet.

**What are some of the reliable bitcoin wallets you can get in 2018?**The following are some of the popular bitcoin wallets you can count on for bitcoin stocks:

• Coinbase

• Bitcoin Core

• Arcbit

• Coin.Space

• GreenAddress

• Armory

• Bither

• Electrum

**Which are the best bitcoin exchanges around the world?**Here is a list of some of the top bitcoin exchanges across the globe:

• Bittrex

• Binance

• Poloniex

• HADAX

• Kraken

• Bitstamp

• Gemini

• OKCoin

• Bitwage

• Coinmama

The key to gaining financial security and independence is to invest in passive income. Passive income is generated through investments that offer a consistent source of income with little continuing involvement, in contrast to active income, which necessitates constant effort and time. Passive income is especially valuable because it enables investors to amass wealth and live independently.

Passive income investing, explained

Investing in index funds and exchange-traded funds (ETFs) is a popular passive income strategy in the traditional financial market. Index funds are passively managed mutual funds that seek to match the performance of a chosen market index, such as the S&P 500. ETFs, on the other hand, are similar to index funds but trade on stock exchanges, like individual stocks.

ETFs and index funds have a number of benefits for passive income investors. They instantly diversify investments among a variety of securities, lowering the risk involved with holding individual equities.

They are also economical because of their low expense ratios, which makes them perfect for long-term investing. These funds also give investors the chance to earn income from dividends and capital gains, enabling them to build up their wealth over time.

An investment fund, such as a mutual fund, index fund or ETF, has expenses that go along with owning and administering it. The expense ratio measures these expenses. It represents the portion of a fund’s assets that go toward paying management fees, overhead, marketing costs and other operational costs.

The expense ratio affects the returns investors receive because it is often reported as an annual percentage and deducted from the fund’s assets. For investors looking for cost-effective investing options, a lower expense ratio means that a larger portion of the fund’s assets are invested rather than used to pay expenses.

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Index funds and ETFs in crypto

In the cryptocurrency space, index funds are investment funds that aim to replicate the performance of a specific cryptocurrency index or market segment, offering investors diversified exposure to the crypto market.

On the contrary, ETFs are traded on exchanges, tracking the performance of a specific cryptocurrency index or market segment, allowing investors to buy and sell shares throughout the trading day.

Investors can create a passive income stream that increases over time by investing a portion of their investment portfolio in index funds and ETFs in the cryptocurrency market. However, the key is to select funds that match their time horizon, risk tolerance and investing goals.

Similarities and differences between crypto index funds and crypto ETFs

Both index funds and ETFs for cryptocurrencies seek to offer diversified exposure to a group of cryptocurrencies or a particular index or market segment. They give investors the chance to passively and conveniently obtain access to the larger crypto market. Crypto exchanges allow for the purchase and sale of both investment choices.

However, there are significant differences to take into account. For instance, limited trading flexibility is available with crypto index funds, which are bought and sold straight from the fund company and valued at the close of the trading day. However, crypto ETFs continually trade like individual tokens on crypto exchanges, with real-time pricing and more trading options.

ETFs typically have lower expense ratios than index funds, which typically have higher expense ratios. However, both investment vehicles offer various levels of accessibility and transparency.

Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.

The ETF — Monochrome Bitcoin ETF — will be able to offer retail Australian investors direct exposure to Bitcoin and Ether (ETH), according to the firm’s July 14 announcement.

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors would be exposed to Bitcoin within a formidable regulatory landscape:

“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

“So that is the benefit, I guess, compared to, say, unregulated exchanges where there’s no investor protection,” he added.

Yew believes that if a Bitcoin ETF goes live on ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner,” is authorized under an Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.

Related: Bitcoin ETF is the needed ‘seal of approval’ for BTC — Mike Novogratz

Spot Bitcoin ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry has seen spot Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie and the $10 trillion asset management firm BlackRock.

Collect this article as an NFT* to preserve this moment in history and show your support for independent journalism in the crypto space.*

Bitcoin consolidated near $31,000 on July 14 after a classic short squeeze sparked new yearly highs.

BTC liquidates $50 million shorts in new squeeze

Data from Cointelegraph Markets Pro and TradingView showed BTC price movements returning to cement support after rapid gains the day prior.

Already tipped for a trip higher, Bitcoin reacted instantly to news that a United States judge had supported the idea that altcoin XRP was not a security.

This was taken by markets as a blow to regulator the Securities and Exchange Commission (SEC), which in recent months had sought to label altcoins as securities en masse.

XRP/USD immediately spiked by over 100%, almost touching the $1 mark before returning to trade near $0.80 at the time of writing. The last time that such levels formed part of the chart was in April 2022.

Bitcoin, while considerably more muted, still managed to liquidate $50 million of shorts, according to data from monitoring resource CoinGlass.

While Cointelegraph reported that bears may still be able to get the upper hand around the weekly options expiry, on the day, traders were cautiously optimistic.

“Bitcoin failed to breakout overnight and could be falling back into the range here,” popular trader Jelle wrote in his latest social media update.

“Waiting to see how this 4h candle turns out, but bulls have some work to do. A bit of a push, and we can have a lot of fun this weekend.”

Fellow trader Crypto Tony voiced frustration at the lack of a clear breakout from Bitcoin’s long-established trading range.

“Rejecting from the range high so no entry for us to just yet on Bitcoin .. Waiting for a solid flip before we get into this,” he told Twitter followers, adding that he “would be disappointed if BTC doesn't flip.”

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Altcoins now due “mega-run”

Meanwhile, XRP staging a comeback formed the background to a snap drop in Bitcoin market cap dominance.

Related: Will Bitcoin catch up? BTC price was $40K when the dollar was previously this weak

The largest cryptocurrency previously constituted almost 52% of the total, dropping below 50% overnight to near one-month lows.

Traders had already hoped that Bitcoin would cool its increasing dominance presence to allow altcoin markets to make gains of their own as part of a broader crypto bull market.

“Good things come to those who wait,” trader Moustache summarized on the day, predicting that the altcoin boom would still go ahead.

Trading volume of XRP tokens on the South Korean crypto exchange Upbit has surpassed Bitcoin in the past 24 hours. The XRP/KRW trading pair saw $2.6 billion in trading volume in the last 24 hours following Ripple’s partial win against the United States Securities and Exchange Commission (SEC) in its long-running court battle.

The XRP buying frenzy saw the token account for 46% of all trading volume on Upbit, followed by Bitcoin with just 5% of the total share. XRP led the bullish momentum in the crypto market in the past 24 hours, helping other altcoins hit double-digit surges.

The buying frenzy was not just limited to South Korea. XRP price saw a 92% surge on July 13, reaching a new one-year high of $0.91. This surge helped XRP to climb to fourth place in the crypto market cap rankings. Within hours of the court ruling, XRP’s market cap soared by as much as $21.2 billion to reach a new yearly high of $46.1 billion.

Related: Why is XRP price up today?

On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security. However, the ruling refers only to the token’s sales on digital asset exchanges. The judgment was greeted with relief by the XRP community, as the SEC lawsuit filed in 2020 forced several crypto exchanges in the U.S. to delist the XRP token. Coinbase, Kraken, OKX, Gemini and other exchanges have already announced relisting plans.

The crypto community celebrated the win, with many describing it as a watershed moment, while others cautioned it was only a partial victory. Stephen Palley, a lawyer, noted that the summary judgment is only partial and that the ruling by Torres may not set a precedent. He also reminded the crypto community that the SEC may very well appeal the judgment.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange and expects to debut the platform in the coming weeks.

Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, plans to launch the national crypto exchange in July 2023, local news agency Tempo reported on July 14.

Bappebti head Didid Noordiatmoko reportedly said all cryptocurrency transactions would be only allowed to take place using the national exchange.

“Yesterday we agreed on the stock exchange rules,” the official said, adding that the discussions involved Know Your Customer (KYC) procedures. Didid also noted that trading on the exchange would be offered through an integrated application, which the CFTRA has already tested.

“Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository,” Didid said, according to the news agency.

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The official also reportedly noted that Bappebti plans to restrict cryptocurrency sales to local transactions, while keeping them in line with international market developments. These would include the question of crypto prices, provided Bappebti approves them, the report added.

Bappebti also informed Trade Minister Zulkifli Hasan about the development. If there are no other instructions, Bappebti will sign the permit, which will give licensed traders one month to join the exchange, Didid reportedly stated.

Related: Tourists are unhappy with crypto payments ban in Bali

As previously reported, Indonesia’s Ministry of Trade was aiming to launch the national cryptocurrency exchange in June 2023. The previous target was December 2022, but the project was delayed.

The initiative began in 2021 when the owners of a state-backed telecom firm in Indonesia announced a joint venture with Binance to launch a joint cryptocurrency exchange. In late 2022, Binance increased its shareholding in the Indonesian crypto asset trader Tokocrypto.

Collect this article as an NFT* to preserve this moment in history and show your support for independent journalism in the crypto space.*

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