2022 saw the fall of many linchpin crypto and blockchain firms as the May market drawdown shook the industry. It caused many cryptocurrencies to lose value and many investors to pull their money from the market. Furthermore, the unprecedented knock-on effects of the meltdown exposed many blockchain and cryptocurrency firms that were ill-prepared for turbulent times.
However, a collective of companies was able to resist negative market forces and grow amidst the turbulence. The crypto market as a whole continues to grow and has now reached 320 million users.
As we look back on a year full of surprises, we have compiled just a few of the biggest stories that took the industry by surprise.
Binance and the beast
Binance is currently the world’s largest crypto exchange by trade volume. The company has managed to penetrate major crypto markets in recent years, including the United States with its Binance.US subsidiary. The exchange, which features over 300 cryptocurrencies, is estimated to have facilitated the trading of crypto collectively worth approximately $22 trillion in 2022.
Reaching mass crypto adoption could be down to a number of factors; however @cz_binance believes there’s one key part missing.
Hear it from CZ’s MasterClass ⤵️ pic.twitter.com/HwEJu0y0dQ
— Binance (@binance) December 29, 2022
According to data derived from Similarweb, the platform was consistently getting over 70 million visits a month in the third quarter, which is about double the number achieved by Coinbase, its closest rival.
The crypto exchange made some notable acquisitions in 2022 to boost its geographical coverage. Among them was Sakura Exchange BitCoin, a Japanese crypto trading platform, and Tokocrypto, an Indonesian digital currency brokerage firm.
That said, it has not all been smooth sailing. In December, Binance CEO Changpeng “CZ” Zhao, was forced to downplay concerns regarding a sudden increase in user redemptions after $1.9 billion was withdrawn by users from the platform in 24 hours. Zhao stated that external factors were to blame for the FUD (fear, uncertainty, and doubt) among a section of users.
FUD heightened after the Mazars proof-of-reserve auditing firm paused its collaboration with Binance and other crypto clients. The unexpected turn of events caused investors to become anxious about keeping their money on the exchange.
Dacoco in the Alien Worlds
Dacoco is the publisher behind Alien Worlds, the highest-ranked gaming metaverse ecosystem in 2022.
The…
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