FTX

Sam Bankman-Fried denies report FTX plans to purchase stake in Huobi

“We are not planning to acquire Huobi,” said Sam Bankman-Fried, who manages assets at Alameda Research and leads crypto exchange FTX.

Global crypto exchange FTX will not be acquiring a majority stake in Huobi, according to CEO Sam Bankman-Fried, or SBF. 

In a Monday tweet, SBF explicitly denied a Bloomberg report that claimed FTX was planning to purchase crypto exchange Huobi. Cointelegraph reported on Aug. 12 that Huobi co-founder Leon Li was considering selling his majority stake, valued at more than $1 billion, in the company.

“We are not planning to acquire Huobi,” said SBF.

Under SBF’s leadership, both FTX and Alameda Research have stepped in a few times amid the bear market to bail out crypto firms facing liquidity issues. In a June NPR interview, Bankman-Fried said both companies had “a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion” as it would be “healthy for the ecosystem.”

He added in a June 19 tweet:

“We want to help those we can in the ecosystem, and have no interest in hurting them — that just hurts us and the whole ecosystem.”

In June, Alameda offered Voyager Digital a $200 million USD Coin (USDC) loan and a “revolving line of credit” of 15,000 Bitcoin (BTC), worth roughly $300 million at the time. FTX also extended a $250-million revolving credit facility to BlockFi, a company that reportedly grew by roughly 250,000% in 2022 despite cutting 20% of its staff.

Related: SEC’s Hester Peirce opposes crypto bailouts — SBF didn’t get the memo

FTX has made many high-profile acquisitions both before and during the recent market downturn, announcing plans to purchase crypto exchange Bitvo in July as part of its move into the Canadian market, and the Japan-based Liquid Group and its subsidiaries in February. However, in August regulators targeted FTX US for allegedly falsely representing deposit insurance related to crypto holdings.

Regulators have a weak case against FTX on deposit insurance

FTX made an error in messaging when it suggested depositors were insured, but federal regulators will have a hard time proving the exchange did so with sinister motives.

In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging.

Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” He added, “Stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.”

Although Harrison stewarded FTX to its best-ever year in 2021, increasing revenue by 1,000%, the firm now faces the unenviable prospect of running afoul of a powerful government agency.

In an attempt to clarify the situation to his 761,000 Twitter followers, Brett said, “Clear communication is really important; sorry! FTX does not have FDIC insurance (and we’ve never said so on website etc.); banks we work with do. We never meant otherwise, and apologize if anyone misinterpreted it.”

But it seems the statements made on Twitter by Harrison in response to the FDIC cease-and-desist letter over “false statements” were factually correct: User funds are held at banks insured by the FDIC.

Related: FDIC–FTX spat is another reason for investors to get their funds off exchanges

His original communications were construed as if the funds were themselves insured, which they’re not. Either way, firms are not allowed to mention a relationship with the FDIC unless there is a direct link and the correct language is used to clearly describe it.

This was an error in messaging on the part of FTX. A mistake was definitely made, inciting perhaps rightful outrage from the community. They may have taken this to believe they were transacting with an insured exchange, which could ensure catastrophic failure would not lead to a loss of funds after all.

However, it’s almost certainly not the case that there were sinister motives. Harrison wrongfully communicated the relationship between FTX and the FDIC and was swiftly corrected before he immediately moved to rectify the official FTX position on deposit insurance. Nothing more than a storm in a teacup, one might say.

The FDIC issued similar cease-and-desist letters to four other companies on the same day for the exact same reason: implying there is deposit insurance when none exists. It begs the question of whether this is really a result of nefarious actions.

Companies like Celsius do represent a threat to the industry

There is plenty of chagrin to throw around the crypto space. Take Celsius, for example. It’s fair to argue the company’s policy terms and conditions did not align with what it implied through its messaging. Around 1.7 million customers were left in the lurch with little idea of whether they would be able to retrieve their funds.

Rug pulls, scams and fraud thrive in a low-regulation industry, and indeed, this means there are plenty of villains out there at which to direct public anger .

When it comes to FTX, there is an observable mission to do serious business and foster legitimacy in the world of cryptocurrencies. This is an exchange very much on the ascendancy, attracting and retaining over 1 million users and trading around $10 billion in daily volume as of February 2022.

Related: Binance vs. FTX: CZ calls out ‘bad players’ for crypto exchange jitters

Consumers should not distrust or dislike big players just because they are big. These firms are likely the harbingers of mainstream adoption, which is surely the aim of crypto. Self-custody is obviously the safest way to store funds, but not everyone can ensure they mitigate all associated risks. Their best bet is an exchange like FTX.

Regulators should become more proactive and less reactive

A focus on the experience of the end-user is perhaps murky when it comes to cryptocurrencies. Volatility means retail investors most often lose money, while tracing transactions can be difficult and the government wants to retain the ability to do so.

Right now, it seems regulators can only step in after an egregious mishap and that must be corrected. While crypto is seeping into the mainstream, the overall public perception seems to be negative, and mass adoption will only be possible years into the future.

Regulations working in tandem with the emergence of mainstream solutions that provide a genuinely great user experience could be key. Policymakers have had plenty of time to prepare for a future with blockchains underpinning vast swathes of real-world applications. Once the technology matures to the point it is as simple as using the internet, the prospect of intelligent regulatory oversight becomes far more likely.

Toby Gilbert is the CEO of Coinweb.io, a cross-chain computation platform. He graduated from London’s Global University (UCL) before starting a career in the tech and telco spaces. He invested in and exited three telecommunications companies in Europe, Africa and Asia before joining Coinweb in 2018. He also co-founded the Blockfort and OnRamp DeFi projects.

The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.

XRP price pumps and dumps amid mysterious $51M whale transfers — What’s next?

XRP risks declining further in the coming weeks despite its eye-grabbing intraday price moves.

XRP price saw a major spike on Aug. 26, hinting at a possible effect from some big traders.

Large XRP transfers, Ripple Swell Global event

Notably, XRP’s price jumped 6% to $0.37, a two-week high, during the early London hours. The token’s upside move occurred hours after its network processed three massive transfers worth $51 million involving crypto exchanges Bitso and FTX, as highlighted by Whale Alert.

XRP/USD hourly price chart. Source: TradingView

XRP’s gains also came as a part of a broader upside move that started on Aug. 25, a day after Ripple announced its flagship event, “Ripple Swell Global,” to be held in London in November 2022. The market has seen similar reactions to the Swell event in the past.

Bearish reversal setup in play

XRP’s intraday spike left behind a “Graveyard Doji,” a bearish reversal candlestick with open, close and low prices near each other with a long upper wick. This candlestick suggests that the price rally witnessed at the beginning of the session was overwhelmed by bears by the end of it.

XRP/USD four-hour price chart. Source: TradingView

XRP now trades nearly 4% below its intraday high, testing a support confluence. The confluence comprises the upper trendline of XRP’s previous “ascending triangle” (at $0.35) and the 50-4H exponential moving average (50-4H EMA; the red wave in the chart above) near $0.343.

From a technical perspective, a break below the support confluence risks re-triggering the ascending triangle setup, with its profit target at around $0.33. In other words, a 7% price decline by September when measured from Aug. 26’s price.

Related: Ripple CTO lashes back at Vitalik Buterin for his dig at XRP

Conversely, a rebound after testing the support confluence could have XRP eye a recovery rally toward the $0.36–$0.38 range (marked in red in the chart above). This area served as XRP’s consolidation range in recent months.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Alameda Research and FTX merge VC operations: Report

Alameda’s investment arm, FTX Ventures, and crypto exchange FTX will reportedly continue to operate independently from each other.

The investment arm of Sam Bankman-Fried’s cryptocurrency exchange, FTX, has reportedly absorbed the venture capital operations of Alameda Research in response to the ongoing crypto bear market.

According to a Thursday Bloomberg report, Alameda’s Caroline Ellison said in an interview that the merger had happened prior to former co-CEO Sam Trabucco announcing his resignation on Wednesday, leaving Ellison as the firm’s sole CEO. The investment arm of the crypto exchange, FTX Ventures, launched in January — when the absorption of Alameda reportedly began — with $2 billion in assets under management.

Amy Wu, who runs the VC fund, reportedly said there were no payments made as part of the deal, and Alameda’s investment arm was entirely under FTX Ventures, with the two operating independently from each other and the crypto exchange. According to Wu, the two firms were still running at “arm’s length,” with the Alameda team not “working too much on the venture side day-to-day.”

Related: SBF and Alameda step in to prevent crypto collapse contagion

In July, Voyager Digital rejected a joint offer from FTX and Alameda to buy out its crypto assets and outstanding loans as part of its bankruptcy proceedings. The firm’s legal team said, at the time, that the proposed acquisition could “harm customers.” Alameda has made its own offerings, including backing crypto custody firm Anchorage Digital.

Ellison reportedly said Alameda would consider continuing to offer bailouts to crypto firms hurting for liquidity amid a bear market. She added that “the more systemically important someone is, the more important it would be to try to support them.”

3 reasons why Binance Chain (BNB) rallied 66% since the crypto market crashed

BNB token holds a $50 billion market cap and has rallied 66% since the crypto market crashed, but what is behind the altcoin’s tremendous recovery?

BNB, the native token of Binance’s BNB Chain , has bounced 66% from its $183 low in mid-June. The move consolidates its position as the third-ranked cryptocurrency (when stablecoin market caps are removed) and reflects a $50 billion market capitalization. BNB has outperformed the broader altcoin market capitalization after a devastating 73% correction that began in November 2021.

BNB token at FTX (blue) vs. Total market cap ex-BTC (orange). Source: TradingView

The above chart displays how this smart contract blockchain network suffered during the recent market collapse and how similar movements happened across the altcoin market. Now that BNB price has reached $300, let’s take a look at how the asset is positioned compared to July 2021 when it traded for the same price.

Is BNB’s market cap and valuation justified?

Back in July 2021, the altcoin market capitalization stood 21% higher at $740 billion. Bitcoin (BTC) and Ether (ETH) had already established themselves as the market leaders, but the dispute for the third position was far from settled, at least in terms of the total value.

Top coins by market cap on July 4, 2021. Source: Coinmarketcap

Despite still being the third largest cryptocurrency, BNB’s market cap was $47 billion, while Cardano (ADA) held a $46 billion valuation. Currently, no altcoin remotely matches its dominance and the gap has widened by more than $30 billion.

Smart contracts form the foundation of all decentralized applications (DApps), including decentralized finance, gaming, marketplaces, social networks and many other use cases. So what other success metrics are there besides the number of active users using addresses as a proxy?

Top DApps active addresses in 30-days, excluding gambling. Source: DappRadar

PancakeSwap, BNB Chain’s decentralized exchange, has 1.98 million active addresses. The number is so massive that aggregating the next four competitors is not enough to match it. According to the data, the runner-up to BNB Chain is 1inch Network, which holds 91% fewer users.

For those questioning whether BNB Chain is a one-trick pony, the network holds a couple of games that have 83,000 or more active addresses each and 78,450 that use the 1inch Network. Asking whether PancakeSwap really holds that many users is a valid question, but the Ethereum network only holds three DApps surpassing 30,000 active addresses, namely Uniswap, OpeanSea and MetaMask Swap.

Smart contract deposits set BNB Chain apart from its competitors

One might argue that the total value of users’ deposits in smart contracts are critical to determining a network’s success. However, while it is highly valid for finance applications, there’s not much reason for marketplaces, games, collectibles and social networks to hold large deposits.

Total Value Locked ranking, USD. Source: Defillama

Currently, Ethereum is the absolute leader and the DApp hosting the algorithmic-backed DAI stablecoin has $8.25 billion worth of deposits. Still, this is more than justified by Ether’s $208 billion market capitalization, which is over four times higher than BNB with $50 billion.

Data shows a consolidated third place for BNB Chain with $5.5 billion in TVL, which is more than double Avalanche (AVAX) and Polygon (MATIC).

Binance leads in trading volumes

When accounting for the BNB’s valuation, especially in comparison to smart contract blockchains, there needs to be a different methodology because the token has additional utility on the Binance exchange. Furthermore, providing discounted trading fees, opportunities at the token sales launchpad and exclusive staking opportunities allow BNB to stand out among its competitors.

Related: Coinbase eyes long-term growth of subscription revenue, NFTs still a focus

Website visitors in the past 90 days. Source: Arcane Research

Data from SimilarWeb shows Binance had 300 million website visitors in 30 days versus 121 million from Coinbase. Consequently, if FTX Token (FTT) holds a $5 billion market cap, BNB should be five times larger solely from Binance’s utility offer.

Therefore, when making a valuation comparison with smart contract platforms, analysts should discount nearly half of BNB’s $50 billion market cap for an equivalent metric. BNB token seems fairly priced due to its third place (when stablecoins are removed) in global market capitalization ranking, its leadership in DApps users, third place status in terms of TVL deposits and absolute dominance of exchange volumes.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

FTX partners with Paradigm for ‘one-click’ futures spread trading

The global exchange will provide “guaranteed atomic execution and clearing of both legs” for the futures trades on eight cryptocurrencies.

Paradigm has announced the launch of spreads trading in partnership with crypto exchange FTX.

In a Friday blog post, Paradigm said under the FTX partnership users would be able to utilize “one-click” trading with “no leg risk” for the spread between spot, perpetuals and fixed maturity futures on Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX), ApeCoin (APE), Dogecoin (DOGE), Chainlink (LINK) and Litecoin (LTC). FTX will provide “guaranteed atomic execution and clearing of both legs” for the trades.

According to Paradigm CEO Anand Gomes, the arrangement was aimed at drawing in new crypto investors interested in cash and carry trades — leveraging crypto spot purchases and futures instruments on FTX. Gomes added that the rollout could lead to new product offerings “further down the road.”

Related: Reddit partners with FTX to enable ETH gas fees for community points

The firm said using atomic execution for both legs of the spreads trading was “structurally less risky” than those executed on a traditional exchange, allowing market makers to “quote much tighter prices and in significantly larger sizes.” According to Paradigm, the fees will be 50% less than that when executing two individual outright trades.

In 2019, Paradigm partnered with crypto derivatives exchange Deribit to launch a block trading solution. 

Voyager rejects Alameda buyout offer as it ‘harms customers’

The buyout proposal from Alameda and FTX seems to have upset Voyager’s lawyers, who do not see the offer as a serious one that would benefit its users.

Centralized crypto lender Voyager Digital Holdings has rejected an offer from FTX and its investment arm Alameda Ventures to buyout its digital assets on the grounds that the actions “are not value-maximizing” and potentially “harms customers.” 

In a rejection letter filed in court on July 24 as part of its ongoing bankruptcy proceedings, Voyager’s lawyers denounced the offer made public by FTX, FTX US, and Alameda on July 22 to buy out all of Voyager’s assets and outstanding loans – except the defaulted loan to 3AC.

The letter states that making such offers public could jeopardize any other potential deals by subverting “a coordinated, confidential, competitive bidding process,” adding “AlamedaFTX violated many obligations to the Debtors and the Bankruptcy Court.”

Voyager’s representatives suggested that their own proposed plan to reorganize the company is better as they say it would promptly deliver all of their customers’ cash and as much of their crypto as possible.

Voyager filed for bankruptcy on July 5 in the Southern District of New York for insolvency worth more than $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan from the firm.

On July 22, the three companies tied to FTX CEO Sam Bankman-Fried offered Voyager a deal that would see Alameda would assume all of Voyager’s assets and use FTX or FTX US to sell and disperse them proportionally to users affected by the bankruptcy.

In FTX’s press release, Bankman-Fried said that his proposal was a way for Voyager users to recover their losses and move on from the platform:

“Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business.”

Bankman-Fried doubled-down on his firms’ reasoning for proposing to acquire Voyager in a Twitter thread late on July 24. He stated that Voyager’s customers have “been through enough already,” and should be able to claim their assets if they want them sooner than later because bankruptcy proceedings “can take years.”

On Sunday, Voyager’s lawyers said the deal, which purports to make Voyager users whole, is essentially just a liquidation of Voyager’s assets “on a basis that advantages AlamedaFTX.”

It also outlined six ways in which the proposal could “harm customers”, including capital gains tax consequences, unfairly capping the value of each Voyager user’s account at their July 5 value, and the effective elimination of the VGX token, which would “destroy in excess of $100 million in value immediately.”

“The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX. It’s a low-ball bid dressed up as a white knight rescue.”

The letter also refuted speculation that AlamedaFTX had a greater chance of winning acquisition bids due to ongoing relationships between the two firms, stating: “Nothing could be further from the truth as evidenced by this response.”

Bankman-Fried, has been at the center of other acquisition talks in the midst of a dramatic bear market. On July 1, CEO of another centralized crypto lender BlockFi’s Zac Prince penned a deal for FTX to send $240 million in credit to the firm, with a buyout option worth a total of $640 million.

Related: SBF: Crypto winter winding down, FTX to turn a profit as it serves as lender of last resort

On July 20, Cointelegraph reported that Bankman-Fried was seeking $400 million in funding for FTX and FTX US to bring their valuations to $32 billion and $8 billion respectively. The new funding rounds are expected to support acquisitions of other crypto firms.

Voyager rejects Alameda buyout offer, as it ‘harms customers’

The buyout proposal from Alameda and FTX seems to have upset Voyager’s lawyers, who do not see the offer as a serious one that would benefit its users.

Centralized crypto lender Voyager Digital Holdings has rejected an offer from FTX and its investment arm Alameda Ventures to buy out its digital assets on the grounds that the actions “are not value-maximizing” and potentially “harms customers.”

In a rejection letter filed in court on Sunday as part of its ongoing bankruptcy proceedings, Voyager’s lawyers denounced the offer made public by FTX, FTX US and Alameda on Friday to buy out all of Voyager’s assets and outstanding loans — except the defaulted loan to Three Arrows Capital (3AC).

The letter states that making such offers public could jeopardize any other potential deals by subverting “a coordinated, confidential, competitive bidding process,” adding that “AlamedaFTX violated many obligations to the Debtors and the Bankruptcy Court.”

Voyager’s representatives suggested that their own proposed plan to reorganize the company is better as they say it would promptly deliver all of their customers’ cash and as much of their crypto as possible.

Voyager filed for bankruptcy on July 5 in the Southern District of New York for insolvency worth more than $1 billion after crypto hedge fund 3AC defaulted on a $650 million loan from the firm.

On Friday, the three companies tied to FTX CEO Sam Bankman-Fried offered Voyager a deal that would see Alameda would assume all of Voyager’s assets and use FTX or FTX US to sell and disperse them proportionally to users affected by the bankruptcy.

In FTX’s press release, Bankman-Fried said that his proposal was a way for Voyager users to recover their losses and move on from the platform:

“Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business.”

Bankman-Fried doubled down on his firm’s reasoning for proposing to acquire Voyager in a Twitter thread late on Sunday. He stated that Voyager’s customers have “been through enough already,” and should be able to claim their assets if they want them sooner than later because bankruptcy proceedings “can take years.”

On Sunday, Voyager’s lawyers said the deal, which purports to make Voyager users whole, is essentially just a liquidation of Voyager’s assets “on a basis that advantages AlamedaFTX.”

It also outlined six ways in which the proposal could “harm customers”, including capital gains tax consequences, unfairly capping the value of each Voyager user’s account at their July 5 value, and the effective elimination of the VGX token, which would “destroy in excess of $100 million in value immediately:”

“The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX. It’s a low-ball bid dressed up as a white knight rescue.”

The letter also refuted speculation that AlamedaFTX had a greater chance of winning acquisition bids due to ongoing relationships between the two firms, stating: “Nothing could be further from the truth as evidenced by this response.”

Bankman-Fried has been at the center of other acquisition talks in the midst of a dramatic bear market. On July 1, CEO of another centralized crypto lender BlockFi Zac Prince penned a deal for FTX to send $240 million in credit to the firm, with a buyout option worth a total of $640 million.

Related: SBF: Crypto winter winding down, FTX to turn a profit as it serves as lender of last resort

On July 20, Cointelegraph reported that Bankman-Fried was seeking $400 million in funding for FTX and FTX US to bring their valuations to $32 billion and $8 billion, respectively. The new funding rounds are expected to support acquisitions of other crypto firms.

FTX and FTX US seek even more funding following acquisitions: Report

Both the major crypto exchange and its U.S. arm closed on separate $400 million funding rounds in January.

Crypto exchange FTX and its United States subsidiary FTX US have reportedly each set new fundraising targets following the firms planning several high profile acquisitions and credit lines to firms.

According to a Wednesday report from Bloomberg, FTX co-founder Sam Bankman-Fried discussed raising money matching that of a January funding round in which the firm closed on a $400 million round, bringing it to $32 billion in valuation. FTX US reportedly set similar goals, having raised $400 million in January to reach an $8 billion valuation.

The report followed both firms acquiring many companies that are seemingly experiencing financial difficulties amid the crypto market downturn. FTX US announced in May it planned to purchase Embed Financial Technologies as part of a deal aimed at “enhancing” the company’s stock offering. The exchange subsequently inked a deal with BlockFi for a $400-million revolving credit facility that left the door open for FTX US to buy the crypto lending firm.

FTX has also made its own forays into new acquisitions, announcing in June it had entered into an agreement to purchase Canadian crypto platform Bitvo and was reportedly considering purchasing Robinhood. Bankman-Fried said during an NPR interview at the time that his firms had a responsibility to assess the situation and step in, if needed, as part of efforts to “stem contagion” and prevent a collapse.

Related: Celsius moved $529M worth of wBTC to FTX exchange: Should we be worried?

These efforts included supplying crypto brokerage firm Voyager Digital with a 200 million USD Coin (USDC) loan and a “revolving line of credit” of 15,000 Bitcoin (BTC) through Alameda — also under the leadership of Bankman-Fried. 

The FTX co-founder said in June that, unlike many other crypto exchanges, the firm will not be implementing a hiring freeze. Total estimates suggest that through Alameda and FTX, Bankman-Fried has committed roughly $1 billion into acquisitions and financial support for crypto firms.

An FTX spokesperson said the firm would not comment on this matter. FTX US did not comment on the report.

Solflare to let users manage Solana CeFi and DeFi accounts in one app with FTX integration

Transfer between custodied and non-custodied accounts can now take place within the Solflare wallet

On Thursday, Solana (SOL)-native wallet Solflare released a new integration with cryptocurrency exchange FTX.com and FTX.us to simplify portfolio management for Solana users. As told by Solflare, it would make transfers between one’s custodial and non-custodial balances trivial by enabling users to manage FTX funds directly from their Solflare web extension and later via the mobile wallet. Of course, FTX Know Your Customer (KYC) rules would still apply to link one’s exchange accounts with Solflare.

In addition, token swap on FTX accounts within the Solflare wallet would not be affected by Solana’s infamous network congestions as liquidity is sourced from FTX instead of Solana. Though deposits and withdrawals onto the Solana network may still be slow at times. The wallet supports FTX nonfungible tokens withdrawal, deposits, and visualization functionality.

For decentralized finance, or DeFi, users, the integration would improve Solflare’s ability to conduct coordinated airdrops and other yield incentives. Filip Dragoslavic, co-founder of Solflare, commented:

“FTX is probably one of the most popular centralized exchanges for DeFi users, especially on Solana. Integrating the two connects both worlds where you can command your FTX account without leaving Solflare. Confirming your wallet address is one unique human registered on FTX might enable new regulatory-compliant Web 3.0 opportunities.”

Solflare is a community-created wallet built specifically for Solana. The wallet allows for users to send and receive native SOL tokens as well as to send and receive Solana’s ERC-20 equivalent SPL tokens. It also supports staking of SOL tokens, advanced nonfungible token, or NFT, interactions, DeFi protocol usage, DApp notifications and Ledger hardware wallet support.