Kiffmeister’s #Fintech Daily Digest (20221109)

Most of you will have noticed the collapse of crypto-asset prices over the last few days in the wake of a liquidity crunch at the FTX exchange. For those who haven’t been following the story, here’s a timeline:

This is the very high level version of the story. For more of the gory details I recommend that you read Amy Castor’s more granular timeline of events

Binance Proof-of-Reserve pledge gains support following FTX crisis

On November 8, 2022, Binance announced that it will soon start a Merkle tree-based Proof-of-Reserves audit system to provide full transparency. OKX also plans to follow suit, saying that they consider it to be an “important step” in establishing a “baseline trust” in the industry. A Proof-of-Reserve audit is typically conducted by an independent third party to ensure the custodian’s assets are owned as claimed. Kraken implemented its “advanced cryptographic accounting procedure” to allow users to verify their token balances in February 2022. [Read more at Coin Telegraph]

Kiffmeister’s Global Central Bank Digital Currency Monthly Monitor

Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at

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