Top Swiss Bank Launches BTC & ETH Trading

Check out the biggest breaking crypto market updates for today: 

Top Swiss Bank Launches Bitcoin & Ether Trading With SEBA

St. Galler Kantonalbank (SGKB), the fifth largest cantonal bank in Switzerland, has reportedly launched digital asset custody and brokerage services for its clients, in partnership with SEBA Bank. 

Falk Kohlmann, the head of market services at SGKB, stated: 

“We are pleased to offer a select client base access to digital assets and the digital economy. Thanks to our cooperation with SEBA Bank, we’ve implemented a straightforward initial setup, which allows us to learn and grow well aligned to our clients’ needs. We are confident that our clients’ digital assets are protected by the custody of a professional and certified provider with extensive experience in this field.” 

SGKB’s crypto partner, SEBA, is a global Swiss-regulated bank for managing, investing and storing cryptocurrencies, nonfungible tokens and other assets. After receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively onboarding crypto services to major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer. 

The Swiss crypto ecosystem has rapidly evolved, with many local banks introducing cryptocurrency services. 

In September 2023, a licensed Swiss Bank, Dukascopy Bank, officially launched its crypto-enabled services, including marginal trading and online retail banking accounts. 

“We believe that cryptocurrencies continue to play a significant role in today’s world,” Dukascopy Bank’s chief brokerage officer said. “We are confident that offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole,” the executive added.

Worldcoin Claims 4M App Downloads & 1M Active Users

According to a November 1 blog post from Worldcoin’s lead developer “Tools for Humanity” (TFH), the project’s crypto wallet “World App” has now been downloaded over 4 million times. This is a new milestone for the iris-scanning digital ID company. 

The report also states that World App has over 1M monthly active users, 500k weekly active users and over 100k daily active users. 

If verified, this could place World App at sixth place in CoinGecko’s list of most downloaded software wallets. 

Tiago Sada, the head of product at TFH, stated: 

“It’s inspiring to see so much excitement around the world in less than six months since launching World App. The team has been heads down working on meeting the current demand, and as the need for digital identity and digital finance continues to become more pressing, we know this is just the beginning.” 

WorldCoin allows users to prove their humanness by having their irises scanned. Once the user has their iris scanned, they receive a “World ID,” which can be used to veryify to applications that they are not a bot. 

Each user who goes through verification receives 25 WLD tokens, worth approximately $46.50 at the time of writing. 

THe project has become popular in developing markets like Argentina, as some participants have seen registering and then selling the coins as a quick way to make a few extra bucks. 

However, Worldcoin has also been criticized for allegedly being a danger to privacy. Critics claim that it is too centralized and can result in users’ data being leaked publicly. 

In order to cash out their WLD, users of Worldcoin need to download the World App to generate an account. In its November first post, the team stated that the app has been downloaded over 4 million times. 

This would place it above the Solana Phantom wallet but below’s Bitcoin wallet on Coingecko’s list of most popular wallets. 

Some of the users who register appear to be sticking around and continuing to use the app after it is downloaded. The app has reached 1 million monthly, 500,000 weekly and 100,000 daily active users. 

This is double the number of monthly active users it had just six months ago, the post stated. 

Despite these successes, the project continues to be criticized by privacy advocates. On Oct. 2, a parliamentary committee in Kenya ordered Worldcoin to stop operating in the country due to privacy concerns. The project complied with the order but also issued a statement claiming it had complied with all privacy laws in the country.

Attacker Drains $2.1 Million From Onyx In Latest DeFi Exploit

DeFi P2P lending platform Onyx Protocol has reportedly lost over $2.1M in crypto assets after suffering a security exploit yesterday. 

According to analysts at the security firm BlockSec, the attacker executed the exploit by targeting a specific vulnerability in Onyx’s codebase, known as “precision loss.” 

This vulnerability originates from an older forked version of Compound V2, which Onyx had incorporated into its underlying architecture. 

Matthew Jiang, director of security services at BlockSec explained, 

“The attacker took out a flash loan of a substantial amount of ETH, swapped it for PEPE, and donated it to a specific pool to manipulate the exchange rate. Subsequently, due to the so-called precision loss, the attacker was able to withdraw more of the underlying asset by burning fewer shares.” 

Jiang noted the attack was similar to the one carried out on Hundred Finance last year. 

This vulnerability originates from an older forked version of Compound V2, which Onyx incorporates into its underlying architecture. 

The attacker has so far sent 700 ETH ($1.25 million) to the crypto mixing service Tornado Cash, on-chain data shows.

Luke Baldwin