Wall Street giant Goldman Sachs is reportedly looking to spend tens of millions of dollars to buy or invest in distressed cryptocurrency companies in the wake of FTX’s collapse, which hit valuations and dampened investor interest.

Blockchain oracle network Chainlink has launched its staking feature to help increase the economic security of its oracle services. The new feature is an integral part of Chainlink’s Economic 2.0 effort.

Nigeria has drastically reduced the amount of cash that can be withdrawn at ATMs in a bid to push its “cashless Nigeria” policy and increase the use of the eNaira, the country’s Central Bank Digital Currency (CBDC).

Top stories in the Crypto Roundup today:

• Goldman Sachs Eyes Bargain Crypto Firms
• Chainlink Launches Staking to Increase Oracle Security
• Nigeria Limits Cash Withdrawals to Boost CBDC Usage
• Bitcoin Outflows From Exchanges Hit New High

Goldman Sachs Eyes Bargain Crypto Firms

Wall Street giant Goldman Sachs is reportedly looking to spend tens of millions of dollars to buy or invest in distressed cryptocurrency companies in the wake of FTX’s collapse, which hit valuations and dampened investor interest.

The exchange’s collapse has heightened the need for more trustworthy, regulated players in the industry, and Reuters reports banks like Goldman Sachs are seeing it as an opportunity. Mathew McDermott, Goldman's head of digital assets,  said the bank is now doing due diligence on various crypto firms.

Commenting on FTX’s collapse, McDermott said:

"It's definitely set the market back in terms of sentiment, there's absolutely no doubt of that. FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform."

Goldman has invested in 11 digital asset companies providing services such as compliance, data, and blockchain management.

According to McDermott, the number of financial intuitions wanting to trade with Goldman Sachs increased after FTX’s collapse.

Chainlink Launches Staking to Increase Oracle Security

Blockchain oracle network Chainlink has launched its staking feature  to help increase the economic security of its oracle services. The new feature is an integral part of Chainlink’s Economic 2.0 effort.

Chainlink token holders looking to stake their tokens will earn interest while helping increase the oracle platform’s security. Stakers earn rewards for supporting the feed’s performance by participating in a decentralized alerting system.

Chainlink co-founder, Sergey Nazarov, said that the launch is the foundation of Chainlink Economics 2.0 and will “continue to evolve and deliver enhanced security across our ecosystem and throughout Web3.”

Nigeria Limits Cash Withdrawals to Boost CBDC Usage

Nigeria has drastically reduced the amount of cash that can be withdrawn at ATMs in a bid to push its “cashless Nigeria” policy and increase the use of the eNaira, the country’s Central Bank Digital Currency (CBDC).

In a newly issued directive to financial businesses, the Central Bank of Nigeria has noted that a withdrawal limit of ₦20,000 (around $45) per day is being imposed. The maximum that can be withdrawn per week is ₦100,000, or $225.

At banks, individuals will be limited to withdrawing the same amount per week, while businesses will be limited to ₦500,000, or $1,125. Above those limits, individuals will be hit with a 5% fee, while businesses will get a 10% fee.

Announcing the move, the Director of Banking Supervision Haruna Mustafa said:

“Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”

The eNaira’s adoption rate has been low ever since the cryptocurrency launched in October 2021, with around 0.5% of Nigeria’s population reported to have used the CBDC so far.

Bitcoin Outflows From Exchanges Hits New High

Following the collapse of FTX on November 8, centralized exchanges (CEXs) have seen a string of outflows as investors panic over the safety of their deposits on centralized platforms.

In November, BTC recorded the largest negative flows from CEXs in its history, with net outflows of -91,557 BTC, worth over $1.5 billion. It is likely that we will see a continuation of this trend as the ‘not your keys, not your coins’ narrative takes over th2e crypto markets.

Read more on CryptoCompare’s latest Asset Report.

State of the Crypto by Top Tier Exchange Volume

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