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In a recent announcement dated 29 July, co-founders of CoinFLEX, Sudhu Arumugam and Mark Lamb, provided an important update. The updated surrounded what the cryptocurrency exchange had been up to manage its current liquidity crisis in the last week. This update came a month following the suspension of withdrawal on the exchange as a result of a liquidity crisis. The organization cited extreme market conditions and continued uncertainty involving a counterparty.

In the new announcement, CoinFLEX provided an update on its staff reduction. It also mentioned intentions to launch new products and the distribution of the CoinFLEX composite.

According to the blog post, CoinFLEX informed users that in the last week that the exchange went through the arduous process of letting some of its staff members go.

The staff cuts and non-staff costs that we have made will reduce our cost base by approximately 50-60%, the exchange noted.

Hinting at a possibility of a future acquisition, Arumugam and Lamb stated that,

We will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX.

The exchange also noted stated plans to resuscitate its dying business and regain customer trust. It further intends to distribute rvUSD, equity, and FLEX Coin referred to as CoinFLEX Composite to depositors who have assets in the exchange

According to the exchange:

We continue working with lawyers and the significant creditor group on the details around the distribution of the CoinFLEX Composite (inclusive of rvUSD, equity, and FLEX Coin) and expect to have numbers around this next week so that we can put this to a vote from all depositors as soon as possible thereafter.

In addition, CoinFlex informed aggrieved depositors that in the next week, it plans to offer the trading of locked balances versus against unlocked balances. According to the announcement, with an understanding of the range of CoinFLEX Composite distributions a depositor is entitled to, they can decide if they desire to place orders of unlocked assets against locked assets.

To be aware of all, or as accurate a range, of the CoinFLEX Composite you are likely to receive. Everyone needs to know the range of their CoinFLEX Composite distributions to have all the necessary information to decide if you want to place orders of unlocked versus locked assets. The estimated range of any further normal distribution that will be made available alongside the issuance of the CoinFLEX Composite, CoinFLEX informed its depositors.

A month after withdrawal was suspended on the exchange, CoinFLEXs FLEX logged a 96% decline in price. At press time, the token exchanged hands at $0.162868 at a 63% loss in the last 24 hours.

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CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say - AMBCrypto News

OPINION:

Crypto-skeptics are taking a victory lap as digital asset prices unwind and layoffs sweep across the sector.

For minority communities across the country, the downturn in the digital currency market is a missed opportunity for financial self-sufficiency. Bitcoin and decentralized finance offer people that have long been denied equal access within the traditional banking system an opportunity to build investment portfolios, carve out a stake for their families in the financialized economy of the 21st century and begin to build intergenerational wealth.

As inflation reaches 9%, gas prices skyrocket, and a recession looms, many African Americans have lost economic ground. This dire economic situation was exacerbated by the pandemic and finds the community looking for financial options. For many, Crypto filled the void.

Many in the Black community understood the significance of this new technology. A recent industry survey shows one-quarter of Black investors own cryptocurrency, compared to just 15% of white investors. Najah Roberts, the African American Queen of Crypto, launched a nationwide financial awareness campaign to educate retail investors about the promise of these new assets. Her campaign, titled The Second Annual Digital Financial Revolution Tour, or DRFT, has targeted 41 urban communities throughout the United States. From Los Angeles to Brooklyn, Las Vegas to Boston, Roberts DRFT has sought to positively transform the financial mindset and trajectory of economically disenfranchised and middle-income people of color.

One would expect Americas leading financial institutions with their grandiose pronouncements about promoting equity and inclusion in finance to lament cryptos receding value and the impact it will inflict on minority investors. Instead, it appears the big banks are cheering it on.

Feigning concern for average-Joe investors, big banks and their financial regulators are mobilizing to undermine public support for cryptocurrencies. Regulatory bodies from the Securities and Exchange Commission to the Federal Reserve have managed to suppress responsible cryptocurrency businesses from gaining a foothold in the space while allowing speculators and fraudsters to proliferate.

For Americans seeking alternative investment options, regulators failure to approve more sound businesses to operate in the crypto market has driven investors into the hands of irresponsible actors or else, back to the relative safety of the devil they know, in the form of traditional, centralized finance that callously left behind American communities for decades.

Either way, its the banks that benefit: Consider that while Main Street investors are taking it on the chin, many Wall Street firms are sitting pretty. Some are even raking in profits by betting against companies that trade in cryptocurrency. As The New York Times recently put it, In the great cryptocurrency blood bath of 2022, Wall Street is winning.

With cryptocurrency prices trending lower, this should be a time for regulators, industry executives and thought leaders to reflect on the failures that led to this painful market downturn. Instead, many are seizing the opportunity to throw dirt on an existential threat to the status quo.

Analysts from elite financial firms and academic institutions have been making the rounds to mainstream media outlets to trumpet the apparent demise of cryptocurrencies. The tide has gone out in crypto, and were seeing that many of these businesses and platforms rested on shaky and unsustainable foundations, Lee Reiners, a former Federal Reserve official and frequent crypto-skeptic, tells the Times.

Of course, the same could have been said of big banks whose reckless behavior culminated in the global financial collapse the same banks that received an unprecedented bailout at the expense of the taxpayer; whose alumni now stock advisory committees at institutions like Duke Law Schools Global Financial Markets Center, which Reiners runs.

Theres no doubt that speculation within crypto markets went too far, and that a correction is healthy. There are plenty of reasonable voices calling for a more responsible regulatory framework that will allow the nascent industry to thrive. These advocates offering constructive criticism stand in stark contrast to the perma-bear crypto-skeptics more interested in reflexive recriminations than needed reforms.

An expansion of cryptocurrency education can help promote financial literacy and ensure that responsible players win out in the struggle for cryptos future. DFRT is one of several efforts seeking to educate the public about the responsible use of cryptocurrency technology.

CoinAgenda, a global conference series that connects blockchain and cryptocurrency investors with startups, and BitAngels, a network of bitcoin and blockchain investors, plan to convene conferences in Las Vegas and Puerto Rico later this year to promote these aims. The Congress of Racial Equity encourages these efforts to bolster Americans understanding and awareness of crypto

Those piling onto the putdown of the cryptocurrency industry should consider who is being hurt most by the bursting of the bitcoin bubble. Anyone listening to them should consider who stands to benefit from it.

Niger Innis is the national chair of the Congress of Racial Equality.

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Cryptocurrency can give back economic ground to African Americans - Washington Times

The value of NFTs revolves around the nonfungible nature of digital assets which is the feature that sets them apart from cryptocurrencies, as NFTs and cryptocurrencies are not the same things. NFT has its own unique set of attributes including creator, size, and scarcity, among others, and therefore can not be interchanged with another asset. Bitcoin (BTC) is a fungible asset, on the other hand. The French startup Sorare, which sells NFTs of football trading cards, has raised $680 million (498 million), as reported by Cointelegraph.

What are NFTs used for?

Art

Programmable art, which uniquely combines creativity and technology, is the most common NFT crypto application. There are currently a number of limited edition works of art in existence. Surprisingly, they make it possible for programmability to alter behaviour in many circumstances. For instance, using oracles and smart contracts, designers may produce artwork that responds to changes in the value of digital assets based on blockchain technology.

Fashion

Blockchain has seamlessly merged into the world of fashion with the promise of advantages for all supply chain participants. The risk of counterfeiting is eliminated since consumers can easily check the ownership information of their goods and accessories online. Users might, for instance, just scan an NFT QR code on a price tag for clothing or accessories.

Gaming

In 2017, CryptoKitties was the first company to release virtual cats on the blockchain and allow users to communicate and conduct transactions with them. The model was so effective that it briefly overloaded the Ethereum network with a large number of transactions.

Sports

The counterfeiting of goods and tickets is among the most important issues affecting the sports sector. Blockchain is the best option for efficiently addressing such issues. The immutability of blockchain technology helps to prohibit the sale of fake tickets and memorabilia.

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How is NFT different from cryptocurrency and fiat currencies - The Financial Express