In this month’s lowdown, Lucas shares updates on the LOX ecosystem, news about our upcoming IDOs, and his thoughts on the recent FTX collapse.
Winter is very much on the horizon and not just in the seasonal sense. What’s proved to be a challenging year for cryptocurrency means that we are much in the heart of a crypto winter. Despite concern, there’s plenty to remain optimistic about—from a major US bank’s digital asset to adoption to new, European opportunities.
Let’s start with my top-three industry-related stories of the past month.
Last month, cryptocurrency platform FTX collapsed. Although Binance were set to rescue FTX and purchase the exchange, they pulled out of the acquisition following concerns regarding FTX’s practices.
Of course, this was startling news that has inevitably affected the cryptocurrency market. With one of the world’s biggest crypto exchange platforms wiped out overnight, plus the fall of stablecoins Terra and LUNA earlier this year, there’s no denying that it’s a difficult time for our industry.
Considering this, I want to personally assure the #LOXfamily that the LOX ecosystem remains stable and there’s no impact to our services and strategy.
To catch up on the key events that led to FTX’s collapse, I fully recommend reading Forbes’ coverage. You can check it out here.
Good news! BNY Mellon, the oldest US bank, has officially announced that it will hold Ethereum and Bitcoin for its clients after securing approval from financial regulators. Why? Because client demand, particularly the number of people who now hold digital assets, is rising all the time.
This is the first time that a major US bank has accepted digital assets and is an event worth celebrating—as it sets the precedent for other financial institutions to embrace digital assets in the future.
I’m confident that most major banks will soon follow suit.
CoinDesk has published a great article detailing key information about why the decision was made. Be sure to give it a read.
One of the world’s largest crypto exchanges, Crypto.com, has officially moved its headquarters to France. According to reports, over €150 million is being invested in the development of their new base. Merci, beaucoup.
With around 50 million users worldwide, we’re delighted that one of the biggest cryptocurrency companies around has decided to move into a new home just across the Channel. This is great news not only for the industry, but for Europe, too, as jobs, awareness, and crypto adoption are likely to boom.
You can read the full press release from Crypto.com on why they’ve decided to relocate here.
Now, let’s talk LOX.
As you know, we recently launched our MetaLOX staking program, designed to give back to our loyal community. Now, we’re excited to announce that we’ve updated our program to include four tiers!
They are as follows:
50 percent APY: 1 - 1000000 tokens owned
100 percent APY: 1000000 - 5000000
200 percent APY: 5000000 - 10000000
300 percent APY: 10000000+
The more LOX tokens you hold, the more rewards you get. All of our tokens are part of the staking program. These are LOX, MetaLOX, SmartLOX, and SmartNFT. All token holders can gain up to 300 percent APY.
If you're looking to invest in MetaLOX then this really is a great time to do so, with our second stage IDO having recently gone live.
Our November IDO is officially live! During this second stage, we’re selling 10 percent of our MetaLOX stock. Currently, 20,000 MetaLOX buys one XRP. Regular IDO announcements and updates take place on our Twitter page, so please subscribe to make sure that you don’t miss out. Don’t forget, MetaLOX is part of our staking programme—meaning you can be rewarded with APY rates as high as 300 percent.
Wrapping things up, we’re looking forward to the month ahead. Lots of exciting things for you to keep an eye out for. Thanks as always for the support #LOXFamily!
See you next time – Lucas at Team LOX.
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