Given the recent FTX collapse, safe to say Algorand’s exposure could have been much worse since the Foundation only lost $1m USD tied to the recent USDCa listing news.
Do we really want the Foundation to formally promote a Binance listing of USDCa in the future? Really sucks to be in this position, it should be a good thing if it was properly regulated.
Seems like there’d be a lot of risk from a brand standpoint and for the broader ecosystem if they actively promoted its use on their platform.
I get its a double edged sword, which is unfortunate, but there’s multiple investigations globally into Binance’s practices which seems to be picking up.
Now seems like an ideal time to further differentiate Algorand from competitors by only formally endorsing / promoting best practices of using USDCa through registered exchanges in the UK, EU and US (which obviously puts us in a delayed holding period today), but might be smarter from a long-term standpoint.
I did some brief research into Anchax, which seems to have some sort of partnership with Algorand. They appear to be among the first registered and regulated by the FCA in England (seems like they’re launching in 4q). Nowhere near as large as Binance, so I get it.
Seeing it listed on Binance would be one thing, but actively promoting its use at events like Decipher is more my concern. Seems like an additional step that would bring added scrutiny in the event that there’s a FTX style crisis with Binance in the future.
IDK just an idea I wanted to share for consideration.