As 2023 gets underway and the crypto industry steadily grows in popularity, numerous developers are focusing their efforts on improving user experience, which is a major source of frustration for many. To that end, Artificial Intelligence (AI) has frequently been viewed as a technology that has the potential to improve how people use and regularly interact with various cryptocurrencies and crypto related technology like blockchain, NFTs, and the metaverse.

A new age of digitization?

The popularity of OpenAI and applications like ChatGPT has fueled the narrative that AI really is taking over the world. Unsurprisingly, the trend has also spread to the crypto industry, where tokens associated with AI-related crypto projects such as AGIX have seen a recent price increase.

With that in mind, it is almost certain that AI shall be integrated into crypto applications in a manner which significantly enhances user experience. In fact, many crypto on-chain data platforms will inevitably and regularly utilize AI to help users find information more easily, similar to how Bing integrated ChatGPT not too long ago.

What does this have to do with crypto?

Following the failure of many crypto platforms in 2022 like 3AC, Terra, and FTX, institutions adopted a new standard known as Proof of Reserves to offer more transparency to their end users. However, some have argued that this may be useless because it cannot be relied upon to confirm solvency, as many of the collapses last year could have been avoided if users just had more information on how exchanges and lending platforms were managing deposits via on-chain data. Furthermore, regulation could be more effective if on-chain data was closely monitored as well, according to some online discussions.

In this way, compelling narratives can be viewed as fuel for crypto markets, and AI is simply the latest trend in that regard. AI-based tokens are hence being heralded as the sector which will lead the next bull market cycle by prominent traders on Twitter, Reddit, and other platforms. Thus far, they may be correct, as such tokens have increased by an average of 80% in the last few weeks alone, which include the likes of AGIX, FET, and ALI.

What will the future hold?

According to the 7th e-Trading Edit report by JPMorgan, responses by 835 institutional traders in 60 global markets were gathered and over half of these traders said that AI and machine learning will be the most influential technologies shaping trading methods within the next three years.

Lastly, although blockchain and crypto had been mentioned prominently in previous surveys, AI was mentioned 4 times more than blockchain. This makes sense given the fact that ChatGPT for instance took only 2 months to reach 100 million users, an accomplishment which others like Netflix, Gmail, Twitter, Whatsapp, and Facebook all took years to achieve.

A prominent Brazilian bank has announced a new and convenient way for taxpayers to pay their taxes with crypto. As per a statement released on February 11th by Brazilian bank Banco do Brasil, it is now possible for local taxpayers to pay their tax bill with crypto as part of a collaborative effort with Bitfy, a crypto firm based in Brazil.

As such, the new service is available to Brazilians who have crypto stored with Bitfy, which shall act as a sort of collection partner for Banco do Brasil. In addition to the ease the new serivce provides customers, it also has the potential to expand the use of and subsequent access to the overall digital asset ecosystem with national coverage alongside the dependable security of a bank.

This decision was made following Rio de Janeiro reportedly accepting crypto as tax payments back in October 2022. Brazil passed a regulatory framework in December 2022 which legalizes the usage of crypto as a viable payment method. The new law is expected to go into effect in June 2023. Finally, only investors who trade over 35,000 Brazilian Reals in crypto are required to pay income tax.

The Algorand Foundation has been tasked by the United Nations Development Programme (UNDP) to create an educational curriculum focused on Web3 for its workforce. The announcement, made on November 30th, reveals that the Algorand Blockchain Academy will be accessible to over 22,000 UNDP employees as well as personnel linked to various other United Nations agencies.

A global initiative

The curriculum will reportedly emphasize the practical applications of blockchain technology within the framework of sustainable development. During the first quarter of 2024, a beta version of the course will commence, progressively rolling out across the UNDP global staff throughout the year. Robert Pasicko, a UNDP research and data analyst specializing in alternative finance and low carbon development, announced the initiative at the Algorand Impact Summit in New Delhi.

Pasicko expressed enthusiasm, stating that the Algorand Blockchain Academy will be instrumental in equipping the team with the tools needed to address complex global challenges using blockchain technology. He further mentioned the goal to upskill, empower, and inspire UN practitioners globally.

The initiative will also involve participation by representatives of Algorand ecosystem projects such as HesabPay, Wholechain, Koibanx, and Quantum Temple.

Slow and steady

Doro Unger-Lee, Head of Education and Inclusion at Algorand Foundation, sees this initiative as a crucial step toward identifying and delivering practical use-cases of blockchain to support the Sustainable Development Goals (SDGs) across various areas.

This move aligns with the broader trend of the UN embracing Web3 and distributed ledger technologies. Still, while the UN has shown a progressive stance toward adopting blockchain, a cautionary note was sounded in August 2022 by the UN Conference on Trade and Development, warning about the potential risks of unregulated cryptocurrencies, such as threats to monetary stability and the potential for tax evasion in underdeveloped economies.

The Algorand Foundation has been tasked by the United Nations Development Programme (UNDP) to create an educational curriculum focused on Web3 for its workforce. The announcement, made on November 30th, reveals that the Algorand Blockchain Academy will be accessible to over 22,000 UNDP employees as well as personnel linked to various other United Nations agencies.

A global initiative

The curriculum will reportedly emphasize the practical applications of blockchain technology within the framework of sustainable development. During the first quarter of 2024, a beta version of the course will commence, progressively rolling out across the UNDP global staff throughout the year. Robert Pasicko, a UNDP research and data analyst specializing in alternative finance and low carbon development, announced the initiative at the Algorand Impact Summit in New Delhi.

Pasicko expressed enthusiasm, stating that the Algorand Blockchain Academy will be instrumental in equipping the team with the tools needed to address complex global challenges using blockchain technology. He further mentioned the goal to upskill, empower, and inspire UN practitioners globally.

The initiative will also involve participation by representatives of Algorand ecosystem projects such as HesabPay, Wholechain, Koibanx, and Quantum Temple.

Slow and steady

Doro Unger-Lee, Head of Education and Inclusion at Algorand Foundation, sees this initiative as a crucial step toward identifying and delivering practical use-cases of blockchain to support the Sustainable Development Goals (SDGs) across various areas.

This move aligns with the broader trend of the UN embracing Web3 and distributed ledger technologies. Still, while the UN has shown a progressive stance toward adopting blockchain, a cautionary note was sounded in August 2022 by the UN Conference on Trade and Development, warning about the potential risks of unregulated cryptocurrencies, such as threats to monetary stability and the potential for tax evasion in underdeveloped economies.

The Algorand Foundation has been tasked by the United Nations Development Programme (UNDP) to create an educational curriculum focused on Web3 for its workforce. The announcement, made on November 30th, reveals that the Algorand Blockchain Academy will be accessible to over 22,000 UNDP employees as well as personnel linked to various other United Nations agencies.

A global initiative

The curriculum will reportedly emphasize the practical applications of blockchain technology within the framework of sustainable development. During the first quarter of 2024, a beta version of the course will commence, progressively rolling out across the UNDP global staff throughout the year. Robert Pasicko, a UNDP research and data analyst specializing in alternative finance and low carbon development, announced the initiative at the Algorand Impact Summit in New Delhi.

Pasicko expressed enthusiasm, stating that the Algorand Blockchain Academy will be instrumental in equipping the team with the tools needed to address complex global challenges using blockchain technology. He further mentioned the goal to upskill, empower, and inspire UN practitioners globally.

The initiative will also involve participation by representatives of Algorand ecosystem projects such as HesabPay, Wholechain, Koibanx, and Quantum Temple.

Slow and steady

Doro Unger-Lee, Head of Education and Inclusion at Algorand Foundation, sees this initiative as a crucial step toward identifying and delivering practical use-cases of blockchain to support the Sustainable Development Goals (SDGs) across various areas.

This move aligns with the broader trend of the UN embracing Web3 and distributed ledger technologies. Still, while the UN has shown a progressive stance toward adopting blockchain, a cautionary note was sounded in August 2022 by the UN Conference on Trade and Development, warning about the potential risks of unregulated cryptocurrencies, such as threats to monetary stability and the potential for tax evasion in underdeveloped economies.

The Algorand Foundation has been tasked by the United Nations Development Programme (UNDP) to create an educational curriculum focused on Web3 for its workforce. The announcement, made on November 30th, reveals that the Algorand Blockchain Academy will be accessible to over 22,000 UNDP employees as well as personnel linked to various other United Nations agencies.

A global initiative

The curriculum will reportedly emphasize the practical applications of blockchain technology within the framework of sustainable development. During the first quarter of 2024, a beta version of the course will commence, progressively rolling out across the UNDP global staff throughout the year. Robert Pasicko, a UNDP research and data analyst specializing in alternative finance and low carbon development, announced the initiative at the Algorand Impact Summit in New Delhi.

Pasicko expressed enthusiasm, stating that the Algorand Blockchain Academy will be instrumental in equipping the team with the tools needed to address complex global challenges using blockchain technology. He further mentioned the goal to upskill, empower, and inspire UN practitioners globally.

The initiative will also involve participation by representatives of Algorand ecosystem projects such as HesabPay, Wholechain, Koibanx, and Quantum Temple.

Slow and steady

Doro Unger-Lee, Head of Education and Inclusion at Algorand Foundation, sees this initiative as a crucial step toward identifying and delivering practical use-cases of blockchain to support the Sustainable Development Goals (SDGs) across various areas.

This move aligns with the broader trend of the UN embracing Web3 and distributed ledger technologies. Still, while the UN has shown a progressive stance toward adopting blockchain, a cautionary note was sounded in August 2022 by the UN Conference on Trade and Development, warning about the potential risks of unregulated cryptocurrencies, such as threats to monetary stability and the potential for tax evasion in underdeveloped economies.

An agreement was recently announced between popular crypto exchange Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group (DCG) which brings Gemini Earn users one step closer to reclaiming their funds. Cameron Winklevoss, Co-Founder of Gemini, disclosed the agreement on Twitter.

Genesis halted withdrawals in November 2022 after being embroiled in a public battle over the Earn program, prompting users and Cameron himself to threaten legal action against both the company and DCG founder Barry Silbert. They demanded that Genesis provide a concrete plan for repaying the $900 million loan Gemini made to Genesis Global, which has since gone bankrupt.

As per the agreement, Gemini shall therefore contribute a maximum of $100 million for Earn users, and the terms of the agreement with DCG reportedly also include the sale of Genesis Global Trading.

Additionally, DCG will convert its existing $1 billion note due in 2032 into convertible preferred stock as well as refinance its existing 2023 term loans in two tranches that would be made payable to creditors totaling just about $500 million.

The catastrophic earthquake which struck Turkey and Syria on February 6th left a path of devastation in its wake, affecting countless communities and individuals.

Binance has therefore announced an airdrop of $100 USD worth of BNB tokens to all users residing in the earthquake-affected regions. The process of identifying eligible users shall involve reviewing Proof of Address (POA) submissions made before February 6th in various earthquake-affected cities, namely Adana, Adyaman, Diyarbakr, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Anlurfa, and Osmaniye.

Much like the situation regarding the Russian invasion of Ukraine, the usage of crypto transfers for delivering financial aid has steadily grown in popularity, as these transfers are quick, unrestricted, transparent, cost-effective, and seamless, making them well-suited for offering aid in emergency situations.

Lastly, while the aforementioned POA process is not perfect, Binance believes it is the best option for locating users affected by the disaster. The total value of the donations is anticipated to be around $5 million. Binance Charity additionally established a public donation address, encouraging people to donate to the Emergency Earthquake Appeal with cryptocurrencies such as BTC, ETH, XRP, BUSD, and BNB.

The highly anticipated FOMC meeting recently took place, and there was much to discuss not just regarding crypto but also the overall market and the record-setting inflation levels which were the highest they have been since 1982.

What happened?

In summary, US Federal Reserve Chairman Jerome Powell confirmed at the FOMC meeting that the central bank expects to raise interest rates twice more, at the very least. Still, his acknowledgement that the disinflationary process has officially begun has provided traders with some semblance of reassurance that those would be the final two hikes of this cycle and that the Fed shall be on hold midway through the second quarter of 2023.

Correspondingly, his repeated emphasis on various core services has offered a clear inflation metric for traders to monitor in order to determine what the central bank shall do within the next few months. Powell also talked about the ongoing conflict in Ukraine and how that is adversely affecting the economy, but is hopeful that inflation will continue to ease somewhat.

How did the market react?

Following a modest reaction to the monetary policy statement, the market appears to have concluded that the FOMC meeting was more dovish than expected. Still, the crypto market continues its gradual road to recovery, as investors gradually make their return while Bitcoin looks to slowly gain momentum once more.

In any case, the United States Dollar (USD) is losing 50-100 pips against all of its major competitors. Infact, the entire Treasury yield curve is steadily falling, with the closely watched 2-year yield decreasing by over 10 basis points to 4.12%. Elsewhere, gold went up 12 points on the day to just under $1,960, and the broad US indices were up as well, led by a 1.5% gain in the Nasdaq 100.

What comes next for Bitcoin?

The Fed-provided benchmark rate rested between 450 and 475 basis points as of the time of writing, its highest level since 2007. The 25-point increase corresponded with market expectations and was less severe than the 50-point increase in December.

For its part, Bitcoin was trading around $23,000 before the announcement and saw little movement in the aftermath. Nevertheless, there has been a steady increase since last month after rallying alongside numerous tech stocks in response to the positive inflation data that arose at the end of 2022.

Furthermore, with inflation seemingly on the decline, market participants began to suspect that the Fed was planning to either slow or reverse its interest rate hikes, thereby making investment easier and hopefully bolstering the economy.

Sberbank (SBER.MM), the largest lender in Russia, recently announced its plans of launching a decentralized finance platform within the next few months. Sberbank claims that it wants to make the Russian DeFi system the best in the world, to which end it is currently beta testing its own platform.

Based on distributed ledger (blockchain) technology, decentralized finance platforms enable users to conduct traditional banking transactions like investing, saving, and lending. Various traditional financial institutions across the globe are actively investigating how to enter the burgeoning sector and integrate DeFi technology into their own existing regulated operations.

According to Konstantin Klimenko, Head of Products at the blockchain branch of Sberbank, the lender shall begin open testing of its platform in March and hopes to commence commercial operations by the end of April. Klimenko also indicated that the DeFi platform would be built on the Ethereum blockchain, a popular choice by many.

Advocates claim that the new platform could significantly decrease banking costs and even replace traditional banks, while detractors believe it has few real-world applications and suffers from the same drawbacks as crypto in general including lack of regulation and vulnerability to money laundering and other kinds of fraudulent activities.

Cardano (ADA) has now launched its first overcollateralized stablecoin, Djed (DJED), on the mainnet. DJED is designed to be pegged to the US dollar and is backed by ADA.

Djed may best be understood as a community-driven decentralized open-source protocol that allows users to hold, mint, and burn DJED and SHEN. DJED is currently available on Bitrue, Muesliswap, Wingriders, and Winswap, with more listings reportedly on the way.

COTI (COTI), a Djed-issuer, announced last month that Djed had officially transitioned to a multi-chain network which now supports private payment networks. The deposit fees for Djed will also be reduced by 50% as the company transitions from a fixed withdrawal price to a dynamic system.

COTI stated that the changes would aid in the widespread acceptance of crypto assets as payment for goods and services, which many have called a much-needed and welcome decision.

With that in mind, COTI announced that the launch is a significant step forward for both them and DeFi in general. The highly anticipated public mainnet launch of Djed heralds a new era for stablecoins and is indicative of just how important a milestone this really is for COTI and Cardano.

The crypto scene is replete with useful apps, some of which are good for trading and investment, others for earning rewards, and yet more for keeping up to date with the latest news on market movements.

We've compiled this list of top app options for anyone who wants to get more out of their interest in crypto in 2023, but doesn't know where to start.

Coinbase

In terms of pure accessibility, Coinbase remains the most appealing crypto-focused app. It doesn't intimidate newcomers with a complex interface, but instead ushers them into buying and selling crypto assets with a user-friendly design, while still offering ample resources for those who want to take things further.

And of course because there are lots of other exchanges out there, this competition means that Coinbase is one of many platforms that wants to incentivise new customer sign-ups with bonuses. You can find referral-based incentives for this app and many others on Cryptocurrency Codes, and get a bit of a boost at the start of your trading journey.

Financial Times

With apps for Android and iOS, it's well worth having the official FT offering installed on your device of choice, whether you're only interested in crypto or you've got a broader investment portfolio that you want to stay on top of.

The coverage offered by this venerable publication is of an unquestionably high quality, and the app also provides alerts for breaking stories which lets you stay ahead of the curve regarding market movements.

Nexo

With millions of users worldwide, a variety of currencies and assets supported, and the potential to buy, earn, exchange and even borrow crypto, there are more than a few reasons for Nexo being so popular.

As you'd expect, there are also juicy incentives for those who start using the platform and then invite others over to join them, such as the promise of earning interest on funds deposited by those you refer.

Binance

Another long standing name on the crypto scene, Binance is still as relevant in 2023 as it has been over the past few years. And many prefer its app because of the in-depth trading options it offers when compared with the competition.

It's especially well suited to those who are compelled by the altcoin opportunities that are out there. So if you're already absorbing lots of tips and advice from crypto YouTubers, and you want to take what you've learned and put it into practice, this is the app that will assist you in your aims.

The Issue Of Centralized Exchanges

Final Thoughts

It would be remiss of us not to briefly touch on the conundrum of centralization which has ironically afflicted certain crypto exchanges in recent months.

Scandals such as the collapse of FTX show that contrary to the founding principles of the crypto movement, exchanges themselves are eager to get investors to put all their eggs in one basket. This in turn creates the possibility for catastrophes afflicting one entity to impact millions of users in a major way.

So ultimately the point to make about crypto apps is that you don't have to just pick one and stick to it. In fact it pays to take advantage of the aforementioned referral codes and incentives from several different exchanges, as well as to keep your ear to the ground from as many news outlets as possible, so that you've got a more rounded picture of the state of play right now.