The metaverse has been described as a place where the physical and virtual worlds converge, while remaining independent of one another. It is a new technological frontier for investors, one many believe will raise the e-commerce stakes. Its infrastructure will make it possible for everyday users to engage in the online gaming community and social media platforms that offer business tools, and access blockchain-related technologies (e.g. non-fungible tokens, or NFTs). This emerging platform will ideally be a virtual world that exists whether a user is engaging in it or not.
A new cryptocurrency (crypto), Caduceus, is the first to leverage metaverse infrastructure to offer users greater blockchain functionality. Despite the hype, users can never be too careful about the brokers they use. In this article, we will look at Caduceus crypto itself, and whether it is regulated and safe to use.
What is the Caduceus Metaverse Protocol?
Caduceus Metaverse Protocol (CMP) is one of the first crypto platforms to test the limits of the metaverse. A March 2022 Global Fintech article announced CMP had closed on a strategic first investment round that raised $4 million for the platform valued at $80 million. This raising was to fund further development of the platform, which has been described as the ‘home of the future’, where developers can build all things finance-related. CMP has a lot of promise, with many in the crypto community anticipating a platform that provides 3D technology, decentralized finance, and edge computing.
What does CMP Offer?
Users can access a platform with higher security features and computer power, and lower transaction costs. Caduceus crypto has focused on maximizing performance and capacity using a Cloud Graphics Processing Unit (GPU) for rendering (producing graphics), computing, and storage. This more efficient platform shortens rendering times, thereby reducing costs, and making it more versatile for users.
In June 2022, CMP achieved several milestones, including a technical update and the launch of a social media platform in response to its growing online community. In May 2022, the platform saw over 20 new projects join, including BitKeep, Yolee Universe, and Qredo.
The platform is now expected to grow significantly, with some experts reporting CMP will launch over 100 new applications (apps), some of which are designed to have users complete on-chain experiences to receive CMP air drops. Online community members — called cadets — can get CMP air drops or limited-edition NFT badges. Finally, CMP ran a competition in July 2022 inviting cadets to create Fan Art, with the opportunity to be awarded CMP tokens or limited-edition NFTs.
CMP Backing
A group of investors from around the world with a solid background in crypto investments and blockchain developed Caduceus. A leading venture capital and crypto liquidity provider, BlockFills, and Susquehanna International Group backed the project along with partners Bin Zayed Group, Digital RFQ, Luna Vc, and Nukkleus. In addition to financial backing, CMP also received public support from notable figures, including former Chelsea Football Club star and England team captain John Terry, and former world snooker champion Stephen Hendry.
Is CMP Regulated?
CMP was registered in Singapore in 2021. However, Singapore’s crypto regulation was still in its infancy as of June 2022. Due to the uncertainty surrounding crypto in Singapore, laws may change; if they do, how soon new regulations will be implemented is unknown. CMP’s official stance according to a June 2022 white paper is it will operate within the parameters of the Singaporean legal system, and if laws change making it illegal for CMP to be registered, they will close operations.
Is CMP Safe?
CMP is registered in Singapore. However, UK and US investors should still proceed with caution. There is very little crypto market regulation in the US. While CMP was received with much fanfare and appears to be a legitimate operation, investors should take the usual precautions before using them.
The UK’s Financial Conduct Authority (FCA) is the regulatory body that oversees all finance-related businesses. All sector businesses that wish to operate legitimately must be registered with the FCA. Businesses unregistered with the FCA — including crypto brokers — faced closure as of March 31, 2022. Unregistered brokers operate outside FCA safeguards, so any investors using them have little to no recourse in recouping their investment if something goes wrong.
Safe Crypto Brokers
| Broker | Features | Min Deposit | EURUSD Spread | |||||||||||||
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 Your capital is at risk
US Clients: No Regulated : Yes
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– Flexible leverage up to 500:1 |
$200 | From 0.1 | |||||||||||||
 73 % of retail CFD accounts lose money
US Clients: No Regulated : Yes
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– Ultra – fast execution from 0.1s |
$100 | from 0.0 pips |
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73 % of retail ...
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 Your capital is at risk
US Clients: No Regulated : Yes
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– 40% New Member Bonus
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$100 | Fixed |
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Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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 79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
US Clients: No Regulated : Yes
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– FCA, ASIC, CySEC Regulated. |
100GBP/AUD/EUR/USD | variable |
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79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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 Your capital is at risk
US Clients: No Regulated : Yes
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$50 | from 0 | ||||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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$200 | From 0.1 pips | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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$500 | From 0.6 pips | |||||||||||||
 Between 74-89 % of retail investor accounts lose money when trading CFDs
US Clients: No Regulated : Yes
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$200 | NDD 0.09 / Standard 0.69 |
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Between 74-89 % of retail investor accounts lose money when trading CFDs
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 Your capital is at risk
US Clients: No Regulated : Yes
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$25 | From 0.4 pips | |||||||||||||
 67% of CFD traders lose
US Clients: Yes (eToro USA) Regulated : Yes
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$200 | from 1 |
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67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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 Your capital is at risk
US Clients: Regulated : Yes
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$100 |
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69% of retail investor accounts lose money when trading CFDs with this provider.
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 Your capital is at risk
US Clients: No Regulated : Yes
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1000 EUR | Bank: 1.1 EU traders: 1 | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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No minimum deposit | From 0.0 pips | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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$450 | From 0.0 pips | |||||||||||||
 77% of retail CFD accounts lose money
US Clients: Yes Regulated : Yes
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None | from 1.2 | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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– Regulated broker |
$50 | From 1 pips | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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– Regulatory compliance is under the auspices of the FCA in the UK, the SFC in Hong Kong, the DFSA in Dubai, and by way of the MiFID for the European Union. |
$20 | 1.8 pips | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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Starting from $10 on Standard and $200 on Professional accounts | As low as 0 on Raw Spread and Zero accounts | |||||||||||||
 75% of clients lose money. Capital at risk
US Clients: No Regulated : Yes
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– FCA, NFA, CFTC, IIRO, FSA, CIMA, MAS, SFC Regulated. |
£100 | Varied | |||||||||||||
 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
US Clients: No Regulated : Yes
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– 50 Euros minimum deposit |
20 Euros | Varies |
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71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
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 Your capital is at risk
US Clients: No Regulated : Yes
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 Your capital is at risk
US Clients: No Regulated : Yes
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$100 | From 0.0 pips | ||||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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$200 | From 0.0 Pips | |||||||||||||
 Your capital is at risk
US Clients: No Regulated : Yes
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10€ / $ / £ (depends on account type and region) | 1.2 pips |
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Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
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Crypto Wallets
Coinbase Wallet
Coinbase is considered one of the best-known exchange wallets and offers customers the ability to trade well-known crypto, such as Bitcoin (BTC) and Dogecoin (DOGE). Coinbase also provides users with a Visa-backed debit card that can also be used with Google Pay and Apple Pay.
Trezor Model T
A cold wallet product (‘cold’ meaning disconnected from the internet), Trezor Model T has a platform that supports over 1,000 coin types. It can also be used with a computer. The product is open source, which allows for more visibility and protection.
Ledger Nano X
Another cold wallet, Ledger Nano X can support 1,800 coin types and be used with computer and mobile devices. The company experienced a breach a few years ago where a few accounts were hacked, resulting in the theft of personal data. No crypto assets or private keys were stolen. Ledger’s swift action on this matter is one of the reasons it is considered a reliable crypto product.
Exodus
A hot (always internet-connected) soft wallet, Exodus can run on Mac, Windows, and Linux. This product has been described as easy to use and integrates into the Exodus Exchange. The platform supports over 130 coin types, which can easily be purchased using the app.
Final Words
While it was first out of the gate in using the metaverse, CMP is a legitimate platform that offers users something new: a platform for performing transactions over the blockchain while enjoying applications that allow them to connect socially in the virtual world. At the same time, the crypto regulatory landscape in many countries means there is very little legislation providing a framework to protect consumers against financial scammers.
Ultimately, independent research and education are key to protect against risk.