Cost Transforming Audiences

• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar.
• NFT trading volume has fallen 51%, with sales declining about 16%, since the beginning of March.
• Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday but quickly recovered.

Web3SVB Collapse Tanked NFT Trading Volumes

The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active non-fungible token (NFT) traders, according to DappRadar – a number not seen since November 2021. Single NFT trades totaled 33,112 on that day–the lowest daily tally so far this year–with overall trading volume falling 51% and sales declining 16% since the beginning of March.

Yuga Labs Collections Remain Stable

Projects from NFT issuer Yuga Labs saw their floor prices dip slightly on Saturday but quickly recovered. One Twitter user compared CryptoPunks to USDC claiming it was more stable than the stablecoin which lost its peg to the U.S dollar after Silicon Valley Bank’s collapse.

Animoca Brands Back Nuqtah Platform

Animoca Brands co-founder and Executive Chairman Yat Siu reacted to this report and discussed his outlook for the NFT market and broader state of Web3 moving forward. Additionally Animoca Brands recently backed Nuqtah – Saudi Arabia’s first ever marketplace platform for digital collectibles – in an undisclosed seed investment round by Animoca Brands’ venture arm The Sandbox Fund

Reaction From CEO Of Yuga Labs

Yuga Labs also recently welcomed a new CEO in Daniel Alegre who gave his first public appearance since assuming the position last week; discussing his vision for Yuga Lab’s future as well as how he plans to foster innovation within blockchain technology while staying competitive within their industry..

Outlook On The Market

Yat Siu remains optimistic on the potential growth of Web3 despite current market conditions: “We have seen tremendous growth in gaming over recent years driven by convergence between mobile gaming existing players… As we look ahead into 2021 I believe we will see similar developments with blockchain gamers driving further adoption across multiple industries.”

• Starbucks Odyssey, the coffee company’s Web3 loyalty program, released its first limited edition non-fungible tokens (NFT), called “Stamps.”
• The 2,000-item “Siren Collection” was priced at $100 and allowed members to buy up to two stamps each.
• Despite technical issues, the collection sold out in 18 minutes with secondary sales quickly soaring.

Starbucks Odyssey Launches NFT ‘Stamp’ Collection

Starbucks Odyssey, the rewards program currently in beta, released its first limited edition non-fungible token (NFT) drop called “The Siren Collection.” Members of Starbucks Odyssey were able to purchase up to two “Stamps” from an edition of 2,000 featuring the brand’s iconic siren for $100 each.

Technical Issues In Launch

Despite the interest in purchasing Stamps from The Siren Collection however, launch was not without issues. Members of the Starbucks Odyssey Discord group reported problems accessing the site and error messages due to high traffic on the website.

Sellout & Secondary Sales Soar

Despite these issues however, The Siren Collection sold out in 18 minutes and secondary selling prices quickly soared past the initial $100 price tag. As of this update, Stamps have already been resold for more than $550 each.

Rewards Program Benefits

The reward program allows members to complete activities such as quizzes and in-store purchases for a chance to earn Stamps which can be collected or resold on Nifty Gateway. It is unclear what other types of NFTs will be included as part of future rewards programs from Starbucks Odyssey.

Conclusion

Despite technical difficulties at launch time, The Siren Collection from Starbucks Odyssey has already proven to be a popular choice among loyal customers looking for ways to show their appreciation for their favorite coffee shop by collecting digital memorabilia that can also be exchanged through a marketplace platform like Nifty Gateway.

• Swing, a cross-chain liquidity protocol, released a new product to reduce the time needed to deploy and update decentralized applications across multiple blockchains.
• The new product, Swing Platform, will be provided to developers during ETHDenver conference for Ethereum developers.
• The product can be used to propagate fast updates of cross-chain applications in “critical scenarios” when it is necessary to disable tokens or bridges due to security flaws.

Cross-Chain Protocol Swing Introduces ‘No-Code’ Product

Swing, a cross-chain liquidity protocol, has released a new “no-code” product that aims to reduce the time needed for deploying and updating decentralized applications across multiple blockchains. Developed specifically for Ethereum developers attending ETHDenver conference, the new product called Swing Platform eliminates the need for changing code in order to update configurations and deploy updates.

What Does Swing Platform Do?

The main purpose of this product is to help propagate fast updates of cross-chain applications in scenarios where it is necessary to disable certain tokens or bridges due to security flaws. In this way, developers are able to respond quickly even if something happens outside of ordinary working hours and nontechnical team members can take action.

Risks of Cross Chain Bridges

Cross chain bridges often used for moving digital assets back and forth between different networks are frequently targeted by hackers which leads up high costs in terms of stolen assets according Chainalysis – blockchain security firm estimated costs at $2 billion during first eight months of 2022 only. That makes it even more important for development teams have proper mechanisms for responding quickly and effectively when such incidents occur.

Benefits Of Using Swing Platform

By using no-code platform like Swing Platform developers can benefit from easier deployment and updating process as well as improved security measures with faster response times when it comes critical scenarios where certain tokens or bridge needs disabling due potential security breach. Furthermore, smaller development teams that don’t have resources or tech skills required for coding can also take advantage of these benefits offered by no-code platforms like Swing Plaform.

Conclusion

Swing Plaform represents an important step towards making decentralized application development easier while increasing their overall security level by providing faster responses in case cross-chain bridge hackings or other types of incidents occur making them less appealing targets for malicious actors looking score quick profits through stealing digital assets from unsuspecting users.

• Coinbase (COIN) has launched Base, a layer 2 network built using Optimism’s OP Stack.
• Base will provide easy and secure access to Ethereum, Optimism, Solana and other blockchain ecosystems.
• Coinbase is joining Optimism as a core developer on the open-source OP Stack.

Coinbase Launches Layer 2 Blockchain Base

Coinbase (COIN) has launched Base, a layer 2 network built using Optimism’s OP Stack, providing easy and secure access to Ethereum, Optimism, Solana and other blockchain ecosystems. Coinbase is joining Optimism as a core developer on the open-source OP Stack.

Base Built on Optimism

Base is built using the latest version of the open-source OP Stack technology from Optimism. The protocol enables scalability and lower transaction costs while also offering secure access to multiple blockchains including Ethereum, Solana and others.

No Token Issuance Plans

Coinbase has no plans to issue a new network token for Base at this time. The goal is to provide an accessible onramp for developers looking to build decentralized applications or “dapps” onchain in an efficient manner without having to worry about token issuance or other matters related to running their own networks.

Testnet Launch Successful

The testnet of Base was started by Coinbase on Thursday with much success thus far. The launch brings a new wave of mainstream crypto adoption that could attract millions of new users in years ahead.

Secure Accessibility & Low Costs

The main focus of Base is accessibility and low cost transactions within the network while also offering security measures such as encrypted connections between users and nodes that are monitored 24/7 by Coinbase engineers for any malicious activity detected onchain or offchain. This allows developers to create dapps securely without worrying about security issues like double spending or 51% attacks that may occur when launching their own networks from scratch.

• Binance, the world’s largest crypto exchange, is expecting to face fines for past regulatory violations.
• The U.S. Attorney’s Office has been investigating Binance since at least 2018.
• The Department of Justice has sent out subpoenas to trading firms requesting records of their dealings with Binance US.

Binance Bracing Itself For Fines

The world’s largest crypto exchange, Binance, has been under extra scrutiny since the collapse of rival exchange FTX and is now bracing itself for potential fines from US regulators to settle “past conduct” as reported by The Wall Street Journal.

Past Regulatory Violations

Chief Strategy Officer Patrick Hillmann told The WSJ that due to rapid growth in its early years, the exchange was not initially aware of all laws and regulations designed to prevent money laundering, sanctions evasion and corruption; therefore the company is expecting monetary penalties and is working with regulators to find a solution.

U.S Government Investigation

According to Reuters, the U.S government has been conducting an investigation into Binance since 2018; more recently sending out subpoenas requesting trading firms’ records of their dealings with Binance US as well as assessing whether evidence collected is sufficient enough to bring charges against several individuals including CEO Changpeng Zhao.

Possible Outcome & Timeline

Hillman believes that a likely outcome of this investigation could be a fine but said it was up to regulators to decide how severe or lenient they will be when issuing any penalties; he also declined to provide an estimate on size or timeline for when investigations might conclude.

Binance Taking Action

In light of this news, Binance remains committed towards providing a safe platform for its customers and bringing clarity regarding future regulations in order for them remain compliant going forward; Hillman also noted that although he did not know what actions DOJ would take against the firm he does expect consequences which could include fines or other remediation measures as part of an agreement between both parties.

• Robinhood reported $39 million in crypto trading revenue for Q4, a 24% decline from the previous quarter.
• The company also announced that its board had authorized the purchase of 55 million shares from a holding company for Sam Bankman-Fried and Gary Wang.
• Additionally, it canceled nearly $500 million of share-based compensation.

Robinhood Reports Crypto Revenue

Robinhood Markets (HOOD) reported $39 million in crypto trading revenue in the fourth quarter, down 24% from $51 million in the third quarter. The online trading broker overall missed both earnings and revenues estimates for the quarter.

Share Purchases & Compensation Cancellations

The company also said its board had authorized the company to pursue purchasing all or most of the 55 million shares that a holding company for former FTX execs Sam Bankman-Fried and Gary Wang bought in May 2022, and canceled nearly $500 million of its share-based compensation.

Rollout Of Web3 Wallet

The company noted that its Robinhood crypto wallet was rolled out to more than one million waitlisted users in 2022 after a beta version of its Polygon-based Web3 wallet was released in September.

Earnings Report Results

Overall for the fourth quarter, Robinhood posted an adjusted loss of 19 cents a share, ahead of the consensus analyst estimate of a loss of 15 cents a share, according to FactSet, on revenue of $380 million, below the analyst estimate of $396 million. Shares were up about 3% to $10.80 in after-hours trading on Wednesday.

Conclusion

Robinhood is scheduled to hold a call with analysts at 5 p.m. ET., providing further information about their financial results and future plans as they continue to grow their business offering with cryptocurrency products and services.

• Archax, a UK-regulated cryptocurrency exchange, has launched a digital asset custody service with the approval of the Financial Conduct Authority (FCA).
• The offering uses technology from Swiss MPC shop Metaco and IBM Cloud.
• All assets held in custody will be entirely segregated and “solvency-remote” from the exchange, meaning they would not be included in any bankruptcy proceedings.

Archax Launches FCA-Regulated Custody Service

UK-regulated cryptocurrency exchange Archax has launched a digital asset custody service that is approved by regulators, as institutional crypto players are tightening up their operations to rebuild trust in the sector. The London-based Archax’s new offering is one of few offerings to have cleared the Financial Conduct Authority’s (FCA) high bar for firms dealing in digital assets.

Technology Partnerships

The Archax custody service appeals to banks and big institutional customers by being partnered with Swiss multi-party computation (MPC) tech provider Metaco. The service will also be rolled out using IBM Cloud, which is familiar to many of the world’s big banks.

Segregated Assets

All assets held in custody will be entirely segregated and “solvency-remote” from the exchange. This means that if the trading business did go bust, custodied assets would not be included in any bankruptcy proceedings.

Rebuilding Trust

Events such as FTX have highlighted the need for a more traditional approach when it comes to digital asset management and security. As an FCA-regulated custodian, Archax is permitted to hold cryptocurrencies, tokenized assets like funds or real estate, as well as traditional instruments and cash for its clients.

Conclusion

With its partnerships with Metaco and IBM Cloud, Archax is providing secure services that appeal to institutional investors who want trustworthiness within their operations when it comes to dealing with digital assets.

• Tribes, a new Web3-native messaging and group wallet app, has raised $3.3 million in a pre-seed funding round.
• The round was led by Kindred Ventures, South Park Commons and Script Capital and closed in October.
• Tribes aims to make Web3 primitives for co-ownership and collective action understandable and accessible to the masses.

Tribes, a new Web3-native messaging and group wallet app, recently announced that it had raised $3.3 million in a pre-seed funding round. The round was led by Kindred Ventures, South Park Commons and Script Capital and closed in October, during a challenging crypto bear market.

Tribes was founded by Hish Bouabdallah, a former Coinbase engineer, and is focused on making Web3 primitives for co-ownership and collective action more understandable and accessible to the masses. Through their app, users can join and manage digital wallet groups with friends and family, allowing them to co-own and manage digital assets such as crypto tokens, NFTs, and other digital assets.

The app also provides users with the ability to create and manage collective tasks within their wallet groups, while also allowing users to transfer money or tokens from their personal wallets to wallets within the group. In addition, users can discuss and manage group activities in a secure and private chat room, as well as view a timeline of all activities within the group.

Tribes is aiming to make Web3 primitives more accessible to everyday users, allowing them to leverage the power of collective decision-making, shared ownership, and other capabilities enabled by the underlying blockchain technology. By providing users with the tools to more easily manage and co-own digital assets, Tribes hopes to create a more efficient and secure way for people to manage their digital wallets.

The startup plans to use the funding to further develop its platform and expand its team, as well as build out its ecosystem of Web3 applications. With the new funding, Tribes also hopes to expand its reach to more users and further increase adoption of Web3 technology.

• The SEC has alleged that crypto exchange Gemini and crypto lending firm Genesis Global Capital have been selling unregistered securities.
• Both companies have been engaged in a public spat since Genesis suspended withdrawals last year.
• Howard Fischer, a former SEC Senior Trial Counsel, joined ‘First Mover’ to discuss the details of the lawsuit and the implications for the crypto industry.

The U.S. Securities and Exchange Commission (SEC) has recently filed a lawsuit alleging that two crypto-related companies, Gemini and Genesis Global Capital, have been selling unregistered securities. This is not the first time that the SEC has taken action against crypto-related firms, as in recent years the agency has taken action against a number of companies in the space.

Gemini is a crypto exchange founded by the Winklevoss twins, and Genesis Global Capital is a crypto lending firm. The two firms have been engaged in a public spat since Genesis suspended withdrawals last year. The SEC’s suit alleges that the two companies have been selling unregistered securities, which is a violation of federal securities laws.

In response to the SEC’s lawsuit, Gemini co-founder Tyler Winklevoss tweeted that the lawsuit was “counterproductive”. To better understand the implications of the lawsuit, Moses Singer Partner and former SEC Senior Trial Counsel Howard Fischer joined “First Mover” to discuss the timing and details of the lawsuit, citing the SEC’s regulatory bandwidth.

Fischer noted that the SEC is actively monitoring the crypto industry, and that its actions should be taken as a sign that the Commission is serious about protecting investors. He also highlighted the importance of following the SEC’s regulations, and of companies taking steps to ensure they are compliant with the law.

The SEC’s action against Gemini and Genesis is a sign that the agency is taking the crypto industry seriously, and that any companies operating in the space should be aware of the regulations and take steps to ensure compliance. As the industry continues to grow, it is likely that the SEC will continue to take action against companies that are not in compliance with federal securities laws.

• New York State Attorney General Letitia James has filed a lawsuit against ex-Celsius Network CEO Alex Mashinsky, accusing him of defrauding investors through false statements about the company’s health.
• The lawsuit alleges that Mashinsky misled investors between 2018 and at least June 2022 to keep the money flowing into the lending platform.
• The Attorney General is seeking to ban Mashinsky from ever serving as a director or officer of a New York-registered business, and to recover all losses from the fraudulent activity.

The New York Attorney General Letitia James has taken legal action against the former CEO of Celsius Network, Alex Mashinsky, for allegedly defrauding investors through false statements regarding the company’s health. According to the lawsuit, Mashinsky misled investors between 2018 and at least June 2022 in order to keep the money flowing into the lending platform.

The Attorney General is seeking to ban Mashinsky from ever serving as a director or officer of a New York-registered business, and to recover all losses from the fraudulent activity. In addition, the New York State Office of the Attorney General is seeking to bar Celsius Network from engaging in any further business activities in the state.

The complaint alleges that Mashinsky and Celsius Network engaged in a “fraudulent scheme” to deceive investors into believing the company was healthy and growing, when in reality it was in a state of financial distress. The complaint claims that Mashinsky misled investors on the company’s financial standing, its growth rate, and its ability to pay out its obligations.

In addition, the complaint alleges that Mashinsky and Celsius Network used misleading advertising and promotional materials to entice investors to pour money into the platform. According to the complaint, Mashinsky and Celsius Network falsely claimed to be the largest lender in the cryptocurrency space and that the company had an “A+” credit rating from a major rating agency.

The complaint also alleges that Mashinsky and Celsius Network failed to disclose the true financial condition of the company, which the complaint alleges was far worse than what the company was representing to investors. This included concealing the “true level of risk” posed by the company’s loan portfolio, which was significantly higher than the company was representing.

The complaint also alleges that Mashinsky and Celsius Network were aware of the risks posed by their loan portfolio, but failed to disclose these risks to investors. As a result, investors were unaware of the risks posed by the company’s loan portfolio and were unaware of the true financial condition of the company.

The Attorney General’s office is seeking to hold Mashinsky and Celsius Network accountable for their alleged fraudulent conduct. The office is seeking monetary damages, as well as an injunction to prevent the company from engaging in any further business activities in the state.

The case serves as a reminder of the importance of transparency and disclosure when dealing with investments. Investors should always be aware of the potential risks posed by any investment, and should take the time to research and understand the investments they make. It is also important to remember that investments can be risky, and that investors should never be misled or deceived when considering an investment.