Quote of the week: “Crypto has had ups before, and it has had downs before, and it will have ups and downs again”- Vitalik Buterin, Creator of Ethereum. Source:
Wire Network’s New Protocol Aims to End Web3 Interoperability Woes: A growing number of Web3 platforms lack interoperability, which could be a huge roadblock to a seamless Web3 experience. Wire Network aims to change that with its universal wallet address protocol. Source: https://
FTX is the New Federal Reserve of Crypto? Amidst market turmoil, FTX, a digital-asset trading company, agreed to give BlockFi Inc. a revolving credit facility. Additionally, Sam Bankman-Fried, the head of FTX and owner of quant trading firm Alameda Research, gave a revolving line of credit to Voyager Digital. Source:
First Short Bitcoin ETF is Listed on NYSE: ProShares, the largest provider of Bitcoin-based ETFs in the United States, is set to launch its ProShares Short Bitcoin Strategy ETF. The ETF will trade on the New York Stock Exchange under the ticker BITI and is an opportunity for investors to speculate on the declining price of Bitcoin. Source: https://www.coindesk.
Coinbase Faces Lawsuits: Coinbase is facing class-action lawsuits for negligent listings; the suit claims that Coinbase was negligent in its listing of the TerraUSD Classic (USTC) stablecoin and its failure to disclose its financial relationship with Terraform Labs. This lawsuit comes after a lawsuit filed against Coinbase last month in connection with the depegging of GYEN. Source: https://cointelegraph.
NFTs on the Rise Amidst Market Turmoil: Despite rocky cryptocurrency market conditions, the NFT sector seems to be defying the emergence of crypto winter. A report by DappRadar has revealed prominent NFT collections experiencing substantial floor price gains of more than 40%. This week Meta is set to begin testing NFTs on Instagram stories, using its augmented reality platform Spark AR. Sources: https://finance.
Uniswap Acquires NFT Marketplace: This week, Uniswap decentralized exchange protocol announced its new acquisition of NFT marketplace aggregator Genie. Genie gives users access to NFTs and allows them to trade NFTs across most NFT platforms. This new acquisition will bring NFTs to the forefront of the platform. The company says they will be using the product to build a Uniswap NFT vertical into their own platform. Source: https://techcrunch.