Crypto Guides, Knowledge & Insights

Outstanding $7M Fundraising by Crypto Exchange Coinmetro

After the funding, the companys value increased by a factor of three, reaching $180 million. The businesss previous valuation was $60 million in the prior year. 　　Coinmetro, based in Estonia and regulated by the EU, was established in 2018. Additionally, the cryptocurrency exchange is legally registered in the US, Canada, and Australia. 　　The business intends to launch a number of passive income products as well as expand operations in the US, UK, and Europe with the help of the additional funding.　　　　Coinmetro CEO Kevin Murcko states, “we have no shortage of ideas and are looking forward to making them real for our growing community over the months and years to come.” Crunchbase reports that the cryptocurrency business has so far generated $18 million in total.　　Early in 2023, the company intends to raise a Series A. 　　The typical check size for a seeding which was before A round even during the third period was $6.5 million. Another cryptocurrency company recently looked to raise money. On November 7, 2022, the New York-based web3 investing company CoinFund revealed that it was trying to raise $250 million just 3 months after its prior fund. CoinFund stated that it intended to use the funding to support

2022-11-08Deep Dive

Bitcoin Could Be Ruined by the CBDC Launch, Says Arthur Hayes

The co-founder of the BitMEX exchange and well-known trader and crypto expert Arthur Hayes has shared his thoughts on what he believes will occur to Bitcoin if most Central Bank Digital Currencies (CBDCs) are eventually introduced.　　In a press statement, Hayes has described the CBDC as “pure evil” as, in his viewpoint, it will give the entire government power to amend laws pertaining to a range of subjects, including the consumption of Bitcoin.　　　　He asserted that the right of people to self-govern fair commerce among themselves is directly violated by CBDCs. The CBDC, he continued, will have an impact on banks because it poses an imminent crisis to their capability to conduct commerce.　　He added that he thinks the voters apathy will allow the government to easily replace fiat money with CBDC, ushering in nightmares of financial surveillance. He did, however, make a suggestion that commercial and domestic banks might act strangely as a collaborator to prevent the federal government from implementing the greatest CBDC design for stifling the public　　Hayes further emphasized that the government is attempting to combat economic inflation by using CBDC. However, he asserts that doing so might harm the blockchain sector, which would harm the general public. He only

2022-11-07Deep Dive

Whole FTT Shares Are Sold by Binance

CZ has only stated “new findings which have come to light” as the basis for selling FTT, the native token of the competing FTX exchange.　　“As part of Binances exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books. 1/4” 　　The CEO of Alameda tweeted in reaction to CZs most recent action that her selling companys financial situation is stronger. In her reply to the post made by the CEO of Binance, she also made a repurchase offer.　　“@cz_binance if youre looking to minimize the market impact on your FTT sales, Alameda will happily buy it all from you today at $22!”　　Weeks following condemnation of FTXs creator and CEO Sam Bankman-Fried for his regulation ideas, Binance made this decision. 　　　　On October 19, Bankman-Fried released a proposal that has since come under fire. It is a thorough route map for regulating monitoring and business norms in the area of digital assets. 　　Critics claim that Bankman-plan Frieds to establish technical standards endangers both the fundamental principles of DeFi and the leading DeFi teams and platforms in

2022-11-07Deep Dive

NITDA to train 30,000 Nigerians on Blockchain Technology

By: Damian Okonkwo 　　In furtherance of the quest to promote the adoption of Blockchain technology in Nigeria, the National Information Technology Development Agency (NITDA) has disclosed they will be offering a full scholarship package to selected citizens on the use of Blockchain technology today. This will be carried out in partnership with Domineum Blockchain Scheme.　　The current decision taken by NITDA seems to align with the intention of the CBN in carrying out mass literacy programs and workshops across the state designed to sensitize the masses on the use of the eNaira across the country.　　According to NITDA, the scholarship has been designed to run across the 36 states of Nigeria and will be carried out through online and physical training.　　The deadline for applying for the scholarship program has been given as 28th November, 2022. While the program itself will commence on 1st December 2022. Interested applicants should visit their website to apply for the program.　　The Director-General of NITDA - Mr. Kashifu Inuwa Abdullahhas had stated his conviction that great potentials rests in the use of Blockchain technology and Robotics, and when harnessed will positively transform the Nigerian economy today.　　He, therefore, pledged the unwavering determination of NITDA to champion the course of

2022-11-07Deep Dive

Huobi alleges pNetwork made over $4M from its Gala ‘white hat attack’

Huobi claims that the GALA incident was not a white hat operation, as pNetwork stated, but rather a $4.5 million profit for the protocol.　　According to the exchange, there were other “premeditated actions” during the incident that netted the people involved more than $10 million in profit. Huobi went on to say that despite speaking with the pNetwork team 50 minutes before the incident, it was not informed that it would attack the pGALA token.　　Furthermore, there was no evidence that the vulnerability had been exploited, despite the fact that it had been in the contract for over two months. According to Huobi, the pNetwork teams rush to conduct the attack indicated malign intent to profit from the tragedy.　　The exchange also called the release of 55.6 billion GALA tokens to save a pool worth approximately $400,000 ridiculous and thus unjustified.　　Huobi converts users GALA tokens to pGALA　　Meanwhile, numerous Huobi users were enraged after their GALA tokens were changed into pGALA by the exchange.　　After a wrapper version supported by pNetwork, the crypto exchange chose to delist GALA; pGALA lost its value due to the developer minting surplus tokens in a white hat attack.　　The extra new tokens drove GALAs price on Huobi almost to zero,

2022-11-07Deep Dive

Terra Founder Do Kwon Still Defiant as South Korea Cancels Passport

Prosecutors in South Korea are said to have obtained evidence that Terraform Labs founder Do Kwon urged an employee to manipulate market prices for the firms cryptocurrency Terra.　　According to the Korean Broadcasting System, Kwons local passport is now invalid. On October 5, the South Korean Ministry of Foreign Affairs issued a notification demanding Kwon to return his passport or have it revoked.　　The troubled entrepreneur is alleged to have departed South Korea at the end of April, stopping in Singapore before heading to an unspecified destination in Europe.　　While Kwon was thought to be in Singapore, South Korea filed an arrest order for him. Soon after, an Interpol red notice was issued, effectively requesting that the 31-year-old Terraform Labs founder be located and arrested for apparent violations of capital-markets law.　　If Kwon just has one passport, he will be unable to lawfully travel between nations.　　Kwon has claimed for months that he is not on the run. Kwon indicated in a recent interview with crypto journalist Laura Shin that he did not want his whereabouts to be known for fear of threats to his personal security.　　Kwon, on the other hand, tweeted this morning that he wants to organize a conference or meetup to demonstrate

2022-11-07Deep Dive

Nexo-backed NFT technology provider, MetaQuants, launches real-time appraisal algorithm for NFTs

Nexo-backed MetaQuants, a provider of NFT solutions, has introduced their algorithm product in order to support real-time collateral assessment for NFTs, marketplace, and wallet analytics.　　The alpha version of the new algorithm product is intended to enhance NFT lending, market, overpricing, and market manipulation penalties. As a result, the algorithm product is well-suited to Nexos planned non-custodial infrastructure.　　MetaQuants has recently launched a number of solutions aimed at increasing transparency, accuracy, and risk management in the volatile virtual world, aided by Nexos financial and strategic investments.　　Furthermore, MetaQuants has recently begun a funding round in order to raise funds to expand its staff and product offerings.　　Notably, Nexo, a leading regulated institution for digital assets, believes in a real-time mark-to-market NFT algorithm that provides efficient valuation estimates for assets susceptible to market manipulation for its retail and corporate customers. Notably, MetaQuants innovative technology enables the implementation of such a technique and may be used by Nexo.　　Over time, the company has made efforts to expand its presence throughout Asia. In July, it inked a deal sheet for a potential acquisition with Vauld, a Singapore-based blockchain firm. Furthermore, due to the market conditions devastating the cryptosphere, Nexo expressed interest in acquiring assets Celsius in June.

2022-11-05Deep Dive

What Is a SubDAO? A Way To Keep Governance Decentralized

Heavyweight DeFi protocols MakerDAO and dYdX are thinking about changing their governance structures.　　Blockchain protocols are frequently governed by decentralized autonomous organizations (DAOs), a group of individuals who manage the groups treasury in order to decentralize decision-making. However, as a protocol grows in size and more money is at stake, DAOs are being forced to incorporate bureaucracy.　　MakerDAO and dYdX, for example, have both been actively experimenting with the concept of subDAOs.　　What is a SubDAO？　　A subDAO is a novel solution to the operational challenge of delegating responsibility within a DAO while maintaining decentralization.　　The setup is similar to a startup starting to divide employees into different divisions as the company grows.　　SubDAOs have their own foundation and ownership structure but are mission-bound to the parent DAO.　　The goal of moving to a subDAO structure, according to David Gogel, head of growth and operations at dYdX, is to “drive progressive decentralization over the protocol.”　　An example of a subDAO following the Guernsey purpose trust model 　　dYdX is not unfamiliar with subDAOs.　　Its first subDAO, the dYdX grants program (DPG), was established in March through a Guernsey non-charitable purpose trust, with an eight-person multi-signature committee receiving $752,000 in DYDX tokens from the DAOs treasury to oversee grant distribution.　　Why is

2022-11-05Deep Dive

Musk's Halloween Tweet Causes a Rising trend in DOGE and SHIB

On Halloween, Musk posted a picture of a Shiba Inu dog sporting a Twitter t-shirt and a Twitter-branded pumpkin with the emoji “wink” as the text. 　　Shiba Inu and Dogecoin (DOGE), Elon Musks preferred cryptocurrency, both experienced dramatic price increases.　　Within minutes of his tweet, DOGE rose 14%. At the time of publication, the cryptocurrency had decreased to 12%.　　Although Shiba Inu didnt exhibit as strong of an upswing as DOGE, it still increased by almost 5% to reach a local high of $0.00001032. But as the initial excitement subsided, Shiba Inus upward trend gradually slowed; as of the time of publication, the pump was at 4%. The price was $0.00001287. 　　The two cryptocurrencies were already popular before to the tweet since Musk had previously made it known that DOGE would soon be integrated with the Twitter platform. 　　Musks most recent tweet was published after he successfully completed the $44 billion purchase of Twitter.　　For many years, Musk has been an outspoken advocate of DOGE. Additionally, he thinks DOGE is superior to bitcoin for making everyday crypto payments. 　　Market movers were always Musks tweets about cryptocurrencies.　　The price of DOGE earlier spiked in May when Musk tweeted that his space venture firm SpaceX would

2022-11-04Deep Dive

Employees at Bitmex will be laid off a week after the CEO departs.

“We are pivoting from our Beyond Derivatives strategy and will return much of our focus aiming at providing the crypto derivatives trading experience people will turn to,” as per Bitmex. 　　The corporation launched an effort into spot trading, brokerage, and custody services as part of its “beyond derivatives” strategy: “We are going to refocus on liquidity, latencies and a vibrant derivatives community, including BMEX Token trading.”　　Around 180 employees were recruited at Bitmex as of September.　　　　Bitmex later confirmed that the figure was smaller. Originally, it was stated that 30% of the workers had been laid off. The business hasnt disclosed a precise figure, though. After abandoning its bid to acquire the German bank Bankhaus von der Heydt, the firm earlier cut 75 workers. 　　The company is planning to concentrate on liquidity, latencies and a dynamic derivatives ecosystem incorporating BMEX Token trading, according to their statement.　　The companys primary concern, they continued, is to ensure that all workers who may be disrupted get the assistance they need. 　　Following its founding in 2014, Bitmex was the first cryptocurrency exchange to provide crypto derivatives.　　The termination came a week after Bitmexs CEO Alexander Höptner left the company after less than two years, at which point Chief

2022-11-04Deep Dive

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