Day: May 27, 2023

Top metaverse property investments suffer massive losses: Report

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Prices of virtual lands on some of the top metaverses have declined significantly from their peak prices of 2022, with most depreciating around 90% in value. A study published by CoinGecko shows that popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value during the period studied, from January 1, 2022, to May 24, 2023. Metaverse land prices comparison. Source: CoinGecko As shown above, the most expensive property at the time, Otherdeeds by Otherside, which once sold properties for 5 Ether (ETH), is…

Gemini files to dismiss SEC’s lawsuit over its earn product

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Gemini Trust Co., a cryptocurrency exchange, and bankrupt lender Genesis Global Capital have jointly filed for the dismissal of a lawsuit brought by the Securities and Exchange Commission (SEC). The lawsuit claims that their Earn product violated securities regulations by offering unregistered securities. In their legal filings, the companies contended that their Earn product, which facilitated coin lending for yield generation, should not be classified as a security. Genesis further argued that the transactions were essentially loans and requested the court to dismiss the complaint or, as an alternative, strike…

MakerDAO proposal seeks to hike DAI savings rate to 3.33%

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The community of Ethereum-based decentralized finance (DeFi) protocol MakerDAO will soon vote on a proposal seeking to increase the Dai stablecoin (DAI) savings rate (DSR) to 3.33%. If it all goes through, the move is tipped to have broader implications for rates across DeFi. In a May 26 tweet, the Maker team revealed that an “upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved.” “The Dai Savings Rate (DSR) is a fundamental component within the Maker Protocol system, offering users the opportunity to deposit…

JPMorgan Chase enters generative AI race with IndexGPT trademark

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Finserv giant JPMorgan Chase filed a trademark application for IndexGPT, marking its entry into the race to build a generative AI tool for business purposes. The trademark application was filed with the United States Patent and Trademark Office (USPTO) on May 11 for the characters “IndexGPT,” which according to JPMorgan, is to be used in commerce. The mark consists of standard characters, without claim to any particular font style, size, or color. Source: USPTO The image above shows the text in standard characters that was accompanied with JPMorgan’s trademark application…

Blockchain Capital fuels Worldcoin with $115m

Worldcoin, an ambitious crypto project co-founded by OpenAI CEO Sam Altman, has received a significant financial boost with the latest funding round. On May 25, the technology company behind Worldcoin, Tools for Humanity, announced an influx of $115 million in series C funding led by Blockchain Capital, marking a crucial step in the project’s journey.  Source: ICO drops on Twitter The latest funding round follows a successful raise of $100 million at a $3 billion valuation in March 2022, testifying to Worldcoin’s continued appeal despite the ongoing bear market in…

South Korea’s Coinone rocked by crypto listing bribery scandal

In a startling turn of events, a former executive at Coinone, one of South Korea’s top cryptocurrency exchanges, has received bribes for listing specific cryptocurrencies on the platform. The accused executive, Jeon, allegedly received around 2 billion Korean won (approximately $1.5 million) between 2020 and 2022 for facilitating the listing of cryptocurrencies on Coinone that were prone to market price manipulation. Prosecutors claim that some of the tokens involved in the scandal were linked to companies hired to manipulate cryptocurrency prices. Notably, the local cryptocurrencies in the scheme reportedly include…

Blur’s Blend protocol facilitates nearly 170,000 ETH loans in 22 days

Blur’s peer-to-peer perpetual non-fungible lending protocol Blend, focused on NFTs, has seen massive growth since inception, with the protocol’s loan volume hitting close to 170,000 in under 30 days.  Blend controls 82% of NFT lending share According to DappRadar, Blend’s total loan volume has grown to 169,900 ETH or $308 million in 22 days, from 4,200 ETH recorded on the first day, translating to a growth of nearly 4000%.  Also, the NFT loan volume in May reached $375 million, with Blend accounting for 82% of the NFT lending market by…

Crypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collection

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In what seems like a parody but isn’t, Economist, gold proponent and avid crypto skeptic Peter Schiff has unveiled a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon go up for auction. The reaction from the crypto community has been mixed, with people generally baffled, amused, welcoming — especially Ordinals proponents — or keen to point out the apparent hypocrisy. its a hack right? did i just teleport to a different timeline? im so confused — Deezy (@CryptoDmack) May 26, 2023 For years, Schiff has actively bashed…

DCG to cease operation of its institutional trading subsidiary 

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Digital Currency Group (DCG) is shutting down one of its subsidiaries offering trading services to institutional investors, with the venture capital conglomerate citing a tough regulatory environment along with the bear market as reasons for its action.   DCG is set to sunset TradeBlock, a subsidiary focused on institutional investors and offering them trade execution, pricing, and prime brokerage services, by the end of May 2023.  According to a statement by a DCG spokesperson to Bloomberg, the…