Day: May 31, 2023

Binance plans new round of layoffs amid increased regulatory scrutiny

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A fresh headcount reduction is coming to crypto exchange Binance, which is reportedly planning to lay off 20% of its workforce in June. The job cuts come after the company said earlier this year it would not lay off any employees. According to the exchange, the decision is not a downsizing but rather a resource reallocation. “As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic,” a spokesperson told…

Bitcoin fragments could become more valuable than full Bitcoins

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Since January, there have been over 10 million inscriptions on the largest blockchain in the world, and this number continues to grow exponentially. To provide some context, the Ordinals Protocol allows for the ordered identification of satoshis, the smallest subdivision of a Bitcoin (BTC), enabling each of them to have an individual identity. From that people can inscribe sats with arbitrary content, creating Bitcoin-native digital artifacts, more commonly known as nonfungible tokens (NFTs). Among the various narratives resulting from this technique, the existence of an extremely underground group of individuals…

European Union Signs Crypto Licensing, Money Laundering, MiCA and Transfer of Funds Rules Into Law

CryptoX – Cryptocurrency Analysis and News Portal MiCA will enter into force in a few weeks after being published in the EU’s official journal, which is likely in June. Its provisions – offering crypto exchanges and wallet providers a license to operate across the 27-nation bloc, and requiring stablecoin issuers to hold appropriate reserves – will take effect between 12 and 18 months later. Source The post European Union Signs Crypto Licensing, Money Laundering, MiCA and Transfer of Funds Rules Into Law appeared first on CryptoX. CryptoX Portal

5 Years After the $500,000 Ethereum Wager Between Joe Lubin and Jimmy Song, Who Won?

Artemis Chief Operating Officer Jimmy Zheng does think all five qualify as dapps, saying via Telegram: “Fundamentally, the definition of an application is a construct given that the actual atomic unit within these blockchain platforms is the smart contract, which other contracts/addresses interact with. So from that perspective, they are dapps in the sense that there are a multitude of other addresses/contracts interacting with applications such as WETH, OpenSea, Circle and Tether.” Source

UK Neobank Monzo Attains First-Time Monthly Profitability Following Lending Surge

Monzo hit profitability after its lending volume for the period ending February 2023 ballooned to £759.7 million. British neobank Monzo Bank has revealed it attained monthly profitability for the first time in 2023 following a lending surge. In its annual report for the year ending February 2023, the online bank said it became profitable two months into the year. Monzo said it earned a 382% increase in net interest income which amounted to £164.2 million, driven by a surge in lending activity. Furthermore, the prominent London-based digital bank also realized a net operating…

Former SEC Chief Warns Crypto Influencers against Price Manipulations

The former SEC chief hinted that influencers adopt various strategies to deceive and mislead their followers into making uncalculated investment decisions.  The US Securities and Exchange Commission (SEC) is increasing its efforts to regulate and enforce compliance among crypto influencers, as former SEC Chief John Reed Stark issues a stern warning about potential prosecutions. In a Twitter post on Wednesday, Stark, who headed the SEC’s Internet Enforcement unit for 11 years, cautioned those social media personalities in the crypto space who have endorsed dubious projects and engaged in price manipulation…

China Telecom Invests 3B Yuan to Establish Quantum Technology Group in Anhui Province

China Telecom has noted that the establishment of a quantum tech hub is in line with President Xi Jinping’s long-term tech adoption. China Telecom Corp Ltd (Hong Kong: 728), a Chinese telecommunications company, has announced plans to venture into the supercomputer quantum industry to streamline its services. According to the company’s announcement through WeChat, up to 3 billion Yuan, approximately $434 million, will be used to establish the China Telecom Quantum Information Technology Group. Reportedly, the company has chosen the eastern province of Anhui as the desired place to establish…

Web3 developer Magic raises $52M in funding led by PayPal Ventures

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On May 31, San Francisco-based wallet-as-a-service (WaaS) provider Magic announced that it had successfully raised $52 million in a strategic funding round led by PayPal Ventures. The funding round also saw participation from venture firms Cherubic, Synchrony, KX, Northzone, and Volt Capital, bringing Magic’s total funds raised to over $80 million.  Magic’s software is currently used by brands in retail, music, fashion, and gaming, including Mattel, Macy’s, Xsolla, and Immutable. With the funding, Magic aims to increase adoption by providing authentic digital ownership opportunities and plans to expand functionality, enhance…