Celsius recovered $415M in Staked Ethereum that had been used as collateral after paying off a loan of $81.6M in USDC owed to Aave. The company now only owes Aave $8.5M. More: - Etherscan tracker shows that the crypto lender has repaid some of its debt in order to prevent bankruptcy.
- Celsius, a crypto lending platform, recovered 400,000 collateralized stETH from its loan on Aave. The staked Ethereum is a crypto derivative token that is stored on Lido.
- The crypto lender also withdrew 6,083 wrapped Bitcoin that was worth $124M from Aave and transferred it to an Ethereum address.
- In addition, the company also fully repaid Maker last week, recovering its collateral of $440M worth of WBTC.
- Celsius's total debt owed to DeFi protocols has decreased to $59M. The company also still owes $50.3M in DAI stablecoins to Compound.
- The firm has paid off more than $300M worth of debt owed to various platforms since July 1, 2020.
- Aside from clearing debt, the lender has also started the restructuring process and hired new lawyers. WSJ reported that Kirkland & Ellis LLP has been hired by the firm, the same law firm hired by Voyager Digital.
Decrypt 
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Shanghai's municipal government has pledged to support startups in the NFT space. The Chinese city is optimistic about the potential of Web3-based projects and intends to boost the development of innovation in this space. More: - Shanghai's Municipal Government published a draft this week, including a five-year plan that includes blockchain, NFTs, metaverse, and Web3 projects.
- The plan includes supporting projects that construct NFT trading platforms. Another section is dedicated to Web3-based projects that promote blockchain technology.
- Some focus areas include:
- Research efforts for a multi-platform Open ID, distributed data storage, decentralized domain name resolution system, end-to-end encrypted communication technology, and more.
- DeFi protocols that promote smart contracts and improve asset trading, payment and settlement, registration, and custody.
- The third focus is metaverse-based projects for projects that focus on merging the virtual and digital world.
Coin Telegraph
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VC funding is making a comeback into crypto despite the crypto winter. Multicoin Capital announced today that it will invest $430M into crypto startups. More: - This year, open investment dropped by 24.2% from April to May, compared to 28% from the same month last year.
- Investors are now looking to find projects to invest in; Multicoin Capital will be pooling $430M in crypto projects, focusing on the NFT industry, infrastructure tools, and exchanges.
- Lightspeed has pledged to support early-stage blockchain infrastructure projects in partnership with Faction.
- Animoca Brands announced a $75.3M fund, and Protagonist launched a $100M fund to support gaming and blockchain infrastructure projects.
Blockworks
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Animoca Brands, a Web3-based publisher, raised $75M at a pre-money valuation of $5.9B for Web3-based projects. The list of investors in the found includes Cosmic Summit Investments, Liberty City Ventures, Kingsway Capital, and more. More: - The Hong Kong-based software company's $75.3M fundraise is the second part of a $360M Series C that the firm raised in January.
- The fresh funding will be allocated toward funding "strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties (IP), and advance the open metaverse."
- Oher focus areas include digital property rights and the open metaverse and for acquisitions and IP licenses.
- The Liberty City Ventures managing partner said, "Over the next decade, humanity will discover and embrace the game-changing power that blockchain-based digital ownership of assets will bring to countless aspects of daily life."
Bitcoin.com
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| A message from ARGYLE Nearly half (49%) of 1099 workers reported being rejected for financial products they could afford. Why? More people are self-employed today than they have been in 20 years, with the trend expected to continue. What’s more, independent workers are pulling income from multiple, often diverse, gigs, largely due to rapid technological advancements and lightning bolt global events. Yet, our legacy financial infrastructures cater to traditional W2 workers with single, full-time jobs. The industry inadvertently marginalizes self-employed, 1099 workers, who struggle to access financial products like credit cards and loans. Our whitepaper breaks down what the lending space needs to know: - The loss at hand, and the loss to come, from overlooking the 1099 worker
- The needs and wants of the modern gig worker
- Opportunities and solutions presented by data democratization
- How financial services can brace for the growing gig economy with the help of employment data
Download the whitepaper
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The NFL is offering the option to buy NFT tickets for over 100 games. The tickets will be available for every single first-week game, starting with the Buffalo Bills vs. Los Angeles Rams on Sept. 8 at SoFi Stadium. More: - The NFL is offering free NFT commemorative tickets for attendees for 100 regular season games and is looking to add 500,000 total to more games for the 2022 season. The NFL offered ticket NFT collectibles for 21 games, including the Super Bowl, last season.
- "We still are in the test-and-learn phase of all of these NFT explorations," said Abby Desai, a member of the NFL's Club Business Development team.
- The NFTs were originally minted on Polygon but recently switched to Flow, Dapper Labs' blockchain.
Decrypt
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Bitcoin dipped below $19,000 after the latest U.S. consumer price index (CPI) report was released. Bitcoin declined to $18,912, though it recovered to about $19,700 at press time. More: - The overall crypto market cap fell 2.5% in 24 hours and dipped below $900B.
- Ethereum dropped by 4.4%, and Ether futures lost $26M, the most among major players. Cardano ADA, Solana, and Dogecoin also experienced losses today. Most of the 100 largest cryptocurrencies dropped by 4% or more.
- Crypto futures also saw an $80M in liquidation volume in just one hour Wednesday.
Coin Desk
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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