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| Here is a look at the hits from today's Inside Cryptocurrency newsletter: - The U.K.-based blockchain firm Fnality's $95M funding raised in a round led by Goldman Sachs Group Inc. and BNP Paribas SA.,
- Stablecoin issuer Tether's plans to launch five new projects next year,
- Cardano founder Charles Hoskinson's interest in partnering with Kraken, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Charles Hoskinson, the founder of the Cardano blockchain, has recently shown interest in partnering with the U.S.-based crypto exchange Kraken to jointly develop the latter's Layer-2 network. On his official social media account, Hoskinson pointed out that he is willing to collaborate with the exchange, sharing an article about Kraken's rumored plans. More: - In the tweet, Hoskinson also tagged Kraken's chairman, Jesse Powell, and asked him to send a message if he was willing to team up, too.
- Cardano founder's post came nearly a week after some media outlets reported that Kraken started working on developing its own Layer-2 blockchain network, citing people familiar with the matter.
- The reports revealed that the exchange has already begun weighing several leading blockchain companies to partner with for the new solution.
- The claims listed Polygon, Matter Labs, and Nil Foundation as potential partners, among others.
Zoom Out: - Layer-2 networks aim to improve speed and reduce transaction fees by removing transaction data from the main blockchain, compressing it, and then re-posting it to the original chain.
- Some of Kraken's rival crypto exchanges, such as Coinbase and Binance, also have their own Layer-2 blockchain networks.
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| 2 | | 
What the numbers say: Reddit-based token Moons (MOON) increased by nearly 230% in value within the day with a sudden jump. The token's price surged to as much as $0.17, up from $0.05 a day earlier. Then, the popular cryptocurrency started hovering around the $0.15 level without any major decline. Relevance: The jump in MOON's price came nearly a month after a massive plummet experienced by the token. In October, MOON saw a significant price decrease following the popular social media platform Reddit's decision to shut down its blockchain-based rewards program, Community Points, due to scalability issues. The move caused Reddit users to become unable to access their existing points or earn any new points through the service as of Nov. 8. However, some moderators recently gathered to revive the project and continue it independently from Reddit. A moderator account pointed out that they started building Moons' future together as a community, and they were working on a series of developments that could increase the token's value in the coming months. The popular cryptocurrency reacted to the news positively, with an over 200% price surge. What it means: Community Points, launched in 2020, rewarded users with points for positive engagement in certain subreddits to incentivize higher-quality content on Reddit. The points in the form of tokens like MOON stored in Reddit's crypto wallet service, Reddit Vault, could be used to spend on badges and exclusive items for the avatars. Brands that should care: On the other hand, Community Points was not the only Web3-related project of Reddit. The platform also launched a Reddit Avatars NFT collection in July 2022 in partnership with Polygon Labs, the firm behind the Polygon blockchain. | | | |
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| 3 | | Tether, the issuer of the largest stablecoin USDT, has announced that it will launch five new projects in 2024 as part of its plans to expand its business beyond the stablecoin issuance. The announcement was made by the company CEO Paolo Ardoino on X, formerly known as Twitter. More: - Ardoino said the new mind-blowing projects would allow the firm to add another extremely powerful piece of the puzzle to its ecosystem.
- Tether CEO also pointed out that some of these projects are designed to disrupt well-known centralized Web2 services.
- The executive further underlined that all the projects will address things people actually need.
- Ardoino, Tether's former chief technology officer (CTO), was appointed as the company's new CEO last month, replacing Jean-Louis van der Velde.
Zoom Out: - Over the last few months, Tether has also made several other attempts to expand its presence beyond the stablecoin market, including investing in sustainable crypto mining operations in Uruguay and contributing to industry-related research fields.
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| 4 | | The U.K.-based blockchain firm Fnality International Ltd. has raised $95.2M in its latest funding round led by banking giants Goldman Sachs Group Inc. and BNP Paribas SA. The company CEO, Rhomaios Ram, said the funding will be used to invest in operations and functionality of the British pound-based version of its wholesale payment system. More: - Other investors in the fundraising round include the Depository Trust & Clearing Corp., Euroclear, Nomura Holdings Inc., and Wisdom Tree Inc.
- During its previous funding round in June 2019, Fnality secured £55M from several high-profile investors such as UBS Group AG, Banco Santander SA, and Barclays Plc.
- Fnality creates digital versions of major currencies to be used in wholesale payments and transactions.
- Ram has stated that they expect their British pound-based payment system to start initial operations by the end of the year after obtaining final regulatory approval.
Zoom Out: - Fnality was launched in London in 2019 as a startup that originated in a blockchain project led by UBS.
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| 5 | | Singapore-based crypto exchange Crypto.com has obtained a virtual assets service provider license in Dubai, the most populated emirate of the United Arab Emirates (UAE), through its arm in the region, CRO DAX Middle East FZE. The approval was granted by Dubai's Virtual Assets Regulatory Authority (VARA). More: - Crypto firms can receive full approval in Dubai in four stages: the provisional permit, preparatory license, operational license, and ultimate permit.
- Crypto.com is currently in the third stage, which means it must also meet the VARA's localization requirements and conditions to launch its full operations in the city.
- The firm will be able to offer exchange, broker-dealer, investment, asset management, lending, and borrowing services to its retail and institutional customers in Dubai through its local unit once it obtains full approval from the VARA.
- The company CEO, Kris Marszalek, said they look forward to working with regulators to contribute to Dubai's crypto industry.
- The exchange picked Dubai as its hub in the Middle East and North Africa region (MENA) in March 2022.
- The firm obtained its provisional license in June 2022 and its preparatory license in March this year.
Zoom Out: - Crypto.com also has licenses in several other jurisdictions outside Singapore, including the Netherlands, the U.K., France, and Brazil.
- Some rival crypto exchanges, such as OKX, Bybit, Bitget, and Binance, similarly obtained licenses in Dubai.
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| 6 | | Mass media and entertainment conglomerate Disney has announced that it would launch an NFT platform dubbed Disney Pinnacle in partnership with Dapper Labs, the firm behind the popular NBA Top Shot NFTs. The platform will feature digital collectibles inspired by the physical pins sold at Disney's theme parks. More: - The NFTs on the platform will be minted on the Flow blockchain network.
- The digital pins in the form of NFTs will be created based on Disney, Pixar, and Star Wars characters and items.
- Dapper Labs CEO Roham Gharegozlou said Marvel would not initially come to the platform, though it is also owned by Disney.
- Disney Pinnacle will be designed for mobile experience and smartphones.
- The platform will include both lower-end collections being accessible by everyday fans and limited-edition assets for higher-end collectors.
- The NFT platform has already opened its waitlist to gradually onboard users who help the two firms test the beta version before the public launch.
- Disney has yet to reveal a date for the public rollout.
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| 7 | | Quick Hits: - Elevate your Kubernetes skills with this must-read resource for building cloud-native applications. Get your Kubernetes Cookbook today.*
- Tech giant Google's parent company, Alphabet Inc., has disposed of all of its holdings in the crypto and stock trading platform Robinhood. NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Robinhood.
- Hong Kong-based online card and board game company Boyaa Interactive International Limited has allocated $100M to invest in Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC).
- Blockchain startup Optimism has hired YouTube's former head of gaming, Ryan Wyatt, as its new chief growth officer.
- Bike Friday is on! Upway sells discounted e-bikes from top brands, rigorously inspected and certified by master mechanics. Get discounts of up to $1,000 on a selection of e-Bikes!*
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 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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