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| Here is a look at the hits from today's Inside Cryptocurrency newsletter: - Kraken's plans to launch its own Layer-2 blockchain network,
- Kazakh authorities' ban on access to Coinbase's website,
- Ava Labs' decision to reduce its headcount by 12%, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | The U.S.-based crypto exchange Kraken has started working on developing its own Layer-2 blockchain network, according to a recent report citing people familiar with the matter. The firm also began weighing several leading blockchain companies to partner with for the new solution. More: - Potential partners include Polygon, Matter Labs, and Nil Foundation.
- A Kraken spokesperson said they are always looking to identify and solve new challenges and opportunities in the industry.
- The move came shortly after Kraken published a new job posting for a senior cryptography engineer with knowledge of modern cryptography whose opportunities include the design and implementation of Layer-2 solutions.
- In the job posting, the exchange pointed out that they are enthusiastic about Layer-2 technologies.
- 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.
Zoom Out: - Earlier this year, rival crypto exchange Coinbase also launched an Ethereum-powered Layer-2 blockchain network, Base, becoming the first publicly traded company to launch its own decentralized blockchain.
- At the time, the company worked with Optimism to build the network using the latter's open-source developer toolkit, OP Stack.
- Binance, the largest crypto exchange by trading volume, similarly has its own blockchain network called BNB Smart Chain.
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| 2 | | 
What the numbers say: NFT marketplace Blur's native token, BLUR, jumped by 56% in price within the past week. The token closed yesterday at $0.375177, up from the $0.23 level at the beginning of the month. Before the latest rally, the popular cryptocurrency had already experienced an 80% price increase during the previous three weeks. Relevance: The jump in BLUR's price accelerated especially after Blur's rival OpenSea announced that it reduced its headcount by 50%. In the official statement, the firm cited a shift in the focus to build a more nimble and ultimately better version of OpenSea. Following OpenSea's staff cut announcement alone, BLUR's value surged by another 33%. The platform's native token reacted to the operational challenges in the rival firm positively. Brands that should care: On the other hand, over the last several weeks, many other crypto-related firms, including Ava Labs, Yuga Labs, Ledger, and Chainalysis, similarly announced mass layoffs. | | | |
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| 3 | | Binance, the largest crypto exchange by trading volume, has launched a new messaging app dubbed Binance Messenger on Apple's App Store. The app requires users to have an invitation code to sign up. More: - Binance CEO Changpeng Zhao (CZ) clarified that the new app will be mainly used for internal communications and testing.
- The platform is also expected to be used to cater to large investors and partners with exclusive services and access.
- The app was built on an infrastructure developed by CyberConnect.
- The exchange plans to roll out the app on Google Play Store, too, for Android users in the future.
Zoom Out: - Last year, Binance launched a similar app for messaging to allow VIP users to interact with key account managers and Binance employees.
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| 4 | | Kazakhstan's Ministry of Culture and Information has confirmed that it blocked access to the largest U.S. crypto exchange Coinbase's website in the country. The official statement has pointed out that Kazakh citizens have not had access to Coinbase's services since September. More: - The ministry said the request for the restriction came from the Ministry of Digital Development.
- The government body accused Coinbase of violating the Law on Digital Assets that came into force in February this year.
- The law prohibits the issuance and trading of digital assets without permits and bans crypto exchanges from operating in the country without a national license.
- The national license is granted by the Astana Financial Services Authority, which regulates the Astana International Financial Center (AIFC), a special economic zone of Kazakhstan.
Zoom Out: - Some of the leading crypto exchanges, including Binance, Bybit, and Upbit, have managed to obtain a license in Kazakhstan so far.
- User reports show that citizens cannot access several other crypto exchanges like Kraken in addition to Coinbase.
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| 5 | | Ava Labs, the firm behind the popular Avalanche blockchain network, has decided to reduce its headcount by 12%. The company CEO, Emin Gün Sirer, said the staff cut would allow them to reallocate the firm's resources to double down the growth. More: - Sirer also underlined that the firm is well-positioned thanks to its significant runway and resources at its disposal, though bear markets can be tough.
- Ava Labs currently has 335 employees, which means that the mass layoff would impact around 40 people.
- The company's vice president of growth and strategy, Garrison Yang, pointed out that most of the impacted employees worked for the firm's marketing team.
Zoom Out: - Ava Labs' staff cut came amid a time when several other crypto-related firms, including OpenSea, Yuga Labs, Ledger, and Chainalysis, also announced mass layoffs.
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| 6 | | Elon Musk has recently commented on the rumors related to his companies' plans to launch a crypto token through his account on X, formerly known as Twitter. The worldwide-known CEO said none of his companies will ever issue a token. More: - Musk is currently the owner of Tesla, SpaceX, X, xAI, and The Boring Company.
- However, Musk's firms are quite famous for their influence on the digital asset market and their crypto-related investments and products.
- Despite Musk's warnings, there are currently many tokens in circulation that aim to capitalize on his companies and their popularity.
- On the Ethereum blockchain alone, 260 tokens mention SpaceX, 497 mention Tesla, and many others mention X without any affiliation with those firms.
Zoom Out: - In August, Musk again clarified that X does not plan to launch a token, warning his followers about scam tokens.
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- The U.S.-based crypto exchange Gemini has departed ways with its global chief technology officer (CTO), Pravjit Tiwana.
- StablR, a startup working on euro-pegged stablecoins, has secured $3.5M in a fundraising round with participation from Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech.
- Some Reddit users have claimed that former Alameda Research CEO Caroline Ellison appeared in a children's television show dubbed Arthur while she was eight years old.
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INSIDE CRYPTOCURRENCY LEADERBOARD (ALL-TIME) |
 | 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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