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| Take a look at the hits from the week's first Inside Cryptocurrency newsletter: - OpenSea's decision to cut its staff by 50%,
- The Open Network's world record in transaction processing speed,
- The Simpsons' latest episode mocking NFTs, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | DZ Bank, the third-largest bank in Germany by total assets, has recently launched its crypto custody service. The lender's new blockchain-based offering will only cater to institutional clients. More: - DZ Bank's head of securities services and digital custody, Holger Meffert, said they expect a significant portion of the capital market business to be processed through distributed ledger technology-based infrastructures like blockchain within the next 10 years.
- The move came around eight months after DZ Bank first announced its plans to offer crypto custody services.
- At the time, the bank pointed out that the service's infrastructure would be provided by Swiss tech firm Metaco's custody platform Harmonize.
- The banking giant also plans to offer the ability to purchase cryptocurrencies to its institutional investors and private customers in the future.
- In June, the lender applied for a license with the German Federal Financial Supervisory Authority (BaFin), the country's financial market regulator, to achieve its plans related to crypto trading services.
Zoom Out: - In September, Germany's largest bank, Deutsche Bank, also announced that it would start offering crypto custody services to institutional clients in partnership with Swiss crypto firm Taurus.
- Several other traditional financial institutions worldwide, including Standard Chartered, BNY Mellon, and Société Générale, similarly offer custody services for digital assets.
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What the numbers say: Payment protocol Ripple's native token, XRP, jumped by almost 15% in value within the day. The token's price increased to as much as $0.71, up from the $0.62 level a day earlier. With the latest price surge, the popular cryptocurrency maintained the upward trend it experienced over the past week. Relevance: Analysts associated the upward trend in XRP price mainly with the key partnerships signed by Ripple over the last several months. Most recently, the firm collaborated with the National Bank of Georgia (NBG), the country's central bank, to help it develop its central bank digital currency (CBDC), or the digital lari. The company was selected as the official technology partner of the project. However, Ripple also previously partnered with central banks in several other countries, including Montenegro and Colombia, to jointly work on their CBDCs. Brands that should care: Ripple also has several strategic partnerships with some of the leading brands, such as Mastercard and Amazon. | | | |
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| 3 | | NFT marketplace OpenSea has announced that it reduced its headcount by 50% without clarifying the number of employees affected by the decision. In an official statement, the firm cited a shift in the focus to build a more nimble and ultimately better version of OpenSea. More: - OpenSea CEO Devin Finzer also said the company restructured its team to launch a next-generation version of the popular NFT marketplace.
- The company executive underlined that OpenSea 2.0 would be a significant upgrade to the product, which covers the changes in the underlying technology, reliability, speed, quality, and experience.
- Besides, an OpenSea spokesperson stated that the firm would adopt a flatter organizational approach moving forward.
- The affected employees will be offered four months of severance pay, six months of health care and mental health services, and an accelerated timetable for equity vesting.
- The company conducted the previous mass layoff in July 2022 and cut 20% of its employees, citing the crypto winter and broad macroeconomic instability.
Zoom Out: - OpenSea's staff cut came amid a time when several other crypto-related firms, including Yuga Labs, Ledger, and Chainalysis, also announced mass layoffs.
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| 4 | | The Open Network (TON) has recently broken a new record by achieving to process 104,715 transactions per second. The transaction record made the network the fastest blockchain ahead of all other Layer-1 blockchain networks. More: - On the same day, TON also reached 107,652,545 transactions within 25 minutes.
- The record was monitored and confirmed by CertiKCommunity.
- Through the record, the network also outperformed some of the most famous centralized payment processing networks in transaction speed, such as PayPal, Visa, and Mastercard.
Zoom Out: - The blockchain project TON was initially developed by the popular instant messaging app Telegram as the platform's first big step toward Web3.
- However, the firm had to abandon the project in 2020 due to legal conflicts it faced after the U.S. Securities and Exchange Commission (SEC) sued Telegram for offering unregistered securities through a $1.7B initial coin offering.
- Since then, TON has been run by the Switzerland-based TON Foundation, a nonprofit organization embodying community members.
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| 5 | | London Stock Exchange Group (LSEG), a U.K.-based stock exchange company, has published a new job posting on LinkedIn for a director of digital assets. The firm pointed out that the applicants should have a passion for and understanding of digital assets, cryptocurrencies, and blockchain technology. More: - The potential candidate will help LSEG determine and implement a commercial strategy for a suite of new infrastructure solutions and the firm's developing digital asset ecosystem.
- The job opening came two months after the financial services firm announced its plans to build a blockchain-powered trading platform for traditional financial assets.
- At the time, the firm's head of capital markets, Murray Roos, clarified that the new platform would not involve cryptocurrencies but would use blockchain technology to increase the efficiency of buying, selling, and holding traditional assets.
Zoom Out: - In April, LSEG also announced it plans to offer Bitcoin futures and options in partnership with the digital trading platform Global Futures and Options (GFO-X).
- The new offering is expected to start in Q4 this year after receiving approval from regulators.
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| 6 | | Iconic animated sitcom The Simpsons has covered NFTs in its latest episode titled Wild Barts Can't Be Token, which was aired on Nov. 5 in the U.S. The episode has broadcasted a scenario in which Bart accidentally transforms into an NFT while Marge heads to a blockchain-powered realm to save him. More: - The show also mocked the speculative nature of NFTs.
- At some point, Homer is devastated by Bart's digitization but later overjoyed when he learns about the $1.5M value of the Bart NFT.
- Furthermore, the episode made references to several iconic NFTs and NFT artists, such as the Bored Ape Yacht Club (BAYC) collection and Beeple.
Zoom Out: - The Simpsons also covered blockchain technology and cryptocurrencies with the episode "Frinkcoin" in 2020.
- In that episode, Professor Frink introduced cryptocurrency and how it works to Lisa Simpson.
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- Popular NFT marketplace Magic Eden has partnered with Yuga Labs, the firm behind the famous Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, to launch a new marketplace for Ethereum-based NFTs that enforces royalty payments.
- Regulators in Hong Kong have started weighing whether to allow retail investors to access spot crypto exchange-traded funds (ETFs).
- Former U.S. prosecutor Renato Mariotti has forecasted that the bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), would be sentenced to 20 to 25 years in prison rather than a maximum sentence of 115 years.
- A recent research study conducted by the United Nations (UN) has found that Bitcoin (BTC) mining activities carry concerning impacts on climate, water, and land.
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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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