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| Here is a look at the hits from today's Inside Cryptocurrency newsletter: - FTX's agreement with the liquidators of its Bahamian unit over repayments,
- Ripple's new registration in Ireland as a virtual asset service provider,
- Shiba Inu team's plans to launch the ".shib" domain operating on the DNS for token holders, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Bankrupt crypto exchange FTX has reached an agreement with the liquidators of its Bahamian unit over how to repay the creditors of the two entities. As part of the agreement, the two sides have agreed to pool their assets and synchronize their repayment approach to ensure that customers in both U.S. and Bahamian legal proceedings are treated equally. More: - Under the deal, FTX and its Bahamian arm will value the creditors' digital asset claims based on the crypto prices on the dates the firms filed for bankruptcy without considering changes in the market value.
- Customers of FTX's international crypto exchange will be able to choose to be paid through the liquidation case in the Bahamas or the bankruptcy case in the U.S.
- FTX's native token, FTT, will be treated as equity and not be repaid to creditors.
- The agreement will also see FTX's bankruptcy team in the U.S. leading the asset recovery efforts, including a potential sale of the exchange.
- Meanwhile, the Bahamian liquidators will be responsible for selling real estate assets in the Bahamas and pursuing certain legal processes.
- The liquidators of the Bahamian unit, Brian Simms and Peter Greaves, said the agreement would prevent a years-long litigation process and accelerate the repayments to customers.
Zoom Out: - FTX, previously the third-largest crypto exchange, filed for Chapter 11 bankruptcy in November 2022, with all the 130 entities under the roof of FTX Group.
- The downfall followed the claims that the former CEO, Sam Bankman-Fried (SBF), used customer funds in FTX to compensate for losses at the sister company Alameda Research.
- In March, the firm sued the Bahamian liquidators, accusing them of making false claims over the ownership of the exchange's assets.
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| 2 | | 
What the numbers say: A recent research report from the crypto data platform CoinGecko has revealed the 10 most popular blockchain game genres by their number of daily active addresses, which is used to measure the average daily player number in the games. The farming and mining genre ranked first on the list, with 253,726 daily active addresses. In the top five, the popular genre was followed by the card games, move-to-earn, sports, and role-playing game (RPG) genres, respectively. The report also pointed out that the metaverse genre has faded in popularity compared to the previous months, having managed to attract only 44,726 addresses on a daily basis. Relevance: Gaming is considered one of the most promising markets within the wider blockchain industry. Most recently, the forecasts of market researcher Fortune Business Insights have shown that the global blockchain gaming market will reach $614B in value by 2030. High expectations cause many industry members to join the race to become one of the frontrunners in the market. However, another recent CoinGecko report revealed that three of every four new Web3 games have become inactive and failed within the last five years, demonstrating that the market is currently incapable of surmounting high participation since it has yet to reach a sufficient audience. Brands that should care: Amid a growing optimism around the blockchain gaming market, several well-known video-game companies, such as Sega and Ubisoft, have recently explored the opportunities in the industry or launched new Web3-based gaming services. | | | |
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| 3 | | Blockchain-based payment protocol Ripple has been registered with the Central Bank of Ireland (CBI) as a virtual asset service provider. The registration will allow the firm to offer certain digital asset services to Irish customers. More: - Through the new approval, Ripple will be able to conduct digital asset transactions on behalf of another individual, offer crypto exchange services, and provide crypto custody services.
- In February 2022, Ripple also opened an office in Dublin, the capital of Ireland, to launch its services in the country and serve the wider European market.
- The registration came ahead of the European Union's (EU) region-wide crypto regulations, Markets in Crypto Assets (MiCA), which was approved with a final vote in April after three years of development.
- The legislation requires crypto firms to obtain a license in at least one of the 27 member states by June 2024 to offer their services in the region, registering with a national financial regulator.
- The law's provisions related to stablecoins will come into effect as of July 2024, while other aspects regarding the crypto asset service providers will enter into force as of January 2025.
Zoom Out: - Ireland has become a popular destination for crypto firms over the past few months, mainly due to its crypto-friendly environment.
- This year, two leading U.S.-based crypto exchanges, Coinbase and Gemini, selected Ireland as their European hub.
- Several other crypto companies, such as Kraken, MoonPay, Binance, and Zodia Markets, also have offices or registrations as a virtual asset service provider in Ireland.
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| 4 | | The team behind the popular dog-themed cryptocurrency Shiba Inu (SHIB) has announced its plans to launch a ".shib" domain for SHIB holders in partnership with the internet domain firm D3. The new domain will function on the domain name system (DNS), unlike other Web3-themed namespaces like ".crypto" or ".eth." More: - The DNS turns domain names into internet protocol (IP) addresses used by browsers to load internet pages.
- Existing Web3 names, such as ".crypto" or ".eth," do not work with commonly used internet tools like web browsers and email since they do not function on the DNS.
- However, well-known Web2-based domains, such as ".com" and ".net," operate on the DNS and work with common internet tools, though they do not support Web3 tools like digital wallets.
- D3 must first apply to the Internet Corporation for Assigned Names and Numbers (ICANN), a U.S.-based nonprofit organization that creates and enforces policy on internet identifiers, to launch the ".shib" domain.
- If the application is approved, the SHIB holders will be able to create email addresses with the ".shib" suffix.
- The approval will also see Shiba Inu becoming one of the first Web3 networks with its own DNS-supported namespace.
Zoom Out: - D3 works on next-generation domains that enable interoperability between Web2 and Web3.
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| 5 | | The U.S.-based crypto mining firm Marathon Digital has bought two mining sites from subsidiaries of the lending firm Generate Capital for $178.6M. The company said the new sites would reduce the cost for each newly-mined coin by around 30%. More: - The acquisition will be purchased fully in cash.
- Besides, the two sites will add 390 megawatts of energy to the total mining capacity of Marathon Digital.
- The firm pointed out that around 21% of the sites are currently empty and available for expansion.
- However, 16% is already occupied by Marathon Digital, while Bitcoin mining tenants are actively operating on a 63% portion.
- The two sites were acquired by Generate Capital from bankrupt crypto mining firm Compute North for $5M in November last year.
Zoom Out: - On the other hand, the acquisition came amid expectations of the Bitcoin halving event, which is anticipated to happen in April or May next year.
- The internal supply and issuance process will decrease the Bitcoin mining reward by half, reducing the number of new Bitcoins entering the network by 50%.
- Many crypto mining companies currently make attempts to increase the computing power of their facilities or their total mining capacity ahead of halving to ensure that they are well-prepared for the drop in rewards.
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| 6 | | Crypto exchange Coinbase's Ethereum-powered Layer-2 blockchain network, Base, has partnered with the blockchain-powered music platform Sound.xyz to allow artists to convert their music into an NFT through its ecosystem. Sound.xyz said the gas fees for minting tracks as NFTs on Base will be 10 times cheaper, and the transactions will be fast. More: - The platform also underlined that artists will be able to upload and withdraw their tracks for free.
- The first track minted on Base has become a blockchain-themed song titled "Based" by artists Reo Cragun and Heno.
- Sound.xyz stated that the partnership's most significant benefit to the Web3-powered music space will be the participation from more than 100 million users on the Base network.
Zoom Out: - Over the past few months, many leading figures in the music industry, including Rihanna, Justin Bieber, Megadeth, and Snoop Dogg, made their first foray into the Web3 space, jumping on the bandwagon of NFTs.
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- Singapore-based venture capital (VC) firm Foresight Ventures has announced that it would launch another $10M accelerator program for blockchain and Web3 firms focusing on AI, Bitcoin Ordinals, and direct-to-consumer protocols.
- The International Organization of Securities Commissions (IOSCO), the international securities watchdog, has released nine policy recommendations to address risks from decentralized finance (DeFi).
- A new report from professional services firm PriceWaterhouseCoopers (PwC) has pointed out that 42 countries have engaged in attempts to develop crypto-focused regulations this year.
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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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