This week, Disney (DIS) reportedly laid off a small team dedicated to building its metaverse offerings in a move that highlights corporate uncertainty around Web3 and waning interest in the metaverse by big brands.

Also, the U.K. abandoned its plans for a government-backed non-fungible token, citing questionable demand.

Meanwhile, we’re seeing some positive signs for adoption of NFTs as a ticketing mechanism, with Ticketmaster working with band Avenged Sevenfold for token-gated access to tickets and a major low-cost airline going all-in on issuing tickets as NFTs.

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This Week's Alpha

Disney ditches its metaverse plans: The entertainment company has laid off its small unit that was developing strategies for its expansion into the metaverse, The Wall Street Journal reported, as part of a broader company-wide restructuring. Sources told the newspaper that about 50 people tasked with using the company’s intellectual property to tell interactive digital stories lost their jobs in the shuffle. Disney began developing its metaverse strategy in 2022 and chose Polygon as its blockchain to do so.

Metaverse “cooldown:” It’s unclear why Disney decided to scrap the fledgling business unit, though other major companies that bet big on metaverse development have also scaled back their efforts in recent months. Cathy Hackl, chief metaverse officer at innovation and design consultancy Journey, told CoinDesk’s “First Mover” on Wednesday that the formerly red-hot metaverse market is facing a “cooldown moment,” though she said it’s “not necessarily a bad thing,” because many Web3 natives are continuing to build despite the downcycle.

Royal NFT mint: The U.K. Treasury has canceled its plans for a government-backed NFT that was meant to signal the U.K.’s openness toward Web3. The idea was Initially proposed by U.K. Prime Minister Rishi Sunak when he was chancellor in April 2022. He had assigned the task to the Royal Mint.

Dying demand: Finance Minister Jeremy Hunt said in a Treasury committee meeting that the government questioned the demand for such an asset. "I think we always want to be at the cutting edge in the U.K., in terms of new technology, but the world has changed significantly since then, and we're not convinced that the demand is going to be there in the same way,” he said.

Token-gated getaways: Argentinian low-cost airline Flybondi will issue all of its e-tickets as NFTs. The new integration, an expansion of its existing relationship with NFT ticketing company TravelX, is built on the Algorand blockchain and allows passengers to change their name, transfer or sell their "NFTickets" on a secondary marketplace.

Are NFTs the future of flights? Not necessarily, although ticket-related rules and conditions can be integrated into the NFT's smart contract by an airline, allowing them to create a smoother and more flexible travel experience for passengers. Airlines can also generate additional revenue on NFT trading fees and empower their customers to book travel with less hassle. TravelX says that more than 60 airlines worldwide are already exploring NFT tickets.

Projects on the Rise

(OpenSea)

This Artwork is Subject to Change

Who: Created by artist Mason Rothschild

What: Dusting himself off after Hermés won the lawsuit over his provocative MetaBirkins project, Mason Rothschild has released a new NFT project titled “This Artwork is Subject to Change” through his creative agency Gasoline. Launched as an open edition on Manifold last month, the artwork attached to the 10,987 dynamic NFTs is "subject to change" at any point and functions as a commentary on the future of our cultural and financial systems.

How: Taking inspiration from Jack Butcher's Checks VV and Opepen NFT projects, the collection deploys several interesting mechanics – like allowing holders to “freeze” their NFT metadata on a particular artwork or "burn" their NFTs to transform them into smaller and rarer ones – in order to keep its community members engaged. I interviewed Rothschild to find out more about the project and his plans to make the NFT market more fun and accessible.

In Other News

Ticketmaster token pilot: The ticketing behemoth teamed up with metal band Avenged Sevenfold to offer token-gated priority access to tickets for members of the Deathbats Club NFT community.

The book of ETH Genesis: NFT marketplace Magic Eden launched a beta version of its upcoming native Ethereum marketplace called ETH Genesis. The move expands on the platform’s initial integration of the Ethereum ecosystem last year and adds to Magic Eden’s cross-chain expansion.

NFT Now tackles Web2 media: NFT news site NFT Now released its Now Pass, an NFT collection aimed at fixing the issues that plague Web2 media. The pass offers special perks to its community such as exclusive content and access to events. It sold out in under 48 hours, raising over $1 million in sales.

Non-Fungible Toolkit

What Is Decentralized Identity?

If you’re reading this, you have a digital identity in the form of an email address. Other familiar digital identities are Twitter handles and Facebook pages. But unlike those traditional identity tools, which use centralized methods to store and control user data, decentralized identities integrate blockchain concepts to remove the reliance on third parties like Google and Facebook.

Decentralized identities are often hosted on decentralized file-sharing platforms, such as the InterPlanetary File System. These open-source protocols store data on decentralized networks that are difficult to shut down and give users ownership over their online data.

Read more about Web3’s alternative to a digital identity

#bitcoindifficulty #Binance #cryp101 #antiscam

The Ethereum network is set to undergo its next upgrade, the Shanghai Upgrade, on April 12, 2023. When the Shanghai upgrade is implemented, this will effectively unlock the ETH that has been staked since the “Merge.”

Earlier in 2022, when Ethereum underwent the “Merge,” a significant upgrade to its blockchain, it switched from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) blockchain.

A key benefit of the upgrade is that the new Ethereum network allows individuals to run a validator node, staking their own ether in order to help secure the network in the absence of the traditional mining infrastructure that had secured Ethereum since its original launch.

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Market participants are motivated to stake their ether because they are now able to generate rewards, paid in ETH, from the network for their staking contributions. It no longer requires significant upfront investment into mining hardware and software to reap the blockchain rewards from the Ethereum network.

The downside to staking Ethereum after the upgrade was that those staking (or those running validator nodes) were required to stake their ETH until the next upgrade. This lack of liquidity for ETH holders created an illiquid amount of ETH that was unable to be sold during the last few months.

Selling pressure?

Many critics of Ethereum have said that this has created false supply and demand levels and liquidity on the network. While Ethereum has rallied over the last few months, many investors are concerned that when the staked Ethereum becomes liquid, the selling pressure (due to an increase in liquid ETH) will drive down the price of Ethereum.

There are currently 16 million ETH staked, which will be available for withdrawal once the Shanghai upgrade is live. Not all of these 16 million ETH will be liquid at the same time, as developers have implemented a queue for withdrawals. ETH will be available for withdrawal every 12 seconds, and only 16 withdrawal requests can be met at each opening.

Those wishing to withdraw have two options. First, they may request to withdraw only the rewards they’ve earned from their validator nodes. Second, they may request to exit their validator nodes entirely, withdrawing the 32 ETH that is required to run a validator.

While analysts have attempted to determine the demand for ETH withdrawal, it’s nearly impossible to predict with accuracy. Human emotion, often driven by price and market sentiment, will come into play when the ETH is unlocked.

Some believe that the Shanghai upgrade will cause an increase in selling pressure as the 16 million “locked” ETH becomes liquid, while others believe that the new liquidity options will increase the demand to stake ETH.

The advisor takeaway

In general, the shift to proof-of-stake has caused the fundamentals of Ethereum significantly. The ability to stake ETH has created a new opportunity to earn rewards.

Advisors and those managing crypto portfolios can look at the Shanghai upgrade, in particular, in a few different ways.

The upgrade makes the Ethereum network more efficient and cost effective to use – gas fees are set to decrease significantly. The long-term outlook of Ethereum has increased, as the usability and costs have gone down significantly. Many believe that this increases the likelihood that Ethereum will continue to grow and strengthens the investment thesis of Ethereum.

Others who are looking to trade the price of Ethereum may be encouraged by the Shanghai upgrade, as it will surely increase volatility, at least temporarily. If you’re looking to trade the crypto markets, be prepared to navigate the market, as this is a significant change and will likely have many moving parts.

For Advisors, I believe that the upgrade is a significant positive change to Ethereum. During the bull market of 2020 and 2021, many competitors to Ethereum gained market share as a result of Ethereum becoming difficult and expensive to use. Other Layer 1 smart contract blockchains grew tremendously compared to Ethereum as users and investors flocked to coins they viewed as better opportunities.

It would be wise to remember that Ethereum is still the second largest blockchain network – and after the successful upgrade, many of the reasons individuals used to justify investments into other coins may be challenged. Ethereum is now an incredibly secure and efficient smart contract cryptocurrency and, in my opinion, the roadblocks that pushed investors away from Ethereum have been rectified and removed.

Edited by Henry Bond.

#dyor #antiscam #Web3

Hey crypto degens, with all the recent news about SVB, USDC and the general negative attitude of the SEC / US govt on crypto its really is tough out there.

That's why it's so important to diversify your portfolio to reduce your risk profile as much as possible in times like this.

Here's how I'm managing my portfolio this year and its really helped with my mental health.

13% - FTX (FTT)

13% - Anchor protocol

13% - Celsius (CEL)

13% - BlockFi

13% - equity stake in The Block

13% - Greyscale's BTC

10% - In a stablecoin like TUSD

13% - in Silicon Valley Bank.

Using this strategy has really helped my mental health, as I no longer have any crypto. The only bag I'm holding now is Dee's nuts.

Stay safe out there crypto degens. Not your keys, not your crypto.

NOTE: it's a sarcastic post :D happy weekend

#buildtogether #bicasso #crypto101 #antiscam #Bullish

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BTG Pactual, one of Latin America's largest investment banks, has introduced a dollar-backed stablecoin through its crypto platform Mynt.

The stablecoin, BTG Dol, is the world's first dollar-backed stablecoin issued by a bank, BTG Pactual said in an announcement on Tuesday.

The São Paulo, Brazil-based bank said it is enabling clients to "dollarize part of their equity in a simple, efficient and secure manner."

BTG Dol is available for purchase starting from 100 real ($20) in the bank's crypto app Mynt, which it rolled out in 2021 and which now supports 22 cryptocurrencies.

Unlike cryptocurrencies like bitcoin and ether, stablecoins are pegged to traditional financial assets like fiat currencies - usually the U.S. dollar. They allow investors and traders to keep their money in the digital asset ecosystem without being completely exposed to the volatility that are habitual with most cryptocurrencies.

The market capitalization of stablecoins sits at around $133 billion with a 24-hour trading volume of nearly $39 billion, according to data by CoinMarketCap.

The largest stablecoins such as USDT and USDC are issued by private companies and as such have been subjected to increasing regulatory scrutiny, particularly since the collapse of algorithmic stablecoin UST last year.

Read more: Can Banks Issue Stablecoins?

Edited by Oliver Knight.

#antiscam #dyor #Binance

TLDR

Solana (SOL) is a cryptocurrency that uses unique technology to facilitate fast, cheap, and secure transactions. It boasts a high throughput, low latency, and low transaction fees, making it attractive to investors and developers alike. SOL's unique features make it a promising candidate for a wide range of use cases, from gaming and social media to finance and decentralized applications.

Introduction

Solana (SOL) is a fast-growing cryptocurrency that is gaining popularity among investors and developers. It uses unique technology to facilitate fast, cheap, and secure transactions, making it an attractive option for a wide range of use cases. In this article, we'll take a closer look at what SOL is, how it works, what makes it unique, and a real-world example of where it is used.

What is SOL?

Solana is a blockchain-based cryptocurrency that uses a proof-of-stake consensus algorithm to validate transactions. It was created in 2017 by Anatoly Yakovenko, a former Qualcomm engineer. The platform is designed to be highly scalable, allowing for high throughput, low latency, and low transaction fees.

How does SOL work?

Solana uses a unique technology called "Proof of History" (PoH) to help nodes in the network reach consensus more quickly. PoH is a cryptographic clock that helps to order transactions on the network, making it easier and faster for nodes to reach consensus.

What makes SOL unique?

SOL's unique features make it stand out from other cryptocurrencies. Its high throughput and low transaction fees make it attractive for developers and users alike, and its use of PoH technology allows for faster and more efficient consensus. Additionally, Solana is designed to be highly scalable, allowing for the development of large-scale decentralized applications.

Real-world example where SOL is used

One example of SOL's use case is in the gaming industry. The Solana network can support large-scale gaming applications that require fast and efficient transactions. For example, Mango Markets, a decentralized exchange built on Solana, allows users to trade digital assets in real-time without incurring high transaction fees.

Closing Thoughts

Solana is a promising cryptocurrency that is quickly gaining traction in the crypto community. Its unique features and use cases make it an attractive option for developers and investors alike. With its high throughput, low latency, and low transaction fees, SOL has the potential to revolutionize a wide range of industries, from finance and gaming to social media and decentralized applications.

#buildtogether #solana #crypto101 #antiscam #bicasso

Bitcoin has been in the headlines for years, with its price surging to unprecedented highs in 2017 before crashing and experiencing a long bear market. However, in recent months, Bitcoin has been making a comeback, with its price breaking new records and reaching over $64,000 in April 2021. While Bitcoin has experienced some pullbacks in the past few months, there are several reasons why it is expected to rise and potentially break out soon.

Here are some of the factors that suggest Bitcoin is poised for growth:

Institutional Adoption

One of the significant factors driving Bitcoin's recent growth is the increasing adoption by institutional investors. Major corporations, financial institutions, and hedge funds are now investing in Bitcoin, and even some central banks are exploring the possibility of adding Bitcoin to their reserves. This institutional adoption has brought a significant influx of capital into the Bitcoin market, leading to price increases.

Limited Supply

Another factor that makes Bitcoin unique is its limited supply. There will only ever be 21 million Bitcoins in circulation, and as of August 2021, around 18.7 million have been mined. This limited supply means that Bitcoin is a scarce asset, and as demand for it grows, its price is likely to rise.

Halving Events

Another unique feature of Bitcoin is its halving events. Approximately every four years, the number of Bitcoins produced by mining is halved, reducing the supply of new coins entering the market. The most recent halving event occurred in May 2020, and historically, these events have been followed by significant price increases.

Technical Analysis

Bitcoin's recent price action also suggests that it is poised for growth. Technical analysts have identified several bullish signals, including a potential inverse head and shoulders pattern, which could indicate a significant price increase in the near future.

Macro Environment

Finally, the macroeconomic environment is also favorable for Bitcoin. The COVID-19 pandemic has led to unprecedented levels of government stimulus and increased money printing, which could lead to inflation and a devaluation of traditional currencies. Bitcoin, as a decentralized and deflationary asset, could be an attractive alternative to traditional currencies in this environment.

In conclusion, there are several factors that suggest Bitcoin is poised for growth and potentially a breakout soon. Institutional adoption, limited supply, halving events, technical analysis, and the macroeconomic environment are all factors that could contribute to Bitcoin's rise. However, it's important to remember that cryptocurrency markets are highly volatile and unpredictable, and investors should always exercise caution and use risk management strategies when investing in Bitcoin.

#bullish #crypto101 #buildtogether #antiscam #bicasso

In the world of cryptocurrency, market movements can be sudden and dramatic, with unexpected events having a significant impact on prices. Recently, the collapse of two major US banks, Silicon Valley Bank (SVB) and Signature Bank, has sparked a hidden bullish divergence in the price of Bitcoin, indicating a potential trend reversal to the upside. In this article, we will delve deeper into what hidden bullish divergence is, the impact of the SVB and Signature Bank collapses on Bitcoin, and what this could mean for the future of cryptocurrency investing.

Understanding Hidden Bullish Divergence

Divergence is a technical analysis tool used by traders to identify potential trend reversals in the market. Hidden bullish divergence occurs when the price of an asset is making lower lows, but the momentum indicators are making higher lows. This indicates that the selling pressure in the market is decreasing, and there may be an upcoming trend reversal to the upside. This tool is particularly useful in identifying potential trend changes before they occur, allowing traders to make informed investment decisions.

The Impact of SVB and Signature Bank Collapses on Bitcoin

In 2023, SVB and Signature Bank, two of the largest US banks, collapsed, leading to a significant drop in the stock market. This event also had a ripple effect on the cryptocurrency market, leading to a drop in the price of Bitcoin. However, the collapse of these banks also sparked a hidden bullish divergence in the price of Bitcoin, indicating a potential trend reversal to the upside.

The lower lows in Bitcoin's price were matched by higher lows in the momentum indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), indicating that selling pressure was decreasing. This suggests that there may be an upcoming trend reversal to the upside, potentially leading to a price increase in Bitcoin.

The Potential for Decentralized Finance

The collapse of SVB and Signature Bank has also highlighted the need for decentralized financial systems and cryptocurrencies. Bitcoin and other cryptocurrencies offer a decentralized and secure alternative to traditional banking systems, and the recent events have highlighted their potential for growth and adoption. Decentralized finance, or DeFi, is a new financial system built on blockchain technology that allows for financial transactions without the need for intermediaries such as banks. DeFi has the potential to revolutionize the financial industry and provide greater financial access and inclusion for people worldwide.

The Future of Cryptocurrency Investing

The collapse of SVB and Signature Bank and the resulting hidden bullish divergence in the price of Bitcoin highlight the potential for cryptocurrency investing. However, cryptocurrency investing is a highly volatile market, and investors should approach it with caution. Proper research, risk management, and a clear investment strategy are crucial for success in the cryptocurrency market.

Furthermore, while the potential for decentralized finance and cryptocurrencies is enormous, there are still regulatory and technical hurdles to overcome before widespread adoption can occur. It is essential to keep an eye on these developments and how they may impact the cryptocurrency market.

Conclusion

The collapse of SVB and Signature Bank has sparked a hidden bullish divergence in the price of Bitcoin, indicating a potential trend reversal to the upside. This event also highlights the potential for decentralized finance and the need for greater financial access and inclusion. Cryptocurrency investing is a highly volatile market, and investors should approach it with caution. Proper research, risk management, and a clear investment strategy are crucial for success in the cryptocurrency market. By staying informed and educated about the cryptocurrency market, investors can potentially earn high returns while minimizing their risk.

#bullish #buildtogether #antiscam #crypto101 #bicasso

The world is on the brink of a new banking crisis, and this could be the catalyst for a significant Bitcoin boom. The traditional banking system is facing numerous challenges, including low-interest rates, a sluggish economy, and mounting debt levels. Meanwhile, the decentralized nature of Bitcoin makes it an attractive alternative for investors looking to protect their assets from potential financial turmoil. In this article, we will explore how a new upcoming banking crisis could lead to a Bitcoin boom.

The Fragile State of the Banking System

The traditional banking system has been facing significant challenges over the past few years. Low-interest rates have made it difficult for banks to make money from lending, leading to reduced profitability. Additionally, the economy has been sluggish, and unemployment rates remain high in many countries. Meanwhile, mounting levels of debt threaten to destabilize the banking system, potentially leading to another financial crisis.

The Benefits of Bitcoin in a Crisis

In contrast to the traditional banking system, Bitcoin is a decentralized currency that is not subject to the same economic and political pressures. Bitcoin's decentralized nature makes it an attractive alternative for investors looking to protect their assets from potential financial turmoil. Additionally, Bitcoin's finite supply makes it a scarce asset, similar to gold, and therefore more valuable in times of crisis.

The Potential for a Bitcoin Boom

A new banking crisis could be the catalyst for a significant Bitcoin boom. If the traditional banking system collapses, investors are likely to turn to alternative assets such as Bitcoin, which has proven to be a stable store of value. Additionally, the increased demand for Bitcoin could lead to a surge in its price, potentially leading to significant profits for investors.

Moreover, the growth of decentralized finance (DeFi) platforms built on blockchain technology could also drive the adoption of cryptocurrencies, including Bitcoin. DeFi platforms offer a decentralized alternative to traditional banking services, allowing users to earn interest on their cryptocurrency holdings and access loans without the need for intermediaries such as banks.

Conclusion

A new upcoming banking crisis could lead to a significant Bitcoin boom. The traditional banking system is facing numerous challenges, including low-interest rates, a sluggish economy, and mounting debt levels, while the decentralized nature of Bitcoin makes it an attractive alternative for investors looking to protect their assets. Additionally, the growth of DeFi platforms could drive the adoption of cryptocurrencies, leading to increased demand for Bitcoin. As always, investors should conduct proper research and consult with financial experts before making any investment decisions.

#bullish #buildtogether #bicasso #crypto101 #antiscam

The recent collapse of Silicon Valley Bank (SVB), a leading financial institution for the tech industry, has left many Silicon Valley companies searching for alternative financial services. While the collapse of SVB is undoubtedly a significant event, it also highlights the potential of cryptocurrencies like Bitcoin to disrupt traditional banking services.

One of the primary advantages of cryptocurrencies like Bitcoin is their decentralization. Bitcoin operates on a peer-to-peer network, and transactions can be conducted without the need for intermediaries like banks. This decentralization means that cryptocurrencies are not subject to the same risks and vulnerabilities as traditional banks, which can be susceptible to economic downturns, fraudulent activities, and mismanagement.

The collapse of SVB is not the first time a financial institution has faced significant challenges. In recent years, we have seen several high-profile bank collapses and scandals, including the 2008 financial crisis and the Wells Fargo fake accounts scandal. These events have eroded trust in the traditional banking system, leading many to seek out alternative financial services.

Cryptocurrencies like Bitcoin are well-positioned to fill this gap. Bitcoin and other cryptocurrencies offer several advantages over traditional banking services, including decentralization, security, and transparency. Additionally, cryptocurrencies are not tied to any particular government or central authority, making them a global, borderless financial service.

As more traditional financial institutions struggle, the potential for cryptocurrencies to thrive increases. The collapse of SVB could be a tipping point for Silicon Valley companies to explore alternative financial services like Bitcoin. This could lead to increased adoption of cryptocurrencies by businesses, individuals, and even governments, driving further growth and innovation in the crypto industry.

In conclusion, the collapse of Silicon Valley Bank highlights the potential of cryptocurrencies like Bitcoin to disrupt traditional banking services. As more traditional financial institutions struggle, the potential for cryptocurrencies to thrive increases. The decentralization, security, and transparency offered by cryptocurrencies make them an attractive alternative to traditional banking services. While the road ahead for cryptocurrencies may be bumpy, the collapse of SVB could be a significant turning point for the crypto industry.

#bullish #buildtogether #antiscam #bicasso #binance

The Arbitrum Foundation on Wednesday proposed to expand ARB token holders' budget oversight and governance powers with two motions aimed at turning the page on last weekend's crypto governance meltdown.

In a Discord post, the Arbitrum Foundation said it "will not move" the 700 million ARB tokens that remain in its "Administrative Budget Wallet" until the community approved "an acceptable budget" for the sum. It also proposed actions that would make governance "more accessible."

The twin actions represented a major concession to token holders angry over being asked to "ratify" decisions the Arbitrum Foundation had already made – including the fate of nearly $1 billion in tokens. In a nod to the fracas, Arbitrum Foundation also issued a "transparency report" into how the organization came to be.

The new proposals come after a community-wide protest erupted over the Arbitrum Foundation’s move to quietly transfer 750 million ARB tokens to one of its own wallets last weekend. Arbitrum is an Ethereum scaling solution and the fourth largest blockchain with $2.24 billion in total locked value, according to decentralized finance-focused data analytics firm Defi Llama.

In response to the backlash, the Arbitrum Foundation, a centralized organization responsible for developing Arbitrum, submitted on Wednesday two new proposals that would curb its own powers and increase those of community members.

The first proposal, AIP-1.1, suggests placing the foundation’s 700 million remaining ARB in a “smart contract-controlled lockup” that will unlock over four years. According to the proposal, the foundation will not be able to use the tokens until community members approve a budget for the tokens’ allocation. A portion of the tokens will fund the Arbitrum Foundation’s operational budget for its first year.

The second proposal, AIP-1.2, aims to amend several governance documents for the Arbitrum ecosystem. One of the proposed amendments is to lower the threshold of the number of ARB tokens needed to post an Arbitrum Improvement Proposal on chain from five million ARB to 1 million ARB.

The DAO’s members will have three days to provide feedback on the proposals. Afterward, the two proposals will be put up to a week-long snapshot vote, according to Arbitrum Foundation community lead, who goes by eli_defi on Discord.

While the Arbitrum Foundation has conceded to grant its token holders more control over its remaining 700 million ARB tokens, the organization already sold 10 million ARB tokens and loaned a further 40 million to Wintermute.

#zkSnyc #bicasso #antiscam #crypto2023

Longtime crypto markets executive Michael Moro joined an upstart derivatives exchange as chief executive more than eight months after stepping down from his post at beleaguered lending and trading firm Genesis Global Capital.

Moro—who joined Genesis in 2015 following a career on Wall Street that included SecondMarket and Citigroup—will begin building out a team for the new firm, called Ankex.

Billed as a so-called hybrid crypto exchange, the platform will offer the trappings of both a centralized derivatives exchange as well as that of a decentralized exchange. It was incubated by crypto trading infrastructure company Qredo.

The non-custodial exchange will allow users to self-custody their funds while supporting the same level of low latency, deep liquidity trading, Qredo's Josh Goodbody said in a statement.

"Having come from Genesis and seen the events of 2022 unfold, I’m acutely aware of the importance of empowering traders to operate on trustless platforms while retaining full control of their assets at all times," Moro said in a press release. Moro stepped down from his role as CEO of Genesis in August.

Genesis Global Capital filed for bankruptcy in January after the firm failed in a bid to raise cash for its troubled lending unit.

"By leveraging our combined strengths and driving a culture of excellence, we can ensure that traders are able to operate without the risk of losing access to their assets to circumstances beyond their control," Moro said.

The crypto derivatives market is shaping up to become more competitive in the wake of FTX's meltdown, with Coinbase and Gemini both eyeing their own offshore options. Elsewhere, former hedge fund duo (and former Genesis counter-party) Kyle Davies and Su Zhu have teamed up with former CoinFlex founder Mark Lamb to launch a venue that supports trading in bankruptcy claims of defunct crypto firms.

Since the start of the year, crypto derivatives markets have seen a surge in activity with bitcoin futures volumes topping $1.3 trillion last month. Binance commands the majority of those volumes, as per The Block's data dashboard.

In an interview with The Block, Moro said that the company would soon seek funding via a seed raise as it expands out its team.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

#crypto2023 #antiscam #crypto2023