Weekly Update: 3 Nov 2022
1) Binance founder and CEO Changpeng Zhao is looking into potentially buying banks to bridge the gap between traditional finance and crypto [Coindesk]
– “There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things,” Bloomberg quoted Zhao.
2) Blockchain.com eyes funding at 70% lower valuation. [Blockworks]
– Blockchain.com, which doubles as a financial services firm across the crypto space, is in talks for a round with valuation at $3B. Previous Series D in March was at $14B valuation led by Lightspeed Ventures.
3) Celsius creditors fight to stop $23M Stablecoin sale [Blockworks]
– The firm’s unsecured creditors have objected to that request, asking the court to deny the sale on the grounds that Celsius hasn’t established ownership of the assets.
4) Australia won’t stop charging capital gains tax on crypto [Blockworks]
– The newly elected Labor Party will keep the country’s capital gains tax on crypto in place, dashing hopes for local investors and businesses.
5) Axelar partners with Polygon to deliver cross-chain communication to Polygon Supernets [Cointelegraph]
– Axelar and Polygon Supernets are enabling developers to build on chains that make it easy to accomplish their goals, with zero barriers to liquidity or user onboarding.
6) Coinbase earnings disappointment mitigated by USDC interest income [Blockworks]
– Transaction revenue, historically Coinbase’s biggest money-maker, was down 44% from the second quarter. Monthly transacting users fell to 8.5 million, down from 9 million in the second quarter.
7) FTX may launch own stablecoin ‘in the Not-too-distant Future’ [Blockworks]
– FTX is “trying to find the perfect partners” to work with. SBF also shared that FTX has between $1 billion and $4 billion on hand to make acquisitions.
8) Google launches blockchain node engine (BNE) for Web3 developers [Cointelegraph]
– BNE enables Web3 companies to relay transactions, deploy smart contracts, and read or write blockchain data directly on Google Cloud. Ethereum will be the first blockchain supported by BNE.
9) UK Stablecoin rules approved by lawmaker committee [Coindesk]
– The government’s position is to start with those most stable, least volatile coins likely to be used by intermediaries as a settlement currency. The bill also gives the U.K. Treasury powers to extend the regulatory net beyond stablecoins, if Parliament consents.
