Weekly Update: 8 Dec 2022
1) Circle yield pauses new loans after repaying customers [Blockworks]
– The crypto payments tech company previously reduced its product’s yield to zero as the impact of FTX’s failure spread to partner Genesis.
2) Binance seizes FTX bankruptcy to expand into Japan [Blockworks]
– Binance has acquired a highly regulated crypto exchange in Sakura Exchange BitCoin (SEBC) for an undisclosed amount.
3) Bybit announces second round of layoffs in 2022 to survive bear market [Cointelegraph]
– Ben Zhou, co-founder and CEO of Bybit, announced a reorganization plan amid the prolonged bear market that involves a steep reduction in firm’s workforce.
4) Blockchain data provider Chainlink launches staking of its native token LINK [Coindesk]
– Chainlink, a provider of price feeds and other data to blockchains, has introduced staking of its native token LINK to its network to help keep the protocol secure.
5) Genesis creditor groups’ loans amount to $1.8b and counting [Coindesk]
– In addition to the previously reported group of Gemini customers owed $900 million, there are two other groups of Genesis creditors being represented by lawyers, accounting for some $1.8 billion of loans.
6) HashKey Group collaborated with SEBA to accelerate institutional adoption of digital assets [Yahoo Finance]
– HashKey Group and SEBA announced a strategic partnership that will leverage their digital asset service offerings, custody and asset management products to accelerate the institutional adoption of digital assets in Hong Kong and Switzerland.
7) Telegram CEO Durov plans to build crypto wallets, decentralized exchange [Coindesk]
– Messaging app Telegram CEO Pavel Durov said the company will build a decentralized exchange and non-custodial wallets that could reach millions of users.
8) UK finalizing plans for crypto regulation after FTX implosion [Bloomberg]
– The Treasury will shortly launch a consultation on the new regulatory regime, which may include provisions for how to deal with the collapse of companies and restrictions on the advertising of products.
9) Web3 content-delivery network Fleek raises $25m [Coindesk]
– Web3 developer platform Fleek has raised $25 million (Series A) funding led by Polychain Capital. The funding will accelerate the development of a decentralized content and application delivery network called Fleek Network, which will be released in 2023.
