By far, the innovation with the most impact in the Web3 world this year is the sidechain. The highest-volume blockchain providers in the world — Binance, Polygon, Ankr and Avalanche — have all recently released sidechain functionality. They are investing hundreds of millions into these new implementations — and with good reason. Sidechains are the…
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Much to the chagrin of cryptocurrency investors across the ecosystem, the bear market has officially set in and brought with it devastating price collapses that have left relatively few unscathed. As the popular topic of conversation now centers on bearish predictions of how low Bitcoin (BTC) will go and how long this iteration of the…
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Regulate now or regret it later, United States Federal Reserve Board vice chairperson Lael Brainard told an audience at a Bank of England conference in London on Friday. Crypto has the same basic risks as tradition finance and needs “strong guardrails,” Brainard claimed, pointing to the recent downturn in market as proof. Brainard spoke the…
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Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem got recognition from the United Kingdom government, as they sought public feedback on taxation of the DeFi ecosystem, especially staking and…
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Officials representing the United States government have reportedly urged Japan’s licensed cryptocurrency exchanges to stop doing business with Russia, seemingly as part of the country’s economic sanctions. According to a Thursday report from the Financial Times, U.S. diplomats requested several of the 31 crypto exchanges licensed to do business in Japan and certain miners to…
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Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will become the next chair of the United Kingdom’s Financial Conduct Authority. In a Friday announcement, the U.K. Treasury said it had appointed Alder to chair the country’s financial watchdog starting in January 2023. He will succeed interim FCA chair Richard Lloyd, who took office…
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Crypto and Know Your Customer (KYC) guidelines seem to be an unhappy marriage — pseudonymity in the digital currencies’ DNA doesn’t match the old-school centralized protocols of traditional finance, but cohabitation is inevitable for the maturing industry. The tension never really goes away, but even before recent months’ market failures for crypto, the regulators have…
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Traditional venture capital funds drive valuations through multiple funding rounds. Startups aim for initial public offerings or other exits. Then the sharemarket decides upon a more realistic valuation. But in cryptoland, tokens introduce market capitalization while a company is being built. This means there are a lot of competing interests and agendas. Token sales for…
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Ongoing strife in the cryptocurrency space has forced Compass Mining to lay off 15% of its employees while top executives and staff take major pay-cuts. The firm announced its decision to downscale its workforce in a bid to weather difficult market conditions, just a week after the resignation of Chief Executive Officer Whit Gibbs and…
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Web3 community members are fighting back against the United States Supreme Court’s ruling to overturn Roe v. Wade. On June 24, 2022, the landmark court case that previously assured the right to have an abortion was overturned, sparking a backlash among reproductive rights activists in the U.S. Some activists have turned to Web3 solutions, creating…
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