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Bi-weekly crypto round-up for September 2022 (Part 1) The wait is finally over.Ethereum has successfully transitioned from to proof of work to proof of stake.Zyane Tan Posted Sep 16, 2022
Fact checked This week, the second-largest blockchain begins a new era.Ethereum is now operating on a proof-of-stake (PoS) consensus mechanism, reducing its carbon footprint by 99%.While the merge is clearly dominating headlines right now, don’t forget to check out all other prominent developments that happened in the last two weeks.
Quick take MicroStrategy plans to sell up to $500 million of stock to add more Bitcoin to its balance sheet.Terraform Labs co-founder Do Kwon and five other people face arrest warrants in South Korea on various allegations.Web3 infrastructure startup Mysten Labs reaches $2 billion valuation following a $300 million funding round led by FTX Ventures.
Taiwan’s financial watchdog grants AML approval for 24 crypto platforms, ACE, Max Exchange and WOO Network.Financial behemoths Charles Schwab, Citadel and Fidelity team up to launch EDX Markets crypto exchange.The highly anticipated Ethereum Merge went live on September 15, 2022 went off without a hitch.
Key events We’ve handpicked some of the most relevant emerging stories in the crypto space to help you stay ahead of the curve.Acquisitions and fundings 1 Sept: Crypto.com has backed out of a five-year sponsorship deal worth $495 million with the UEFA Champions League 5 Sept: PANONY, a Hong Kong-based blockchain incubator achieved $100M valuation after closing a Series A funding round backed by NGC Ventures 6 Sept: Dust Labs, a Solana NFT software company linked to both y00ts and DeGods NFT projects, has raised $7 million in seed funding 6 Sept: Crypto investment product firm 21.co has raised $25M in a funding round led by Marshall Wace to reach $2B valuation 8 Sept: Gaming retailer GameStop announces partnership with US crypto exchange FTX 8 Sept: Web3 startup Mysten Labs raised $300 million in a new funding round led by FTX Ventures at a $2 billion valuation to build out its Sui blockchain 8 Sept: Blockchain gaming group Animoca Brands raises another $110 million through convertible notes sale to advance its open metaverse development 9 Sept: MetaWeb Ventures, a global VC firm focused on crypto startups, has raised $30 million for its debuts fund 9 Sept: FTX Ventures acquires 30% stake in SkyBridge Capital, an alternative investment firm led by Anthony Scaramucci 9 Sept: Mobile game publisher Revolving Games raises $13.2 million in its latest funding round led by Pantera Capital to build ‘AAA Quality’ Web3 games 10 Sept: MicroStrategy filed a new prospectus with the US SEC to sell up to $500M of stock to double down on Bitcoin purchases Defaults, exploits and lawsuits 2 Sept: Snapchat’s parent company, Snap Inc (NYSE:SNAP) shutters its Web3 division and laid off approximately 20% of its workforce, citing slow revenue growth, a slump in stock prices, and a general lag behind its financial targets 2 Sept: Decentralised exchange KyberSwap suffers $265,000 loss from frontend exploit 3 Sept: Binance’s security team identified two KyberSwap hack suspects and provided intel to appropriate law enforcement agencies 3 Sept: Actor and comedian Bill Murray’s wallet was hacked for 110 Wrapped Ethereum (~$174,000) after NFT charity auction.The auction’s runner-up bidder has since stepped up and donated 120 ETH to replace the stolen funds 7 Sept: PoolinWallet, the wallet arm of one of the world’s biggest bitcoin mining pools, halts withdrawals in a bid to preserve assets amid liquidity crunch 7 Sept: Bankrupt crypto broker Voyager Digital will auction off its remaining assets on 13 September 8 Sept: Thailand’s Securities and Exchange Commission (SEC) files police report on crypto exchange Zipmex and its co-founder, alleging ‘incomplete’ info for compliance procedures 8 Sept: US government recovers $30 million from blockchain game Axie Infinity ‘s $600 million hack with the help of crypto analytics firm Chainalysis 13 Sept: BitGo seeks $100 million in damages from Galaxy Digital for terminating its planned acquisition 14 Sept: A court in South Korea has issued an arrest warrant for Terra co-founder Do Kwon for violation of capital market rules NFTs, GameFi and metaverses 1 Sept: Luxury brand Hermès reveals Web3 plans and files a trademark application covering crypto, NFTs and the metaverse 1 Sept: NFT marketplace OpenSea announced that the platform will only support NFTs on the proof-of-stake (PoS) blockchain after the Ethereum merge 2 Sept: ConsenSys to launch ‘Regenesys’, a green and sustainable NFT collection on the day of Ethereum Merge to commemorate the landmark moment 2 Sept: Decentralized NFT marketplace Sudoswap announced the launch of its native governance token, SUDO.An initial supply of 60 million SUDO will be airdropped to various members of the project 3 Sept: FIFA to launch an NFT platform for soccer-themed digital collectibles on Algorand ahead of the 2022 World Cup 5 Sept: LG Electronics unveils its NFT token app, LG Art Lab, which enables users to buy, sell and trade NFTs on their OLED Smart TV 6 Sept: Solana-based y00ts NFT collection amassed over 227,000 SOL (~$7.1 million) within 48 hours of its launch 14 Sept: Doodles NFT sales surge 1,200% following the announcement of its $54 million funding round led by Seven Seven Six, the VC firm of Reddit co-founder Alexis Ohanian Government announcements and regulations 1 Sept: Indonesia plans to set up its digital assets exchange by the end of 2022 5 Sept: Australian Federal Police (AFP) has established a cryptocurrency division to trace transactions and combat illicit financial activity 6 Sept: Europol says that the open nature of blockchain technology offers authorities a “key” new way to tackle organized crime 7 Sept: Russia explores the use of stablecoins as alternative payment methods to circumvent Western sanctions 8 Sept: Taiwan provides AML approval for 24 crypto platforms, including prominent fintech startup WOO Network 9 Sept: UK economic secretary commits to make the country a crypto hub under new PM Liz Truss 12 Sept: Norges Bank, the Norwegian central bank announced that the country’s digital currency (CBDC) prototype infrastructure is based on Ethereum technology 14 Sept: South Korea’s Busan Metropolitan City government and Huobi Global have signed a Memorandum of Understanding (MoU) to collaborate on the development of the city’s blockchain business Digital banks and exchanges 5 Sept: Binance has temporarily suspended ETH and wETH deposits and withdrawals, until the completion of the Ethereum Merge 6 Sept: Binance will remove USD Coin (USDC) , TrueUSD (TUSD) , and Paxos Standard (USDP) as tradeable assets on its platform on September 29, 2022 7 Sept: Crypto lender Nexo introduces spot, futures and margin trading to retail clients with its new trading platform — Nexo Pro 8 Sept: Binance US launches a high-yield Ethereum staking service with 6% APY for Ethereum (ETH) just days before Merge 13 Sept: Charles Schwab, Citadel and Fidelity have joined forces to launch a crypto exchange — EDX Markets (EDXM) — later this year Blockchain and tokens 3 Sept: The Cardano blockchain’s hard fork upgrade, Vasil, is scheduled for September 22, 2022 6 Sept: Ethereum Bellatrix upgrade went live, leaving the Paris event the final step before Ethereum completes its transition to proof-of-stake 10 Sept: LUNA, the token of the Terra blockchain’s reconstructed version skyrocketed 200% to $7 in a few hours amid a speculative frenzy, trading close to its all-time high set in early June 15 Sept: Ethereum’s transition to proof of stake (PoS), known as the “merge”, is completed successfully Images: Getty Images
Top crypto news Wall Street giants Charles Schwab, Citadel and Fidelity to launch new crypto exchange 13 September 2022
Image: Getty Images
Schwab Corp announced that the consortium of companies plans to launch a first-of-its-kind cryptocurrency exchange — the latest sign of traditional finance converging with digital assets.
Other prominent players like Paradigm, Sequoia Capital, and Virtu Financial are also backing the new venture.Former Citadel Securities executive, Jamil Nazarali, has been appointed as the platform’s CEO.
Called EDX Markets (EDXM), this digital asset exchange aims to offer “safer, faster and more efficient cryptocurrency trading” through on-chain settlements backed by the liquidity of legacy financial institutions.
EDXM will rely on the technology infrastructure built by The Member Exchange (MEMX), a member-owned equities trading platform.
This will enable the newly-introduced exchange to scale its operation to serve retail and institutional investors in a multitude of markets.
In the press release, EDX Markets’ board of directors stated that “Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more.Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”
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