Kategorie: Crypto Markets

• Sky Mavis lays off 50 employees to streamline operations for future growth.
• Layoffs are a strategic move, not due to financial instability or poor performance.
• Axie Infinity’s token AXS dropped by 3.78% after the news but later recovered.

Sky Mavis, the developer behind the popular blockchain-based game Axie Infinity, has announced the layoff of 21% of its workforce, translating to approximately 50 employees.

This decision is part of the company’s broader efforts to streamline its operations and focus on its core products.

Layoff isn’t a result of financial instability

Co-founder and CEO Nguyen Thanh Trung took to X (formerly Twitter) to clarify that the layoffs were a strategic move aimed at positioning the company for future growth. He emphasized that the decision was not a result of financial instability, but rather a realignment of resources to better align with the company’s long-term vision.

Trung noted that the layoffs were not a reflection of the employees’ contributions to Sky Mavis, but were instead necessary to ensure the company’s agility as it focuses on key initiatives for 2025 and beyond.

“The decision to part ways with talented team members was not made lightly,” Trung said. He explained that the move would help the company concentrate on important projects, including the upcoming launch of the Ronin blockchain in Q1 2025, and expansion efforts for the Ronin Wallet and Ronin Network.

Sky Mavis aims to remain focused on the blockchain gaming space, doubling down on what makes the company “truly exceptional” rather than diversifying into new areas.

Sky Mavis’ restructuring efforts come after a tumultuous period, including a devastating hack in 2022 that resulted in a $600 million loss. This led the company to shift from its original play-to-earn model to a free-to-play structure.

Despite these challenges, Sky Mavis is maintaining its commitment to the Web3 ecosystem, continuing to develop Axie Infinity and other products within the Ronin network.

Following the announcement, the price of Axie Infinity’s native token, AXS, saw a notable decline of 3.78% to $7.18 but it has since recovered and climbed to $8.17 at press time.

This news reflects the growing pressure on blockchain gaming companies to adapt to the evolving market while ensuring financial sustainability and product relevance.

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• Mastercard and JP Morgan are collaborating to enhance B2B cross-border payments by providing faster settlement and more transparency.
• Mastercard’s multi-token network will integrate with JP Morgan’s Kinexys Digital Payments (formerly called Onyx) to power cross-border payments.

Mastercard and JP Morgan are collaborating to provide faster, more transparent cross-border payments to their customers. The service is powered by integrating Mastercard’s multi-token network (MTN) and JP Morgan’s recently rebranded digital payments network, Kinexys (formerly Onyx).

In a statement, the Executive Vice President, Blockchain and Digital Assets at Mastercard, Raj Dhamodharan, said, “By bringing together the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments, we are unlocking greater speed and settlement capabilities for the entire value chain. We are excited about this integration and the new use cases it will bring to life, leveraging the strengths and innovations of both organizations.”

A wider push for tokenisation

Mastercard’s multi-token network is a blockchain-based network for tokenised bank deposits, stablecoins, and CBDCs. The global payments company piloted the network in June 2023 by inviting UK banks to test tokenised deposits.

Meanwhile, JP Morgan’s Kinexys is a payment platform that allows for tokenising real-world assets, facilitates digital payments, and enables cross-border payments.

The rise of these networks and platforms from both major financial companies is emblematic of a wider industrial push for blockchain-based financial systems with multi-asset support, fast transaction speeds and settlement times, and strong compliance and AML capabilities.

With Mastercard’s MTN, banks can access 24/7 real-time interbank settlement powered by Mastercard’s private blockchain network. Other market players can also simplify processes like buying carbon credits and unifying financial and compliance standards.

The network also settles transactions on public blockchains, private bank payment networks, and legacy settlement infrastructure.

Mastercard and JP Morgan are not the only institutions building towards a tokenised on-chain future. Chainlink, a leading blockchain oracle provider, launched CCIP, the cross-chain interoperability protocol in July 2023 to connect private and public blockchains, and invited financial institutions like HSBC and the SWIFT network to participate in successful pilots.

Meanwhile, the Kinexys digital payments network has processed more than $1.5 trillion in transactions since its pilot in 2020 and currently processes more than $2 billion in daily transactions.

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• Blockchain Association wants to see the establishment of a crypto regulatory framework as a priority.
• Trump should appoint a new SEC chair within the first 100 days.
• Other key areas include an end to the debanking of crypto companies and creation of an advisory council.

Blockchain Association has sent a letter to US President-elect Donald Trump, urging the new incoming government to consider five key areas in the first 100 days of the administration.

The association, which has nearly 100 members, noted the priority areas they believe Trump’s government and Congress should focus on in those first three months in a letter submitted on Nov. 22.

According to the crypto and blockchain advocacy group, see the establishment of a crypto regulatory framework as one of the first things the pro-crypto president and Congress should focus on.

“President-elect Trump’s vision to make America the crypto capital of the world is a hope shared by the entire crypto industry – and its founders, developers, and innovators. And it can be realized with President-elect Trump’s arrival to Washington, along with the most pro-crypto Congress in history,” said Blockchain Association chief executive officer Kristin Smith.

New SEC Chair and roll back of SAB 121

The group also wants to see an end to the debanking of crypto and blockchain companies, the swift appointment of a new SEC chair and roll back of SAB 121.

As well as appointments at the Treasury Department and IRS, the Blockchain Association believes the other priority should be the creation of a crypto advisory council. Per the letter, this council will collaborate with Congress and US federal regulatory agencies to promote and not stifle crypto innovation.

“We propose a crypto advisory council to help craft detailed, fit-for-purpose regulations through collaboration with Congress & regulators. Public-private partnerships are essential to establishing smart rules that respond to the tech and protect consumers,” the group noted.

The Blockchain Association’s letter comes as reports suggest Trump’s team is working on appointing a “crypto czar” at the White House. Several pro-crypto individuals are also in the running to become the next SEC chair, with Gary Gensler set to step down in January.

Trump’s election boosted the crypto market, sending Bitcoin to near $100,000, while XRP, Solana and Cardano are among altcoins to rally hard amid the optimism.

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• Deribit will integrate Ethena’s USDe as collateral by January 2025.
• USDe’s decentralized model uses derivatives, unlocking new structured products.
• Ethena’s governance token ENA token hit an intraday high of $0.63 on the integration news.

In a groundbreaking move for the cryptocurrency derivatives market, Deribit, one of the world’s largest crypto derivatives exchanges, has revealed plans to integrate Ethena’s synthetic dollar, USDe, into its cross-collateral pool.

This integration, set to launch in early January 2025, is contingent upon receiving regulatory approval.

USDe’s integration into Deribit Exchange

Ethena’s USDe, a synthetic stablecoin pegged to the US dollar, offers unique decentralized backing through delta-hedging derivatives in perpetual and futures markets.

Unlike traditional stablecoins backed by physical reserves, USDe’s innovative model enhances decentralization while maintaining stability.

The integration with Deribit promises to unlock new possibilities for traders. According to Guy Young, founder of Ethena Labs, this initiative will pave the way for “completely new structured product use cases” that were previously unattainable with conventional stablecoin collateral.

Young emphasized the significance of this development, stating that Deribit’s dominant market share—over 85% in the cryptocurrency options space—positions the platform as a pivotal venue for USDe adoption.

As part of the integration, users will be able to use USDe as margin collateral and earn rewards, adding to its utility within the trading ecosystem.

This announcement marks another milestone for Ethena, as other major exchanges, including Bitget and Gate, have also begun incorporating USDe into their platforms.

Ethena (ENA) price surges

The integration has already impacted Ethena’s ecosystem, with its governance token, ENA, experiencing a notable price surge. After the announcement, ENA’s value rose by 13% to reach an intraday high of $0.63.

Although the token has pulled back to around $0.5896, the token has gained approximately 62% over the past month, reflecting growing confidence in Ethena’s innovative financial products.

Ethena Labs, founded in 2023, continues to expand its offerings, including its recently announced stablecoin project, UStb (USTB), developed in collaboration with BlackRock and Securitize.

The partnership with Deribit underscores Ethena’s commitment to bridging traditional finance and decentralized ecosystems.

With Deribit’s backing and increasing market interest, USDe is poised to redefine margin trading dynamics, signalling a significant step forward for both crypto-native and traditional finance participants.

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Although Solana and Cardano have long been acknowledged as trailblazing blockchain systems, a new contender Rexas Finance (RXS) is attracting a lot of interest as a fresh rival. Rexas Finance is fast acquiring momentum in its presale phase at $0.08 as of writing, generating almost $9.93 million and positioning itself as a major rival in the cryptocurrency scene. Could this be the next 10x altcoin?

The rise of Rexas Finance (RXS)

Designed to enable consumers to tokenize and easily manage actual assets, Rexas Finance (RXS) is a ground-breaking blockchain technology. By stressing the simplicity of asset tokenization and increased accessibility, the platform seeks to close the distance between conventional assets and blockchain technologies.  From real estate and art to intellectual property and goods, users can tokenize practically anything, hence Rexas Finance is a major participant in the expanding real-world asset (RWA) market.

The Rexas Finance team has decided on a community-oriented strategy, unlike many initiatives depending on venture capital support.  By giving public presales top priority, the concept lets regular investors take part in what might be a revolutionary asset management transformation. This choice has already shown success as the presale exceeded notable benchmarks and raised great investor confidence.

Solana and Cardano investors betting big on Rexas Finance (RXS)

Leading blockchain systems like Solana and Cardano’s investors are looking more and more at Rexas Finance as a complementing choice. Both SOL and ADA have had difficulties including more market rivalry and delays in network improvements. Although these sites still have great influence, their investors are spreading to newly developing initiatives like RXS with great growth promise.

Rexas Finance distinguishes itself by stressing RWAs. This fast-expanding industry is drawing interest since it offers the efficiency and openness of blockchain technology together with the stability of physical assets.  Consequently, RXS is seen by investors as a strategic addition to their portfolios since it addresses practical use cases and provides the possibility for great rewards.

Rexas Finance has shown rather remarkable presale momentum. Having generated more than $9.93 million, the project ended its Stage 5 presale earlier than planned and entered Stage 6 at $0.08. This quick development reveals great investor confidence and market demand.

Rexas Finance’s profile has been further raised by its placement on CoinMarketCap, which attracts both experienced and new investors.  Plans to list three of the top 10 Tier-1 exchanges by Rexas Finance have been revealed; this action is expected to offer notable liquidity and market exposure. This evolution has spurred rumors that, once RXS moves into mainstream trade, it could rapidly experience a 10x price increase.

Is Rexas Finance the next 10x altcoin?

According to a growing number of analysts, Rexas Finance has all the elements to become a 10x altcoin, especially as it develops traction with Solana and Cardano investors with multiple factors driving this potential.

By giving public presales top priority over venture capital financing, Rexas Finance (RXS) is using a community-driven strategy to build a devoted and involved investor base. This approach not only distributes access but also generates grassroots support that might encourage long-term interest and acceptance.

Its emphasis on practical value distinguishes it since it makes real-world assets (RWAs) such as commodities, art, and real estate tokenized and traded possible.  This pragmatic use of RXS positions it as a useful tool for companies and investors, therefore fostering demand for the token and perhaps broad acceptance. Further supporting Rexas Finance’s future development are likely to be its planned listings on Tier-1 exchanges, which offer notable liquidity and market visibility. 

Innovative ideas like Rexas Finance could be ready to shine as the crypto market expects its next surge. Rising as a top prospect for exponential expansion with its great presale performance, solid roadmap, and utility emphasis is RXS.

For Solana and Cardano enthusiasts looking for the next great prospect, Rexas Finance (RXS) is fast taking the front stage.  Its community-driven approach and emphasis on actual asset tokenization set it apart in the crypto market. Rexas Finance could be well positioned for a 10x rally—or maybe more—with a presale price of just $0.08 and intentions to list on significant exchanges. 

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

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