Kategorie: Crypto News

• 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.

The post Mastercard and JP Morgan Team up to Enhance Cross Boarder Payments appeared first on CoinJournal.

• 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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