Schlagwort: crypto business

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Disney disbands its metaverse team amid large layoff

  • Disney had picked Polygon for the metaverse project.
  • Disney was targeting NFTs for its next-generation storytelling and consumer experiences.
  • The company is currently in the process of streamlining its business.

Disney started developing a metaverse strategy in mid-2022 and announced that they would tap the Polygon blockchain for the project. Earlier in October 2021, Citi released a report saying that Disney, Electronic Arts, and WWE were set to become some of the biggest beneficiaries of non-fungible tokens (NFTs).

The company further appeared to ramp up resource deployment by posting a job post for an expert in-house counsel for DeFi and NFTs in September 2022. The person Disney was looking to hire was required to be an experienced corporate attorney who would “work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance.”

However, according to the Wall Street Journal, Disney’s metaverse plans appeared to be still unclear a year later.

Streamlining business

Disney is currently in the process of laying off about 7,000 employees as it tries to control costs and develop what the CEO Bob Iger calls a “streamlined business.” The layoff will affect the 50 metaverse project employees.

Disbanding the next-generation storytelling and consumer experiences shows Disney is questioning the continued value of Web3.

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Dan Dolev’s view on Coinbase stock after CFTC sued Binance on Monday

  • CFTC sued Binance for violating federal laws to attract U.S. clients.
  • Mizuho’s Dan Dolev reiterates his $30 price target on Coinbase stock.
  • He prefers Bitcoin over Coinbase Global Inc to play the crypto space.

On Monday, Commodity Futures Trading Commission sued Binance for violating federal laws to attract U.S. clients.

What does it mean for the Coinbase stock?

Theoretically, that should be an opportunity for rival Coinbase Global Inc (NASDAQ: COIN) to expand its market share.

Still, Dan Dolev – Senior Analyst at Mizuho recommends against investing in the crypto exchange. Explaining why on CNBC’s “Closing Bell: Overtime”, he said:

What you’re seeing now is beginning of the real crackdown on crypto. If I owned any of these crypto names, I’d be really worried. I wouldn’t invest in any public exchange, including Coinbase.

Last week, Coinbase also received a Wells notice from the Securities and Exchange Commission for violating U.S. securities laws. Coinbase stock ended nearly 10% down on Monday.

Dolev prefers Bitcoin over Coinbase stock

Dolev currently has an “underperform” rating on the crypto exchange. His $30 price objective suggests its shares could tank another 50% from here.

There’s no business model. If the government cracks down on altcoins and staking, that’s 35% of Coinbase revenue – on Ethereum, you’re adding another 20%-30%. Then, what are they left with?

Nonetheless, Coinbase Global Inc reported better-than-expected results for its fourth financial quarter in February. It, however, ended Q4 with 8.3 million MTUs (monthly transacting users) versus 8.5 million a year ago.

The Mizuho analyst prefers Bitcoin over Coinbase stock to play the crypto space.

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Crypto saw $160 million in institutional inflows last week

  • Investors put $160M into crypto investment products amid concerns around traditional finance.
  • Bitcoin recorded the largest inflows of $128 million as a six-week streak of outflows ended.
  • Digital assets manager CoinShares also says Solana, Polygon and EXP recorded inflows.

Inflows into digital asset investment products totaled $160 million last week, with the latest market report from digital assets manager CoinShares showing the largest share of inflows went into Bitcoin.

CoinShares’ Digital Asset Fund Flows Weekly Report published Monday 27 March also highlighted that crypto investment products had ended a six-week streak of outflows.

Digital asset investment products saw largest inflows since July 2022

According to CoinShares Head of Research James Buttefill, crypto investment products had recorded outflows totaling $408 million over the past six weeks. 

However, last week saw institutional investors put the most funds into crypto-related products for the sector to register its largest weekly inflow in eight months. The last time more institutional flows hit the crypto investment space was in July 2022.

The inflows come a while after Bitcoin rallied to highs near $29,000, with prices of Ethereum and other altcoins also witnessing significant upsides. However, BTC has shed some of the gains and remains below $28k.

Butterfill notes that inflows came “relatively late” compared to the rest of the crypto market, noting this is likely a reaction by investors to the recent chaos within the traditional financial markets.

Bitcoin recorded $128 million in inflows, but Ethereum saw a 3rd week of outflows

Bitcoin saw the most inflows last week, with $128 million poured into BTC investment products as some CoinShares clients expressed sentiment of BTC being a safe haven. However, Bitcoin also continued to attract negative sentiment, with short-bitcoin inflows hitting $31 million last week.

Meanwhile, Ethereum recorded outflows for the third consecutive week, with $5.2 million exiting Ether investment products. CoinShares believes there are jitters around Ethereum’s highly anticipated network upgrade Shanghai, which is expected around 12 April.

Among altcoins, the top three coins to see inflows were Solana ($4.8 million), Polygon ($1.9 million) and XRP ($1.2 million).

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Gucci partners with Yuga Labs to explore Web3 and fashion

  • Gucci and Yuga Labs partner to bring Fashion NFTs to Otherside.
  • The companies have entered a multi-year partnership as they explore the interconnection between Web3 and fashion.
  • The BAYC floor price rose slightly following the news.

Gucci, a leading high-end luxury fashion brand, is looking to continue its march into the world of NFTs and the metaverse with a new partnership with Yuga Labs. Gucci is one of numerous fashion brands to enter the NFTs space, while Yuga Labs is the creator of popular NFT project Bored Ape Yacht Club (BAYC).

Gucci and Yuga Labs partner to explore Web3 and fashion

According to a news report published on Monday by Business of Fashion, the Italian fashion giant will use the deal with Yuga Labs to explore the convergence between fashion, Web3 and entertainment. Gucci also noted via its official Twitter account that the collaboration targets “blurring the boundaries between the physical and the digital.”

With the multi-year partnership in place, Gucci is reportedly eyeing an “an active role” in Yuga Labs project Otherside and the 10KTF collection. Details of the collaboration indicate the luxury fashion house will begin its journey in the 10KTF this coming week, with the Otherside set to follow.

The news of Gucci and Web3 leader Yuga Labs helped push the floor price of the BAYC NFT collection higher. At the time of writing, the NFTs floor price was up 1.2% in the past 24 hours – going for about 60.697 ETH, or $104,850.

Yuga Labs was founded in 2021 and raised $450 million during its seed round in March 2022, with the company valued at $4 billion.

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Komodo makes AtomicDEX Mobile 100% open source

  • Komodo is a leader in blockchain interoperability and atomic swap technology.
  • It is the company behind the AtomicDEX app.
  • Making AtomicDEX Mobile source code open-source makes it more trustless, secure, and interoperable.

Komodo has announced that it is open-sourcing its AtomicDEX Mobile codebase in an effort to make the application more trustless, secure and interoperable.

By making it open-source, the app will be freely available and can be modified and distributed by anyone.

The AtomixDEX app

AtomicDEX is a non-custodial cryptocurrency wallet, crypto bridge, and cross-chain decentralized exchange combined into one application that is available on three GUIs (AtpomicDEX Web, AtomicDEX Mobile, and AtomicDEX Desktop).

AtomixDEX Mobile will be one among a few of the decentralized applications that are open source contrary to blockchain protocols like Ethereum, which are open source. It is also important to note that most mobile crypto wallets in the market today use closed-source source codes meaning end-users or third-party developers can’t change their source code.

Komodo previously open-sourced AtomicDEX Desktop and the project now wants to create additional opportunities for developer collaboration and ecosystem expansion with AtomicDEX Mobile going open source.

Why make AtomicDEX Mobile open source?

Komodo wants to build technologies that anyone can use freely. Users will be able to verify for themselves in real-time that AtomicDEX is truly secure. Open-source developers can now also use the AtomicDEX API as well as the AtomicDEX Mobile codebase to create their own dApps that utilize AtomicDEX’s wallet feature and/or peer-to-peer (P2P) atomic swap technology for cross-chain trading.

Commending about the move, Komodo CTO Kadan Stadelmann said:

“This move allows us to prove that AtomicDEX is truly transparent, trustless, and secure. We’re setting a new industry standard now that AtomicDEX is one of the very few mobile crypto wallets on the market that is 100% open source. We challenge all other mobile crypto wallets to follow in our footsteps by going 100% open source.”

Users can currently download the AtomicDEX Mobile on Google Play for Android users and TestFlight for iOS users. 

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