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EY unveils supply chain tracking service on Polygon Nightfall

Quick Take EY has launched a new supply chain offering called OpsChain. OpsChain is hosted on Nightfall, a Layer 2 rollup blockchain that EY co-developed with Polygon. EY, one of the big four accounting firms, has launched a supply chain tracking service called OpsChain Supply Chain Manager on Nightfall — a Layer 2 Ethereum blockchain co-developed in partnership with Polygon. The two firms launched Nightfall’s beta release today, and made OpsChain Supply Chain Manager as one of its first applications …

Coinbase slows hiring to help weather market downturn

Cryptocurrency exchange Coinbase has reined in a plan to triple its headcount this year in response to turbulent market conditions. Emilie Choi, Coinbase’s president and chief operating officer, said in a blog post on Tuesday that the firm would be slowing hiring to “reprioritize our hiring needs against our highest-priority business goals.” The note had been circulated among staff earlier. “Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s …

Japan’s largest investment bank Nomura to launch crypto arm, FT reports

Quick Take Nomura plans to have around 100 people working for the new unit by the end of 2023. Last week the bank announced its first bitcoin futures and options trades.  Japanese investment bank Nomura will launch a new company focused on cryptocurrency, decentralized finance (DeFi) and non-fungible tokens (NFTs) for institutional clients, according to the Financial Times. Nomura plans to have around 100 people working for the subsidiary by the end of next year, the FT reported, citing people …

Spotify starts trialing NFTs on its platform, Music Ally reports

Quick Take Selected US-based users will be able to see the NFTs of some artists on the platform. However, these will link to an external marketplace and NFTs will not be sold directly by Spotify. Artists may soon be able to promote their non-fungible tokens (NFTs) on Spotify if a trial rollout goes well, Music Ally reported on Friday. The latest tech company to jump on the NFT bandwagon, Spotify waded into the web3 world earlier this month with the …

Polygon, Juno and Fantom blockchains try to lure Terra’s projects

Polygon, Juno and Fantom blockchains are trying to atract Terra-based projects, following the collapse of its ecosystem. Last week, the collapse of the TerraUSD (UST) stablecoin led to a knock-on effect of a 99.9% price crash for its related token Luna (LUNA). During the incident, the network was halted twice to stem the bleeding and while it has been restarted, several on-chain functions are still disabled. The incident led to the total value of assets on Terra falling from over …

Binance’s LUNA investment, which peaked at $1.6 billion, now worth just $3,000

Binance CEO Changpeng Zhao said the crypto exchange made large paper gains on its investment in Luna but has now lost practically all of them. The exchange invested $3 million into the Terra ecosystem in 2018, receiving 15 million Luna tokens. At Luna’s peak price, that investment was worth $1.6 billion, according to Zhao. Yet due to last week’s collapse of Luna — and its related stablecoin TerraUSD (UST) — that investment has now plummeted in value to just $3,400. …

Dispersed and displaced, Ukraine’s crypto industry adapts to war

At the outset of the Russian invasion, Ukraine’s use of crypto donations to fund its war effort drew mass attention from the global crypto industry.  At the same time, the conflict displaced the entire local crypto industry. Some firms have left, while others have relocated within Ukraine.  Now, many are returning to work, with varying success. And the nation, which recently passed a law aimed at cultivating the local crypto industry, is hoping crypto entrepreneurs will help it recover once …

SBI Holdings to buy controlling stake in BITPoint for about $99 million, Cryptonews reports

Japanese securities and banking giant SBI Holdings will buy a controlling interest in BITPoint Japan, a crypto trading platform and domestic rival of SBI VC Trade, from its parent company, Cryptonews reported on Saturday, citing Nikkei’s Japanese news service. SBI will buy a 51% stake of BITpoint from Remixpoint for $98.6 million. BITPoint’s market value was estimated at more than $193 million, the report said. Remixpoint said it will “form a capital and business alliance” with SBI to expand its …

New York crypto company CEO arrested by FBI, charged with fraud

The CEO of a New York City cryptocurrency company was arrested by the FBI on Thursday and charged with running a $59 million fraud scheme. A criminal complaint filed in Manhattan federal court charged that Eddy Alexandre, 50, of Valley Stream, New York, solicited funds from hundreds of individual investors after making false representations in connection with his EminiFX trading platform between September 2021 and May 2022.  US Attorney Damian Williams said in the complaint: “Eddy Alexandre allegedly induced his …

Nomura begins offering Bitcoin OTC derivatives to clients in Asia

Japanese investment bank Nomura said on Twitter Friday that it has begun offering over-the-counter Bitcoin derivatives contracts to its clients in Asia out of Singapore. “We have launched #Bitcoin OTC #derivatives with Bitcoin non-deliverable forwards and non-deliverable options for clients in #Asia out of Singapore. We also executed our first Bitcoin #futures and #options trades this week on @CMEGroup with @CumberlandSays,” Nomura said in the post. CME Group is the world’s biggest financial derivatives exchange, while Cumberland DRW is a …