Nansen Slashes 30% of Work Force, Aims to Prioritize Sustainable Business

Blockchain data analytics firm Nansen Research is slashing its workforce by 30%. Layoffs have been widespread across crypto businesses in the past year.

Following the latest move, Nansen joins the growing list of companies such as Coinbase, Blockchain.com, ConsenSys, Gemini, Huobi Polygon Labs, Elliptic, Messari, Dapper Labs, Chainalysis, Immutable, etc., which have trimmed their staff amid heightened crypto winter.

Nansen Layoff

CEO Alex Svanevik announced on Twitter the “extremely difficult decision” and took full responsibility. The exec pointed out that Nansen’s attempt to expand into business areas that were not core to the company’s strategy backfired. Svanevik added that the team will focus on targeting fewer things but doing them “extremely well.”

“Firstly, we scaled up the team on the back of breakneck growth in our first years of operating. We wanted to invest and build in a tough market when others needed to scale back. This organic growth led the organization to taking on surface areas that’s not truly part of Nansen’s core strategy.”

Nansen was founded in 2019 and gained tremendous traction in less than three years. During the same period, the company witnessed the diversification of revenues via enterprise as well institutional clients. However, owing to the brutal market condition in the past year, Nansen’s cost base surged too high relative to where the company is today. As a result, the priority is to build a sustainable business, according to the CEO.

“I’m endlessly grateful to the incredible people we are parting ways with. They will go on to achieve great things, and we’ll ensure they get a soft landing, with severance and support.”

Besides, Nansen raised $75 million via a Series B funding round led by the venture capital firm Accel in December 2021. Other participants of the round included GIC, Andreessen Horowitz (a16z), and Tiger Global.

Launch of Nansen Query

In March, the Singapore-based company launched a new solution built on the Google Cloud platform, dubbed ‘Nansen Query,’ that is designed to offer a comprehensive data solution to crypto-focused teams and projects.

According to the report, the new offering was expected to improve multi-chain data access, assisting entities to make better customer, product, and investment decisions.

The post Nansen Slashes 30% of Work Force, Aims to Prioritize Sustainable Business appeared first on CryptoPotato.


Source: CryptoPotato
Original Post: Nansen Slashes 30% of Work Force, Aims to Prioritize Sustainable Business

Bitcoin, Crypto Prices Brace for Downturn in Coming Liquidity Shock, Observers Say

Improving liquidity conditions so far this year has lifted risk assets such as cryptocurrencies, but the trend is poised to turn once the U.S. debt ceiling is lifted and the Treasury along with the Fed resumes tightening, analysts said.
Source: Coindesk
Original Post: Bitcoin, Crypto Prices Brace for Downturn in Coming Liquidity Shock, Observers Say

Cardano fails at ‘flipping’ – Here’s what it means

What next for Cardano as it fails to flip a key April level into supportApril’s $0.383 - $0.370 support zone has become a key resistance level and roadblock. ADA bulls can only gain more leverage if they clear it.
Source: AMBcrypto
Original Post: Cardano fails at ‘flipping’ – Here’s what it means

Stop shoving crypto ‘down people’s throats’ — Pudgy Penguins CEO on NFTs

Luca Netz suggested that Pudgy Penguins is pushing for Web3/blockchain as a “back end not front end” approach, as it makes its IP as accessible as possible.


Source: Cointelegraph.com
Original Post: Stop shoving crypto ‘down people’s throats’ — Pudgy Penguins CEO on NFTs

Did The US SEC Just Endorse Ethereum After This Settlement?

On May 30, the United States Securities and Exchange Commission (SEC) announced that Ishan Wahi, the former Coinbase product manager, and his brother, Nikhil Wahi, had agreed to settle charges brought forth by the regulator accusing them of engaging in an insider trading scheme.

SEC Settlement With Former Coinbase Product Manager

In this way, the two defendants also agreed that their actions violated Section 10(b) of the Securities Exchange Act. 

Accordingly, Ishan has been sentenced to two years in prison, while his brother, Nikhil, will serve ten months behind bars.

In a statement, the SEC also said the former Coinbase product manager forfeited 10.97 ETH and 9,440 USDT. On the other hand, Nikhil has submitted to the state 892,500 USDT. 

This is part of the settlement and forfeiture of securities the SEC said were ill-gotten.

The case was settled roughly a year after the SEC filed the suit at the District Court for the Western District of Washington, accusing the former Coinbase product manager of using confidential information to benefit from trading crypto assets, most of which, the regulator claims, were securities.

According to the Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, their actions amounted to insider trading. Grewal stated:

While the technologies at issue, in this case, may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple.

How Will The SEC Handle Ethereum?

While the SEC succeeded, questions are being asked about how the regulator will allow the forfeiture of those digital assets, including Ethereum, in a way that the regulator considers legal and lawful. 

Though there is an argument that all assets received from the two brothers will be forfeited to the Department of Justice (DoJ), some maintain that the SEC must first confirm receipt.

Recently, Gary Gensler, the chairman of the SEC, failed to clarify whether Ethereum, like Bitcoin, is a commodity that should be treated as a property and its capital gains tax.

While in front of the House Financial Services Committee, Gensler repeatedly said the agency was learning more about Ethereum. 

This didn’t help ETH since a clear endorsement from the SEC, the principal regulator, could lead to regulatory clarity, possibly driving prices and on-chain activity.

Ethereum Price On May 31| Source: ETHUSDT On Binance, TradingView

SEC’s position differs from the Commodity Futures Trading Commission (CFTC), which classifies Bitcoin, Ethereum, and Litecoin as commodities, not securities.

Still, a statement from the SEC declaring ETH a commodity is much awaited by the community and could help prices. In late 2020, the SEC sued payment company Ripple and its executives, claiming XRP is an unregistered security. A ruling on this case is expected in the coming few months.


Source: News BTC
Original Post: Did The US SEC Just Endorse Ethereum After This Settlement?

Pixel Penguins, an NFT Charity Scam, Shows Dangers Of NFT Influencer Culture

Behind every PFP with thousands of followers on Twitter is a person. And in Web3, it’s not always best to trust one person’s word on whether or not to mint into an NFT collection.
Source: Coindesk
Original Post: Pixel Penguins, an NFT Charity Scam, Shows Dangers Of NFT Influencer Culture

Payments Giant PayPal Invests in New Crypto Wallet Software in Push for Web3 Adoption

Payments giant PayPal is investing millions into San Francisco-based crypto wallet company Magic in its latest venture into the digital assets space.

According to Magic’s press release, the wallet-as-a-service (WaaS) provider raised $52 million in a strategic funding round led by PayPal Ventures.

Says Alan Du, a PayPal Ventures partner,

“Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a safe and simple solution. Magic’s wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to Web3. We’re proud to be investing in Magic and believe the company will help drive the growing number of Web3 use-cases amongst global brands.”

The funding round also saw investment from Cherubic, Synchrony, KX, Northzone, and Volt Capital, bringing the total amount Magic raised to $80 million, according to the release.

Magic, a 2018 tech startup, provides non-custodial crypto wallet infrastructure for companies that wish to give their customers an easy and secure Web3 experience.

The company uses a unique software development kit (SDK) that is implemented to allow customers to instantly create wallets using their existing email, social media accounts or SMS. To date, Magic has created more than 20 million unique wallets, according to the release.

Magic’s current customers include a number of well-known brand companies including Mattel, Macy’s, Xsolla and Immutable.

Magic’s co-founder Sean Li says the funding will enable the company to expand its presence to the European Union (EU) and Asia-Pacific (APAC) region.

Says Li,

“With this new funding, we’re focused on expanding functionality and enabling growing use cases to continue delivering more value to our customers. We are also looking forward to making a deeper integration within the EU and APAC.”

Paypal’s recent filing with the U.S. Securities and Exchange Commission (SEC) shows the company held about $604 million worth of digital assets, including $291 million worth of Bitcoin (BTC) and $250 million worth of Ethereum (ETH), in Q4 2022.

Last December they also announced a partnership with crypto firm ConsenSys to integrate PayPal into MetaMask, one of the most popular crypto wallets in the world.

In April, Venmo, which PayPal owns, announced plans to allow its over 70 million users to transfer crypto to other Venmo users as well as relocate digital assets to external wallets and exchanges.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

The post Payments Giant PayPal Invests in New Crypto Wallet Software in Push for Web3 Adoption appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Payments Giant PayPal Invests in New Crypto Wallet Software in Push for Web3 Adoption

Gate.io denies liquidity problems after Multichain CEO goes missing

Some Twitter users posted transactions showing large inflows of MULTI and FTM to Gate.io, leading them to perceive a connection between the two organizations.


Source: Cointelegraph.com
Original Post: Gate.io denies liquidity problems after Multichain CEO goes missing

Bybit Pulls Out of Canada Amid New Crypto Regulations 

Popular cryptocurrency exchange Bybit announced it will be exiting the Canadian market, citing recent regulatory developments in the country as the reason behind its decision. The move follows similar decisions made by other exchanges that ceased operations in the North American nation.

Starting May 31, new account openings will be unavailable, while existing customers will have until July 31 to make further deposits and enter into new contracts. The company also promised that old users would be able to withdraw or reduce their positions after the closing date.

A Difficult But Necessary Decision

Bybit’s decision to leave Canada comes after the Canadian Securities Administrators (CSA) issued new guidance for crypto entities, which forces digital asset trading platforms to obtain approval from the CSA. The new regulations include passing various due diligence checks.

“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” Bybit said in a statement.

The current regulatory environment in Canada has become increasingly challenging for some crypto exchanges to navigate, causing several high-profile exits, including Binance and others who have also pulled out of the country.

Not All Exchanges Are Leaving

In contrast, Coinbase, the largest crypto exchange in the U.S., is expanding in Canada. In March, the company hired over 200 engineers in the country to support its global product portfolio. The exchange also stated that its global leadership team would frequently engage with regulators, partners, and the community in Canada to better understand the market and its unique needs.

The diverging strategies of crypto exchanges toward the Canadian market reflect the uncertainty surrounding the regulatory regime in the country. Bybit’s exit, along with the withdrawal of Binance, signals a setback for the Canadian crypto industry.

However, Coinbase’s expansion highlights the confidence of some firms in the Canadian market, despite regulatory challenges. Bybit becomes the latest cryptocurrency exchange to pull out of the Canadian market.

The post Bybit Pulls Out of Canada Amid New Crypto Regulations  appeared first on CryptoPotato.


Source: CryptoPotato
Original Post: Bybit Pulls Out of Canada Amid New Crypto Regulations 

Binance responds to layoff rumors, denies 20% staff cut

Binance, the world's largest crypto exchange by market capitalization, responded to rumors about the company cutting its staff by 20%.
Source: BTCManager.com
Original Post: Binance responds to layoff rumors, denies 20% staff cut

Ethereum bulls rejected from $1915 again as…

Ethereum bulls rejected from $1915 again as...On-chain metrics showed investors accumulated Ethereum since March, but the price action indicated that the market was yet to accept prices above the $1900 mark.
Source: AMBcrypto
Original Post: Ethereum bulls rejected from 15 again as…

XRP Breaks 2-Year Trendline: Is A 500x Surge On The Horizon?

XRP, one of the top cryptocurrencies by market capitalization, has been bullish since May 26th, outperforming most of the top 10 cryptocurrencies. This surge in price comes as investors have high expectations for the outcome of the ongoing SEC vs. Ripple Labs case.

XRP Shatters 2-Year Trendline

The recent uptrend in XRP is particularly significant as the cryptocurrency has just broken through a two-year trendline, a key technical indicator for traders and investors, according to the trader Jaydee.

XRP

Per the analysis of Jaydee, In 2017, XRP experienced a significant breakout when it surpassed a two-year trendline. This breakout led to a massive increase in value for the cryptocurrency, with XRP seeing a surge of 504x over just one year. This means that if an investor had purchased XRP at the start of 2017, they would have seen a return on investment of more than 50,000% by the end of the year.

If XRP were to experience a similar surge in value today, with the cryptocurrency currently trading at $0.5116, it could reach a value of $258 by 2024. However, it’s important to note that predicting future price movements in cryptocurrency markets is highly challenging, and many factors could impact the value of XRP.

For example, the ongoing SEC vs. Ripple Labs case could significantly impact the token’s future price movements. If the case is resolved in Ripple Labs’ favor, it could lead to increased adoption and investment in XRP. On the other hand, if the case is decided against Ripple Labs, it could lead to a decrease in demand for the cryptocurrency and a drop in its value.

However, Jaydee believes that the cryptocurrency will not experience a surge of 504x shortly. According to the analyst, XRP’s market cap is too high to support such a significant increase in value. The token has a market cap of over $26 billion, making it the sixth-largest cryptocurrency by market capitalization. 

Despite these uncertainties, many investors remain bullish on XRP’s prospects. The cryptocurrency has already seen significant adoption within the financial industry, with many major banks and payment processors using XRP for cross-border transactions. 

Key Indicators Point To Significant Growth Potential

According to the Average Sentiment Oscillator (ASO), the current set-up for XRP is highly bullish, with several key indicators pointing toward a strong upward trend in price. One key factor contributing to this bullish sentiment is the high volatility of XRP’s market depth, indicating significant interest and demand for the cryptocurrency. 

Additionally, the current trend’s strength is strong, with a bullish cross indicating that XRP is likely to continue its upward trajectory, per a recent analysis by Egrag Crypto. While XRP has been ascending in the price for almost four months, there is still a major resistance level known by Egrag as the ‘Final Wake Up Line’ that XRP has yet to break through.

XRP

However, even if the token experiences a minor correction after a 20% pump, there are still possible support levels at $0.4810 and $0.4277 that could prevent a significant drop in value, according to Egrag Crypto’s latest analysis. 

If XRP does dip below these support levels, it is considered normal and not necessarily a cause for concern as long as it respects its below lines as strong support in the near term. This support box could act as a key area of stability for XRP, allowing it to continue its upward trend in price.

XRP

Featured image from iStock, chart from TradingView.com 


Source: News BTC
Original Post: XRP Breaks 2-Year Trendline: Is A 500x Surge On The Horizon?

SBF wants to subpoena documents from old FTX/Alameda law firm to use in his defense

The prosecution and FTX debtors already have access to the documents, which concern 11 topics and may contain material favorable to SBF.


Source: Cointelegraph.com
Original Post: SBF wants to subpoena documents from old FTX/Alameda law firm to use in his defense

CRAZY Polygon MATIC WIN! Coinbase WARNING | MAJOR Ripple & Injective Crypto News

Source: YouTube: Altcoin Buzz
Original Post: CRAZY Polygon MATIC WIN! Coinbase WARNING | MAJOR Ripple & Injective Crypto News

Microsoft’s CSO says AI will help humans flourish, cosigns doomsday letter anyway

Eric Horvitz penned a blog post lauding the transformative nature of AI on the same day he cosigned a document warning it could threaten humanity’s very existence.


Source: Cointelegraph.com
Original Post: Microsoft’s CSO says AI will help humans flourish, cosigns doomsday letter anyway

Jimbos Protocol to Work With U.S. Homeland Security to Help Recover $7.5M From Flash Loan Exploit

The team is opening more cases in other jurisdictions and offering a roughly $800,000 bounty to the general public for information on the exploiter.
Source: Coindesk
Original Post: Jimbos Protocol to Work With U.S. Homeland Security to Help Recover .5M From Flash Loan Exploit

Pepecoin (PEPE) price action points to a potential 70% drop

A bearish chart pattern suggests that PEPE could shave off another 70% in value, especially if the wider market continues to trend down.


Source: Cointelegraph.com
Original Post: Pepecoin (PEPE) price action points to a potential 70% drop

Avalanche Bridge To Ethereum Records A 70% Drop In Value Transfer, Concern For AVAX Price?

The amount of funds flowing through the Avalanche Bridge is down 70% in the last 24 hours, DeFiLlama data on May 31 shows.

70% Drop In Activity In The Avalanche Bridge To Ethereum

Over the past day, the bridge has facilitated $2,634,828 worth of transactions and processed $22.4 million in transfers in the last week.

The bridge has processed 278 transactions in the past day, totaling around $2.6 million. It shows a sharp decrease in activity between Ethereum and Avalanche, among the world’s largest smart contract platforms.

The Avalanche Bridge connects the Avalanche’s C-Chain, one of the three interoperable blockchains defining the low-finality platform, with Ethereum. 

Since C-Chain is compatible with the Ethereum Virtual Machine (EVM), assets can be smoothly transferred from Avalanche to Ethereum and vice versa. 

The compatibility with the EVM coupled with the decentralization of the bridge means users can move funds between the two blockchains securely. 

Avalanche, unlike Ethereum, is explicitly designed for decentralized finance (DeFi) dApps. It boasts high processing speeds, relatively low fees, and is decentralized. However, it lags Ethereum in activity, judging from the total value locked (TVL). 

According to DeFiLlama data, over $26.5 billion of the approximately $48 billion of all DeFi TVL is managed by dapps on Ethereum.

More Assets Moved Between Avalanche And Bitcoin

Notably, while there is a worrying contraction in the number of transactions and value between Avalanche and Ethereum, the Avalanche Core Bitcoin Bridge is booming

On May 31, there was a significant increase in transfers and value, with a spike of 2,726%. Within 24 hours, assets worth over $6.5 million were transferred through the bridge. This is roughly half the average weekly transfers which stand at $13.81. 

Bitcoin transferred to the Avalanche C-Chain from the Bitcoin network is tokenized and is compliant with the ERC-20 standard. In that case, it can be moved to Ethereum and used to participate in DeFi.

Scanning the activities stemming from Avalanche to Bitcoin and Ethereum, the disparity could suggest that more users are moving their assets to and from Bitcoin. 

However, no direct fundamental event could explain why more users are bridging tokens from Bitcoin and cutting down engagement with Ethereum.

In the last 24 hours, Bitcoin, Ethereum, and Avalanche prices have been under pressure, falling from recent highs. To illustrate, AVAX is down 6% from May 28 highs, extending losses from mid-April. AVAX is down 35% in the last six weeks and retesting March 2023 lows. 

AVAX Price On May 31| Source: AVAXUSDT on Binance, TradingView

AVAX may slip below a critical multi-week support level if sellers double down. In that case, it could drop to December 2022 lows at around $10.


Source: News BTC
Original Post: Avalanche Bridge To Ethereum Records A 70% Drop In Value Transfer, Concern For AVAX Price?

AI and Bitcoin: This what the future holds for BTC

The AI craze is just beginning and adoption is about to go parabolic. This warrants a look at how Bitcoin might benefit the adoption of AI.
Source: AMBcrypto
Original Post: AI and Bitcoin: This what the future holds for BTC

Sen. Elizabeth Warren points to crypto payments as facilitating fentanyl trade in China

“The number of crypto transactions associated with Chinese fentanyl brokers increased by 450% just last year alone," said the Massachusetts senator, citing an Elliptic report.


Source: Cointelegraph.com
Original Post: Sen. Elizabeth Warren points to crypto payments as facilitating fentanyl trade in China