The R Roundup: CZ & Binance At The Grammy Awards!— Issue #30
The branding of Web 3.0 has begun to make its way into household conversations through the prolific attempt from crypto businesses to integrate with mainstream platforms.
Last week Thursday we saw the popular crypto exchange Binance announce its partnership with the Recording Academy which is the company behind the Grammy Awards. Binance has been touted as innovative leaders in the space and the partnership is intended to bring “web 3 solutions” to the Grammy’s community!
Many different institutions have considered the Web 3.0 economy as a new way to gain interaction with their audiences and this is no different as Recording Academy Co-President, Panos A. Panay, added that the organisation will explore new monetisation avenues with the expansion of Web 3.0 technology
Perhaps we might see CZ at the Grammy Awards after all…
EU Target Off-Exchange Wallets?🇪🇺
In last week's issue, we were discussing the u-turn the EU took on their PoW ban however, the EU’s tightening of crypto policy didn’t stop there with the approval of a provision to a bill addressing what the EU call “unhosted wallets”.
The amendment to the Transfer Of Funds Regulation has been said to require crypto exchanges to verify the owners of “unhosted” wallets that they transact with in advance.
There is no doubt that the acceleration of the EU’s response to crypto is evident and the lack of clarity casts a shadow on the future of the digital asset space. Whilst crypto servicers are not required to independently verify the identities of unhosted wallets themselves, there is still a consensus feeling that this would block transactions from exchanges to wallets where you have your own keys i.e Metamask.
Last week we made it clear that political debate can have many twists and turns and already we have seen that the EU has a cryptic way of communicating its feelings towards digital assets like cryptocurrencies which makes the process of understanding much harder. Keep your eyes peeled for how far this could meander before we conclude.
The Bridge That Collapsed 🌉
Exploits have become far less common in the recent crypto-economy however when they come, they come with devastating effects.
Earlier this week it was reported that Axie Infinity’s sidechain Ronin Network Bridge was on the receiving end of a devastating exploit resulting in an estimated $614 million USD worth of $ETH and $USDC tokens which were stolen in two transactions. Ronin Network only discovered this 6 days after the hack.
With the potential of this being the biggest hack in crypto, Ronin Network has confirmed that they are “working with law enforcement officials, forensic cryptographers and our investors to make sure all funds are recovered or reimbursed.”
Axie Infinity has received support from the likes of Huobi and CZ with Binance in order to maintain its reputation as a leader in the play-to-earn sector however there have been raised concerns due to the hacker was able to exploit private keys and forge withdrawals.
The efficiency of cyber attacks on this scale are highly sophisticated and often takes months of looking for loopholes in order for opportunists to act. Familiarise yourself with our cyber/crypto security article to maintain safety across your crypto journey👉 https://therussianroundup.medium.com/the-russian-roundup-presents-crypto-security-staying-safe-in-blockchain-bdb335ecd41c
Jacob & Co. Astronomia Metaverso 🪐
Metaverse fashion has been a growing trend and an interesting news story this week was the luxury watch brand Jacob & Co sharing their watch which is part of their “ground-breaking” NFT collection.
With intricate mechanisms to create luxury watches and with inspiration from the Metaverse the Jacob & Co. proposed NFT collection will include digital watches and physical watches.
UNXD which is an NFT marketplace intended to highlight luxury and culture have partnered with Jacob & Co. to create a solar system inspired collection which will be sold on UNXD.
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As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached with trading. At no point should this be regarded as financial advice
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