Autor Cointelegraph By Sam Bourgi

UFC fighter will receive full salary in Bitcoin, shrugs off crypto market volatility

UFC fighter will receive full salary in Bitcoin, shrugs off crypto market volatility

Uverejnil používateľ | júl 19, 2022 |

Ultimate Fighting Championship (UFC) fighter Luana Pinheiro announced that she has partnered with Bitwage to receive her salary in Bitcoin (BTC). Pinheiro said she continues to receive fiat payments from her sponsors but converts them to BTC immediately through Bitwage. Pinheiro is currently ranked 15th in her UFC division and has won eight consecutive fights. The fighter says she chose to receive her salary in Bitcoin after her boyfriend and fellow mixed martial artist Matheus Nicolau encouraged her.Comparing Bitcoin to her fighting style, jiu-jitsu, Pinheiro highlighted that she prefers to get paid in BTC and that she does not care about the volatility of the cryptocurrency. According to her, volatility is the key factor that drives asset appreciation.“If it weren’t volatile, it wouldn’t go up either,” she said, further explaining: “Think about it: it takes an average of 10-15 years for an individual to obtain a black belt in Brazil in Jiu Jitsu, so my time preference here is just as long, if not longer. Everything else is just noise to me and the lower the price, the more Bitcoin I can secure for the future.”Related: Fight for Bitcoin: Brazilian UFC star to receive fight earnings in BTCThe Brazilian also revealed that, for her, Bitcoin works as a hedge against inflation, since over the years the purchasing power of fiat currencies has been deteriorating with inflation, while BTC, despite its corrective movements, continues in an uptrend.“Don’t forget I’m from Brazil, so I know a thing or two about inflation and its effects. I was born around 1994, around the time the Brazilian currency Real was introduced and pegged 1:1 to the U.S. dollar at the time. It is now 5 BRL for 1 USD. Bitcoin is for that, to protect against inflation,” she said.Related: Nifty News: UFC Strike marketplace, Horrific Crypt TV, and new travel NFTsIn addition to Nicolau and Pinheiro, professional soccer players Alex Barrett, Achara Ifunanyachi, and Alex Crognale also receive their income in Bitcoin.UFC has forged several partnerships with crypto companies. In April, UFC joined forces with crypto exchange Crypto.com, enabling fighters to receive their fan bonuses in BTC. The fan bonus is paid out by Crypto.com to the top three fighters of upcoming pay-per-view events. Separately, in June, UFC entered into a multi-year marketing partnership with blockchain logistics firm VeChain Foundation worth $100 million.

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Crypto Biz: 3AC’s founders are nowhere to be found

Crypto Biz: 3AC’s founders are nowhere to be found

Uverejnil používateľ | júl 15, 2022 |

In the world of crypto, there’s no such thing as “too big to fail.” Three Arrows Capital, once the most recognizable hedge fund in the industry, has essentially gone belly-up after its founders believed their own hype and decided to go full-degen mode during the worst macro climate of a generation. Since the proverbial shit hit the fan last month, founders Kyle Davies and Su Zhu have kept a very low profile. So low, in fact, that their whereabouts remain a mystery, according to court documents. This week’s Crypto Biz chronicles the latest developments surrounding Three Arrows Capital and explores Grayscale’s legal proceedings against the United States Securities and Exchange Commission (SEC). Liquidators can subpoena 3AC founders despite ‘tricky issues’ with crypto assetsWe may not know the whereabouts of Kyle Davies or Su Zhu, but that won’t stop liquidators from subpoenaing the founders of bankrupt Three Arrows Capital, also known as 3AC. Earlier this week, United States bankruptcy judge Martin Glenn issued an order giving 3AC liquidators permission to demand that the founders attend court. Apparently, Zhu and Davies haven’t been cooperating with their liquidators. Zhu broke his nearly one-month silence this week by alleging that the liquidators “baited” his firm. Whatever that means.Sadly, our good faith to cooperate with the Liquidators was met with baiting. Hope that they did exercise good faith wrt the StarkWare token warrants. pic.twitter.com/CF73xI8r6n— Zhu Su (@zhusu) July 12, 2022Grayscale legal officer says Bitcoin ETF litigation could take two yearsGrayscale’s quest for a Bitcoin (BTC) exchange-traded fund (ETF) could get more complicated as the asset manager embarks on suing the SEC for denying its latest application. Specifically, Grayscale is trying to convert its GBTC product into an ETF, but securities regulators won’t let them because of “concerns” about manipulation in the spot BTC market. Craig Salm, Grayscale’s chief legal officer, said the litigation process could take up to two years before a resolution is reached. Who knows, by that time, the SEC may decide to waive its magic wand and approve another spot Bitcoin ETF.Multicoin Capital raises $430M for new crypto startup fundCrypto venture funding has slowed in recent months, but that hasn’t stopped major firms from continuing to raise serious capital. Prominent investor Multicoin Capital announced this week that it has launched a massive $430 million fund to bootstrap crypto and blockchain startups. The firm’s new “Venture Fund III” will allocate between $500,000 and $25 million to early-stage companies, with an increasing focus on decentralized autonomous organizations, the creator economy and consumer-facing products. 2022 is shaping up to be the biggest funding year ever for crypto. Playboy to launch first ‘MetaMansion’ in The SandboxIconic lifestyle brand Playboy is entering the Metaverse — and doing it tastefully, too. The company behind your dad’s favorite raunchy magazine has launched its first MetaMansion in The Sandbox, giving users access to a virtual version of the Playboy mansion. If you decide to pay a visit to the virtual property, you’ll be able to attend a host of gaming and social events and possibly collect nonfungible tokens (NFTs) in the future. Apparently, the MetaMansion builds on Playboy’s Rabbitar NFT project, which is comprised of 11,953 tokenized bunny avatars. Anybunny home? We’re teaming up with none other than…. @playboy! ‍♀️Together, we will be creating a Playboy MetaMansion social game inside #TheSandbox with #NFT collectibles & special experiences for the Rabbitar @PlayboyNFTs community! pic.twitter.com/3l6Wq6ncvt— The Sandbox (@TheSandboxGame) July 11, 2022

Don’t miss it! Why are crypto platforms going bankrupt?The cryptocurrency market may never be the same after 2022 — and that could be a good thing or a bad thing. With companies like Voyager Digital, Three Arrows Capital and Celsius filing for bankruptcy, investors are worried about what comes next. Is your crypto safe being held on exchanges or lending platforms? In this week’s Market Report, I sat down with fellow analysts Jordan Finneseth, Marcel Pechman and Benton Yaun to discuss how the recent wave of bankruptcies will impact the market.[embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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OpenSea lays off 20% of its staff, citing ‘crypto winter’

OpenSea lays off 20% of its staff, citing ‘crypto winter’

Uverejnil používateľ | júl 14, 2022 |

Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history. Co-founder and CEO Devin Finzer took to Twitter Thursday afternoon to disclose that his company was laying off up to 20% of its staff. In a long message conveyed to employees, Finzer blamed “an unprecedented combination of crypto winter and broad macroeconomic instability” for the layoffs. Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022″[W]e need to prepare the company for the possibility of a prolonged downturn,” he said, adding:The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.The layoffs reflect the dire state of the crypto market, whose combined value has declined by more than two-thirds compared to last year’s peak. That OpenSea, the largest NFT market in the world by volume, was cutting jobs offers a stark realization that no company is safe from the downdraft of so-called crypto winter.Related: OpenSea announces new security features to protect users from NFT scamsMass layoffs at crypto companies have become the norm in recent months, with the likes of Gemini, Crypto.com, BlockFi and Coinbase cutting hundreds of jobs. According to one estimate, crypto companies shed 1,700 payrolls in June alone.That being said, not every company in the space is reducing staff; exchange giants Binance, Kraken and FTX have each reaffirmed plans to add more employees in the coming months.

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Circle discloses full breakdown of $55.7B USDC reserves

Circle discloses full breakdown of $55.7B USDC reserves

Uverejnil používateľ | júl 14, 2022 |

Circle Internet Financial has released a full breakdown of its USD Coin (USDC) holdings for the first time — a move designed to offer transparency and instill greater trust ain the stablecoin issuer. As of June 30, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held at regulated financial institutions in the country, the company disclosed Thursday. The weighted average maturity of its Treasury assets was 43.9 days. “The USDC reserve is held solely in cash and 3-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations,” Circle chief financial officer Jeremy Fox-Green wrote in an accompanying blog post.Circle continues enhancing our transparency and today we shared a detailed look at the assets backing the USDC reserve. https://t.co/1tuaFWZhIO— Circle (@circlepay) July 14, 2022Circle said the report is the first monthly breakdown of its stablecoin reserve assets and that it plans to eventually provide daily disclosure of its holdings, pending approval from its custodians. USDC has climbed the stablecoin rankings for much of 2022 thanks to the continued rise of decentralized finance and Circle’s ongoing commitment to regulatory clarity. According to ConsenSys, the stablecoin’s growth has been linked to a positive market perception that Circle and crypto exchange Coinbase will “issue USDC appropriately.” Related: BIS Committee and IOSCO issue guidance for regulation of stablecoin arrangementsCircle is expanding its stablecoin operations beyond the U.S. dollar, having only recently launched a fully-reserved euro token. As Cointelegraph reported, Euro Coin, also known as EUROC, will be fully backed by the common currency. Interestingly, the euro recently fell to parity against the U.S. dollar for the first time since 2002.

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Data transfer network Plaid integrates 4 major crypto exchanges

Data transfer network Plaid integrates 4 major crypto exchanges

Uverejnil používateľ | júl 14, 2022 |

United States data transfer network Plaid has added four major cryptocurrency exchanges to its platform, giving users the ability to connect their digital asset portfolios to other applications more easily. Crypto platforms Binance.US, Gemini, Robinhood and SoFi are now supported by the Plaid network, the company announced Thursday. Support for additional platforms, such as Blockchain.com and BitGo, is scheduled to commence later this year. We now support leading digital asset exchanges on the Plaid network, including @BinanceUS, @Gemini, @Robinhood & @SoFi with plans to support additional crypto providers like @Blockchain and @BitGo later this year. https://t.co/I1QlXmL8hQ— Plaid (@Plaid) July 14, 2022The integrations are intended to help crypto users “bridge data portability gaps” by allowing them to securely share their account information with other applications and services. Information such as assets held, balances and transactions can now be shared with other services to get a more comprehensive picture of one’s personal finances. Binance.US and Gemini are two of the most recognizable cryptocurrency platforms on the market and rank near the top of U.S. exchange volumes. Discount brokerage Robinhood began integrating crypto trading in early 2021 during the height of the bull market. SoFi, a California-based fintech firm, first launched zero-fee trading for Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) in 2019.Plaid currently has over 12,000 financial institutions in its network. An estimated 98 million people in the United States used Plaid’s services between 2013 and 2021. The company currently has a valuation of $13.4 billion. Related: Digital sovereignty: Reclaiming your private data in Web3In 2020, Plaid became a major acquisition target for Visa and was offered $5.3 billion in a buyout. Although the firms agreed on a merger, Visa later abandoned the acquisition amid pressures from the Department of Justice (DOJ). At the time, the DOJ’s antitrust division alleged that Visa’s acquisition plans represented an “anticompetitive merger.”

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