“VC funding has been shifting away from centralized crypto services such as lenders and exchanges, while companies involved with expanding Web 3 have seen an increase in investment. During the third quarter of 2022, VCs invested an estimated $1.5 billion into Web3-based companies.
Web 3 is one area that investors have deployed a lot more money over the last six months.
By the second half of next year, the firm said in its report it expects to see an increase in disclosures from crypto platforms, as well as the possibility of regulatory clarity, which could ultimately give crypto investors “a little more confidence.”
According to PitchBook’s latest report on third-quarter emerging technologies, by 2027 Web3-based content platforms will bring in an estimated $39 billion in revenue, versus the $3.4 billion in revenue that is expected to be earned by the end of 2022.”
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“Mazars, the auditing firm working with Binance and other crypto exchanges on proof-of-reserves statements, has paused all work for crypto clients. ‘Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin and Binance.’
Mazars said in an emailed statement that it had only paused its work for crypto firms relating to proof-of-reserves reports.
This is due to concerns regarding the way these reports are understood by the public. [The] proof-of reserve reports do not constitute either an assurance or an audit opinion on subject matter. Instead they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time.
The accounting firm performed a proof-of-reserves assessment of Binance earlier this month, finding its bitcoin reserves were overcollateralized. The link to the report on Mazars’ website no longer works. Crypto exchanges came under pressure to provide proof of reserves in the wake of the of collapse of FTX. Binance coin (BNB) fell after the announcement. It has lost about 5% in the past 24 hours.”
“The committee, which is the primary global standard setter for the prudential regulation of banks, suggested that a bank’s exposure to certain crypto assets must not exceed 2% and should generally be lower than 1%. These particular assets are tokenized traditional assets including non-fungible tokens, stablecoins and unbacked crypto assets that don’t meet classification conditions.
Meanwhile, those assets that do meet the criteria ‘are subject to capital requirements based on the risk weights of underlying exposures as set out in the existing Basel Framework.’
Today’s endorsement by the GHOS (Group of Central Bank Governors and Heads of Supervision) marks an important milestone in developing a global regulatory baseline for mitigating risks to banks from crypto assets.”
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“These units include LedgerX, which also did business as FTX US Derivatives, FTX Japan, FTX Europe and Embed Business. Most of these entities were acquired by FTX relatively recently, meaning they operated largely independently of their global parent.
FTX has already received “dozens of unsolicited” – more than 100 – bids for the companies, the filing said. If the sales are approved, interested parties could bid for the different units, the filing said, suggesting possible bid dates for the various entities ranging from February to March. Preliminary bid dates stretch from mid-January to early February.
FTX wants to sell these units quickly, the filing said. Many have had their operating licenses suspended since FTX itself filed for bankruptcy. Approving these sales would benefit FTX’s creditors, the filing said.”
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“According to data from OpenSea, at time of writing, the collection’s trading volume is 900 ETH, or about $1.08 million. Its floor price is about 0.19 ETH, or about $230 – more than double the original price of $99. Some tokens are selling for much higher prices. The one-of-ones, the rarest of the NFTs, which comprise 2.4% of the 45,000 unit collection (roughly 1,000), are selling for as much as 6 ETH.
According to data from Dune Analytics, nearly 13,000 users minted 3.5 tokens upon the release of the collection. Additionally, 115 customers purchased 45 NFTs, which is the minimum number of tokens that guarantees a ticket to a dinner with Trump; 17 people purchased 100 NFTs, which, according to the Trump Trading Card site, was the maximum quantity allowed to mint.”