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Crypto Biz: Crypto was in full swing at Collision Conference, June 17-23

Crypto Biz: Crypto was in full swing at Collision Conference, June 17-23 thumbnail
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For all of the gloom and doom within the cryptocurrency market as of late, our trade continues to make inroads into mainstream tech. This week, I had the pleasure of attending the sold-out Collision Conference in Toronto, and crypto was featured prominently. During the occasion, I obtained to average three panels, together with two that had been crypto-focused. The proven fact that the largest tech convention in North America is letting me speak cryptocurrency after a six-month massacre proves there’s extra to the trade than simply value. And, I’m not saying the value isn’t vital — however context is every part.

My Collision panel on decentralized social media included Stani Kulechov, founder and CEO of Aave and Lens Protocol. 

This week’s Crypto Biz provides you a style of Collision Conference 2022 and in addition attracts your consideration to the most recent funding and enterprise information from the world of blockchain.

Institutions are exploring the area — KPMG Canada crypto crew

During Collision, I sat down with KPMG Canada’s crypto crew to speak concerning the agency’s current foray into digital belongings. If you recall, I obtained actually excited in February when the KPMG Canada introduced it had added Bitcoin (BTC) and Ether (ETH) to its company treasury. The agency’s resolution to undertake digital belongings didn’t come on a whim — it was directed by an inner governance council that did its due diligence earlier than recommending crypto treasuries. The Canadian arm of the Big Four accounting agency stays bullish regardless of current market turmoil.

Voyager enters into $500M mortgage settlement with Alameda amid 3AC publicity

I reported final week that crypto-focused hedge fund Three Arrows Capital (3AC) was inching nearer to insolvency after a collection of leveraged bets turned bitter. We knew there can be contagion threat — we simply didn’t understand how a lot. Well, this week, buying and selling platform Voyager Digital took out a mortgage from Alamada Research to cowl losses tied to its publicity to 3AC. Specifically, Voyager borrowed 15,000 BTC from Alameda, which is roughly equal to the 15,250 BTC owed to it by 3AC. Voyager has requested that 3AC repay its excellent money owed by Monday, or else it’ll pursue authorized motion.

Crypto brokerage FalconX raises $150M at $8B valuation

Crypto has gifted us with numerous nasty headlines over the previous six months. But, throughout that point, billions of {dollars} in enterprise capital had been pouring into the trade. This week, crypto brokerage FalconX introduced it had raised $150 million at a valuation of $8 billion in a Series D spherical that was led by Singapore sovereign wealth fund GIC. The firm’s valuation has mainly doubled from August when it concluded its Series C funding spherical. As is all the time the case, when everybody appears to be panicking, good cash buyers are busy accumulating.

Meta set to start testing NFTs on Instagram Stories with Spark AR

Zuckerberg’s Meta, which is the dad or mum firm of Facebook and Instagram, introduced that it’ll start testing nonfungible tokens (NFTs) on Instagram Stories utilizing Spark AR Studio. “We’re increasing our take a look at so extra creators world wide can show their NFTs on Instagram,” the CEO stated. “Creators and collectors will be capable of share their digital collectibles throughout Facebook and Instagram after we start rolling out the function on Facebook with choose US creators at a later date.” Social media is about to bear a significant transformation. We’ll see whether or not Zuckerberg’s firm will keep its dominance throughout the transition to Web3 and the Metaverse.

Before you go! Is Bitcoin prepared for a recession?

I wasn’t in a position to attend this week’s Market Report, however my colleagues Benton Yuan, Marcel Pechman and Yashu Gola had been in a position to keep it up with out me. In addition to supplying you with the most recent buying and selling insights, they mentioned Bitcoin’s prospects within the occasion of a worldwide recession. You can watch the complete replay beneath.

Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.

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