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***📣*** **MoonPay’s Soto-Wright wants web3 to ‘permeate culture’ — at a challenging time

📣 **MoonPay’s Soto-Wright wants web3 to ‘permeate culture’ — at a challenging time

MoonPay** has rolled out several new NFT-focused infrastructure tools over the past year, targeting celebrities and big brands. CEO Ivan Soto-Wright thinks big brands’ demand for web3 is undimmed, even after a series of disasters in the wider crypto space.

Soto-Wright is one of web3’s busiest executives. While running a $3.4 billion company, he finds ample time to schmooze musicians and television stars, largely thanks to his efforts to broker NFTs to the rich and famous. Lil Baby, the rapper, gave MoonPay a shout-out in a song released in October — “Invest a lil’ somethin’ into MoonPay just to try somethin’” — after spending time with Soto-Wright. Few Series A founders live in $38 million Miami mansions. Soto-Wright does.

Source@TradeCryptoNow

***🇮🇳*** **Indian Crypto Association Seeks Relief from High Taxes

🇮🇳 **Indian Crypto Association Seeks Relief from High Taxes

A** prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24.

The Finance Ministry introduced a 30% capital gains tax and 1% transaction tax deduction at source (TDS) in the budget for 2022-23. It also clarified that profits made on crypto transactions will not be allowed to be carried forward and offset against losses. These harsh moves hurt the crypto trade badly, and Indian crypto exchanges witnessed a fall in trading volume in the range of 90%.

Source@TradeCryptoNow

***💰*** **Celsius clients with collateral stuck on failed crypto platform turn to bankruptcy process for relief

💰 **Celsius clients with collateral stuck on failed crypto platform turn to bankruptcy process for relief

After** crypto lending platform Celsius paused withdrawals in June and then went bankrupt, borrowers have been unable to get their collateral off the platform. A former director at Celsius told CNBC that the company’s failure to match its assets and liabilities contributed.

Alan Knitowski holds an MBA, has worked in technology and finance for over 25 years and is CEO of a mobile software company that trades on the Nasdaq. That didn’t prevent him from getting duped by a crypto firm. Knitowski borrowed $375,000 from crypto lender Celsius over several years and posted $1.5 million in bitcoin as collateral.

Source@TradeCryptoNow

***🏦*** **Kraken to layoff 1,100 people to ‘adapt to current market conditions’

🏦 **Kraken to layoff 1,100 people to ‘adapt to current market conditions’

U**.S.-based crypto exchange Kraken has announced laying off 1,100 staff members, equating to 30% of its workforce, as a response to weathering crypto winter. with Powell saying the company will assist in finding new work opportunities for those impacted.

Powell said Kraken had tripled its workforce over the past few years to cope with rising demand. The reduction in headcount reverts numbers back to a year ago. Departing staff will “receive comprehensive support,” including 16 weeks of separation pay, performance bonuses for eligible individuals, four months of healthcare, and support with visa issues and work placement opportunities.

Source@TradeCryptoNow

***📣*** **BitDAO launches modular Ethereum Layer 2 network Mantle

📣 **BitDAO launches modular Ethereum Layer 2 network Mantle

BitDAO**, a decentralized autonomous organization with a treasury worth over $1.7 billion, has launched an Ethereum Layer 2 network called Mantle, the DAO announced on Wednesday. This type of design is said to create networks that are more efficient and have greater scalability.

BitDAO’s Layer 2 network stack has three distinct layers, according to the announcement. One layer is for transaction execution while the other two handle transaction finality and data availability, respectively. Mantle is BitDAO’s attempt to solve some of the challenges facing Layer 2 networks, a spokesperson for the DAO told The Block. “BitDAO aims to bring the spotlight back from Alt-L1s.

Source @TradeCryptoNow

***🇪🇺*** **Fintech Plum rolls out crypto investing to customers in Europe

🇪🇺 **Fintech Plum rolls out crypto investing to customers in Europe

European** fintech platform Plum is rolling out crypto investing services to customers in France, Belgium, Spain and Ireland. Customers will be able to buy fractional shares in five of the leading cryptocurrencies.

Plum will provide the service through a partnership with crypto unicorn Bitpanda, according to a release from Plum. The app will integrate Bitpanda's API tools to enable customers to access Bitpanda's crypto services through Plum's user interface. All investments are physically backed and kept in cold storage, according to the release.

Source@TradeCryptoNow

***🚨*** **LINE’s Crypto Exchange Bitfront to Shut Down Amid Bear Market

🚨 **LINE’s Crypto Exchange Bitfront to Shut Down Amid Bear Market

Bitfront** will halt trading services by December 30, 2022, while clients have until March 31, 2023, to withdraw their funds. Bitfront – a cryptocurrency platform operated by internet company LINE Corporation – announced it will cease its services as of March 31, 2023.

The US-based exchange Bitfront informed its customers they should withdraw their assets by the end of March 2023 as it will halt all services and delete their information after that date. The notorious crash of FTX is a prime example of an industry participant that triggered a wave of criticism. It filed for a voluntary Chapter 11 Bankruptcy at the beginning of November after failing to honor customer withdrawals and revealing severe liquidity issues.

Source@TradeCryptoNow

***📶*** **Ethereum’s Shanghai upgrade confirms 1st testnet “Shandong”

📶 **Ethereum’s Shanghai upgrade confirms 1st testnet “Shandong”

2022** will certainly be considered a major year for several platforms. For FTX, Terra, and other troubled platforms, it certainly wasn’t a pleasant year. But, for the Ethereum [ETH] network, with its transition from proof-of-work [PoW] to proof-of-stake [PoS].

Now, once again, the network was back making headlines. During a recent weekly call, developers at the Ethereum Foundation shed light on the Shanghai update. This is expected to be the next major upgrade following the Merge. The Shanghai update is scheduled to take place in the second half of 2023.

Source@TradeCryptoNow

***💰*** **Crypto Lending Still Popular as Biggest Lender in Asia Aims to Raise $100 Million

💰 **Crypto Lending Still Popular as Biggest Lender in Asia Aims to Raise $100 Million

The** biggest crypto lender in Asia- Matrixport, aims to raise funding of $100 million amidst the recent FTX turmoil. The recent FTX contagion has put other lending protocols, such as Genesis, BlockFi, and Gemini earn, into trouble. The news about the new funding round when the crypto lending platforms are struggling has surprised everyone.

Matrixport is a Singapore-based startup founded by Jihan Wu. Earlier, Jihan Wu also co-founded Bitmain, a company that designs integrated circuit chips for Bitcoin mining. He left Bitmain in 2019 to start Matrixport. According to a Bloomberg report, the crypto lending company handles $5 billion of monthly trading volume and has over $10 billion of assets under management. Matrixport raised over $100 million in a Series C funding round in Aug. 2021.

Source@TradeCryptoNow

***💰*** **DEX aggregator 1inch to protect MetaMask users from frontrunning

💰 **DEX aggregator 1inch to protect MetaMask users from frontrunning

Decentralized** exchange aggregator 1inch is introducing a feature called RabbitHole that's designed to prevent MetaMask users from getting hit by a certain form of frontrunning.

The issue at hand is sandwich attacks. This is where a trader frontruns a large buy order by buying the token first, pushing up the price. Once the buy order goes through, the token's price rises higher, at which point the trader sells at the higher price (or vice versa for the whole maneuver). It results in the victim seeing the trade executed at a worse price.

Source@TradeCryptoNow