In an effort to maintain liquidity, Digital Currency Group stops paying dividends

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Deal Box opens a $125 million venture fund for blockchain and Web 3

A new $125 million venture capital arm of Deal Box, a U.S.-based platform for token offerings and capital markets advice, has been formed with a focus on blockchain and Web 3.0 startups, according to a press statement released on January 18. Deal Box Ventures, the fund’s name, will make investments in businesses that fall under the categories of emergent growth, real estate, fintech, and social impact. Deal Box’s founder and chairman, Thomas Carter, commented on the current development:

Deal Box Ventures is an important milestone in our journey to invest in the most promising and disruptive blockchain startups, providing them with the tools and funding ecosystem they need to be successful by simplifying and reimagining traditional financing models.”

Deal Box has finished purchasing shares in Total Network Services, Rypplzz, and Forward-Edge AI as part of its inaugural Web 3.0 investments. Blockchain is used by Rypplzz to link digital and real-world items for location-based experiences. While Total Network Services claims to have developed a blockchain UCID (Universal Communication Identifier) to enhance supply chain security, Forward-Edge AI asserts that it utilizes the technology to try to better the human condition.

WEF releases a new comprehensive guide to DAOs to address concerns and promote growth

A “toolkit” for decentralized autonomous organizations (DAOs) was launched by the World Economic Forum (WEF) on January 17. To give DAOs “a starting point to develop effective operational, governance, and legal strategies,” more than 100 professionals contributed to the paper.

The 37-page “toolkit” is primarily an explanation with concise yet comprehensive sections on DAOs and related subjects. The toolkit was defined as “a set of adaptable resources for key stakeholder to help realize the full potential of this emerging form.

According to the paper, DAOs have “the potential to address many of the shortcomings of the traditional firm while also realizing more equitable governance and operations.”

Due to a trading collapse, Coinbase suspends operations in Japan

On January 18, Coinbase formally announced that the company would suspend operations in Japan and perform a thorough evaluation of its operations there due to market dynamics.

Customers of Coinbase Japan will have until February 16 to remove their fiat and cryptocurrency assets from the marketplace. The leftover crypto assets that users of Coinbase Japan had after February 17 will be converted to Japanese yen. Deposits made in fiat money won’t be accepted after January 20.

The company stated that customers might transfer their assets to Coinbase Wallet, a self-custodial wallet, or any other virtual asset service provider. Additionally, clients can sell their holdings and withdraw money to a local bank account.

Assuring clients that all users can withdraw their money as soon as possible, Coinbase emphasized its commitment to making the service termination as seamless as possible.

In an effort to maintain liquidity, Digital Currency Group stops paying dividends

The company is committed to “strengthening our balance sheet by reducing operating expenses and preserving liquidity,” according to the letter to shareholders published on January 17. In addition, DCG stated that it was also considering selling a few of its portfolio holdings.

Its financial problems stem from those of a subsidiary, cryptocurrency broker Genesis Global Trading, which is said to owe creditors more than $3 billion.

Customers cannot withdraw money from Genesis after it stopped allowing withdrawals on November 16. As a result, Cameron Winklevoss, on behalf of his exchange Gemini and its users who have money on Genesis, requested in an open letter to DCG’s board that Barry Silbert be fired as the company’s CEO on January 10.

Winklevoss claims that Genesis owes Gemini $900 million for money leased to Genesis through Gemini’s Earn program, allowing clients to earn up to a 7.4% annual rate. Additionally, Silbert refuted Winklevoss’ assertion that DCG owed Genesis $1.675 billion.

The United States Securities and Exchange Commission (SEC) added fuel to the fire shortly after Winklevoss’s letter by accusing both companies of selling unregistered securities through the Earn program on January 12.

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Top Crypto Meme of the Week


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January 20, 2023

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