Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Circle terminates SPAC deal 🛑
The issuer of USDC and EURC has backed out of its deal with Concord Acquisition Corp for its potential Special Purpose Acquisition Company (SPAC) or IPO listing.
Looks like the Circle SPAC/IPO fell through. I am wondering what happened there. Too much burden (financial and disclosure) in the public markets? Unfavorable regulatory environment in the U.S.? Something else? Source: https://t.co/jAQxYL1nSN pic.twitter.com/j10zAnemT4
— Gabor Gurbacs (@gaborgurbacs) December 5, 2022
USDC was previously touted as the killer of USDT, but that has dwindled ever since Binance merged USDC balances with BUSD, and the stablecoin is under a lot of regulatory scrutiny after Terra’s collapse.
The crypto winter has been hitting companies hard, and only the most resilient should survive.
The crypto layoffs continue 😔
Multiple crypto companies have been laying off staff amidst these uncertain times.
Bybit announced its second round of layoffs this year,
1) Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.
— Ben Zhou (@benbybit) December 4, 2022
while Swyftx cut around 90 jobs too.
#Bybit, #Swyftx join #layoff spree following #FTX collapse
— CryptoSlate (@CryptoSlate) December 5, 2022
Anticipation of continued decline in global #crypto trading volumes forces Bybit and Swyftx to layoff employees.
via @theChriscenhttps://t.co/freStRNfE4
Amber Group, a digital asset management company, also started laying off staff, even after they stated that they do not have any exposure to Alameda Research.
Scoop: Amber Group pauses $100M funding round as it continues layoffs amid FTX turmoil:https://t.co/NaRBVRDbM8
— Hannah Miller (@hgmiller29) December 7, 2022
Amber Group was to raise funds in another round, but the plans have been halted as well.
You can find out exactly what happened to FTX in our breakdown here.
Avalanche 🤝 Alibaba Cloud ☁️
In more positive news, Avalanche has secured a major partnership with Alibaba Cloud.
APAC's largest cloud service provider, Alibaba Cloud, has expanded support for #Avalanche!
— Avalanche 🔺 (@avalancheavax) December 2, 2022
This integration enables developers to easily launch their own validator nodes, with access to @alibaba_cloud's plug-and-play infrastructure and suite of products.https://t.co/MlXTOYuJgG
Avalanche developers can use Alibaba Cloud’s infrastructure to launch a new validator node on the blockchain.
There seems to be a huge interest by cloud software companies to enter the crypto space, with Google Cloud previously announcing its plans to run nodes for Ethereum and Solana.
Chainlink staking goes live 💰
Staking LINK is now possible, where users can “lock up the token in Chainlink’s smart contracts to back performance guarantees for the protocol’s oracle services”.
#Chainlink Staking v0.1 Early Access is now live on Ethereum mainnet!
— Chainlink (@chainlink) December 6, 2022
The initial 25M staking pool is available for early access, so stake your LINK today to secure your spot and earn rewards for securing the Chainlink Network & larger #Web3 ecosystem👇https://t.co/Ee65mcHHPX
The very first staking pool is used to secure the ETH/USD data feed, and the system will flag the network if this feed does not meet performance requirements.
Staking has become synonymous with passive income in the crypto world, and you can learn more about what it actually means here.
What’s more, Krystal provides the easiest way to earn passive income on your funds across 7 different networks.
We offer both liquid staking and DeFi lending services, connect your wallet on our platform to find out more!
Unstaking ETH is coming soon 🚀
The Ethereum Merge was one of the biggest events in 2022, where Ethereum transitioned from Proof of Work to Proof of Stake.
Currently, it is not possible for Ethereum stakers to withdraw their staked ETH that are earning rewards.
This feature is set to be ready when Ethereum completes the Shanghai upgrade, in particular EIP-4895 which allows Beacon Chain withdrawals.
This is slated to happen in March 2023, which is much earlier than previously expected.
JUST IN: Anyone who has staked ETH locked up in the #Ethereum Beacon Chain smart contract could be able to withdraw funds as soon as March 2023, if development of Shanghai upgrade goes according to plan.https://t.co/Qy4i5z45jk
— CoinDesk (@CoinDesk) December 8, 2022
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