E-commerce and interactive platform builder LGND.io has announced a multi-year partnership with blockchain network developer Polygon and global entertainment company Warner Music Group to create a Web3 music platform called LGND Music. LGND Music, scheduled to launch in January 2023, is designed to be a music and collectibles platform that supports “digital collectibles from any blockchain in a proprietary player,” thereby making it possible for users to play their digital collectibles on the go. The partnership will allow select Warner Music Group artists to launch digital collectibles on both the app and desktop platforms. Creators will also be able to …

Digital entertainment, blockchain, and gamification company Animoca Brands has secured a majority stake in the Los Angeles-based music metaverse gaming platform Pixelynx. Animoca Brands expects its acquisition will expand on the integration between gaming and Web3 technologies and communities, the company announced on Dec. 6. The financing terms of the acquisition were not disclosed. Animoca implied that it would continue to invest in and acquire digital studios that would aid in its effort to integrate the music industry with Web3 — a broad umbrella term that refers to some future iteration of the internet powered by blockchain technology. Pixelynx already …

As crypto company valuations are affected by the recent FTX debacle, financial services firm Goldman Sachs is looking to swoop in and invest millions to purchase or invest in crypto firms while the prices are low. In an interview with mainstream media outlet Reuters, Mathew McDermott, an executive at Goldman Sachs, reportedly said that big banks are seeing opportunities in the space as the FTX collapse highlighted a need for more regulation within the industry. The executive added that the firm is currently seeing opportunities that are "priced more sensibly" and are already doing its due diligence on some crypto …

Blockchain-based institutional capital marketplace Maple Finance announced on Dec 5 that it plans to cut all ties with Orthogonal Trading due to alleged misrepresentation of finances following the collapse of FTX. According to Maple Finance, it decided to cut all ties with the trading firm because it misrepresented its finances over the last four weeks and only recently admitted on Dec. 3 that it could not meet loan repayments. This means the company had been “operating while effectively insolvent,” making it impossible for it to continue operating without outside intervention. Maple Finance shared that it refuses to work with “bad …

The Malta Financial Services Authority (MFSA) is currently reviewing requests to revise the “regulatory treatment” of Non-Fungible Tokens (NFTs) within its Virtual Financial Assets Framework. Under the current regulatory framework, NFTs are included within the scope of the Virtual Financial Assets Act, which also includes virtual tokens, virtual financial assets, electronic money, and all financial instruments built, or dependent on, Distributed Ledger Technology (DLT). However, the MFSA is proposing to have NFTs removed from the Virtual Financial Assets framework since they’re unique and nonfungible and therefore incapable of being used as payments for goods and services, or for investment purposes. …

Australian-based crypto exchange Swyftx has laid off a total of 90 staff members, which it said was in preparation for a “worst-case scenario” caused by the fallout of FTX and a potential fall in global trading volumes next year. The news was shared by Swyftx co-CEO Alex Harper in a Dec. 5 statement, noting that despite not having any exposure to FTX, the company was “not immune” to the fallout over the bankrupt exchange, adding: “As a result, we have to prepare in advance for a worst-case scenario of further significant drops in global trade volumes during H1 next year …

Ethereum co-founder Vitalik Buterin has shared some sage advice for traders feeling the blues of the crypto bear market: Focus on the tech rather than the price. The Ethereum co-founder made the recommendation in response to a Dec. 3 post from self-described crypto investor CoinMamba, echoing what many crypto investors are likely feeling at the moment. After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters.. — CoinMamba (@coinmamba) December 3, 2022 "After 9 years in crypto I’m kinda exhausted. I want to …

Are margin and futures trading risky tools? While investors find margin trading and futures very attractive because of their potential returns, they should be cautious and consider all the risks before adopting them. Risks associated with margin trading Crypto margin trading is riskier than standard trading because of the leverage component, which may lose the investor more money than they held initially. Especially considering that cryptocurrencies are very volatile and unpredictable assets, the investor may have to provide extra funds to the collateral to avoid being forced to sell. Investors start paying interest on the loan they took up to …

Just a month after the controversial fall of Sam Bankman-Fried’s FTX exchange and 130 affiliated companies, a former high-ranking executive is reportedly seeking out investors to launch a crypto startup. The ex-president of FTX US, Brett Harrison, is on the lookout for $6 million in funding to launch a start-up that would build crypto trading software for big investors, according to The Information. Harrison’s funding round would be against a $60 million valuation. On Sept. 27, Harrison announced his plans to step down as the president of FTX US as he moved into an advisory role — over a month …

An interview between the Former FTX CEO Sam Bankman-Fried ‘SBF’ and George Stephanopoulos aired on Good Morning America on Dec. 1. In the interview, SBF was insistent that FTX was not a “Ponzi scheme” but was “a real business.” The former CEO also denied any knowledge of FTX customer deposits being used to pay Alameda Research’s creditors, as reportedly claimed by Alameda’s CEO Caroline Ellison. According to him, he had no knowledge of “any improper use of customer funds”. Bankman-Fried also admitted to not spending any time and effort trying to manage risk on FTX. He shared: "There is something …

Italy is planning to tighten regulations on digital currencies by expanding its tax laws to include cryptocurrency trading in 2023, according to budget documentation released on Dec. 1. Included in its 2023 budget are plans to impose a 26% levy on profits larger than 2000 euros ( $2,062.3) made on cryptocurrency trading, according to Bloomberg. Prior to this proposal, digital currencies had lower tax rates because they were previously considered “foreign currency." In the proposed bill, taxpayers will have the option to declare the value of their digital asset holdings as of Jan. 1, and pay a 14% tax. This …

The FTX collapse marks more than just the failure of another crypto exchange. It signals the time has come for the industry to grow up and embrace value. The value schism is here. FTX was the world’s second-largest crypto exchange. Now, it is a meme for the death rattle of absurd amounts of money being poured into refurbished centralized business models whitewashed in faux decentralization. As legendary investor Warren Buffet famously said, “Only when the tide goes out do you discover who’s been swimming naked.” It seems there were more than a few nude bathers in this last cycle. But …