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Latest from William Foxley
Mastercard Joins Paxos to Help Banks Offer Crypto Trading; Magic Eden Moves to Optional Royalty Model
Mastercard (MA) has formed a partnership with crypto trading platform Paxos to offer a program that will help financial institutions offer cryptocurrency trading, the payments company said Monday. Plus, Solana non-fungible token (NFT) mainstay Magic Eden is moving to an optional royalty model, the marketplace said in a Friday night Twitter thread.
NYDIG Cuts Workforce Amid Crypto Winter; Binance Pool Starts $500M Fund to Support Bitcoin Mining
Bitcoin services company NYDIG has laid off around 100 people, according to CoinDesk sources. The firm has cut approximately 30% of its staff in the past several weeks as the crypto market has soured. Crypto winter is also taking a toll on companies that man the virtual mines, which has led to cryptocurrency exchange Binance starting a lending facility for bitcoin (BTC) miners.
October Becomes Worst Month for Crypto Crimes; Crypto Exchange Uniswap Labs Raises $165M
DeFi protocols have lost over $718 million to eleven different hacks this month so far, according to research firm Chainalysis. Plus, decentralized exchange Uniswap Labs raises $165 million in a Series B funding round led by crypto-focused investment firm Polychain Capital.
How Market Manipulation Led to a $100M Exploit on Mango; Betterment Launches Crypto Offering
A rogue crypto trader utilized millions of dollars to manipulate the prices of Mango’s MNGO tokens on the namesake decentralized exchange (DEX) to eventually drain over $116 million in liquidity from the platform. Plus, the largest independent robo-advisor, Betterment, is letting its clients invest in a handful of crypto portfolios for the first time, but with a caveat: best not to go above 5% exposure.