• Payment processing company Stripe announced signing agreements for a Series I fundraising of over $6.5 billion at a valuation of $50 billion.
• Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital will participate in the funding round alongside new investors such as GIC, Goldman Sachs Asset and Wealth Management, and Temasek.
• The funds will be used to provide liquidity to current and former employees and address staff withholding tax obligations related to equity awards.

Payment Giant Stripe Clinch $6.5B Funding at $50B Valuation

Stripe announced that they have signed agreements for a Series I fundraising of over $6.5 billion at a valuation of $50 billion. The payment processor company said it doesn’t need the capital to run its business but intends to deploy the funds to provide liquidity to current and former employees and address staff withholding tax obligations related to equity awards.

Participating Investors

The investors who participated in this funding round include Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, Thrive Capital as well as new investors such as GIC, Goldman Sachs Asset & Wealth Management & Temasek. This latest development comes amidst a difficult funding environment with many companies cutting down their costs due to the pandemic situation last year.

Value Created by Employees

John Collison co-founder & president of Stripe weighed in on how employees both current & former helped create foundational economic infrastructure for more than a decade & added „This transaction gives them the opportunity to access the value they’ve helped create“. He further added that there are lots more opportunities waiting ahead for them in the coming 12 years which shall dwarf those of recent pasts.

Funding Environment

Due to the pandemic situation last year many companies had cut down their costs resulting into difficult funding environment however Stripe managed sign agreements for a Series I fundraising of over $6.5 billion at a valuation of $50 billion which is quite remarkable given the ongoing circumstances around us .

Back To Work!

John Collison concluded his statement saying that it’s now back to work for all of them with so much still left out there yet to discover & create!

• Arthur Hayes, co-founder of BitMEX, has proposed a new type of stablecoin, NakaDollar (NUSD), which would be backed by bitcoin and its derivatives.
• NakaDollar would be created without the services of the traditional banking system, exempting it from fiat regulations.
• The first step in creating NakaDollar would be to create a crypto-native decentralized autonomous organization (DAO) that issues its governance token NAKA.

Arthur Hayes Proposes Bitcoin-Backed Stablecoin NakaDollar

Arthur Hayes, the co-founder of cryptocurrency derivative trading platform BitMEX, has proposed a new type of stablecoin, NakaDollar (NUSD), which would be backed by bitcoin (BTC) and bitcoin derivatives.

Creating NakaDollar

Hayes noted in a blog post that, unlike a majority of already existing stablecoins, including Tether USD (USDT), USD Coin (USDC), and Binance USD (BUSD), NUSD would be created without the services of the traditional banking system.

Creating The DAO

The first step in developing the NakaDollar would be to create a crypto-native decentralized autonomous organization (DAO). The DAO would issue its governance token NAKA, which would be distributed in exchange for the provision of liquidity across the decentralized finance (DeFi) ecosystem.

NAKA & NUSD Tokens

The NAKA and NUSD tokens would be ERC-20 tokens, living on the Ethereum network. Rather than relying on fiat entities for tokenization, NUSD would be supported by member centralized crypto derivative exchanges that list liquid inverse perpetual swaps.

Voting Rights & Net Interest Distribution

Holders of the NAKA tokens would vote on operational matters and the distribution of net interest among member exchanges.

• DST Labs is launching a limited edition collection of pixel-art PFP (Profile Pictures) NFTs called “Bloxies”.
• Bloxies are robots created to celebrate the positive power of technological advancement and promote an inclusive, decentralized digital world.
• Cryptopunks, Bored Apes Yacht Club, and Moonbirds NFT holders are guaranteed 100 whitelist spots for the launch.

DST Labs Announces Bloxies NFT Collection

DST Labs is excited to announce the launch of „Bloxies,“ a limited edition collection of pixel-art PFP (Profile Pictures) Non-Fungible Tokens (NFTs). The collection features 10,000 unique hand-drawn pieces with varying levels of rarity, making each one truly one-of-a-kind. The goal of Bloxies is to celebrate the positive power of technological advancement and promote an inclusive, decentralized digital world.

Whitelist Access For Cryptopunks, Bored Apes & Moonbirds Holders

Eligible collectors admitted to the whitelist will have priority access to these exclusive NFTs. Furthermore, holders of Bloxies NFTs will receive special privileges such as access to premium events and exclusive promotions. Cryptopunks, Bored Apes Yacht Club and Moonbirds NFT holders are guaranteed 100 whitelist spots and can register at https://www.joinlist.me/bloxies while everyone else can join the waitlist by signing up via Premint at https://www.premint.xyz/bloxies.

About DST Labs

DST Labs is a pioneering company in digital asset technology whose mission is to create innovative products that bring users closer together through blockchain technology applications on their smartphones or computers around the world. With its impressive portfolio spanning games like CryptoKitties and Chainbreakers as well as various enterprise solutions such as Hyperledger Burrow or Kadena Blockchain Platforms, DST Labs continues its commitment to create revolutionary products that foster an open financial system for all users regardless of geography or resources available to them.

Digital Art Community

Bloxies aims not only to be an integral part in fostering a decentralized digital world but also serves as a symbol of hope for innovation within the art community itself—encouraging individuals from all walks life to express themselves freely using this new medium without worrying about censorship or control from centralized authorities..

Conclusion

In conclusion, DST Labs‘ release of „Bloxie“ presents another exciting opportunity for collectors worldwide who are looking for unique digital artwork that celebrates positivity and creativity while pushing boundaries within the industry itself—allowing both experienced crypto enthusiasts and newcomers alike join in on this new wave within the digital art space!

• DZ Bank, the second largest German bank by assets, is offering digital asset custody services to institutional clients.
• The financial institution has teamed up with Swiss firm Metaco and orchestration platform Harmonize for its upcoming crypto offerings.
• The platform was selected by DZ Bank through an extensive proof-of-concept and diligence process.

Germany’s Second Largest Bank Offers Crypto Custody Services

DZ Bank – the second-largest German bank by assets – is all set to offer digital asset custody services to its institutional clients. The BaFin-regulated financial institution and custody provider has joined forces with Swiss firm Metaco and orchestration platform Harmonize in order to provide its upcoming crypto offerings.

Selection Process of Harmonize Platform

The platform was selected by DZ Bank through an extensive proof-of-concept and diligence process that proved it to be a powerful solution for the lender. According to Nils Christopeit, Lead Solution Design Digital Custody at DZ Bank, “In terms of our security, scalability, and future requirements of our digital asset custody initiative for institutional clients, starting with crypto securities as per the German eWpG, Metaco Harmonize has proven to be a powerful solution that is fit for purpose and can support our intended operating model.“

Features of Harmonize Platform

Harmonize is designed to offer a versatile governance framework which comes with customizable risk and compliance controls „with full segregation of multiple business units and clients, guaranteeing isolation of policies, users, accounts, and assets“.

Assets Under Custody At DZ Bank

DZ Bank happens to be one of Germany’s largest custodians which have €297 billion in assets under custody at the end of 2020. As per reports from earlier this year itself: „The Frankfurt-based company had already been exploring ways into the digital asset market since 2019.“ This move will help them capitalize on their existing infrastructure in order to provide world class services related to cryptocurrency trading across Europe.

Conclusion

This development marks another milestone in traditional banks’ efforts towards expanding into the global crypto space. With such advancements being made in this field every day it looks like we are slowly but surely moving closer towards mainstream adoption of cryptocurrencies worldwide!

• The SEC voted to propose new amendments affecting rules around crypto asset custody in the United States.
• Commissioner Hester Peirce (aka “Crypto Mom”) is not a fan, believing that these new rules could leave investors more vulnerable to theft and fraud.
• The proposed rule change would modify the Commission’s custody rule and expand its scope to include all client assets overseen by an investment adviser – such as cryptocurrencies.

SEC Proposes Crypto Asset Custody Amendments

The Securities and Exchange Commission (SEC) just voted to propose new amendments affecting rules around crypto asset custody in the United States. These amendments would expand the scope of its existing rules to apply to assets beyond just client funds and securities, including all client assets overseen by an investment adviser – such as cryptocurrencies.

Crypto Mom Disagrees with New Rules

Commissioner Hester Peirce (aka “Crypto Mom”) is not a fan of the proposed changes, believing that these new rules could leave investors more vulnerable to theft and fraud, contrary to their intent. SEC chairman Gary Gensler pointed out that investment advisers would be required to keep users‘ crypto with “qualified custodians” for extra protection.

Reasons for New Rules

The goal of the proposed rule change is to modify existing SEC regulations in order to enhance protections of customer assets managed by registered investment advisers, while expanding its scope so that it applies equally well to all types of customer assets, including cryptocurrencies.

Potential Risks for Crypto Holders

Despite Chairman Gensler’s assurances, this has caused Commissioner Peirce some concern, as she believes these increased security measures may create more risks than they protect against when it comes to cryptocurrency users.

Conclusion

Only time will tell if this proposal goes ahead or not; should it be approved, it will introduce a number of changes into how registered investment advisers handle cryptocurrency-related activities. In any case, Commissioner Peirce urges caution from all parties involved when dealing with cryptocurrency assets going forward.

• Deutsche Bank’s asset management arm, DWS Group, is in talks to acquire a minority stake in two German crypto firms.
• The investment is part of DWS’s efforts to revive growth and investor confidence after being sued for greenwashing allegations.
• The bear market of last year caused DWS to suffer €20 billion in outflows and a €107 billion loss.

Bear Market Provides Growth Opportunities

Deutsche Bank AG’s asset management arm, DWS Group, is currently in talks with two German cryptocurrency firms over minority stake acquisitions. The investment is part of DWS’s efforts to revive growth and investor confidence after being sued by a consumer group for greenwashing misrepresentations. Last year’s bear market also caused outflows of roughly €20 billion ($21.5 billion) and a €107 billion ($108.5 billion) loss for the firm.

Greenwashing Allegations

Greenwashing is a deceitful marketing strategy companies use to project themselves as environmentally friendly without actually taking steps towards reducing their environmental impact. Consumer groups have accused several companies of using greenwashing misrepresentations and this has resulted in lawsuits against them.

Investment Descriptions

The potential investments are Frankfurt-based crypto exchange-traded products provider Deutsche Digital Assets (DDA) and Bankhaus Scheich-owned digital asset trading firm Tradias. This move will be used by DWS Group to restore investors‘ confidence after the probes by authorities over greenwashing allegations against it.

Bear Market Losses

The bear market of last year caused significant losses for DWS Group as it saw outflows of roughly €20 billion ($21.5 billion) and a €107 billion ($108.5 billion). This led the company’s CEO Stefan Hoops to take action and invest in two crypto firms as part of its strategy for blockchain technologies innovation and cryptocurrency markets expansion plans.

Conclusion

                                                                                                                                             
  Overall, the bear market provided an opportunity for growth that was taken advantage of by Deutsche Bank AG’s asset management arm, DWS Group through investments into two German cryptocurrency firms; Deutsche Digital Assets (DDA) and Bankhaus Scheich-owned digital asset trading firm Tradias

• Meta lost $13.7 billion on its Metaverse initiative in 2022.
• The operating loss of $4.28 billion in the fourth quarter has caused total losses for the year.
• Investors have called for a curb in spending in the segment due to the turbulent market conditions.

Mark Zuckerberg’s vision of creating a digital universe where people can work, shop, play, and learn was rebranded as Meta in the fall of 2021. However, Metaverse adoption has been slow in 2022 due to the turbulent market conditions, resulting in the company’s investors calling for a curb in spending in the segment. Unfortunately, this has resulted in Meta suffering from significant losses.

Meta’s earnings release in the fourth quarter of 2022 revealed that the company’s metaverse arm recorded an operating loss of $4.28 billion, dragging down its total for the year to $13.7 billion. This loss is a stark reminder of the risks associated with investing in new technology and ideas in the face of a bear market.

In spite of the losses, Zuckerberg is determined to continue with the Metaverse project. He believes that the initiative can help to create a more connected world, as well as open up new opportunities for economic development. Meta has already started to roll out new applications and services in the space, such as the recently launched Metaverse Marketplace.

However, investors remain cautious. They understand the potential of the Metaverse, but are wary of the risk of further losses. As a result, they have called for spending to be cut back in this segment. In response, Zuckerberg has promised to reduce costs and focus on core areas that will help to make the Metaverse more attractive and accessible.

Despite the losses suffered in 2022, Meta remains committed to the Metaverse initiative. It is hoped that the company’s efforts will lead to a more connected world, as well as open up new opportunities for economic development. However, it is clear that the success of the Metaverse will rely on the ability of the company to manage costs and risks effectively.

• Mango Markets has filed a lawsuit against exploiter Avraham Eisenberg for $47M in damages.
• The lawsuit alleges that Eisenberg manipulated the native token MNGO and converted $114 million from the depositors of the protocol into his own accounts.
• Eisenberg is also in legal battles with several US federal and regulatory agencies.

Mango Markets has made headlines as the company has filed a lawsuit against exploiter Avraham Eisenberg for an astonishing $47 million in damages. The filing was made with the United States District Court for the Southern District of New York and the lawsuit claims that Eisenberg executed a malicious attack on Mango Markets.

The attack involved the manipulation of the native token MNGO and the conversion of nearly $114 million from the depositors of the protocol into his own accounts. This was done through “fraud and deception” according to the lawsuit. Furthermore, the lawsuit states that a Mango Markets-related decentralized autonomous organization (DAO) and Eisenberg had entered into an agreement that enabled the exploiter to keep his activities hidden from the authorities.

Eisenberg is already facing legal battles with several US federal and regulatory agencies and this new lawsuit could mean even more trouble for him. Mango Markets is seeking the full $47 million in damages from Eisenberg and is hoping to recover the $114 million that was stolen from the depositors of the protocol.

The lawsuit is a reminder to the crypto community that such malicious attacks can occur and that users should take steps to ensure their funds are safe. It will be interesting to see how this case plays out and whether Mango Markets will be able to recover its losses.

• BitKeep, a popular crypto wallet provider, recently revealed that it will launch a compensation portal in the first week of February, in order to return $8 million worth of stolen crypto assets.
• The remaining funds will be distributed by the end of March, with the asset valuation being converted to USDT stablecoin in order to avoid any fluctuations.
• BitKeep has devised a closed-loop verification system, which includes the affected users’ multi-dimensional information, such as wallet addresses, stolen amounts, and token details.

BitKeep, a popular crypto wallet provider, recently revealed that it will launch a compensation portal in the first week of February, in order to return $8 million worth of crypto assets which were stolen in an exploit. To ensure that the affected users are compensated in full, BitKeep has worked diligently to devise a closed-loop verification system. This system includes the affected users’ multi-dimensional information such as wallet addresses, stolen amounts and token details.

To minimize any further losses, the asset valuation of the compensation will be converted to USDT stablecoin. This will help to avoid any fluctuations in the market, and ensure that the users are compensated for the exact amount that was stolen. Half of the funds are expected to be returned to users by the end of February, with the remaining funds being distributed by the end of March.

Through this compensation portal, BitKeep will be able to provide relief to the users who were affected by the exploit. Not only will this help to restore faith in the platform, but it will also help to protect the users’ investments and ensure that their losses are minimized.

The security measures taken by BitKeep have been praised by the crypto community, as they are a testament to the platform’s commitment to the safety and security of their users’ investments. They have also taken steps to ensure that such an exploit does not occur in the future, by introducing advanced security measures and protocols.

BitKeep’s swift response to the exploit, and their dedication to providing the best possible user experience, have been well-received by the community. Through its compensation portal, BitKeep will be able to make amends for the losses suffered by its users, and restore their faith in the platform.

• Fraudsters drained $2.5M in crypto exit scam, according to a report by blockchain security company CertiK.
• The scam was made possible by a backdoor in the ‘Start Trading’ function of two recently created contracts – CirculateBUSD and CirculateWBNB.
• The funds were bridged to Ethereum and deposited into the OFAC-sanctioned coin mixer, Tornado Cash.

In the crypto industry, scams, exploits, and hacks have become increasingly common. Just two weeks into the new year, malicious entities have already started taking advantage of unsuspecting users. According to the latest update by the blockchain security company CertiK, two recently created contracts – CirculateBUSD and CirculateWBNB – have been exploited in what appears to be an exit scam.

In a statement, CertiK said that the creators of the two contracts managed to pull off the scam by draining $2.5 million worth of tokens. The company explained that the incident was made possible due to a backdoor in the ‘Start Trading’ function. Function calls were made to a malicious, unverified contract which enabled the fraudulent transfer of funds to an Ethereum address. The funds were then transferred to the OFAC-sanctioned coin mixer, Tornado Cash.

The CertiK team also added that the malicious actors were able to bypass the existing security measures, such as the blacklist and the whitelist, due to the backdoor they had created. This enabled them to bypass the multi-signature feature, allowing them to execute the scam without any issues.

CertiK further stated that the malicious actors had exploited a vulnerability in the code of the two contracts, which allowed them to call the malicious contract. The team also added that the malicious contract was not audited and was not part of the contracts that were audited.

The CertiK team has since closed the backdoor and secured the contracts. They have also reported the incident to the relevant authorities and are currently investigating the incident.

In conclusion, the CertiK team has warned users to be wary of any suspicious activity and to be extra vigilant when dealing with contracts. They have also urged users to exercise caution and to always audit the code of any contract before engaging with it.