Some big crypto companies need to stop making obvious, avoidable mistakes that destabilize the industry, says deVere Group CEO.
Nigel Green, who runs one of the world’s largest advisory, asset management and FinTech organizations – as well as cryptocurrency exchange deVere Crypto – says they are causing financial chaos for investors and job losses.
Bitcoin, the largest cryptocurrency in the world, has lost 57% so far this year. It fell below $20,000 over the weekend for the first time since December 2020.
“I don’t usually throw shade at other companies, but lately we’ve seen many of the biggest players make huge and unnecessary mistakes,” Green said.
“They went for hugely expensive TV ads, jumped on higher profile sponsorships, rolled out lending models offering astronomical interest rates on crypto deposits, and rolled out unprecedented hiring.
“Now what do we have?” Companies are laying off swaths of their staff, freezing customer withdrawals and cutting back on investments.
He continued, “Unfortunately, these brands made some classic, obvious and avoidable mistakes of the DotCom era.
“These mistakes are destabilizing the industry due to the contagion effect, exacerbating the financial chaos for investors and the pain of job losses for so many who hoped for rewarding careers in the future of finance.
“These crypto companies would be better off – for the sake of their customers and the industry at large – growing by investing in top talent, innovation and development, and pushing for sensible regulation with financial watchdogs.”
Green, who says he will continue to buy Bitcoin “because the fundamentals haven’t changed,” believes the crypto sector will rebound stronger. “I’m sure lessons will be learned and the industry – the future of finance – will become more robust as a result,” he said.
NFT Marketplace Magic Eden Valued at $1.6 Billion
NFT marketplace Magic Eden raised $130 million in Series B funding, valuing the company at $1.6 billion.
The round was co-led by Electric Capital and Greylock, while Lightspeed Venture Partners joined as a new lead investor. Other participants include former investors Paradigm and Sequoia Capital.
Series B funds will be used to grow the company’s primary and secondary markets, explore multi-channel opportunities, invest in the team as well as in technology to improve user experience through insights, analytics and improved trading tools.
Magic Eden’s goal is to support the next generation of digital creators and bring Web3 to one billion users.
Launched in September 2021, Magic Eden claims to receive an average of 22 million unique sessions per month and see over 40,000 NFTs traded daily.
“We know that NFTs are the best way to get people onto the blockchain,” said Jack Lu, CEO and Co-Founder. “NFTs are exciting, social and cultural experiences that bring connectivity to the world.
“Since our inception, we have made a conscious decision to support both our creators and our users through this tremendous era of growth for the company and the industry. The best part is that we’re just getting started.
Magic Eden’s Launchpad has launched 250 projects to date, while the company’s secondary market covers over 7,000 listed collections and sees over 92% of all NFT volume on Solana.
Zhuoxun Yin, COO and co-founder of Magic Eden, added, “We pioneered in a number of areas: such as combining NFT typing capabilities via Launchpad with an aftermarket, integrating the gameplay with NFT games directly on the platform, and the creation of a Decentralized Autonomous Organization (DAO) to enable greater involvement within the Magic Eden community.
“We are thrilled to have the continued support of our investors and our community and look forward to delivering Solana and beyond.”
Mike Duboe, Partner at Greylock, said: “Magic Eden is one of those top 1% teams that is just firing on all cylinders – product execution, community growth, transaction volume – and speed. in less than a year of existence has been exceptional.”
Crypto exchange FTX has bailed out crypto lending platform BlockFi – which recently froze withdrawals due to liquidity issues – with a $250 million revolving credit facility.
Securities and Exchange Commission Commissioner Hester Peirce — known as the “crypto mom” — has criticized the bailouts of crypto companies. She told Forbes: “[It’s better to] let these things unfold… when things get a little tougher in the market, you find out who is actually building something that might last in the long run and what will go away.
Former SEC senior counsel Howard Fischer told CoinDesk that the move by several US states to open an investigation into crypto lender Celsius Network’s withdrawal freeze will ultimately lead to new federal regulation.
Uniswap Labs has acquired market aggregator NFT Genie and aims to support non-fungible token trading “soon”.
Neol, a Web3-enabled learning and working platform, has raised $5.2 million in seed funding. The round was co-led by kyu Collective and Global Ventures, alongside Learnstart, FJ Labs and Paribu Ventures. Participating angels include Tony Xu, co-founder and CEO of DoorDash; Tim Brown, President of IDEO; Emin Gun Sirer, Founder and CEO of Ava Labs; and Sota Nagano, managing partner at Abies Ventures.
A study by the Bank for International Settlements found that approximately 90% of central banks around the world are exploring the feasibility of adopting central bank digital currencies (CBDCs).
European crypto exchange Bitpanda is now regulated in Spain after previously registering with regulators in Austria, France, Italy and Sweden.
The aggregate market cap of over 19,900 coins is $902 billion at the time of writing (7am UK), down 2.2% in the last 24 hours.
Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – fell 2% to around $20,430. BTC is down 4% in a week.
Ethereum, the second most valuable crypto coin – created as a decentralized network for smart contracts on the blockchain – fell 5% to below $1,100. ETH is down 3% in a week.
Binance Coin is a cryptocurrency created by popular crypto exchange Binance to help its goal of becoming the infrastructure service provider for the entire blockchain ecosystem. Its BNB token lost 3% to $216, leaving it up 2% over seven days.
Cardano is an open-source network facilitating dApps that sees itself as an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, fell 6% to 47 cents and is up 2% in a week.
Ripple’s XRP token, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP lost 1% below 32.5c as its price is up 6% from seven days ago.
Solana is a blockchain designed to make decentralized finance accessible at scale – and capable of processing 50,000 transactions per second. Its SOL token lost 7% to $34.67 and is up 23% from a week ago.
The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies, but is now a major player in the space. DOGE climbed 3% to 6.4c, leaving it up 22% in a week.
Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. Its DOT token, which aims to securely connect blockchains, fell 8% to $7.55 and rose 5% from its price a week ago.
Avalanche is a lightning-fast auditable platform for institutions, businesses, and governments. Its AVAX token lost 6% to $16.54 and is up 7% in a week.
To see how the valuations of major coins have changed lately – and for a roundup of recent developments in cryptocurrency news – click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price changes, see below.
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Cryptocurrency Firms ‘Must Stop Huge DotCom Era Mistakes’
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