Daily Crypto News | December 4th, 2022
Welcome to Barmy’s Daily Crypto News – December 4th, 2022
1. Apple demanded Coinbase pays its gas fees using Apple software
Because of a disagreement with Apple (AAPL) over the latter’s in-app purchase policy, Coinbase (COIN) has stopped non-fungible token (NFT) transfers on its iOS wallet application.
According to Coinbase, Apple is insisting that it pay its gas prices through Apple software, which would subject the gas fees to Apple’s 30% app tax. This is obviously not conceivable, according to Coinbase, for anyone who is familiar with how NFTs and blockchains operate. Even if we wanted to, we couldn’t comply because Apple’s exclusive In-App Purchase system doesn’t support cryptocurrency.
The argument is the most recent development in a protracted debate between Apple and the NFT community. A restriction that has prevented markets like OpenSea from providing NFT trading within its mobile app is Apple’s formal refusal to waive its 30% App Store fee for NFT trading, which was announced in October. A request for comment from Apple was not answered.
2. Russian bank-Sber Bank to Provide Ethereum and Metamask Support on Proprietary Blockchain
The largest bank in Russia, Sber, is developing a blockchain platform that will integrate with Ethereum. The lender described how the integration will permit developers to freely transfer smart contracts and whole projects between its own blockchain and open blockchain networks during the event, which was organized by the Sber Blockchain Laboratory.
Users will be able to conduct activities with tokens and smart contracts housed on the bank’s platform by integrating the Sber blockchain with Metamask, a well-known cryptocurrency wallet that works with Ethereum.
After getting permission from the Central Bank of Russia to function as an issuer of digital financial assets in March of this year, Sber, formerly known as Sberbank, developed its blockchain. Participants can build their own tokens and smart contracts using the platform. The bank announced in September that it will also allow them to produce non-fungible tokens (NFTs).
It is possible to request payments under smart contracts in Russian rubles thanks to the interaction with the bank’s information systems. Individuals will be given access to the platform in the fourth quarter of 2022, contrary to earlier assertions that it would only be accessible to legal businesses.
3. Daesung Private Equity to Launch Metaverse Fund
Daesung Private Equity, a Korean venture capital firm, has chosen to enter the metaverse investment market. On November 30, the corporation revealed plans to form a fund with a specific interest in the metaverse. The fund would have 110 billion won ($83.5 million) available for investment.
The “Metaverse Scale-Up Fund,” which the business touts as Korea’s largest private fund in the industry, will include participation from the Korean government with assistance from the Korea Fund of Funds of the Korea Venture Investment Corporation.
Diverse members of the Daesung consortium, including Daesung Holdings, Daesung Energy, and Daesung Clean Energy, also contributed 60 billion won (almost $46 million). The Industrial Bank of Korea and Shinhan Capital are additional institutions taking part in the fund.
Metaverse isn’t just a new field; it’s already seen as a game changer for the entire business. The Daesung Group will assume a strategic leadership role in the development of the metaverse through this fund.
4. Genesis Global Capital allegedly owes $900 million to Gemini customers
According to a Financial Times article, cryptocurrency lender Genesis and its parent company Digital Currency Group (DCG) allegedly owe $900 million to Gemini’s consumers. The report also asserts that Genesis is still looking for investors to fund its efforts to reduce debt. According to the Financial Times, Genesis’ funding request has been reduced from the reported $1 billion to about $500 million.
Additionally, the New York Times (NYT) revealed that Genesis Global Capital hired a restructuring counsel on November 22, 2022. According to the NYT, Genesis hired Moelis & Company to “explore options, including a potential bankruptcy.”
The day Genesis Global Capital announced that it was stopping withdrawals and new loan originations, Gemini announced the same thing in an email. It is important to highlight that Genesis’ loan arm has “no influence on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual,” as explained by DCG founder Barry Silbert in a letter to shareholders on Nov. 22. Additionally, Silbert told investors that his company will “continue to be a major builder of the industry.”
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