More than 10,000 Web3 jobs being created!? – #14!

The cryptocurrency market had a BIG weekend! With the central bank of Sri Lanka issuing a new crypto warning, a Korean financial giant announcing plans to create 10,000 Web3 jobs, and GameStop announcing the launch of a test public NFT marketplace, the cryptocurrency business is buzzing with activity. There’s been a lot going on lately!


In this issue:
• After protestors seized the president’s home, the Sri Lankan central bank reiterated its crypto warning.
• Multicoin Capital raises $430 million for a new cryptocurrency startup fund.
• In the midst of a bear market, a Korean finance titan intends to generate 10,000 Web3 jobs.
• GameStop launches beta public NFT marketplace
• The Bank of Russia opposes the use of private stablecoins in Russia.
• A California regulator investigates cryptocurrency investment Accounts.


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After protestors seized the president’s home, the Sri Lankan central bank reiterated its crypto warning.

The Central Bank of Sri Lanka advises against investing in cryptocurrencies owing to the absence of regulation.

The CBSL said that it has neither authorised or licenced any Sri Lankan firm to conduct crypto-related services, including exchanges, initial coin offerings (ICOs), and mining. The central bank issued the warning in response to “recent trends in the usage of virtual currencies,” potentially pointing to the price decrease and volatility of Bitcoin (BTC).

According to the CBSL, virtual currencies are unregulated financial instruments in Sri Lanka. The public is warned that investments in venture capital firms are fraught with substantial financial, operational, legal, safety, and consumer protection concerns.

Inflation in Sri Lanka hit 54% in June, causing the SBSL bank to increase interest rates to 15.5%. At the time of writing, inflation is above 45 percent, according to the central bank, affecting Sri Lanka’s 22 million people.

Hundreds of protestors assaulted the Colombo house of Sri Lankan President Gotabaya Rajapaksa on Saturday, stealing 17.8 million rupees (about $50,000 at the time of publication) and used the building’s utilities and food store. Thousands of Sri Lankans have also opposed the economic response of the government. Parliament speaker Mahinda Yapa Abeywardena announced Rajapaksa’s resignation.


Multicoin Capital raises $430 million for a new cryptocurrency startup fund.

Multicoin Capital, a prominent cryptocurrency investor, has created a new $430 million venture fund, further highlighting venture capital’s rising interest in the blockchain economy despite the bear market.

Multicoin announced on Tuesday that its third Venture Fund would invest between $500,000 and $25 million in early-stage crypto and blockchain-focused startups. It is also prepared to spend $100 million or more in projects with an established brand and market presence that are in later stages.

Venture Fund III will prioritise crypto ventures with “proof of physical effort” or protocols that generate economic incentives for permissionless input.

“While the great bulk of crypto-innovation has focused on coordinating digital communities and economies, tokens also present potential for innovation in capital creation and human coordination that transcend the digital realm,” Multicoin noted.

The business also emphasised data DAOs, also known as data decentralised autonomous organisations, as providing significant incentives for user engagement. Multicoin Capital was a prominent investor in the data DAO project Delphia, which secured a $60 million Series A investment round in June.


In the midst of a bear market, a Korean finance titan intends to generate 10,000 Web3 jobs.

Unamu, a famous South Korean fintech company that handles the cryptocurrency exchange Upbit and many blockchain and securities platforms, aims to invest $500 million over the next five years to create 10,000 Web3 jobs.
To encourage other Web3 companies, the corporation may provide software and funding. The $380 million investment, as reported by Korea JoongAng Daily, is part of Korea’s Web3 competition.
Since 2018, Dunamu has invested $67 million in blockchain-based enterprises.
The financial giant intends to open offices in major cities and provide Web3 training programmes. Priority would be given to recently graduated students, and the project would attempt to develop 500 businesses. Dunamu did not immediately respond to Cointelegraph.
The decision to invest in Web3 by Dunamu follows months of review by regulators. In April, the South Korean securities regulator filed suit against the cryptocurrency exchange operator to remove its market exclusivity.
Upbit accounts for more than 80 percent of the nation’s crypto trading volume.
Several crypto companies have declared layoffs due to the bad market. In recent months, Gemini, Bitso, Coinbase, and Vauld, among others, have laid off personnel. What is your expectation for the 10,000 Web3 jobs that will be made?


GameStop launches beta public NFT marketplace.

Monday marked the debut of GameStop’s own nonfungible token (NFT) marketplace. The new NFT marketplace aims to provide minimal costs and high transfer rates.

The marketplace allows users to purchase, sell, trade, and manufacture NFTs. The marketplace includes functionality that allows users to examine data for NFTs, as well as instructional materials. The educational material covers everything from NFT fundamentals to how to link a wallet to a marketplace.

Users may join to the marketplace using the GameStop Wallet or other Ethereum-compatible wallets, since it is a noncustodial Ethereum layer 2-based platform.

On the app’s home screen, the marketplace showcases prominent NFTs, NFT makers, and collections. Through the Explore interface, a more in-depth market study is also available. Currently, there are 236 NFT collections available on the market.

Illuvium, Gods Unchained, and Guild of Guardians are among the Web3 games that Immutable X will distribute to the market. In February, GameStop teamed with Immutable X.


The Bank of Russia opposes the use of private stablecoins in Russia.

In a new chapter in the lengthy conflict between the Central Bank of Russia (CBR) and the nation’s Ministry of Finance, the former has questioned the latter’s proposal of supporting stablecoins that private investors have tried to start in the country.

According to local media, a central bank spokesperson denied discussion of Russia-based stablecoins begun last week by Ivan Chebeskov.

Chebeskov backed stablecoins backed by the ruble, gold, oil, or grain. He termed it “the proper approach for creating new technologies” and encouraged private enterprises to use it.

Private stablecoins “have more risks,” the CBR speaker added, since the issuer doesn’t own the underlying assets. The issuer doesn’t guarantee redemption at par, thus stablecoin’s price isn’t stable.

In keeping with the customary CBR statement, the bank’s spokesman underlined that the ruble remained the sole legal payment method in the country and expressed their trust in the digital ruble, “combining digital payments with national currency dependability.” Local industry analysts say the CBR’s distrust of private cryptocurrencies stems from its digital currency programme.

Kirill Pronin, director of the CBR’s financial technology section, confirmed the potential of crypto mining legality on June 29. Ivan Chebeskov of the Ministry of Finance disagreed, citing geopolitical obstacles for Russian crypto miners.


A California regulator investigates cryptocurrency investment accounts.

The California Department of Financial Protection and Innovation (DFPI) has issued a warning to customers to “exercise extreme care” while dealing with crypto-asset accounts that accrue interest.

The DFPI has indicated that it is conducting an investigation into numerous crypto interest account providers to investigate whether they are “violating laws within the Department’s authority.”

In a letter dated July 12, the DFPI underlined that crypto-interest account providers “are not controlled by the same norms and safeguards as banks and credit unions” and that some platforms “block clients from withdrawing and moving funds between accounts.”

According to the DFPI, some crypto-interest account providers have been promoting unregistered securities in California, as shown by the cease-and-desist orders it recently issued to BlockFi and Voyager.

The warning is in reaction to crypto interest account providers such as Celsius Network and Voyager Digital freezing user funds due to significant liquidity concerns in the midst of a bear market.

Currently, client money on both platforms have been frozen for a number of weeks, and the destiny of their depositors’ assets remains unknown.

Voyager has at least sketched a prospective post-bankruptcy recovery plan that would enable depositors to obtain a mix of Voyager tokens, cryptocurrencies, “common shares in the newly reformed firm,” and monies from any process with 3AC.

However, the business has hinted that it may not be able to restore all customers to full health.



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