Binance, the world’s largest crypto currency exchange, on February 3, 2023 announced that Zanmai Labs can no longer use its wallet services. Zanmai Labs runs the Indian cryptocurrency exchange, WazirX.
Binance asked Zanmai Labs to remove all of its funds from the accounts used for WazirX. The dispute started over the latter’s claim that Binance is involved in running WazirX.
Earlier on January 26, 2023, Binance had given an ultimatum to WazirX to retract its statements and continue using Binance wallet services, or terminate its usage. Zanmai Labs made no retraction, which led to the latest development, according to Cointelegraph.
WazirX revealed less than a month ago that 90 per cent of its users’ funds are stored in Binance wallets, while the remaining 10 per cent are stored in cold storage wallets. WazirX is India’s largest crypto exchange.
Protocol Labs, Chainalysis, Bittrex Lay Off Staff
Protocol Labs, the company behind decentralised file storage network Filecoin, is laying off 21 per cent of its staff, CoinDesk quoted CEO Juan Benet as saying. Filecoin is an open-source storage system, where data from other Blockchains can also be stored. Benet has said that the job cuts were due to “extremely challenging economic downturn,” particularly for companies in the crypto space.
“High inflation leading to high interest rates, low investments, and tougher markets have rocked companies and industries globally,” he said. “The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected,” he added.
Benet did not mention if the team working on Filecoin was affected.
As of 2022, almost 29,000 jobs have been cut within the crypto industry. Blockchain data firm Chainalysis and US cryptocurrency exchange Bittrex have also reduced their staff this week, according to Cointelegraph.
Russia’s Largest Bank To Launch Its DeFi Platform
Sberbank, the biggest bank in Russia is moving ahead with its plans to launch its decentralised financing (DeFi) platform. Russia’s regional news outlet Interfax reported that the bank aims to start open testing of the platform in March 2023, and launch commercial operations by the end of April.
The DeFi platform that is being developed by Sberbank would be built on the Ethereum Blockchain, which is now the second-largest Blockchain in terms of market capitalisation behind Bitcoin.
Critics have argued that the system has few real-world applications and suffers from the same drawbacks as cryptocurrency, including a lack of regulation and a vulnerability to fraud and money laundering. Those in favour of the system argue that it could reduce the cost of banking and may eventually replace traditional banks.
Takashi Murakami Releases NFTs Linked to Physical Hublot Watches
Japan’s renowned artist Takashi Murakami has collaborated with Swiss watchmaker Hublot on a new collection of real-world-watches linked to non-fungible tokens (NFTs).
Featuring 13 unique NFTs inspired by 1970s Japanese video games and television shows, this is the fourth artistic collaboration between Hublot and Murakami.
