Pop superstar Taylor Swift pulled out of a $100 million sponsorship deal with cryptocurrency exchange FTX due to concerns about unregistered securities, according to Adam Moskowitz, the lawyer handling a class-action lawsuit against FTX’s celebrity endorsers. While discussing the tour sponsorship with FTX in the fall of 2021, Swift allegedly asked the exchange if they could confirm that the securities were not unregistered. Moskowitz claims Swift was the only celebrity to question FTX’s legality.

The Lawsuit Against FTX’s Celebrity Endorsers

The lawsuit targets several FTX promoters, including Tom Brady, Larry David, and Shaquille O’Neal, for endorsing the now-bankrupt crypto exchange. The plaintiffs are seeking over $5 billion from the celebrity endorsers for not doing their due diligence to check whether FTX was breaking the law.

The Allegations Against FTX

The suit alleges that FTX’s crypto currency, FTT, is classified as a security and was sold as an investment contract, but it was not appropriately registered with the Securities and Exchange Commission. The lawsuit accuses the defendants of promoting an unregistered security and making numerous misrepresentations and omissions to drive customers to invest in what was ultimately a Ponzi scheme.

FTX filed for bankruptcy last November, partly due to lavish spending and a $65 billion line of credit, as well as concerns about commingling funds with its sister firm, Alameda. FTX’s founder, Sam Bankman-Fried, was arrested a month later and faces over 100 years in prison if found guilty of charges including securities fraud, money laundering, and bribery.

TL;DR:

Taylor Swift avoided signing a $100 million sponsorship deal with FTX over concerns about unregistered securities, according to the lawyer handling a class-action lawsuit against FTX’s celebrity endorsers. The lawsuit seeks over $5 billion from FTX’s celebrity endorsers, including Tom Brady and Shaquille O’Neal, for promoting an unregistered security and making numerous misrepresentations and omissions. FTX filed for bankruptcy last November, and its founder, Sam Bankman-Fried, faces over 100 years in prison if found guilty of charges including securities fraud, money laundering, and bribery.

Nayms, the pioneering insurtech startup that aims to revolutionize the insurance marketplace with its fully-regulated on-chain insurance platform, has successfully raised $12 million in a private token sale funding round. The round was led by UDHC, a prominent DeFi investor headed by the senior team from the Maker Foundation, and joined by long-standing supporters such as New Form, Tokentus, and Keyrock. This significant funding injection will enable Nayms to expand its team, accelerate product development, and drive global business expansion as it prepares to launch insurance programs with industry partners like Aon, Breach, and Evertas.

Bringing DeFi to the Mainstream

UDHC, known for its focus on bringing decentralized finance (DeFi) to the mainstream, has recognized the potential of Nayms to shape the future of risk transfer using blockchain technology. UDHC CEO Steven Becker commented, “As a fully-regulated marketplace for on-chain insurance, Nayms represents the next major step in risk transfer. Bringing on-chain capability to traditional markets creating a new, efficient, and transparent financial future is the primary focus of UDHC, and we believe the team at Nayms has the potential to shape that future.

Expanding the Marketplace for Crypto-Native Insurance

With the new funding, Nayms plans to further support its product development, marketing efforts, and global business expansion. The insurtech startup aims to build an end-to-end marketplace that connects brokers, insureds, sponsors, and capital providers, providing a transparent, traceable, and tradable digital asset risk market. Nayms has been at the forefront of regulatory compliance, being the first in the space to hold both the full Digital Asset Business Act license and Innovative Insurer General Business license in Bermuda, allowing for regulated insurance business on-chain.

Nearing the Launch of Insurance Programs

Nayms is also approaching the final stages of development before launching insurance programs with industry partners such as Aon, Breach, and Evertas. The additional capital from the funding round will allow Nayms to accelerate its engineering efforts for continuous upgrades post-launch and ensure smooth onboarding for the first users of the marketplace. The insurtech startup is poised for a strong year in 2023, backed by the support of its investors and partners.

CEO’s Vision for the Future

Dan Roberts, CEO of Nayms, expressed his excitement for the future, stating, “It is very exciting for us to work more deeply with one of our very first investors and board members. The real experience that the UDHC team has continues to drive us forward as we navigate building and launching our proposition to the market. This round of funding has set us up for an extremely strong 2023, with all the right players behind us.”

Nayms aims to revolutionize the insurance industry by providing a transparent and efficient platform for digital asset risk management. With the support of its investors, including UDHC, Nayms is well-positioned to continue driving innovation in the space and shaping the future of risk transfer.

TL;DR:

Nayms, the world’s first fully-regulated marketplace for on-chain insurance, has closed its private token sale with $12 million raised in a funding round led by UDHC, a leading DeFi investor. Nayms plans to use the funds to expand its global team and accelerate the development of its marketplace for crypto-native insurance. The startup is also nearing the launch of insurance programs with partners such as Aon, Breach, and Evertas. Nayms holds licenses under the Digital Asset Business Act and Innovative Insurer General Business license in Bermuda, allowing regulated insurance business on-chain for the first time.

Powerbridge Technologies, a multi-industry technology solutions provider, announced its acquisition of 1,200 units of A1346 Avalon Bitcoin Miners. The investment is in line with the company’s long-term strategy in the crypto market. The A1346 Avalon Bitcoin Miners are highly regarded for their high performance, stability, and ease of use, with a hash rate of 104TH/s.

Stewart Lor, CEO of Powerbridge Technologies, expressed his confidence in the acquisition, saying, “We believe that this investment will help us expand our presence in the crypto market. As a leading provider of technology solutions, we will continue to explore new opportunities to accelerate our growth and bring value to our shareholders.”

Powerbridge Technologies is a leading provider of multi-industry technology solutions, offering software and platform applications, IoT platform services and intelligent devices, supply chain platforms and interactive media services, metaverse and digital services, and cryptocurrency asset operations and services.

The company’s acquisition of A1346 Avalon Bitcoin Miners is a significant step towards expanding its presence in the crypto market, which is currently experiencing exponential growth. With this acquisition, Powerbridge Technologies will be better equipped to provide top-notch technology solutions to its clients in the crypto industry.

TL;DR:

Powerbridge Technologies has acquired 1,200 units of A1346 Avalon Bitcoin Miners, aligning with the company’s long-term strategy in the crypto market. The highly performing, stable, and user-friendly miners have a hash rate of 104TH/s. Powerbridge Technologies is confident that the acquisition will expand its presence in the crypto market and bring value to its shareholders.

Last week, the Digital Currency Monetary Authority (DCMA) announced the launch of Universal Monetary Unit (UMU), Unicoin, at the International Monetary Fund (IMF) Spring Meetings 2023. Unicoin is an international central bank digital currency (CBDC) that offers SWIFT-like cross-border payments over digital currency rails. The CBDC completely bypasses the correspondent banking system and provides best-priced wholesale FX rates and instantaneous real-time settlement.

Mixed Reactions to Unicoin

Following the announcement, there were mixed reactions from the public. Emerging market participants expressed hope that Unicoin would be a solution for decolonizing the international monetary system. However, others expressed fears that Unicoin could be a global centralized surveillance tool for governments.

Darrell Hubbard, the Executive Director of the DCMA, said that central banks do not fully understand the driving forces behind cryptocurrency adoption. He added that while banks are focused on monetary sovereignty and financial integrity, crypto investors are interested in making money in a more fair and open financial monetary system.

Unicoin vs. CBDCs

CBDCs are digitized legal tender that suffer from the same loss in value as the country’s legal tender. This factor makes crypto investors view CBDCs as a souvenir rather than an innovation that can make their lives better. However, Unicoin is different because it is a money commodity regulated by the U.S. Commodities Futures and Trade Commission (CFTC). As a crypto asset, Unicoin adopts monetary policies to ensure it sustains its store of value stronger than any fiat currency while simultaneously complying with banking regulations to strengthen monetary sovereignty.

Universal Monetary Unit Whitepaper

This week, the DCMA published the Universal Monetary Unit Whitepaper titled “A Best-in-Class Money Commodity for Strengthening Monetary Sovereignty with a Digital Economic Union.” The Unicoin Whitepaper unveils several innovations designed to make banking faster and safer while strengthening and not disrupting the international monetary system.

Unicoin is built on open standards and deployed like a money operating system. Banks and Fintech companies can integrate easily with existing apps with a UMU store of value wallet to conduct real-time cost-efficient digital banking, digital trade, and digital payments worldwide.

The DCMA responds to the IMF’s recently published report on the potential risks crypto assets pose to the banking industry in the whitepaper. The DCMA refutes every single potential risk identified by the IMF and explains how Unicoin strengthens and not weakens the international monetary system.

TL;DR:

The Digital Currency Monetary Authority (DCMA) announced the official launch of Universal Monetary Unit (UMU), Unicoin, an international central bank digital currency (CBDC) that offers SWIFT-like cross-border payments over digital currency rails. The Unicoin Whitepaper unveils several innovations designed to make banking faster and safer while strengthening and not disrupting the international monetary system. Unicoin is built on open standards and deployed like a money operating system.

Dogecoin, the cryptocurrency that was created as a joke based on the popular Doge meme, has become a cultural phenomenon in the cryptocurrency space. On April 20th, followers and traders of Dogecoin celebrate Dogeday, an unofficial holiday that has gained popularity in recent years.

What is Dogeday?

Dogeday is an unofficial holiday celebrated annually on April 20th by the Dogecoin community. While the day has no actual milestones related to Dogecoin, it is a time for enthusiasts to take to social media with memes, messages, and videos bearing the hashtags #Dogeday and #DogeDay420.

The Rise of Memecoins

The rise of Dogecoin has led to the birth of “memecoin,” a term used to describe cryptocurrencies that are created based on internet memes, have no intrinsic use case, and are supported by zealous online traders and followers. Memecoins have become increasingly popular in the cryptocurrency space, with coins such as Shiba Inu (SHIB), Dogelon (ELON), and Baby Doge Coin (BABYDOGE) gaining traction in a short period of time.

However, it’s important to remember that investing in cryptocurrencies, especially memecoins, can be highly speculative and risky, so they should be approached with caution.

Celebrating Dogeday with Bitget

For Dogeday 2023, Bitget, a leading crypto exchange, is celebrating by hosting a meme creation campaign. The winners will be rewarded a total of $500 worth of DOGE. So, let’s take a moment to honor the cultural phenomenon that is Dogecoin and have some fun together!

TL;DR:

Bitget, a leading crypto exchange, is celebrating Dogeday, an unofficial holiday celebrated annually on April 20th by followers and traders of Dogecoin, the cryptocurrency created as a joke based on the popular Doge meme. The rise of Dogecoin has led to the birth of “memecoin,” which have become increasingly popular in the cryptocurrency space. Bitget is celebrating Dogeday 2023 by hosting a meme creation campaign, with winners rewarded a total of $500 worth of DOGE.

DivInc, the leading startup accelerator for women and people of color entrepreneurs, announced the launch of its Fall 2023 DWeb for Social Impact Accelerator, made possible by the Filecoin Foundation for the Decentralized Web (FFDW). The program is aimed at supporting social enterprise startups run by BIPOC and women founders, developing global solutions that leverage DWeb and Web3 technologies, including blockchain, crypto-assets, AI, machine learning, augmented reality, and meta-verses to promote access and equity in any industry.

A Collaboration to Amplify Underrepresented Voices

DivInc’s CEO, Preston James, stated that this accelerator program would merge activism with the decentralized web to address society’s most pressing problems while fostering startups’ growth. He also said that they were committed to seeing tech economy founders play a significant role in promoting the use of DWeb and Web3 technologies for the greater good. DivInc and FFDW share a vision of creating a community that encourages people to participate in the tech ecosystem and the Decentralized Web specifically. The partnership between both organizations will be a crucial component of the program’s long-term success.

FFDW Will Provide Guidance and Support

During the accelerator, FFDW will work with the DivInc team on programming and thought leadership initiatives to help the founders achieve their objectives and effectively implement their tools and resources for the greater good. They will also work one-on-one with the cohort founders to provide support for exploration of decentralized tools and technology to address specific barriers to growth that each company is facing.

TL;DR:

DivInc, a startup accelerator for women and people of color, launched its Fall 2023 DWeb for Social Impact Accelerator. The program aims to support social enterprise startups led by BIPOC and women founders, leveraging DWeb and Web3 technologies to increase access and equity in any industry. Filecoin Foundation for the Decentralized Web (FFDW) supports the initiative. Throughout the accelerator, FFDW will work with the DivInc team on programming and thought leadership initiatives and provide support for the cohort founders to explore decentralized tools and technology.

StarCompliance, a leading provider of employee compliance technology solutions, has launched its new Crypto Asset Pre-Clearance software solution to help firms prevent conflicts associated with employee crypto-trading activities. The software allows firms to set up rules and restrictions as easily as they do with equities and focuses on pre-clearance, transaction reporting, and the ability to view employee holdings. The solution integrates with Star’s Personal Account Dealing product, offering a consistent user experience for clients across multiple asset classes.

Jennifer Sun, CEO at Star, explained that the company wanted to prepare its clients with a solution that would enable them to set up guardrails to protect their business while providing an easy, frictionless experience for their crypto-trading employees. Star’s product simplifies the process and improves visibility into employee cyber trading activities. It has the technical agility to adapt with the changing regulatory landscape.

According to Star’s recent Crypto & Compliance Market Survey, which examined how firms in the financial marketplace are approaching employee crypto-trading compliance, 37% of respondents said they already have an employee crypto-trading policy in place. As global regulators and authorities continue to crackdown on the crypto landscape, this new, highly adaptable software solution will enable compliance professionals to effortlessly monitor requests and approvals for employee crypto asset trading activities, as well as automate any additional crypto-monitoring policies set by the company and regulatory bodies.

To learn more about the solution, interested parties can register for Star’s webinar Crypto Regulations: Getting Ahead of the Crypto Curve for Employee Compliance on Thursday, June 15, 2023, at 11AM ET.

TL;DR:

StarCompliance has launched its new Crypto Asset Pre-Clearance software solution, which enables greater transparency and visibility into employee crypto-trading activities as a first step in mitigating regulatory compliance conflicts. The software allows firms to set up rules and restrictions as easily as they do with equities and focuses on pre-clearance, transaction reporting, and the ability to view employee holdings. The solution integrates with Star’s Personal Account Dealing product, offering a consistent user experience for clients across multiple asset classes.

GROW, a Singapore-based mobile app that rewards users with crypto, has added bitFlyer to its MyCrypto feature, which allows users to aggregate their assets from multiple platforms or exchanges. Sean Kim, the CEO and founder of GROW, emphasizes that the decentralized nature of crypto creates a burdensome user experience for those who hold their assets across multiple platforms. To address this, GROW’s MyCrypto feature helps users view all their assets in one place.

MyCrypto is currently a read-only feature that lets users view their assets, but GROW plans to add the capability to actively manage assets on other platforms in the future, which it calls OpenCrypto. According to Kim, OpenCrypto will combine the benefits of a decentralized array of services with centralized asset management for everyday users.

MyCrypto currently supports Binance, Coinbase, and bitFlyer, but GROW plans to add more platforms, exchanges, and wallets that are useful to its user base. By streamlining the management of crypto assets, GROW aims to make crypto more accessible to everyone.

TL;DR:

Singapore-based mobile app GROW has added bitFlyer to its MyCrypto feature, which allows users to see their assets on multiple platforms or exchanges in one place. While currently read-only, GROW plans to expand MyCrypto to allow users to actively manage assets on other platforms, which it calls OpenCrypto. GROW plans to add more platforms, exchanges, and wallets to MyCrypto that are useful to its user base.