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This Week in the News- February 20th

  1. Coinbase Stock Tumbles 6%; Bitcoin Also Lower– Coinbase, a popular cryptocurrency exchange, saw its stock drop nearly 6% following the release of its earnings report for the fourth quarter of 2022. Despite a strong revenue increase of 115%, the company's net income fell short of analysts' expectations, leading to the stock decline. Coinbase also announced plans to expand its services and improve its user experience in the coming year. (source)

  2. NBA-Branded 'Top Shot Moments' NFTs May Be Securities, Judge Rules in Dapper Labs Case–A judge has ruled that NBA Top Shot non-fungible tokens (NFTs) may be considered securities and thus subject to regulation under securities laws. The ruling comes in response to a lawsuit against Dapper Labs, the company behind the popular digital collectibles, which claimed that the NFTs were unregistered securities. The decision could have significant implications for the wider NFT market, which has thus far operated with limited regulatory oversight. Companies involved in the NFT space may now need to address the issue of securities regulation as they continue to develop and expand their offerings. (source)

  3. BlackRock Starts Metaverse-Themed ETF Despite Waning Investor Interest–BlackRock, the world's largest asset manager, has launched an exchange-traded fund (ETF) focused on companies involved in the "metaverse," despite a recent decline in investor interest in the concept. The fund, called the Metaverse ETF, will invest in companies related to virtual reality, gaming, and other aspects of the metaverse. While the metaverse was a hot topic in the investment world just a few months ago, interest has waned in recent weeks. However, BlackRock is betting that the concept will continue to gain traction over the long term and that the ETF will offer investors exposure to a growing market. (source)

  4. Developer Activity Shows Healthy Growth of the Crypto Space–According to a report by ConsenSys, a blockchain software company, developer activity in the cryptocurrency space continues to grow healthily. The report analyzed data from several popular blockchain platforms and found that development activity increased significantly in 2022, particularly in the decentralized finance (DeFi) sector. The report also noted the growing number of developers contributing to the development of Ethereum, the second-largest cryptocurrency by market capitalization. The findings suggest that the cryptocurrency space is continuing to mature and evolve, with developers driving innovation and growth across various platforms and applications. (source)

  5. Polygon Block Explorer Crashes, Befuddles Users–PolygonScan, a popular block explorer for the Polygon network, experienced a temporary outage earlier this week, leaving users unable to access data on transactions, contracts, and other activities on the network. The outage lasted for several hours and was caused by a technical issue that the Polygon team worked quickly to resolve. The incident highlights the importance of reliable infrastructure and services in the blockchain space, as well as the potential risks associated with relying on a single point of failure. Despite the outage, Polygon continues to be one of the most active and widely used blockchain networks, with a growing ecosystem of dapps and projects building on top of it. (source)

FTX Japan Users Can Resume Withdrawing Funds Tomorrow–According to an announcement made by FTX, a cryptocurrency exchange, it will be halting its services for Japanese residents by the end of this month. The exchange cited the need to "reassess its business" as the reason for this move. Japanese users have been asked to withdraw their funds before the deadline, and the company has assured its customers that their funds are safe and secure. FTX also stated that it plans to reapply for a license to operate in Japan at a later date. (source)

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