Bi-Weekly Web3 News

Hello there!

Welcome to our first edition of Bi-Weekly Web3 News Updates with the Blocverse Team.
This blog segment is curated to keep our Web3 -savvy audience in the loop of the happenings and whatnot in the blockchain industry ranging from startups, funding, adoption, and partnerships.

Matrixport Trims Workforce by 10% as Crypto Winter Continues

Matrixport, a Singapore-based crypto services provider, announced that it is downsizing its workforce by 10%, with job losses primarily in the marketing department.

The company cited a shift in focus towards accredited investors and changes in the regulatory climate as reasons for the downsizing.

Despite the job cuts, Matrixport plans to continue hiring in compliance, legal, and product development areas.

The company trades $5 billion worth of crypto products monthly and has $10 billion worth of assets under management and custody.

Neopets Takes Virtual Pet World to the Next Level with $4 Million Metaverse Raise

Virtual pet website Neopets has raised $4 million from investors in the gaming and blockchain industries, including Polygon Ventures, Hasket Capital, IDG Capital, NetDragon Websoft, and Ava Labs’ Blizzard fund.

The funds will be used to build the “Neopets Metaverse,” a play-and-earn virtual pet game based on the original Neopets that will use blockchain technology.

However, the announcement received a negative response from the community, with some remembering a previous attempt to establish a Neopets metaverse as a failure and a previous attempt to launch an NFT collection using the Solana network, which also failed.

ConsenSys takes decisive step; CEO announces layoffs to sharpen focus on core offerings

Blockchain company ConsenSys is laying off 11% of its workforce, 96 employees, to focus on scaling its core offerings and adjusting to the challenging market, CEO Joseph Lupin announced in a letter. 

The company will provide the following:

  • Generous severance packages.
  • An extended option exercise window.
  • Customized placement assistance.
  • Healthcare benefits for laid-off employees.

Lupin also highlighted the goals of reducing operating expenses and strengthening product teams, citing the recent ConsenSys zkEVM Private Beta test net launch.

He also emphasized the importance of moving from centralized trust to decentralized systems in the industry.

Hackers Target Azuki NFT collection’s Twitter, redirect followers to malicious link

The Twitter account of Azuki, a non-fungible token (NFT) collection, was hacked on Friday.

The account tweeted a malicious link asking followers to “claim land” in The Garden, Azuki’s native metaverse platform.

Azuki is working with Twitter to resolve the hack and has advised followers not to click on any links in recent tweets.

The tweets have been deleted, and moderators on Discord have warned users not to click on the link in Azuki’s bio as it still leads to a scam site.

Azuki has done $4.4 million in total sales since its launch in January 2022. Hackers have previously impersonated Azuki to trick Twitter users.

Immutable X Games sets new funding record with $900 million raise in 2022 Web3 market

According to a report by Delphi Digital, Immutable X raised the most Web3 funding in 2022, with exclusive and multi-chain games receiving $300 million and $600 million, respectively.

This made Immutable X the most funded Layer-2 Web3 game ecosystem in 2022, surpassing Solana and Polygon.

The report also states that Polygon came in second with a combined funding of $850 million, but Polygon-exclusive games performed poorly, with just over $150 million collected the entire year.

The total funding amount collected by prominent Web3 categories reached $7.1 billion in 2022, with the Web3 gaming industry accounting for 62.5% ($4.49 billion) of it.

Spatial Labs, a web3 infrastructure startup, secures $10 million in funding

Spatial Labs, a technology firm based in Los Angeles, raised $10 million in a seed funding round led by Blockchain Capital.

The funds will be used to develop new products and support growth initiatives. 

The round also saw participation from Marcy Venture Partners, an investment firm co-founded by Jay-Z, and other notable investors, including Ron Burkle, Scooter Braun, Anthony Tolliver, and Bobby Wagner. 

Founded in 2020, Spatial Labs specializes in creating hardware and software that enables users to buy and sell items online and prove their origin through an embedded microchip. 

The new funding will be used to hire new talent and expand the company’s reach beyond consumer goods into other industries.

Coinbase hit with $3.6 million fine by Dutch central bank for operating without registration

The Dutch central bank has imposed a $3.6 million fine on Coinbase, a crypto exchange, for rendering crypto services to customers in the Netherlands without registering there.

Dutch regulations mandate that crypto providers register under anti-money laundering and terrorist-financing norms. 

According to the central bank, the fine was incremented due to the severity and degree of Coinbase’s non-compliance and the company’s competitive advantage by not paying supervisory fees. 

Coinbase has stated that it disagrees with the enforcement order and is currently considering its options for objections and appeals. 

The company maintains that it is committed to compliance in all its operating jurisdictions and will continue to provide safe and trusted services to its Dutch customers.

There you go!
Hope this piece brought you as up-to-date as you want to be?

See you again in two weeks!

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  1. In two weeks, damn!