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Daily Crypto News | July 2nd, 2022

1. Three Arrows Capital Finally Faces Bankruptcy

According to Bloomberg, the cryptocurrency investment business Three Arrows Capital, popularly known as 3AC, filed for Chapter 15 bankruptcy on Friday.

Although not shocking, the revelation marks the dishonorable demise of the illustrious, ten-year-old company that, according to blockchain analytics platform Nansen, managed up to $10 billion in assets as recently as March. Chapter 15 bankruptcy is frequently filed in an effort to protect the debtor’s assets and allows collaboration between international and U.S. court systems.

After Voyager Digital stopped trading and withdrawing money, citing $646 million in overdue loans to Three Arrows, the file was made public hours later. A notice of default was delivered to Three Arrows by Voyager on Monday.

2. Coinbase NFT Releases New Features In An Attempt To Attract Traders

For its comparatively tiny user base, Coinbase NFT continues to offer new functionality. Since becoming live in public beta at the start of May, the NFT marketplace of the cryptocurrency exchange has received a lot of upgrades. A “Liked” tab, the option to adjust list prices, an insights page, and a notification hub have all been introduced to Coinbase NFT in addition to the NFT “Bulk Manage” feature.

In addition, it now allows users to link up to 10 cryptocurrency wallets to a single Coinbase NFT account, as well as rarity filters, time-delayed listings, and a “Following” feed. However, despite the company continuing to delay any Coinbase fees “for a limited period,” traders haven’t really materialized.

3. Sales of Sorare Soccer NFTs Skyrocketed After Signing Mbappe

This week, Sorare, a fantasy soccer game based on Ethereum NFT, signed its first player ambassador, and since then, secondary sales of the game’s NFT player cards have been on the rise.

Kylian Mbappé, a forward for Paris Saint-Germain F.C. and the World Cup-winning French national team, was unveiled by Sorare as an investor and worldwide ambassador on Wednesday. As part of the agreement, Sorare has also committed to supporting Mbappé’s charity, Inspired by KM. This is Mbappé’s initial action in the Web3 sphere.

According to data from CryptoSlam, trading in Sorare NFTs has significantly increased on the secondary market. Sorare reported NFT sales of approximately $6.6 million over the preceding 24 hours, an increase of 795 percent from the prior 24-hour period.

4. BlockFi Signs Deals With FTX US, With Option To Acquire For $240M

BlockFi and FTX US have signed a contract that gives the crypto derivatives exchange the chance to buy the loan company.

FTX US and BlockFi signed agreements for a $400 million revolving credit facility and an option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers,” according to BlockFi CEO Zac Prince in a Friday Twitter thread. The agreement was made, according to the CEO, as part of BlockFi’s efforts “to bolster liquidity and protect client funds.”

The shareholders must yet approve the agreements. The decision was made, according to Prince, as a result of market instability, “particularly market events related to Celsius and 3AC,” which had a detrimental effect on BlockFi. The week after Celsius paused withdrawals, the cryptocurrency lending company lost over $80 million, and after examining “various unattractive options” for recovery, it joined with FTX US.

5. Ignite CEO Resigns After 7 Years

About a month after Jae Kwon, the former CEO of the company, said he would manage NewTendermint, which was created as part of Ignite’s split into two organizations in May, Peng Zhong resigned as CEO.

Ignite’s chief executive officer, Peng Zhong, formerly of Tendermint and a supporter of the Cosmos ecosystem, has announced his departure from the company.

Zhong announced that Friday will be his last day at Ignite, where he has served as CEO since May 2020, in a tweet to his more than 20,000 followers. Prior to that, the now-retired Ignite CEO served as the company’s chief design officer since he began working there in 2015. It’s unclear what motivated his choice to depart the organization.

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