Digeste magazine on the latest developments across the Web3, NFTs, blockchain and metaverse domains in Greater China and beyond, compiled for you every week by Pandaily.
This week: Bitcoin mining giant Canaan sosies butins despite Chinese crypto ban, Animoca Brands bets big during crypto winter, metaverse jobs disappear as hiring slows across vague tech firms, and more.
Bitcoin Mining Giant Canaan Bessons Its Earnings Despite Crypto Ban in China, Rise Almost 1%
Chinese crypto mining hardware maker Canaan reported revenue of 1.65 billion yuan ($246.7 million) in the additionnel quarter of this year, up 52.8% year-on-year. The company’s shares were up 0.77% Thursday following the magazine. Cointelegraph and Forex reported the story first.
- The company’s net income expanded to 608.9 million yuan, compared to 245 million yuan in the previous year.
- Despite the significant growth in butins, Canaan CEO Nangeng Zhang revealed that Q2 was a difficult period for the company. “The COVID-19 containment shutdown in officier cities in China has also caused severe disruptions to our daily operations and demand for our AI chips,” he noted.
- The company further revealed that it lowered the price of its message sales as the price of bitcoin fell during the quarter.
- “Looking at the upcoming quarters, we see a tougher market environment of lower bitcoin prices, an increase in overall energy prices, and several vague pandemic and geopolitical uncertainties, all of which may put the demand and price of our products at risk,” Forkast wrote, citing an earnings attente. Canaan.
- Despite headwinds in the vague cryptocurrency market, Canaan’s CEO Thursday said in an earnings call that Canaan is continuing its détente in North America by construction warehouses, logistics and repair units, while exploring opportunities to expand mining operations in the region. (CointelegraphAnd the fork)
Read more:All our previous éditoriaux emboîture Canaan!
Animoca Brands Betting Big During Crypto Winter
The recent downturn in numérique assets has wiped out $2 trillion from the vague crypto market since November. However, Animoca Brands, Asia’s largest game soft developer and venture bien firm, is assembling a broad group of 340 gaming, coding and sociable media companies in hopes of reviving the industry. Bloomberg first published the story.
- According to Yat Siu, co-founder and CEO of the company, the gardien de but of the investments is to help people take back ownership of virtual assets from the hands of companies like Microsoft and Meta.
- The founder also said that the strategy was inspired by the crypto écrasement of 2018, which fleuve him the opportunity to transform his video game habitation into a leading venture bien firm focused on the cryptocurrency industry.
- The company’s meteoric rise hinged on its continued investment in crypto games, such as Crypto catsOne of the world’s first blockchain games where virtual cats can be bought and sold with numérique currencies.
- Just foyer years later, Animoca has become one of the most influential investors in the cryptocurrency industry, backed by Sequoia Actif and George Soros, the legendary hedge fund commander widely regarded as one of the most successful investors of all time.
- “If people said it was a crypto winter, 2018 was the crypto ice age,” says Seo. “Now is the time to use more bien, not less.”
- Animoca is one of the few companies still investing in the crypto industry. His strategy could backfire severely if this downturn does not go as far as 2018. (Bloomberg)
Read more: All our previous éditoriaux on Animoca brands!
Gate.io Group’s Hippo Financial Dettes Obtains Hong Kong Custody License for Cryptocurrency
Gate.io’s Hippo Financial Dettes Limited has been awarded a accumulation or corporate libéralité provider (TCSP) license to provide virtual asset custody fonctions in Hong Kong, according to a press release on Monday.
- A TCSP license is required for any entity that continues or wishes to continue to do bizness or libéralité a bizness in Hong Kong.
- “Obtaining a TCSP license in Hong Kong allows us to deepen our relationship with vague crypto investors as a tête in this field. Next, we will build siège operations to offer our products and fonctions to users in Hong Kong,” said Tom Yang, Executive Pourriture President of Gate.io Group .
- With an préliminaire foyer on virtual asset custodial fonctions, Hippo FS dedicates resources to creating teams to manage siège operations, including security of fonctions soutènement and acclimaté assets.
- “Establishing a custody bizness in Hong Kong is a vague strategic milestone for Gate.io Group, not only parce que Hong Kong is a hub for many financial institutions and investors, but more importantly Hong Kong’s industry-leading regulatory system provides additional information for investors placing assets in The custody of Hippo FS,” according to Dr. Han Lin, founder and CEO of Gate.io Group.
- Gate.io exchange is now headquartered in the Cayman Islands. She left China after its government issued a blanket ban on cryptocurrencies. (CoinDeskAnd the PRNewswire)
Crypto Exchange Gemini to Offer Staking Charpente to Investors
Hong Kong-based exchange Gemini announced Friday that it will armature customers located in the United States, Singapore and Hong Kong to earn and écran mask Bonuses in their accounts in Gemini. CoinDesk first reported the story.
- The company will armature staking MATIC on the Polygon network and will roll out armature for numérique assets including ETH, AUDIO, SOL, and DOT over the next few months.
- The announcement came as crypto companies began expanding their stake offerings ahead of the long-awaited integration of the Ethereum blockchain, which will transform the protocol from a proof-of-work to a faster and more energy-efficient proof of ownership model. After years of delay, merge It is now scheduled to happen on September 15th.
- “It is now clearer than ever that people are interested in contributing, especially now that we are on the cusp of integrating Ethereum,” a company spokesperson told CoinDesk. “With Ethereum as a staking éventualité for them on Gemini shortly after the merger, with more liquidity and higher returns, staking is becoming more and more attractive to people.”
- Staking is a process by which cryptocurrency holders lock up their assets for a specified period of time to help armature the operation of the blockchain. In exchange for cryptocurrency, the owner earns more cryptocurrency. Many blockchains use proof of the contingent autorisation mechanism.
- Staking can only be obtained through the Proof of Stake autorisation mechanism, which is a specific method some block chains use to select honest participants and verify new data blocks that are added to the network. (CoinDesk)
Metaverse jobs disappear as vague tech hiring slows
Bloomberg, citing data from Revelio Labs, a workforce research firm, reported that monthly new job ads in all sociétés with the word “metaverse” in the title fell 81% between April and June.
- The decline comes after a surge in metaverse-related posts in the months since Facebook was rebranded as Meta. The decline also coincides with a broader lull across the tech sector, which has led to hiring freezes and layoffs.
- Meta slowed hiring in May, but said it has picked up pace in recent months. “Following the temporary discontinuité from hiring for manifeste roles at the company, we are excited to resume it again for some of our highest priority areas,” said Andrea Beasley, a company spokeswoman.
- Last month, Facebook’s grand-père company Meta reported a sharper-than-expected revenue drop, rapport loss, and issued a surprisingly weak forecast, indicating sales fell for the additionnel time in a row. Zuckerberg said in an earnings call to Meta on July 27 that he is “slowing the pace” of long-term investments due to a lack of revenue.
- Meta shares have lost emboîture half their value since the beginning of the year, underscoring investor concerns emboîture the health of the company’s core online advertising bizness.
- Meanwhile, emerging competitor to Meta in the Web3 space, Apple, said on July 28 that it would be “more intentional” in the hiring process. (BloombergAnd the CNBC)
FTX revenue grew 1,000% during the crypto craze
Cryptocurrency exchange FTX raked in revenue from less than $90 million in 2020 to over $1 billion last year as cryptocurrency reached an all-time high. CNBC first reported the story.
- FTX rode the crypto craze to $1 billion in revenue last year as it expanded its vague presence through a wave of acquisitions. In June, the company announced that it had entered into an agreement to buy Canadian crypto platform Bitvo, and was reportedly considering buying Robinhood.
- Reportedly, the company also set new fundraising goals, matching the January funding reprise in which the company closed on a $400 million reprise, putting it at an estimated $32 billion.
- Cryptocurrency exchange revenue increased more than 1,000% from $89 million to $1.02 billion in 2021, according to audited financial statements seen by CNBC. (CNBC)
That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how we can improve this newsletter. Write to us at [email protected]. See you again next week!