Crypto experts stated that the TerraUSD collapse will "probably be the end" of most algorithmic stablecoins. Terra is a coin that recently collapsed to historically low levels. More: - Stablecoins are a type of cryptocurrency that is usually pegged to a real-world asset.
- TerraUSD or UST is an algorithmic stablecoin that was supposed to be pegged to the U.S. dollar to ensure stability for its users, avoiding the volatility that crypto is known for.
- UST recently lost its dollar peg, which led to a sell-off for its sister token Luna, crashing to $0.
- The collapse of UST has caused many experts and legislators to call for concrete action that would protect the market from currencies like Terra, which caused millions of dollars in losses for retail buyers.
Zoom Out: - Earlier this year in the U.S., Senate Banking Committee Ranking Member Pat Toomey released a draft set of rules on regulating stablecoins.
- U.S. Treasury Secretary Janet Yellen last month urged lawmakers to pass legislation around stablecoins.
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Kimbal Musk stated that a Decentralized Autonomous Organization such as his Big Green DAO has never been done before. Musk is running the DAO as a non-profit. More: - In a recent interview, Kimbal Musk gave an update on his DAO, called the Big Green DAO. Musk explained that he invested $1M of his own money to use as initial capital. The DAO donors then selected six worthy non-profits, and each of the non-profits received $50,000.
- Those six non-profits then voted on which batch of recipients should receive the next round of funds, and each quarter they repeat the same pattern.
- The DAO has raised a total of $6.5M with over 1,700 donors. There are 16 non-profits generally with a food justice bent that, along with the donors, are voting on how to distribute the funds.
- Examples include an African American woman from Minnesota who did garden parties after George Floyd was killed in Minneapolis to bring the community together or a Native American woman who works with reservations around the country to bring in philanthropy.
- According to Musk, what separates this DAO from the rest is the fact that non-profits make all the decisions by voting on where the money raised by donors will be deployed.
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Winklevoss-led crypto exchange Gemini cut 10% of its staff. The company cited the cryptocurrency downturn as a reason. More: - The company made the announcement through a blog post.
- According to Gemini, the crypto industry is currently in a “contraction phase that is settling into a period of stasis,” also known as a “crypto winter,” according to their comments. “This has all been further compounded by the current macroeconomic and geopolitical turmoil.
- Gemini has around 1,000 employees, while LinkedIn shows the number to be between 500-1,000.
- Last month, Coinbase said it will slow down hiring and reassess headcount needs.
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Kanye West has entered the NFT and crypto market with Yeezy NFTs. West applied for a trademark related to the technology. More: - West was initially skeptical about the NFT scene and denied the chances of him working in this direction in the future.
- The trademark application was filed on May 27 in the name of Mascotte Holdings, Inc, which is West’s company. In the application filed to the U.S. Patent and Trademark Office, he filed for the Yeezus trademark under various categories.
- Yeezus Crypto & NFTs are the most interesting categories, while among the applications are blockchain-based currencies and non-fungible tokens.
Zoom Out: - Kanye West is a billionaire, according to Forbes, with his Yeezy brand generating $1.7B in revenue in 2021.
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Kevin O'Leary-backed Bitcoin miner Bitzer plans to have its headquarters in North Dakota. The company plans to invest $200M-$400M in data centers. More: - According to the company, North Dakota emerged as the logical choice for Bitzero due to its alignment with the state's goal of being carbon neutral by 2030, its robust energy industry, favorable tax and regulatory environment, and access to top-tier engineering and software talent for the commercialization of new intellectual property in the data center space.
- Bitzero describes itself as a miner that harnesses renewable energy within an ESG-driven Zero Carbon Displacement ecosystem to harmonize relationships between data processing, crypto-mining, commerce, communities, and the environment. The company is backed by serial entrepreneur Kevin O'Leary, who has become an avid supporter of certain cryptocurrencies and blockchain technology. O'Leary was previously opposed to investing in crypto.
- Bitzero has raised about $100M in investment capital and plans to go public on the Canadian stock exchange within the next 60 days, and then aims to go public on Nasdaq.
- At its most recent funding round, the miner raised $45M at a price of $0.40 per share.
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Laevitas raised a $2.5M seed round co-led by Three Arrows Capital and DeFiance Capital. Laevitas is a data analytics platform focused on crypto derivatives. More: - The company has 2,000 daily active users, including a number of hedge funds, market makers, and trading firms.
- This seed raise will enable the company to expand its suite of analytics and research on the crypto derivatives market and provide comprehensive tools in under-addressed areas such as DeFi derivatives, options pricing, and risk management.
- Currently, the company employs 20 people, as it plans to increase its staff.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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