Metamask didn't block users, but its service providers did.

And, why is crypto down now?

Inside.com Part of   Network March 04, 2022

Presented by

Market Update: The crypto market is down today, most likely due to Russia's increasingly aggressive actions in Ukraine coupled with the U.S. jobs report yielding better results than expected in February.  Even though some investors see Bitcoin as an inflation hedge, it still trades like a risk asset. Thus, the Fed's effort to slow inflation is bearish for its price. A hot labor market leads to faster wage increases, which could lead to inflation as businesses pass along higher costs to consumers. The crypto price is ultimately being dragged down by Fed rate hike fears. A better-than-expected jobs report is bad for crypto because it's linked to future inflation at a time when the Fed wants to hike rates to limit inflation. Basically, this data set gives the Fed another reason to raise rates. TL;DR; Good jobs report = increased inflation concerns = increased chance Fed raises rates = decrease in risk asset prices like crypto.

The rumors that Metamask blocked users in Venezuela from using the platform turned out to be false. Metamask is a client-side application, so it is impossible for it to block users based on location. However, Metamask does use the centralized service Infura to access the Ethereum blockchain, which does restrict access to users in countries that are on the U.S. sanction list.  So, what happened? Infura imposed new geoblocks Thursday that restrict access to users in sanctioned countries. Infura accidentally blocked too many people by default and then had to fix it. MetaMask is still a decentralized tool, but its default service providers are often not. Infura has long followed OFAC sanctions guidance.

Crypto exchanges Coinbase and Binance are resisting calls to ban all Russian users from their platforms. Coinbase CEO Brian Armstrong called crypto a "lifeline" for Russian citizens, many of whom are opposed to what their country is doing. More: The argument for the ban is that Russian entities can use crypto to sidestep sanctions. This argument is largely unfounded due to the traceability of cryptocurrencies. If the U.S. government issues new legal requirements, then Coinbase will still comply, according to Armstrong.

A message from SEEDINVEST Equity crowdfunding 101: A crash course for founders Maybe you’ve heard the term before, but what is equity crowdfunding and how do you know if it’s right for your company? A way to raise a round online, equity crowdfunding allows early and growth-stage companies to raise large sums of capital in small increments spread across many individual investors. How large a sum of capital are we talking about here? In 2020, the average community raise on SeedInvest was $3.3 million, and so far we’ve helped more than 250 companies launch successful raises spanning everything from six-figure seed rounds and top-ups to eight-figure Series B rounds. Who is this community I keep hearing so much about? The SeedInvest community is made up of more than 600,000 investors ready to throw their support behind the next game-changing innovation that ignites their curiosity. If you’d like to get the complete picture, check out our comprehensive guide to equity crowdfunding for founders. Get the Guide

Shaan Puri's Milk Road gave users a great guide on how to earn ~20% yield on stablecoins.  Some key points about this yield strategy: It uses UST (Terra ecosystem). The funds are liquid, meaning you can withdraw whenever you want to. There are risks (smart contract, stablecoin peg, black swan); however, in terms of crypto yield strategies, this one is actually pretty safe. One caveat is that 20% is pretty low for crypto yield. Check it out.

Funding Friday Notifi ($2.5M) — Proclaiming itself as the "Twilio of Web 3," Notifi wants to bring push notifications to crypto. Race Capital and Hash are among the project's backers. Dialect ($4.1M) — Another push notifications project focused on the Solana blockchain. Dialect looks to bring wallet-to-wallet chat and alerts. The round was co-led by Multicoin Capital and Jump Crypto. Aptos ($200M) — A safe and scalable Layer 1 blockchain. The team comes from Facebook's ill-fated Libra stablecoin and is looking to resurrect the Diem blockchain. A16z and several other crypto venture firms were reportedly involved in the round. Luna Foundation Guard ($1B) — The non-profit organization supporting the Terra ecosystem raised the capital through the sale of Terra's native token, LUNA. The round, one of crypto's largest ever, was led by Jump Crypto and Three Arrows Capital, with participation from GSR Ventures, DeFiance Capital, Republic Capital, and Tribe Capital, among others.

A message from MALWAREBYTES Secure success for 2022 with AI-powered cyberprotection. Remote workforces continue to raise security concerns for businesses. Remote workforces make easy targets for cybercriminals. 1 out of 5 businesses experienced a remote-worker related security breach 28% of people admitted using their personal device for work more than their work-issued device Secure success in 2022 Prepare your team—and all the devices they use—against ransomware, security breaches, and other cyberattacks with easy-to-use tools designed for growing businesses. Outsmart cyberattacks and avoid downtime with Malwarebytes Endpoint Detection and Response with 72-hour ransomware rollback recovery. Get started today with 25% off your first year of EP, EDR and server protection. Learn More

Web3 Tweet: Daniel Schlabach on DAO contributor compensation.

QUICK HITS Skip the dentist and save up to 80% with Remi custom night guards and teeth whitening kits sent directly to you.* CVS filed for NFT related trademarks. Ukraine DAO's Ukraine Flag NFT sold for $6.75M. Shake Shack is running a promotion with Cash App to give away Bitcoin.  Revolut banned transfers to Russia and Belarus. The SEC is considering crypto recommendations for its custody rule. Get world-class wine tailored to your taste & delivered to your door with Firstleaf! Try 6 wines for $29.95 + free shipping. Satisfaction guaranteed.* *This is sponsored content.

UPCOMING EVENTS March 08 - Digital Identity in the Age of Virtual Worlds with David Lucatch (Liquid Avatar) (Register Here) March 08 - Venturing in VC - Episode #10 with Alda Leu Dennis (Initialized Capital) (Register Here) March 10 - NoCode's impact on the Gig Economy with Sharath Kuruganty (Register Here) March 17 - Understanding Million Dollar Virtual Real Estate with Neil Mandt (Metaverse Rights) (Register Here) March 23 - Need to Know NoCoder: Nichole Bestman (Bubble) (Register Here) March 31 - How To Build In Web 3.0 (Register Here) April 04 - Blockchain and the Law (Register Here) April 06 - Entertainment in the Metaverse (Register Here) April 14 - Shopping In The Metaverse (Register Here) April 28 - Alternative Investments 2: Crypto Safety Standards (Register Here)

Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline 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.

Tap into 600,000 investors on SeedInvest. Learn more.

Industry-leading antivirus software to protect your business against hackers and online cyber threats.

Click to Share ➞

767 Bryant St. #203, San Francisco, CA 94107 Copyright © 2022 Inside.com

Did someone forward this email to you? Head over to inside.com to get your very own free subscription! You received this email because you subscribed to Inside Cryptocurrency. Click here to unsubscribe from Inside Cryptocurrency list or manage your subscriptions.