Tough time for crypto companies while TradFi takes up web3 initiatives

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The non-fungible tokens (NFTs) marketplace, investing and cryptocurrency trading services in the metaverse, are a few web3 services and products for which Fidelity has submitted a trademark application in the U.S. This is supported by 3 trademark applications sent to the USPTO on December 21. According to Fidelity, it is possible to access various investment services in virtual worlds, such as mutual funds, retirement funds, investment management, and financial planning. The firm may also provide educational assistance such as “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services” in the metaverse. In October when companies were planning a large number of layoffs, Fidelity was planning to strengthen its firm by hiring 100 employees.  

Kunji research crypto market update

Nexo has refused rumours that negotiations to buy struggling rival crypto lender Vauld had come to an end. In June, Vauld applied to a Singaporean court for defense from litigation and creditors. Darshan Bathija, the founder and CEO of Vauld, informed the company’s creditors in an email that talks with Nexo “had unfortunately not come to fruition.” Under American banking laws, the action was equivalent to a Chapter 11 bankruptcy. According to Nexo, Vauld’s creditors, not its previous CEO, are in charge of the company’s future. This month, Nexo revealed plans to purchase Vauld. A final acquisition proposal as well as an open letter was delivered by the Singapore-based corporation. Customers will have access to Nexo’s new accounts’ allotted digital assets for borrowing, earning, and exchanging.

In order to respond to the present market environment, Octopus Network, a decentralized app chain network that is natively built on NEAR Protocol, has declared that it will be “refactoring.” Octopus Network will fire 12 out of 30 employees, or 40% of its workforce as a part of its restructuring process. The salaries of the remaining employees will likewise be reduced by 20%, and their team token incentive will be permanently discontinued. According to the founder Louis Liu, the present “crypto winter” would likely remain at least another year, if not much longer, and “most Web3 startups will not survive. The company was “not immune” to the effects of FTX collapse, according to Alex Harper, the CEO, despite having no exposure to FTX. If conditions of the market continue to go down then there is a possibility of more layoffs taking place in the crypto workforce.

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