Web2 and Web3 integrations on the rise

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To escape from the digital asset industry, Signature bank plans to lower its deposits tied to cryptocurrencies by as much as $10 billion. It is considered to be one of the most crypto-friendly banks on Wall Street alongside its rival Silvergate bank. On Tuesday, at an investor conference in New York, CEO of Signature bank, Joe DePaolo said that “We are not just a crypto bank and we want that to come across loud and clear.”

As of September 2022, nearly 23.5% of the $103 billion in total deposits made by the New York-based bank came from the cryptocurrency sector. But given the current “problems’ ‘ in the market, DePaolo anticipated that eventually Signature will bring that figure down to around 15%. He also stated that stablecoins as a business that banks would want to exit could be bad news for firms like Circle and other stablecoin issuers. Nearly 10% of the $11.9 billion in deposits made by users of digital assets, according to Silvergate Bank, came through FTX. The failure of FTX has caused the bank’s stock to fall.

Crypto Market update

ConsenSys responded to concerns about the company’s privacy policy last month by updating and clarifying how it stores user data. Following claims that the company’s flagship products, MetaMask and Infura, gathered user wallet and IP addresses, the cryptocurrency sector was in turmoil in November. The firm aims to delete the user data after a week and also mentions that the data collected via MetaMask and Infura is never sold to third parties. The company collects users’ wallet and IP address only when the user makes transactions. From next week, users of MetaMask will soon have the opportunity to change the default Infura Remote Procedure Call (RPC) provider to a different RPC provider.

Winamp, the windows music player has merged with music NFTs in its platform. The new update will allow users to play audio files placed in their NFTs (Non-fungible tokens) and calls this a web3 desktop upgrade. The users can link their Metamask wallet via Chrome, Firefox, or Brave browsers to Winamp in the latest version.Winamp is compatible with Polygon and Ethereum and supports audio and video files encrypted with ERC-721 and ERC-1155. A cross-platform creator service will be introduced in early 2023, according to Winamp, and its NFT support will be combined with other improvements to make Winamp a global and advanced listening platform. Warner Music Group declared earlier today that it would make music NFTs available through LGND, a Polygon-based marketplace.

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