Market Update: October 28, 2022

  /  3 minutes read

According to the Decentralized Engineering Cooperation (DEC), the organization behind the Solana-based protocol TRIP that enables mobility-based applications, the ride-sharing sector is ready for another paradigm shift as Web3 protocols allow new businesses and drivers to bid for rides using a matching algorithm. According to DEC, businesses and users can work together and compete in a shared marketplace on the TRIP platform. On October 27, Decentralized Engineering Cooperation (DEC) disclosed a $9 million seed investment. DEC created TRIP, a Solana-based protocol that enables applications based on mobility. Teleport, a decentralized ride-sharing software expected to be available in December, is the first service to run on TRIP. DEC stated that Web3 protocols would let new businesses and drivers submit ride bids using a matching algorithm. Companies and riders can collaborate and compete in a shared marketplace on the TRIP platform, says DEC.

Network dynamics
Source: Network Dynamics

The American crypto exchange FTX may soon introduce its stablecoin, although it would prefer to do so in collaboration with a partnership. Sam Bankman-Fried, CEO of FTX, said: “I believe you’ll likely hear from us regarding that in the not-too-distant future.”  FTX is also thinking of doing another financing round to fund its acquisition spree. “At the same time as we are looking at possible acquisitions, we are also considering doing a fundraiser. When asked if FTX would consider trying to snap up popular trading app Robinhood, as was rumored earlier this year, the crypto boss reiterated that a deal was not on the table. “We could buy a company like Robinhood, but that’s not what we’re looking at right now. Our challenge is to continue to grow organically. “

Source: Numerama

Costa Rican legislators are working to make their nation Bitcoin-friendly with considerably reduced cryptocurrency taxation. A plan to control the cryptocurrency market in Costa Rica was presented to Congress this week by Costa Rican legislator Johana Obando. The government would not be able to impose taxes on cryptocurrencies used to purchase goods under the Cryptoassets Market Act (MECA). Profits from crypto trading, however, would be subject to income taxes under the bill. Obando predicted on Twitter that this would eventually draw in international capital, fintech firms, and Costa Rican job creators. “MECA introduces cryptocurrencies as a private virtual currency, with free access and circulation, and does not oblige the state to acquire or replace them.” El Salvador became the first country in the world to adopt Bitcoin as a legal tender.

Source: lecannabiste

That’s it for today, see you tomorrow


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