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DCG’s Subsidiary Company LUNO Global Holdings Announces 35% Lay-off

By
Paul Ugbede Godwin
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0

Digital Currency Group ‘DCG’ owned Crypto lending platform Genesis Global Trading filed for Chapter 11 Bankruptcy last week. Today, LUNO Global Holdings has announced it will slash 35% of its workforce— citing Crypto Market turbulence, LUNO is owned by DCG— alongside ZCash, Coinbase, Coindesk, Decentraland, Kraken, Lightening Network, Ripple, Etherscan, Blockstream and Ledger, et al part of these companies were invested on by DCG.

According to its LinkedIn page, Luno’s total headcount is about 960 people, which means more than 330 jobs will be affected. This follows a report on CoinDesk last week, that its cofounder and CTO had quietly resigned last year December.

Marcus Swanepoel, CEO at Luno Group Holdings said; LUNO has unfortunately not been immune to the recent Crypto Market turbulence, which has affected its growth and revenue numbers. In a letter to employees about the lay-offs, Marcus Swanepoel said some unforeseen and “very extreme events” have impacted the cryptocurrency industry.

As a result, we have to readjust our focus to maintaining our leadership position in our core markets, and continue to lay a strong yet sustainable foundation for the business as we prepare to come out of this current cycle in a very strong position.

This includes a global economic downturn coupled with an even bigger downturn in the tech sector overall. “And on top of that, not just an ‘ordinary’ crypto winter, but a series of shocks including Luna [Terra], Three Arrows, FTX and Alameda Research Implosion that have had an overall compounding effect on our industry”.

This impacted Luno in several ways:

On the capital side, a significantly more constrained funding environment, with the market’s focus shifting from long-term investment to shorter-term profitability.

On the operating side, a negative impact on market sentiment and consequently on growth and revenue for the business.

Swanepoel said it’s not only Luno Group Holdings that’s affected but all its peers and competitors.

While we anticipated a downturn and proactively planned ahead with a business and funding model that can be resilient to some of these factors, the sheer scale and speed of all of this happening, and all at the same time, has put significant strain on our original plan.

What this means in practice is that in addition to streamlining our strategy to focus on our core strengths, we need to also substantially decrease our cost base — which includes employee headcount in all of our markets — in order for us to be set up for success going forward.

In a related twist, Gemini Trading Co-Founder Cameron Winklevoss has said: Unless Barry and DCG make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently.

While we have been working around the clock to negotiate an acceptable solution, Barry Silbert and DCG — the parent company of Genesis – continue to refuse to offer creditors a fair deal.

Grayscale, DCG’s subsidiary holdings sued the SEC almost immediately after its proposal was denied, claiming that the regulator was acting arbitrarily in rejecting the applications for Spot Bitcoin ETFs when it had previously approved Bitcoin Futures ETFs.

Consequently, SEC is looking at the block pledge and subsequent sale of $GBTC affected by Genesis Trading and Gemini. “Blatant disregard for Reg. 144 and easy case that disadvantaged regular investors via both time and price considerations.”

Interestingly, Binance has reportedly eliminated DCG’s ability to TWAP trade and potentially trade altogether on its Exchange. However, with upheaval happening in the Crypto Industry, Price actions on Bitcoin, Ethereum and other solid Altcoins does not consolidate with these recent Crypto turbulent events.

Singularity, ChatGPT and Business – Join Us At Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

When you are looking for a business school with impact, check Tekedia Institute. With more than 350 global faculty, we cover any topic in business. As the age of AI-first evolves, Tekedia Mini-MBA, through our Singularity and Futurism course, is looking at the promises of the next 50, 100 and 200 years. We brought together the best in the world to teach it; we also have a book on the same topic.

What comes after ChatGPT? How would these new technologies change our world? What? What? From Feb 6, we will share knowledge and make scholars better. It is about the ascension on leadership across domains of management, technology, politics, etc.

This is the #best school. Join us here .

 

LensProtocol Acquires Sonar to Stimulate its ‘Creator’s Economy’ Push

By
Paul Ugbede Godwin
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0

LensProtocol, the blockchain social media network of lending unit Aave Protocol, has effectively acquired NFT mobile gaming app Sonar. But specifics of Aave’s initially merger have been stored beneath wraps. LensProtocol will integrate with Sonar’s avatar method – emoji “mojis” – to develop a new identity for their metaverse.

Users can accessibility Sonar applying Lens, the ad says. Listed Sonar at this time has twenty,000 month-to-month energetic customers and 1000’s of NFT holders.

Sonar’s NFT has raised a complete of 49 ETH in trading volume considering the fact that its launch in October 2021. This assortment has just more than one, 000 owners as of press time.

As portion of the deal, Sonar executives will “go to” Aave, proceed with the Lens develop crew, and produce other mobile social applications to launch in 2023.

In early May, Aave “ported” Lens Protocol to Polygon, not too long ago unexpectedly suspending the services to handle the higher gasoline tariff challenge on this blockchain. But today’s acquisition will assistance Lens broaden into mobile apps, raising marketplace share for its social media merchandise.

Ben South, Ex-Founder Sonar stated in his tweet on microblogging platform Twitter about the acquisition that; “It became clear to us that all the building blocks to transform the way we connect online are right there on Lens. We’re excited to help figure out the configurations that are approachable and familiar to anyone”.

LensProtocol is annexing the Creators Economy into its bidding, Lens user earns an average of $112 through an average of three posts along with mirror and follow revenue. If you have 1k+ followers and 10k+ tweets and are still not getting paid for the cool contents you publish, then you’ll have to switch tent or make reevaluation.

Revenue generated by “Collect Mirrored” is actually shared between the original post creator and mirror user. The referral fees that the mirror user received various on different posts, LensProtocol is less about the platform more about the creator.

Perpetually, LensProtocol lets you plug into a well-connected social graph for any dapp without the need for onboarding users and filling out profiles. The same team behind AaveAave also built Lens. Their goal? To be the last social media handle you’ll ever need.

The ability to easily source a social graph can’t be understated. Users can swap from apps like Lenstubexyz to Lensterxyz and bring all their followers, friends, and posts with them. This will change how we interact with social media as a whole.

LensProtocol also has the power to bootstrap non-social media apps. Web2 apps are forced to build out a social graph. Take Venmo, Spotify, Duolingo for example. Lens can replace all this and let users import their existing social network.

Doodles-2 NFT Collections to Launch on Flow Chain

By
Paul Ugbede Godwin
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0

Doodles, a community-driven 10,000 NFT collectibles featuring art by Burnt Toast has announced migration plans to the Flow Blockchain for its upcoming NFT project ‘Doodles 2’.

Announcing the decision on Twitter, Flow Blockchain noted that the ambitious vision for Doodles 2 will leverage the benefits of Flow to deliver a world-class experience and that Flow was built from the ground up to unlock mass-scale user experiences like Doodles.

Frictionless onboarding.

Proven scalability.

Seamless checkout flows.

World-class security.

Composability.

Doodle’s vision is to revolutionize media and entertainment through Web3, impacting industries such as gaming, music, and real-life events through Doodle NFT avatars.

With Doodles 2 collectibles, there’s no limit to the possibilities, coming soon, Doodles 2 collectibles will be everywhere – accessible from your computer, phone, social media, and wherever you are, just like Flow Blockchain. No gas fees and Flow’s proven scalability allow for limitless customization. Swap wearables, and personalize your Doodle.

Expect exciting drops featuring unique Doodles 2 wearables, with collaborations featuring partners, musicians and creators. You’ll be able to buy, sell and trade wearables, allowing you to curate a perfect collection that represents you.

The Doodles universe on Flow Blockchain begins opening to the existing Doodles community first, expanding to everyone over time.

Poopie, Founder at Doodles stated in a Twitter thread that Flow Blockchain was chosen to help create a frictionless on-chain app that lets mainstream fans customize their Doodle without limits.

Frictionless conversion is critical for mainstream success of Doodles 2. Newcomers can 1) create a wallet by signing into Gmail and 2) buy Wearables with their credit card in just a few clicks. It’s how Top Shot got 400k people to buy first NFT.

On-chain scalability is a requirement for Doodles 2. Everything you see below is on-chain—the Wearables art, the attributes, the Doodle and its customization. Mainstream users will endlessly customize their doodles and trade wearables without transaction fees.

The programming language makes Doodles 2 customization meaningful on-chain. Customization adds or removes Wearables in your Doodle’s possession. This means Doodle is actually wearing its Wearables on-chain.

Having led teams at Dapper Labs for four years I’ve been through megafires, scalability issues and the repercussions of inflationary design. Reminder that we have unique learnings and full control of our IP.

Doodles first minted on October 17th, 2021, Doodles come in a wide range of colors, sizes, and traits, with each owner having the right to vote for experiences paid for by the Doodles Community Treasury.

Since its release, Doodles has become one of the most successful NFT collections worldwide, with a sales volume of 155,692 $ETH and a current floor price of 8.2 $ETH ($12,700).

Amazon Workers in the U.K Down Tools, Protest Over Wage Inequality in the Company

By
Ojukwu Emmanuel
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0

Amazon workers in the U.K. have suspended their work to protest over the wage inequality at the company.

The 24-hour strike action which began in the early hours of today has seen numerous workers at the warehouse in Coventry hit the street to demand a pay rise of £15 an hour after receiving an increase of 50p an hour last summer, taking pay for most workers to £10.50 an hour.

Workers at the company are unhappy with the pay increase (50 pence) per hour, equivalent to 5% and well below inflation.

The pay rise, described by workers as “pathetic” and “an insult”, sparked wildcat strikes in at least four British warehouses, including Coventry.

These aggrieved workers are demanding better working conditions, as they lament over the long working hours, high injury rates, and the unrelenting pace of work, as well as the aggressive tech-enhanced monitoring of employees.

The GMB union which represents the workers involved disclosed that it expects 300 employees out of a total of 1,000 at the plant to turn up to the walkout.

A GMB senior organizer, Stuart Richards said,

“Today, Amazon workers in Coventry will make history, they have defied the odds to become the first-ever Amazon workers in the UK to go on strike. They are taking on one of the world’s biggest companies to fight for a decent standard of living, they should be rightly proud of themselves.

“After six months of ignoring all requests to listen to workers’ concerns, GMB urges Amazon bosses in the UK to do the right thing and give workers a pay rise”.

The GMB further added that it could set dates for further strikes over the company’s offer in the summer of a 50p hourly pay rise, which left hourly wages at £10.50.

Meanwhile, a spokesperson at Amazon said,

“A tiny proportion of our workforce is involved. In fact, according to the verified figures, only a fraction of 1 percent of our UK employees voted in the ballot and that includes those who voted against industrial action.

“We appreciate the great work our teams do throughout the year and we’re proud to offer competitive pay which starts at a minimum of between £10.50 and £11.45 per hour, depending on location. This represents a 29 percent increase in the minimum hourly wage paid to Amazon employees since 2018.

“Employees are also offered comprehensive benefits that are worth thousands more, including medical insurance, life assurance, subsidized meals, and an employee discount, to name a few”.

Reports disclose that the strike action by workers against Amazon is the first legally mandated strike to take place in Amazon’s U.K. Although, last year, workers previously stopped working spontaneously in August and on Black Friday in November.

The strike was organized under “Make Amazon Pay,” an international campaign coordinated among trade unions, climate justice groups, and labor rights organizations, mandating Amazon to increase worker pay and stop busting warehouse employees’ efforts to unionize, as well as improve its environmental impact.

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