Paris Welcomes Crypto.com and the Trail Web3 Foundation; $3 billion worth of tokens stolen in 2022; Uniswap and Copper fill up; Google Cloud merges with Coinbase; USDC and DAI retreat… Let’s get back to the news of the week.
Does France have obvious assets for crypto players? This week, Jean-Noel Barraud, Delegate Minister for Digital Transition, was elated by “two good news for #cryptos and #web3 in France.” Thus, the Crypto.com exchange decided to locate its European headquarters in Paris. He plans to invest 150 million euros in it.
Paris also welcomes the new Lams Web3 Foundation. The Trail Fund “will invest in young French web 3 companies to accelerate their development in the areas of luxury, art, music and sports,” the government official said. Note, however, that the Parisian venture capital is linked to the Swiss Stake Capital for this.
Payment with cryptocurrencies in the cloud
The cloud is a dynamic market mostly dominated by US giants, hyperscalers such as Microsoft, AWS and Google. The Mountain View Californian is looking to tempt another growing sector, namely Web3. Therefore, to spearhead this conquest, Google has decided to accept payments in crypto assets for its Google Cloud Services.
To provide this payment method, Gafam has partnered with Coinbase. However, their partnership goes beyond cryptocurrencies. The exchange plans to migrate cloud applications from AWS to GCP. Google intends to transition other vendors in this new ecosystem to its cloud products, including BigQuery.
361 million investment in crypto and DeFi
Analysts warned that the bear market would reduce capital invested in Web3 companies. This is especially true for young shoots. Players who are already established and whose value proposition has been dismantled experience less difficulty, even if valuations are revised down.
Within a week, the two companies raised over $350 million from investors. Uniswap DEX ends its Series B in the middle of the crypto winter, raising $165 million. His valuation is estimated at $1.6 billion. Detention firm Copper rounds out its $196 million Series C. Performance… but way below the original $500 million target at $25 billion.
$3 billion worth of tokens stolen in 2022
Trading activity has slowed down since the beginning of the year. It is different from cybercriminals. There have been many hacks in 2022. Chainalysis has already counted 125. This is less than the entire previous year. On the other hand, the amounts of stolen tokens are reaching a peak of $3 billion.
October was the worst month of 2022 due to the Binance blockchain hack and the Mango hack in DeFi. Damage over the period is estimated at no less than $718 million. This is the return of large-scale attacks. Ten attacks cause $1.7 billion in damage. Sometimes these crimes are revealed. This is the case in France with NFT thefts from large collections. Recently, 5 people were arrested in Paris for stealing BAYC and other tokens.
USDC and DAI should react among stablecoins
This year, two marketable stablecoins are struggling. This is the USDC Circle case. However, its market capitalization jumped after the crash of TerraUSD. Since July, however, it has gone down the opposite slope. This is used by two opponents. USDT and BUSD are showing growth in their market capitalization over the same period. For 3 months, USDC capitalization fell by 16%, while USDT and BUSD grew by 4% and 23%, respectively.
DAI is also under stress. This, in particular, is evidenced by the sharp decline in MakerDAO revenue. The DAI issuer recorded a drop in earnings of more than 80% in the third quarter, even though it realized losses. This is due to low lending activity and too much dependence on USDC, the yield of which is low. Therefore, in order to improve its results, MakerDAO is converting its USDC reserves into US Treasuries. But for Messari, the solution lies in more decentralization.
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