CryptoWatch's weekly round-up caught the recent happenings amidst this Christmas holiday for the massive cryptocurrency industry in the world, for the top news relevant to one's monitoring of the famous digital currencies.
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As far as the past week went, Binance makes the headlines for another of its new actions toward the regulation of cryptocurrencies with its partnership with the Chamber of Digital Commerce. Additionally, Google aims to develop the web3 for the Asia Pacific, alongside its new head from BlockFi, and the news regarding famed Bitcoin miner, Core Scientific's bankruptcy.
Binance's New Crypto Regulation Initiative
Amidst the ongoing trial of FTX regarding its controversial bankruptcy and executive, Binance is taking on the crypto world by storm with its different initiatives, including a new cryptocurrency regulation plan.
The company aims to develop this with the Chamber of Digital Commerce, one that aims to create a regulatory framework for decentralized currencies.
Gizmodo's report claims that the latest move from the global crypto platform is taking a page from FTX, one where it previously announced this as part of its commitment to the industry. With this, Binance aims to further help the industry in protecting its users, traders, and sellers amidst the many changes in the blockchain industry.
Google is reinforcing its plans for Web3 development in the Asia Pacific region, and one of the company's actions towards this is to recruit BlockFi's former vice president in Asia, Rishi Ramchandani.
According to Bloomberg, Google is now working on taking the lead on Web3 globally, taking advantage of this current climate in the market.
It also centers on its quest to develop this new web platform, one where it will revert the focus on decentralization, opposing Web2's current state.
BlockFi announced last week that it is seeking bankruptcy protection which led to the company pausing its transactions and activities on the platform.
With Ramchandani, Google aims to offer its services to different cryptocurrency and Web3-related platforms, including Coinbase Global Inc., Dapper Labs Inc., Sky Mavis Inc., Nansen, and Hedera.
Core Scientific's Bankruptcy
One of the largest Bitcoin mining companies in the United States, Core Scientific, filed a Chapter 11 bankruptcy last week.
Since last July 2021, the company's stocks dropped a significant 98 percent amidst going public, from a $4.3 billion valuation.
Core Scientific is one of the United States' largest publicly-traded companies which focuses on Bitcoin mining.
Common share owners of the company may lead to losing their investments in the company, as what it previously announced in October.
Unlike other bankrupt companies, Core will not go into liquidation of its assets, with the company carrying on with its services while negotiating with its senior shareholders.
