Web3 news: Your Weekly Summary

3 min readMar 23, 2023

Welcome to this week’s edition of our Web3 newsletter, where we bring you the latest and most relevant news in the world of blockchain, cryptocurrency, and decentralized technologies. In the past few days, the Web3 ecosystem has seen some exciting developments and announcements that are shaping the future of this rapidly-evolving industry.

From the launch of new decentralized applications and protocols, to updates on regulatory frameworks and adoption by mainstream institutions, there is no shortage of fascinating developments to keep track of. As the Web3 community continues to grow and innovate, it’s crucial to stay informed on the latest trends and breakthroughs that are driving this movement forward.

So without further ado, let’s dive into the latest happenings in the world of Web3

Is First Republic the Next to Crash?

Is First Republic Bank in trouble? Reports suggest that JP Morgan is acting as its advisor while the bank explores its options, including a potential capital raise. This could be a strategic move or a desperate attempt to stay afloat. With the financial landscape in flux, it’s important to keep a close watch on the situation.

Magic Eden Embraces NFTs on Bitcoin Blockchain

Magic Eden, a leading NFT marketplace on Polygon, is integrating NFTs on Bitcoin, blurring the lines between NFTs and cryptocurrencies. It unlocks new opportunities for both communities, as Magic Eden solidifies its position as the go-to platform for artists and collectors. Using Polygon’s fast transactions and low fees, it ensures a smooth experience for trading and collecting Bitcoin-based NFTs.

SEC Targets Coinbase: Wells Notice Issued & Potential Securities Charges Loom

Coinbase, one of the top crypto exchanges, has received a Wells Notice from the SEC. Here’s what you should know:

  1. A Wells Notice means the SEC is considering enforcement action and gives the recipient a chance to respond before charges are filed.
  2. The SEC is concerned about possible securities law violations, but the details have not been disclosed yet.
  3. Coinbase plans to defend itself and maintain its commitment to transparency and compliance.
  4. This could have consequences for the wider crypto industry, as the SEC continues to scrutinize it.

Fed Chair Powell: Shuts Down Rate Cut Speculation for the Year & Addresses Inflation Battle Saying: “Banking System is Safe”

Federal Reserve Chair Jerome Powell has indicated that rate cuts are not expected this year and the Fed’s focus remains on balancing inflation and promoting economic growth. This news may impact market strategies and asset allocations. Powell also spoke about the ongoing fight against inflation, reassured the public about the stability of the banking system, and reiterated the Fed’s willingness to adjust monetary policy to combat inflation and support growth. Despite uncertainties, he remains optimistic about the economy’s resilience and urged continued vigilance and flexibility.

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