Read in the Digest:
- Terra legal team quits after crash, while the community rejects hard fork proposal.
- G7 countries to assemble in Germany for crypto regulation talks after Terra ecosystem collapse.
- Robinhood launches NFT compatible wallet – Coinbase rolls out DeFi app and ledger browser extension.
- Universal Music Group partners with LimeWire to allow artists to release NFTs onto the marketplace.
Terra Legal Team Quits After Crash, While the Community Rejects Hard Fork Proposal
The events succeeding the unfortunate crash of the Terra ecosystem have left the project all the worse for wear. In light of recent events, members of the Terraform Labs legal team, Marc Goldich, Lawrence Florio, and Noah Axler, have all ceased working at the company as of Tuesday, May 17th.
Employees seem to be leaving Terra in light of the severe crash which has left hundreds of thousands of investors liquidated. Although the members of the legal team have not officially stated the reasons for their resignations, many are reading into the move and speculating on in-house problems at Terra.
In a bid to revive the Terra ecosystem after its collapse, Do Kwon, the CEO of Terraform Labs, announced a recovery plan that involved hard forking the Terra chain. However, a recent poll shows that Terra community members are unanimously against ‘Revival Plan V2‘.
According to the community poll, 90% of Terra users do not want to see Terra’s blockchain forked. The founder of Binance, Changpeng “CZ” Zhao, has also expressed the same belief and opined that hard forking Terra will not solve its problems, calling it “wishful thinking”.
- Confirming the resignation, a Terraform spokesperson stated that the vast majority of team members remain steadfastly committed to carrying out the project’s mission.
Why You Should Care
The effects of the Terra crash were far-reaching, with severe consequences for the crypto industry, and so too will its ultimate redemption or demise be.
G7 Countries to Assemble in Germany for Crypto Regulation Talks After Terra Ecosystem Collapse
The recent collapse of the Terra ecosystem has rung alarm bells for regulators worldwide. As a result, finance ministers of the G7 nations will be meeting in Germany this week to discuss the regulation of crypto assets.
Francois Villeroy de Galhau, head of the French central bank, has opined that “what occurred recently is a reminder of the immediate need for global regulation.” Since the incident, regulators have been on a high alert.
According to Villeroy, crypto-assets could disrupt the international financial system if they are not “controlled, examined, and interoperable in a consistent and appropriate manner”. He further asserts that crypto needs to operate under a suitable framework that is consistent across jurisdictions.
He adds that the G7 ministers will discuss crypto regulation at the meetings, held in the German cities of Bonn and Königswinter, starting from Wednesday.
- The UK revealed plans to legalize stablecoins during the Queen’s annual address to the British Parliament.
Why You Should Care
Due to Terra operating in the private sector and unregulated crypto space, the government cannot take any direct measures. Hence, the calls for regulation.
Robinhood Launches NFT Compatible Wallet – Coinbase Rolls Out DeFi App and Ledger Browser Extension
Commission-free investing platform, Robinhood, has announced the launch of what it described as “a brand new non-custodial, Web 3.0 wallet.” The app will give users total control of their digital assets and non-fungible tokens (NFT).
The zero-fees DeFi wallet from Robinhood will allow users to seamlessly access the decentralized web and all the opportunities crypto offers. According to Robinhood, the wallet will be launched as a standalone application.
Leading crypto exchange Coinbase has also rolled out a new set of features on the exchange, allowing users to experience decentralized finance. Coinbase has also launched Web 3.0 identity and a non-custodial dApp wallet in the Coinbase app.
The new features will enable Coinbase users to directly access Ethereum-based decentralized apps (dApps), like Uniswap and OpenSea, from within the Coinbase app. They will also be able to interact with DeFi protocols to borrow and lend funds.
- Coinbase recently debunked rumors that the exchange was interested in acquiring the payment platform Robinhood.
Why You Should Care
The moves from Coinbase and Robinhood are intended to introduce the 95% of crypto users who have only experienced centralized systems, to the fast-growing decentralized sector.
Universal Music Group Partners with LimeWire to Allow Artists to Release NFTs onto the Marketplace
Universal Music Group (UMG), a multinational music corporation, has inked a content licensing deal with LimeWire which will allow its artists to release new music and media as non-fungible tokens (NFT) on the marketplace.
UMG is the music label behind Taylor Swift, U2, Kendrick Lamar, and BTS. The partnership is the biggest one yet for LimeWire, a file-sharing platform that relaunched as a digital collectibles marketplace in March this year.
As part of the deal, LimeWire will provide licenses to artists under the UMG label, enabling them to launch music-based NFT projects on the LimeWire marketplace.
Artists under the UMG record label will also be able to leverage LimeWire’s platform to offer audio recordings, audiovisual content, backstage footage, and any artwork or images as NFTs on the LimeWire marketplace to sell directly to fans and collectors.
- The crypto market crash has taken a toll on many non-fungible tokens, which have been greatly devalued.
Why You Should Care
As the adoption of non-fungible tokens (NFT) rises, projects will find more use cases for the technology, like the media and music NFTs of UMG.