Bybit to shut down NFT marketplace as trading volumes decline
Cryptocurrency exchange Bybit has announced the shutdown of its non-fungible token (NFT) marketplace.In an April 1 announcement, Bybit warned its users that its NFT marketplace will cease operations on April 8, 2025, at 4:00 pm (UTC). Furthermore, at that time, the exchange will also shut down its Inscription Marketplace and its initial decentralized exchange offering initiative.Related: Bybit: 89% of stolen $1.4B crypto still traceable post-hackThe announcement explains that the measures are part of Bybit’s “efforts to streamline our offerings.” The decision follows a similar decision by major NFT marketplace X2Y2 announced earlier this week.Charu Sethi, president at NFT-focused Polkadot and Kusama chain Unique Network, told Cointelegraph at the time that the market moved on from speculative to utility-based:“The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next growth era as core infrastructure enabling massive opportunities in gaming, AI, fan engagement and content authentication.“The NFT market is on a downward trendThe non-fungible token market at large is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago and stands at $5.34 million at the time of publication — a 70% fall.Related: Bitcoin NFTs, layer-2 and restaking hype ‘completely gone’The fall is even more dire when contrasted with the heights reported on Dec. 17, 2024, when volume exceeded $113.6 million. Since then, volume has fallen by over 95%.NFT marketplace daily trading volume. Source: Token TerminalWeak investor interest in speculative NFTs is felt throughout the market. Reports resurfaced earlier today show that NFT project Gutter Cat Gang (GCG) saw a rocky token launch of its GANG token on Apechain on March 31, attributed to a “technical issue” by a third party. However, others pointed to reportedly low interest in the token.Data shared online indicated that the project only attracted 3.66 Ether (ETH), worth about $6,800, in its token sale. This is a far cry from the project’s $1 million target — but the team has not yet addressed those claims.A late March report shows that NFT sales dropped sharply in the first quarter of 2025, plunging 63% year-over-year. Still, the report points out some outliers such as Doodles, Milady Maker and Pudgy Penguins all outperforming expectations.Magazine: Trump-Biden bet led to obsession with ‘idiotic’ NFTs —Batsoupyum, NFT Collector
Smart money concepts in crypto trading: How to track and profit
Key takeawaysSmart money consists of institutional investors with advanced tools and knowledge that can influence crypto market trends.Key concepts like order blocks, liquidity zones and fair value gaps can help traders align with smart money strategies.Real-time tracking tools such as Glassnode, Nansen and CoinGecko allow traders to follow smart money’s moves and capitalize on them.Following the movements of smart money is akin to navigating the open sea, using its wake to position yourself for success in the crypto market.Smart money refers to the money being invested by individuals or organizations that know the markets inside and out. We’re talking about institutional investors, hedge funds and well-seasoned traders. These are the big players who have access to more information and tools than most of us, and they use that knowledge to make strategic decisions.In the crypto world, “smart money” is especially powerful because the market is still growing and changing quickly. These investors have a massive impact on the market. Their moves can shake things up, push prices up or down and even shift the way people feel about a particular coin or token.For example, when major players like BlackRock launch a Bitcoin exchange-traded fund (ETF), it can send waves through the market, influencing Bitcoin’s (BTC) price and the broader market. How do institutional investors influence crypto market trends?Institutional investors have substantial financial muscle, and when they enter the crypto market, they can make a big impact in several ways:Liquidity and stability: These investors bring in large amounts of capital, which makes it easier to buy and sell without dramatically affecting prices. This helps stabilize the market and makes it more attractive for other investors to get involved. When more money is flowing in and out smoothly, it creates a healthier, more balanced market. Price movements and volatility: When these big players make large investments (or sell off their holdings), it can cause prices to move quickly, either up or down. While this can create volatility, it also opens the door for traders to take advantage of those price swings.Regulation and legitimacy: As institutional investors get involved, they push for clearer regulations, which helps bring more legitimacy to the crypto space. For instance, the approval of Bitcoin ETFs has given institutional investors a regulated way to invest in Bitcoin, and that’s made the market more credible overall.In short, smart money is invested by experienced, informed players who make strategic moves, while ordinary money is often invested by individuals without deep market knowledge or insight.Smart money concepts (SMC) in crypto tradingSMC is a trading strategy focused on analyzing and capitalizing on the movements of smart money. The key elements of SMC include order blocks, liquidity zones and fair value gaps. Let’s break these down simply.Order blocks (OB)Order blocks are areas on the chart where big investors (the smart money) are making large buy or sell orders. These areas usually act like walls of support or resistance, meaning they are strong levels where prices tend to bounce back. You can spot order blocks by looking for clusters of high-volume candlesticks at certain price levels. These are often periods of sideways price movement followed by a sharp move up or down. When the price comes back to these areas, expect it to react in some way, as that’s where the smart money has been. Liquidity zonesLiquidity zones are collections of buy and sell orders at certain price points. These are like gathering spots where a lot of market participants are placing their orders, creating areas where price reversals or breakouts are likely to happen. Smart money investors love these zones because they can place large trades without drastically moving the market in one direction or the other. By understanding where liquidity zones are, you can predict where the market might go next.Fair value gaps (FVG)A fair value gap occurs when there’s a big imbalance between the buy and sell orders for an asset, creating a gap on the chart. This usually happens when the price moves quickly without much trading in between, and you can spot these gaps as spaces between candlesticks. These gaps act like magnets for the price. Markets often return to fill these gaps before continuing their trend. When you spot a gap, it could be a great opportunity to enter the market, knowing the price might come back to fill it before resuming its movement.How to track smart money moves in real timeThere are several tools that help decode blockchain data and spot smart money maneuvers instantly.1. GlassnodeCategory: On-chain analyticsWebsite: glassnode.comGlassnode gives you visibility into blockchain data unavailable through price charts alone. It shows how crypto flows between wallets, exchanges, and large holders, which is perfect for tracking institutional activity.Key features for smart money tracking:Exchange inflows/outflows: Watch for sudden spikes in BTC or Ether (ETH) moving in/out of exchanges, often a sign that big players are preparing to buy or sell.Whale metrics: Metrics like “Number of addresses holding 10K+ BTC” help identify when whales are accumulating or distributing.Realized cap and dormancy: This tells you whether older coins are moving, often a clue that long-term holders (smart money) are repositioning.Top tip! If you notice a sharp drop in exchange reserves for ETH on Glassnode, that could signal whales are withdrawing ETH to cold storage (a bullish sign). Combine this with price action, and you may have a high-confidence entry point.2. Nansen Category: Wallet and whale tracking Website: nansen.aiKey features for smart money tracking:Smart money dashboard: A curated list of wallets considered “smart” based on their historical returns and behavior.Token god mode: See what tokens smart money is buying or selling and how holdings have changed over time.Real-time alerts: Set alerts for transactions by specific wallets or token movements.Top tip! Suppose that you see that multiple smart money wallets started buying a low-cap altcoin over the past 24 hours. That might be a sign they know something before the broader market does. You can monitor for a breakout and act accordingly.3. CoinGecko Category: Market data and volume analysis Website: coingecko.comKey features for smart money tracking:Volume spikes: Watch for sudden increases in 24-hour volume that are not yet reflected in price — often a prelude to a move.Liquidity data: Find coins with deep liquidity where institutions might be operating.Exchange data: Monitor volume by exchange. If one exchange suddenly has massive buy pressure, smart money might be active there.Top tip! Perhaps a small-cap token sees a 5x spike in volume on Binance but hasn’t moved much in price yet. That divergence can indicate accumulation. You could do a deeper dive with onchain tools Nansen or Glassnode to confirm.4. Santiment Category: Market sentiment and onchain analytics Website: santiment.netKey features for smart money tracking:Social volume and sentiment: Gauge hype levels around tokens. Smart money often moves counter to the crowd.Whale transaction count: See how many large transactions (e.g., $100,000+) are happening for a given coin.Development activity: Some smart money tracks developer activity as a proxy for long-term value.Top tip! A token sees decreasing positive sentiment but a spike in whale transactions. That disconnect can signal smart money is accumulating while retail exits, a classic contrarian play.5. ChainalysisCategory: Blockchain forensics and risk detectionWebsite: chainalysis.comChainalysis focuses more on risk detection and compliance, but it can still be useful to track large, high-risk wallet movements and avoid traps or manipulated markets.Key features for smart money tracking:Address labeling: Know whether a wallet belongs to an exchange, scam, hacker group or institutional custodian.Transaction monitoring: Track big inflows/outflows and the origin of funds. Are they from DeFi protocols, over-the-counter (OTC) desks or mixers?Risk scoring: Avoid getting caught in tokens or wallets associated with pump-and-dump schemes or hacks.Top tip! If you see a large amount of ETH being sent from a wallet flagged as a known DeFi VC to an exchange, that could be a sign of upcoming selling pressure. Conversely, tracking inflows to cold wallets from institutions can be a bullish signal.Follow the Man o’ WarThink of crypto trading as the open sea, with smart money as powerful Man o’ War ships, navigating with advanced tools and knowledge. As a retail trader, you may not be in control of these ships, but you can follow their course.Using platforms such as Glassnode, Nansen, CoinGecko, Santiment and Chainalysis, you can track the movements of smart money in real-time. While you might not steer the ship, by observing its wake, you can adjust your course and position yourself for profitable opportunities.You don’t need to command the ship; just follow its lead to find your way to safe, profitable shores.
SIR.trading begs hacker to return $255K or ‘no chance for us to survive’
The founder of the recently hacked decentralized finance protocol SIR.trading has made an emotional plea to the attacker, asking them to return around 70% of the stolen customer funds otherwise, the protocol will not survive.“Here is my proposal, keep $100k as a fair share for your critical bug find, and return the remaining,” SIR.trading’s pseudonymous founder “Xatarrer” wrote in a March 31 onchain message to the attacker following the $355,000 hack on March 30.“We’ll call it even. No legal games, no drama,” they added. Xatarrer said that SIR.trading was built on the back of four years of late-night coding and $70,000 from friends and believers without any additional venture capital funding.“We grew to $400k TVL organically without any advertising. If you keep 100% of the funds, there is no chance for us to survive.”Xatarrer even praised the hacker for the sophisticated hack, stating that it was “almost beautiful if it wasn’t for all the funds people lost.”Source: SIR.tradingThe hacker hasn’t responded and has already transferred the stolen funds through to Ethereum privacy solution Railgun, according to data from Ethereum block explorer Etherscan.Xatarrer initially said on March 30 that the SIR.trading team intended to keep the protocol up and running despite the setback. “We’ve already started planning our next steps. Those impacted by the hack will not be forgotten,” it said on March 31.Hack resulted from feature added to Ethereum’s Dencun upgradeThe hacker targeted a callback function used in the protocol’s “vulnerable contract Vault” which leverages Ethereum’s transient storage feature. The hacker managed to replace the real Uniswap pool address used in this callback function with an address under the hacker’s control, allowing them to redirect the funds in the vault to their address by repeatedly calling the callback function until all of the protocol’s total value locked was drained.The transient storage feature was added to Ethereum in the March 2024 Dencun upgrade as a solution to offer users lower gas fees than gas typically required for regular storage.Related: DeFi hacks drop 40% in 2024, CeFi breaches surge to $694M — HackenSIR.trading’s documentation shows that it was billed as “a new DeFi protocol for safer leverage” to address some of the challenges that often occur in leveraged trading — such as volatility decay and liquidation risks.It comes as crypto lost to exploits and scams fell to $28.8M in March, blockchain security firm CertiK said in a March 31 X post. Around $4.8 million was subtracted from that figure after hackers involved in the 1inch Resolver incident returned the stolen funds.Crypto exploits and scams had one of its worst months in February, headlined by the $1.4 billion Bybit hack.Magazine: Should crypto projects ever negotiate with hackers? Probably
Privacy Pools launch on Ethereum, with Vitalik demoing the feature
A new semi-permissionless privacy tool, Privacy Pools, has launched on Ethereum, allowing users to transact privately while proving their funds aren’t linked to illicit activities.The privacy tool, launched by Ethereum builders 0xbow.io on March 31, earned support from the likes of Ethereum co-founder Vitalik Buterin, who not only backed the privacy project but made one of the first deposits on the platform. 0xbow.io said that it implements “Association Sets” to batch transactions into the anonymous Privacy Pools and that a screening test is conducted to ensure that those transactions aren’t linked to illicit actors, such as hackers, phishers and scammers.gm Ethereum ☀️It is our great honor to announce the mainnet launch of Privacy Pools!ETH users can now achieve on-chain privacy, while still dissociating from illicit fundsIt is now up to all of us to Make Privacy Normal Again 🫡More info in this thread 👇 pic.twitter.com/3nJO0AxoD1— 0xbow.io (@0xbowio) March 31, 2025The Association Sets are “dynamic” — meaning that if a transaction is admitted but later found to be illicit, it can be removed from the set without disrupting any other deposits, 0xbow.io said.If a deposit is disqualified, the user can click the “ragequit” function to return the funds to their original deposit address.The innovation is part of 0xbow.io’s vision to “Make Privacy Normal Again” while also attempting to achieve regulatory compliance. Privacy protocols have received considerable backlash from regulators in recent years due to their increasing use by illicit actors to launder funds. One of those privacy tools, Tornado Cash, was sanctioned by the US Treasury’s Office of Foreign Assets Control (OFAC) between August 2022 and March 2025 after it was linked to around $7 billion laundered by the North Korean state-backed Lazarus Group.Tornado Cash has since been removed from OFAC’s blacklist after a US appeals court said the sanctions were unlawful in January 2025.0xbow.io noted that initial deposits are limited to 1 Ether (ETH) but that the limit would be raised once the privacy protocol is more battle-tested.Privacy Pools inspired by Buterin and othersOver 21 ETH has already been transferred into Privacy Pools from 69 deposits, including at least one from Buterin, 0xbow.io noted.Source: Vitalik ButerinIn addition to Buterin, 0xbow.io said it also received investment support from Number Group, BanklessVC, Public Works and several angel investors.Related: Privacy isn’t a luxury in crypto, it’s a necessity — Midnight CEO0xbow.io also praised Buterin, Chainalysis Chief Scientist Jacob Illum, and two academics at the University of Basel in Switzerland for crafting a September 2023 white paper outlining how Privacy Pools could be built. 0xbow.io strategic adviser Ameen Soleimani also contributed to the paper, which has seen over 12,000 downloads and has been cited in nine other papers.The Privacy Pool code also passed a successful audit from Audit Wizard. a smart contract auditing firm co-founded by former Apple engineer Joe van Loon.More than $41 billion worth of illicit transfers were made in 2024, which made up 0.14% of total onchain volume for the year, according to the Chainalysis 2025 Crypto Crime report published on Jan. 15.While it marked around an 11% fall from 2023, Chainalysis said that figure could climb to around $51 billion as more criminal-tied addresses are found.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation
NFT marketplace X2Y2 shuts down after 3 years, pivots to AI
Non-fungible token (NFT) marketplace X2Y2 announced it is shutting down after three years of operation.According to a March 31 announcement, X2Y2 will shut down on April 30, with the team switching its focus to an artificial intelligence project. The team shared its enthusiasm for the rapidly growing sector:“It’s a pivot. Over the last 12 months, we’ve been diving deep into AI—hands down the biggest paradigm shift we’ll see in our lifetimes—and how it can transform crypto. We’re building something new.“Token Terminal data shows that X2Y2 saw $53.6 million worth of trading volume over the last 365 days. While this is a far cry from market leader Blur with its $3 billion worth of trading volume, it still awards the protocol fourth place behind Blur, OpenSea and Immutable.X2Y2 365-day trading volume chart. Source: Token TerminalCharu Sethi, president at NFT-focused Polkadot and Kusama chain Unique Network, said the decision is not a sign of decline in the NFT market. She told Cointelegraph:“The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next growth era as core infrastructure enabling massive opportunities in gaming, AI, fan engagement and content authentication. “Related: The ABCD of AI: Automation, big data, computer vision and deep learningReal-world implementation is keySethi highlighted initiatives such as Mythical Games issuing large numbers of NFTs on Polkadot meant for in-game integration following a $75 million fundraise in 2021. She also pointed out a DappRadar report showing that the blockchain gaming sector reached 7.4 million daily unique active wallets in 2024.According to Sethi, “X2Y2’s experience highlights that NFT platforms cannot rely solely on marketplace network effects.” Instead, companies should focus on building communities and market resilience by building NFTs into real-world applications. She said that the key is in valuing utility over speculation.“Platforms should pivot toward utility-driven models that incentivize consistent user engagement, whether through gaming, sports fandom or AI-backed applications,” Sethi said. “Successful platforms will create ecosystems where NFTs are part of an ongoing value cycle, not just speculative trading assets,” she added.Alexander Salnikov, co-founder of the Rarible NFT marketplace, told Cointelegraph that the apparent slump is just part of a larger NFT market cycle. His comments echoed Sethi’s, who also said that utility is key:“NFTs remain one of the most powerful primitives in crypto, and the next wave will be led by projects that focus on strong use cases, whether in gaming, digital identity or brand engagement.”Related: Nvidia’s stock price forms’ death cross’ — Will AI crypto tokens follow?A new focusThe announcement was scant on details concerning the project that the X2Y2 team is focusing on. Still, the firm suggested that the readers should imagine “yields in a permissionless way, powered by AI.”The new platform will reportedly allow users to earn profits throughout bear and bull markets and entire market cycles, in what is presumably a somewhat decentralized variation on AI-powered trading:“This isn’t just another project; it’s our shot at creating real, long-term value in crypto for the broader community we’re proud to serve.“The announcement follows early February reports that tokens tied to artificial intelligence agents were down by as much as 90% from 2024 highs. Still, recent reports suggest that the rise of AI-driven crypto agents may be following a familiar trajectory that mirrors the initial boom, bust and resurgence of ICO-era projects.Magazine: ‘Chernobyl’ needed to wake people to AI risks, Studio Ghibli memes: AI Eye
Stablecoins, tokenized assets gain as Trump tariffs loom
Cryptocurrency investors are increasingly moving capital into stablecoins and tokenized real-world assets (RWAs) in a bid to avoid volatility ahead of US President Donald Trump’s widely anticipated tariff announcement on April 2.Increasingly more capital is flowing into stablecoins and the real-world asset (RWA) tokenization sector, which refers to financial products and tangible assets such as real estate and fine art minted on the blockchain.“Stablecoins and RWAs continue to see steady inflows of capital as safe havens in the current uncertain market,” crypto intelligence platform IntoTheBlock wrote in a March 31 X post.“However, because these assets reside on-chain, even slight shifts in sentiment can trigger significant price movements, driven by the lower barriers to reallocating capital in real time,” the firm noted.Stablecoins, total market cap. Source: IntoTheBlockThe flight to safety is mainly attributed to geopolitical tensions and global trade concerns, according to Juan Pellicer, senior research analyst at IntoTheBlock:“Many investors were expecting economic tailwinds following Trump’s inauguration as president, but increased geopolitical tensions, tariffs and general political uncertainty are making investors more cautious.”“This is not unreasonable, as even though global growth forecasts remain positive, growth expectations have decreased globally in recent months,” he added.Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur HayesThe prospect of a global trade war has heightened inflation-related concerns, causing a significant decline in both cryptocurrency and traditional equity markets.S&P 500, BTC/USD, 1-day chart. Source: TradingView Bitcoin (BTC) has fallen 19% and the S&P 500 (SPX) index has fallen over 7% in the two months since Trump announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.The April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country’s estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.Related: Stablecoin rules needed in US before crypto tax reform, experts sayInvestor sentiment pressured by April 2 Trump tariff announcementGlobal tariff fears and uncertainty around the upcoming announcement continue to pressure investor sentiment in global markets.“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo, told Cointelegraph.Meanwhile, RWAs reached a new cumulative all-time high of over $17 billion on Feb. 3, and are currently less than 0.5% away from surpassing the $20 billion milestone, according to data from RWA.xyz.RWA global market dashboard. Source: RWA.xyzSome industry watchers said that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025, as their increased liquidity will help RWAs attract a significant share of the $450 trillion global asset market.Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1
MARA Holdings plans huge $2B stock offering to buy more Bitcoin
Bitcoin miner MARA Holdings Inc (MARA) is looking to sell up to $2 billion in stock to buy more Bitcoin as part of a plan that bears a resemblance to Michael Saylor’s Strategy.MARA Holdings, formerly Marathon Digital, said in a March 28 Form 8-K and prospectus filed with the Securities and Exchange Commission that it entered into an at-the-market agreement with investment giants, including Cantor Fitzgerald and Barclays, for them to sell up to $2 billion worth of its stock “from time to time.”“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” MARA added.MARA’s move copies a tactic made famous by Bitcoin (BTC) bull Saylor, the executive chair of the largest corporate Bitcoin holder Strategy, formerly MicroStrategy, which has used a variety of market offerings, including stock sales, to amass 506,137 BTC worth $42.4 billion.MARA Holdings falls just behind Strategy with the second largest holdings by a public company, with 46,374 BTC worth around $3.9 billion in its coffers, according to Bitbo data.In July, the company’s CEO, Fred Thiel, said it was going “full HODL” and wouldn’t sell any of the Bitcoin it mined to fund its operations, as is typical for crypto miners, and would purchase more of the cryptocurrency to keep in reserve.Related: Crusoe to sell Bitcoin mining business to NYDIG to focus on AI The Bitcoin (BTC) miner’s planned stock sale follows a similar offering it made early last year that offered up to $1.5 billion worth of its shares. It also issued $1 billion of zero-coupon convertible senior notes in November with plans to use most of the proceeds to buy Bitcoin.Google Finance shows that MARA closed the March 28 trading day down 8.58% at $12.47, following on from crypto mining stocks being rattled a day earlier with reports that Microsoft abandoned plans to invest in new data centers in the US and Europe.MARA shares have fallen another 4.6% to $11.89 in overnight trading on March 30, according to Robinhood.Bitcoin is trading just above $82,000, down 1.2% over the past 24 hours after falling from a local high of around $83,500, according to CoinGecko.Magazine: Bitcoin vs. the quantum computer threat — Timeline and solutions (2025–2035)
Crypto market cycle permanently shifted — Polygon founder
The crypto market has been known to follow a four-year cycle, with periods of growth and decline. However, according to Polygon co-founder Sandeep Nailwal, this cycle is no longer as pronounced due to the maturation of crypto as an asset class and the involvement of institutional investors.
In a recent episode of Cointelegraph’s Chain Reaction, Nailwal explained that the overall speculative activity in the market has decreased due to high interest rates in the United States and low liquidity conditions. However, he believes that once interest rates are cut and the new administration settles in, the market will rebound.
Nailwal also noted that while there may still be 30-40% drawdowns between cycles, the four-year cycle is now less pronounced. In the past, the market has seen 90% drawdowns, but Nailwal believes that with the maturation of the market, these drawdowns will be less severe and more professional.
He also predicts that once the market uptrend resumes, capital will rotate from larger cap assets to smaller cap assets. This is a sign of a more mature market, where investors are looking for opportunities beyond the well-established “blue chip” assets.
However, the four-year cycle is not the only factor that has been disrupted in the crypto market. US President Donald Trump’s executive order establishing a Bitcoin strategic reserve has also had an impact. This, along with pro-crypto policies from the Trump administration, has legitimized crypto in the eyes of institutional investors and brought in new capital flows.
The rise of exchange-traded funds (ETFs) has also disrupted the four-year cycle by propping up the prices of digital assets that have ETFs. This has sequestered capital in these investment vehicles, preventing it from freely rotating into other assets.
Additionally, macroeconomic pressure and geopolitical uncertainty have also played a role in disrupting the market cycle. Investors tend to flee riskier assets during times of uncertainty, which can affect the overall market.
In conclusion, while the four-year cycle may no longer be as pronounced, there are still many factors at play in the crypto market. As the market continues to mature and institutional investors become more involved, we can expect to see a more stable and professional market with less extreme fluctuations.
LINE says it’s not in bed with Sony’s Soneium after all
LY Corporation denied that its Web3 venture, Line Next, had entered into a business partnership with Soneium, a Sony-backed Ethereum layer-2 network.The statement, issued on March 28, followed media reports and social media coverage that suggested a partnership had been finalized between LY and Soneium.“These reports were based on an announcement made by Soneium on [March 12] that it plans to expand its business by using the LINE API and LINE Mini Apps on our platform, although no business partnership or the like has been established between Soneium and LY Corporation,” LY said.In response, a Soneium spokesperson told Cointelegraph: “Our March 12 announcement refers to a collaboration, which involves exploring the integration of onchain Mini Apps within the Line ecosystem. We stand by the accuracy of all content published in our official statement. “LY Corporation has also directed readers to our announcement for context and clarification. Additionally, Soneium received permission to reference Line in that announcement, and the Kaia Mini App is not exclusive to any single provider,” the spokesperson added.Related: Hamster Kombat destined for Guinness World Record?Japanese tech titans and their blockchain venturesLY Corporation is a Japanese tech giant formed through the merger of several major entities, including Line — Japan’s largest messaging platform — and Yahoo Japan. The 2023 merger also brought Line’s Web3 arm, Line Next, under the LY umbrella.Line Next was established in late 2021 and raised $140 million in December 2023 from a consortium led by Crescendo Equity Partners. In January, it launched “Mini Dapps,” which offer games and social content within the LINE messenger — echoing the popularity of Telegram’s Mini Apps, which soared in popularity through tap-to-earn games and airdrops.Line’s Mini Dapps are powered by Kaia, a layer-1 blockchain formed by merging Line’s Finschia chain with Kakao’s Klaytn network. On March 6, Line announced that its Mini Dapps had surpassed 35 million users.The top Mini Dapp generated $773,000 during the launch month on Line. Source: Line CorporationLike Line Next, Soneium is backed by a Japanese tech heavyweight, in this case, Sony. Developed by Sony Block Solutions Labs, Soneium launched its mainnet in January with features such as NFTs tied to Amazon Prime Video content.Soneium taps into the global power of Japanese animeOn March 28, Soneium announced a separate partnership with Animoca Brands to promote anime culture in Web3.Through the partnership, Animoca’s digital identity platform, Moca Network, will create a decentralized identity layer on Soneium, starting with Anime ID, a reputation-based identifier for anime fans.The move comes amid surging global interest in anime content. In a 2024 media interview, Rahul Purini, president of anime streaming app Crunchyroll, said the platform’s research found 800 million people outside of China and Japan — where Crunchyroll’s library and access are limited — watch anime content.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
France’s state bank earmarks $27M for crypto with ‘strong French footprint’
France’s state-owned bank says it will spend 25 million euros ($27 million) buying cryptocurrencies that support local crypto and blockchain projects.Bpifrance said in a March 27 press release that it would back newly formed projects “with a strong French footprint” where it will receive tokens in return for its investment and will look to fund decentralized finance (DeFi), staking, tokenization and artificial intelligence.It added that the plan, supported by the French Ministry of Economy and Finance, was to “promote emerging technologies and strengthen the French blockchain ecosystem.”The global blockchain ecosystem is “currently booming” but the number of French funds taking part is still very limited, it said. French digital and AI minister Clara Chappaz said public and private financing was “one of the keys to the sustainable positioning of our ecosystem on the international stage.”Bpifrance deputy CEO Arnaud Caudoux said that it was convinced of the growing importance that blockchain companies “will take on in the years to come and want to increase French competitiveness and presence in the digital assets field.”“The US is really accelerating its own crypto strategy, so this is all the more important,” Caudoux said at a press conference, as reported by Reuters. He added that Bpifrance had started to support crypto before the US started its own pro-crypto moves.Bpifrance’s headquarters in Paris. Source: GoogleThe bank said it had backed the blockchain sector for a decade and had invested over 150 million euros ($162 million), notably helping to finance the crypto hardware wallet company Ledger in 2014.Bpifrance said it began testing limited investments through tokens in 2022, including a deal with the DeFi lending platform Morpho to buy its token — which has grown to be the 12th largest protocol by value at $3.24 billion, according to DefiLlama.Related: Bybit removed from French regulator’s blacklist, eyes MiCA licenseVenture capitalists often take part in investments paid in tokens. PitchBook expects crypto VC deals to top $18 billion this year, a marked increase from the $13.6 billion raised in 2024.Typically, a crypto platform that launches a token will allocate a portion of its supply to financiers subject to varying lockup periods where the tokens can’t be sold.A portion of the token supply is usually immediately given to select public users in order to drum up liquidity, which can cause token values to slide if they cash out.Magazine: How crypto laws are changing across the world in 2025