Welcome to Web3 pills, the daily crypto newsletter that 9 out of 10 Doctors recommend reading throughout bear markets (the 10th got liquidated).
Here are your πβs for today:
Another crypto CEO steps down
UK to become a crypto hub?
Trending articles
NFT of the day
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ANOTHER CRYPTO CEO STEPS DOWN
Will there be any crypto CEOs left by the end of the bear market? This question comes on the heels of yet another crypto CEO resigning; this time itβs Gavin Woods, the co-founder of the Polkadot blockchain.
Gavinβs decision to step down from Parity (the lead builders of Polkadot), follows a trend of top crypto CEOs resigning over the past year. He joins a list that includes Jesse Powell of Kraken, Sam Trabucco of Alameda Research, Brett Harrison of FTX US, Michael Moro of Genesis trading, and of course, Michael Saylor of Microstrategy.
The natural question that has arisen after this string of resignations is, are they all related? There has been no shortage of speculation as to what the root cause of this trend has been.
In our opinion, this has a lot to do with the cyclical nature of the crypto markets. All of these CEOs have been in crypto for a while, so each one has likely made a fortune from the past 2 βboomβ cycles.
Now that we are back in a βbustβ phase in the cycle, itβs likely that these CEOs were burnt out and would rather sail off into the sunset with their existing fortunes.
Not to mention, with regulatory scrutiny continuing to increase in countries like the US, most would like to avoid being in the hot seat when/if any serious crackdown happens.
As for Gavin Wood in particular, itβs worth noting that Gavin was also on the founding team of Ethereum, which means heβs put close to a decade into crypto. At this point he is worth hundreds of million of $, and would probably prefer to build behind the scenes.
UK TO BECOME A CRYPTO HUB?
Itβs been a turbulent few months for UK leadership, however, itβs newest prime minister appears to be a staunch crypto supporter.
Over the weekend, it was announced that Rishi Sunak, had been named as the new leader of the UKβs conservative party, which should pave the way for him to become the new PM.
A brief review of his track record, shows that he has pushed for the UK to become a crypto hub on numerous occasions. For instance, in April of this year, he released a set of proposals to help make the UK a crypto-friendly tech hub.
One of these proposals, included a plan to help define clear regulation for stablecoins, which would help them become a recognized form of payment in the UK.
He even went so far as to propose that the UK launch an official NFT collection in partnership with the βRoyal Mintβ.
Sunakβs pro-crypto stance, could be important for the UKβs ability to attract crypto talent, especially given the current uncertainty in the country. Thereβs been a lot of confusion as firms have waited for the verdicts from the financial regulator on anti-money laundering licensing. This has even caused some firms such as B2C2 and blockchain.com to actively seek licenses elsewhere.
As the global power struggle around crypto continues to heat up, itβs reassuring to know that yet another country looks to have a pro-crypto leader in charge.
TRENDING ARTICLES
[Blockworks] FTX to Reimburse $6M to 3Commas Phishing Attack Victims: FTX CEO Sam Bankman-Fried warned that reimbursing users affected by the 3Commas phishing scam would be a βone time thingβ.
[CoinDesk] Crypto Exchange Bit2Me Acquires Software Development Company Dekalabs: Financial terms for the acquisition were not disclosed.
[CNBC] Binance is βnarrowing downβ identity of hacker behind $570 million crypto attack, CEO says: Zhao said the BNB Chain was able to prevent around 80% to 90% of the targeted funds from being taken by the hacker.
NFT OF THE DAY
One of the leading Metaverse companies from the last cycle is RTFKT, and their Clone X collection is eye catching to say the least.
Itβs clear from their website, that they are very serious in their attempt to build and expand their metaverse.
The Clone X are a set of 20,000 next-gen avatars that live on the Ethereum blockchain and can be spotted in the PFPs of many top traders on Twitter.
Pictured above is CloneX #15920 which fetched a casual 289 ETH sale earlier this year.