GeyserCoin(GSR)

Following its highly anticipated launch, Ethena’s native token, ENA, has surpassed the $1 milestone, with a current market capitalization of $1.46 billion. This achievement underscores the strong investor interest and confidence in the project’s potential. Key players in the cryptocurrency market, such as GSR Markets, have demonstrated their support for […]

The license is the first awarded by Singapore to a crypto market maker.

The newest addition to Binance Launchpool, $ENA, is generating significant buzz within the cryptocurrency community. Positioned as a synthetic dollar protocol built on Ethereum, $ENA aims to provide a crypto-native solution for money, offering users a versatile and efficient financial tool. Reports indicate that GSR Markets and Wintermute, prominent market […]

In March, Arbitrum ARB tokens have been experiencing notable movement onto exchanges, contributing to declines across monthly, weekly, and daily charts, with losses of 14%, 6%, and 3% respectively. According to reports from Spotonchain, the past week has seen significant activity from two tier-1 market makers, GSR Markets and Wintermute, […]

The new hire happens as digital asset markets are maturing and have become increasingly intertwined with traditional finance.

The likely imminent approval of spot exchange-traded funds for bitcoin could be a game-changing moment for the digital assets industry. Brian Rudick and Matt Kunke, at GSR, explain why.

The license allows GSR to provide crypto and fiat-related services to Singaporean residents and entities.

What’s behind the bull case for bitcoin? Brian Rudick and Matt Kunke from GSR take us through the reasons in today’s Crypto for Advisors newsletter.

After a long history of blocking crypto-related exchange-traded funds, news around the blockchain is that the SEC will not block or oppose ETF applications. Officials and sources close to the matter have stated that approvals could come as early as October, but the SEC has yet to comment on the matter. Let’s find out more. Ethereum The United States Securities Commission (SEC) is all set to greenlight the first exchange-traded funds (ETFs) based on Ether (ETH) futures in a big win for the crypto space. Former United States President Donald Trump’s latest public financial disclosure has revealed that he owns around $250,000 to $500,000 worth of Ethereum (ETH). Global payment giant Visa has completed a test for an innovative solution on the Ethereum blockchain, which will allow its users to pay on-chain gas fees using a Visa debit or credit card. DeFi Binance has officially announced the launch of its opBNB Mainnet, a notable addition to the burgeoning decentralized scaling solutions sector. Ethereum layer-2 solution Arbitrum is set to “cliff unlock” over 1 billion worth of $ARB on March 16, 2024, and finally start ARB’s staggered unfreezing over the next four years. Prominent decentralized exchange Uniswap has confirmed that it has fired a prominent developer over his involvement in a $25,000 memecoin rug pull. Altcoins Trading-focused blockchain Sei’s latest SEI token launch did not go over as well as expected after being plagued with delays and problems with the token giveaway. Following negative downward price action since November 2021, the $BNB token has reached the point where a slide under the critical $220 level could lead to a calamitous -5x crash down to below $50. Blockchain security firm PeckShield has reported that around $1.7 million worth of ETH is stuck in the Shibarium Bridge after its launch failed to create a meme coin rally. Technology Vitalik Buterin, co-founder of Ethereum, provided an analytical dive into X's Community Notes tool via a post on his personal website. Business The Stellar Development Foundation (SDF) has made a strategic investment in MoneyGram International, which resulted in obtaining a coveted seat on the firm’s Board of Directors. GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. Crypto media outlet CoinDesk has cut its editorial staff by 45% as its parent company DCG prepares to introduce strategic investors. Coinbase has announced its official entry into the Canadian market in a strategic move that involved the integration of Interac payment rails. Regulation According to a notice published by the regulatory authority, Dubai’s Virtual Asset Regulatory Authority has hit digital asset exchange OPNX and its founders nearly $2.8 million. According to hedge fund manager Mark Yusko, banks take $7 trillion out of the system every year. In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. From October 1st onwards, PayPal will temporarily halt its cryptocurrency sales in the United Kingdom, mainly because of the shifting regulatory environment in the UK. Republican members of the House Financial Services Committee are demanding that SEC Chair Gary Gensler explain how Prometheum got approval from the SEC. FTX founder Sam Bankman-Fried is in the news once again after a recent development revealed that he had allegedly used stolen customer funds to donate over $100 million to political campaigns. Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday after Nevada regulators placed it into receivership in June. Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm, over the auditing of music streaming service Akazoo. The Federal Deposit Insurance Corporation has included crypto in its annual risk review for the first time, stating that crypto presents key risks and that it needs closer supervision. NFT Coca-Cola has launched its new exclusive NFT collection, “Masterpiece,” on Coinbase’s Layer-2 network during the “Onchain Summer” festival. NFT marketplace OpenSea will be sunsetting its on-chain royalty enforcement tool, Operator Filter. Web3 Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem. Singapore-based Web 3 gaming firm Affyn has entered a strategic partnership with Grand Prix Season Singapore to present a metaverse event to the fans. Security Base project RocketSwap has devised an emergency plan to recover from a brute force hack that siphoned away around 471 ETH, valued at around $865,000, on the 14th of August. DeFi platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

After a long history of blocking crypto-related exchange-traded funds, news around the blockchain is that the SEC will not block or oppose ETF applications. Officials and sources close to the matter have stated that approvals could come as early as October, but the SEC has yet to comment on the matter. Let’s find out more. Ethereum The United States Securities Commission (SEC) is all set to greenlight the first exchange-traded funds (ETFs) based on Ether (ETH) futures in a big win for the crypto space. Former United States President Donald Trump’s latest public financial disclosure has revealed that he owns around $250,000 to $500,000 worth of Ethereum (ETH). Global payment giant Visa has completed a test for an innovative solution on the Ethereum blockchain, which will allow its users to pay on-chain gas fees using a Visa debit or credit card. DeFi Binance has officially announced the launch of its opBNB Mainnet, a notable addition to the burgeoning decentralized scaling solutions sector. Ethereum layer-2 solution Arbitrum is set to “cliff unlock” over 1 billion worth of $ARB on March 16, 2024, and finally start ARB’s staggered unfreezing over the next four years. Prominent decentralized exchange Uniswap has confirmed that it has fired a prominent developer over his involvement in a $25,000 memecoin rug pull. Altcoins Trading-focused blockchain Sei’s latest SEI token launch did not go over as well as expected after being plagued with delays and problems with the token giveaway. Following negative downward price action since November 2021, the $BNB token has reached the point where a slide under the critical $220 level could lead to a calamitous -5x crash down to below $50. Blockchain security firm PeckShield has reported that around $1.7 million worth of ETH is stuck in the Shibarium Bridge after its launch failed to create a meme coin rally. Technology Vitalik Buterin, co-founder of Ethereum, provided an analytical dive into X's Community Notes tool via a post on his personal website. Business The Stellar Development Foundation (SDF) has made a strategic investment in MoneyGram International, which resulted in obtaining a coveted seat on the firm’s Board of Directors. GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. Crypto media outlet CoinDesk has cut its editorial staff by 45% as its parent company DCG prepares to introduce strategic investors. Coinbase has announced its official entry into the Canadian market in a strategic move that involved the integration of Interac payment rails. Regulation According to a notice published by the regulatory authority, Dubai’s Virtual Asset Regulatory Authority has hit digital asset exchange OPNX and its founders nearly $2.8 million. According to hedge fund manager Mark Yusko, banks take $7 trillion out of the system every year. In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. From October 1st onwards, PayPal will temporarily halt its cryptocurrency sales in the United Kingdom, mainly because of the shifting regulatory environment in the UK. Republican members of the House Financial Services Committee are demanding that SEC Chair Gary Gensler explain how Prometheum got approval from the SEC. FTX founder Sam Bankman-Fried is in the news once again after a recent development revealed that he had allegedly used stolen customer funds to donate over $100 million to political campaigns. Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday after Nevada regulators placed it into receivership in June. Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm, over the auditing of music streaming service Akazoo. The Federal Deposit Insurance Corporation has included crypto in its annual risk review for the first time, stating that crypto presents key risks and that it needs closer supervision. NFT Coca-Cola has launched its new exclusive NFT collection, “Masterpiece,” on Coinbase’s Layer-2 network during the “Onchain Summer” festival. NFT marketplace OpenSea will be sunsetting its on-chain royalty enforcement tool, Operator Filter. Web3 Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem. Singapore-based Web 3 gaming firm Affyn has entered a strategic partnership with Grand Prix Season Singapore to present a metaverse event to the fans. Security Base project RocketSwap has devised an emergency plan to recover from a brute force hack that siphoned away around 471 ETH, valued at around $865,000, on the 14th of August. DeFi platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

[PRESS RELEASE – San Francisco, USA, August 16th, 2023] Linera reaches a total of $12M in seed funding. The new round of funding was led by Borderless Capital with contributions from a16z crypto, Laser Digital Ventures, Matrixport, Flow Traders, GSR Markets, and more Linera, the first blockchain network scalable via microchains, has successfully closed an […]

San Francisco, USA, August 16th, 2023, ChainwireLinera reaches a total of $12M in seed funding. The new round of funding was led by Borderless Capital with contributions from a16z crypto, Laser Digital Ventures, Matrixport, Flow Traders, GSR Markets, and moreLinera, the first blockchain network scalable via microchains, has successfully closed an additional $6M round, led by Borderless Capital. Founded by Mathieu Baudet, former Meta researcher on the Novi digital payments wallet and a cryptographic protocols specialist, Linera's pioneering technology aims to bring web2 scalability to web3 applications by introducing an unlimited number of user chains powered by an elastically scalable network.Linera has now secured a total of $12M in seed funding, with the most recent $6 million follow-on investment round led by Borderless Capital. Notable participants include Laser Digital Ventures, DFG, Cadenza, Block1, Eterna Capital, MH Ventures, Matrixport, L2IV, ArkStream, Flow Traders, GSR Markets, and Open Web Collective (OWC), alongside continued support from a16z crypto, Tribe Capital, and Cygni Capital, who participated in the initial seed round.“Among new web3 architectures emerging like the move away from a single monolithic blockchain, Linera’s microchains are a completely new and necessary evolution. Further, Linera’s capacity for linear scaling is designed to support millions and conceivably billions of simultaneous transactions. And, while unprecedented, this kind of performance and reliability is essential for web3 to actually scale applications like payments, messaging, trading, AI, and more to billions of users around the world," said Alpen Sheth, Senior Partner at Borderless Capital. "Linera has made significant progress since we led their initial seed round last year, and we're excited to expand our support for the project. Mathieu and the Linera team have designed a truly innovative multi-chain architecture that unlocks a broader design space for developers and their end users. We can't wait to see how the ecosystem takes shape and the utilities it enables as Linera advances into the devnet and testnet phases," said Ali Yahya, General Partner at a16z crypto.Linera recently made its initial software development kit (SDK) available for testing, targeting Rust developers. Thanks to the new funding, Linera will be expanding the team, launching a devnet and a testnet for the protocol and fostering a strategic presence in the APAC region while continuing to grow their developer academy.From microchains to mass-scalable applicationsThe competition for blockspace in traditional Layer 1 blockchains, coupled with limited production rates and block sizes, creates a bottleneck during traffic peaks, leaving users outpriced or delayed, rendering the infrastructure effectively unavailable.“We’ve taken a step back to completely redesign a blockchain infrastructure that scales from the start,” said Mathieu Baudet, founder and CEO of Linera. “Linera’s unique multi-chain architecture ensures predictable performance, responsiveness, and robust security at Internet scale."Linera empowers developers to create high-speed web3 applications used by a large number of active users in parallel, revolutionizing decentralized infrastructure for a variety of use cases, including retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.The Linera system scales by adding chains, not by increasing the size or the production rate of blocks. Its groundbreaking microchain model grants each individual user their own lightweight chains, which integrate into browser extensions or mobile devices for streamlined web3 app interactions within their wallets. During times of high demand, Linera's validators expand dynamically like elastic web services.Linera's innovative design is rooted in the expertise that Mathieu Baudet acquired at Meta while contributing to the Libra (now Diem) blockchain and co-authoring the academic paper "FastPay", which laid the foundations for the Linera protocol. Bernadette Cay, Linera's COO, brings extensive experience in launching products from Google and MoPub, the mobile ad exchange acquired by Twitter.About LineraLinera is the first low-latency blockchain designed to scale elastically like web2 applications. Founded by Mathieu Baudet, a former Meta Novi engineer and researcher, with a PhD in cryptographic protocols, Linera revolutionizes blockchain scalability by introducing microchains, removing mempools, and minimizing validator interactions. Linera optimizes performance for web3 applications used by a large number of active users in parallel, enabling unprecedented horizontal scalability for use cases such as retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.Join us in creating the next generation of high-performance decentralized applications. Learn more at linera.ioAbout BorderlessBorderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has made 200+ investments across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities.For more information, please visit their website at borderlesscapital.ioContactPR DirectorKarla VilhelemMarket [email protected]

San Francisco, USA, August 16th, 2023, ChainwireLinera reaches a total of $12M in seed funding. The new round of funding was led by Borderless Capital with contributions from a16z crypto, Laser Digital Ventures, Matrixport, Flow Traders, GSR Markets, and moreLinera, the first blockchain network scalable via microchains, has successfully closed an additional $6M round, led by Borderless Capital. Founded by Mathieu Baudet, former Meta researcher on the Novi digital payments wallet and a cryptographic protocols specialist, Linera's pioneering technology aims to bring web2 scalability to web3 applications by introducing an unlimited number of user chains powered by an elastically scalable network.Linera has now secured a total of $12M in seed funding, with the most recent $6 million follow-on investment round led by Borderless Capital. Notable participants include Laser Digital Ventures, DFG, Cadenza, Block1, Eterna Capital, MH Ventures, Matrixport, L2IV, ArkStream, Flow Traders, GSR Markets, and Open Web Collective (OWC), alongside continued support from a16z crypto, Tribe Capital, and Cygni Capital, who participated in the initial seed round.“Among new web3 architectures emerging like the move away from a single monolithic blockchain, Linera’s microchains are a completely new and necessary evolution. Further, Linera’s capacity for linear scaling is designed to support millions and conceivably billions of simultaneous transactions. And, while unprecedented, this kind of performance and reliability is essential for web3 to actually scale applications like payments, messaging, trading, AI, and more to billions of users around the world," said Alpen Sheth, Senior Partner at Borderless Capital. "Linera has made significant progress since we led their initial seed round last year, and we're excited to expand our support for the project. Mathieu and the Linera team have designed a truly innovative multi-chain architecture that unlocks a broader design space for developers and their end users. We can't wait to see how the ecosystem takes shape and the utilities it enables as Linera advances into the devnet and testnet phases," said Ali Yahya, General Partner at a16z crypto.Linera recently made its initial software development kit (SDK) available for testing, targeting Rust developers. Thanks to the new funding, Linera will be expanding the team, launching a devnet and a testnet for the protocol and fostering a strategic presence in the APAC region while continuing to grow their developer academy.From microchains to mass-scalable applicationsThe competition for blockspace in traditional Layer 1 blockchains, coupled with limited production rates and block sizes, creates a bottleneck during traffic peaks, leaving users outpriced or delayed, rendering the infrastructure effectively unavailable.“We’ve taken a step back to completely redesign a blockchain infrastructure that scales from the start,” said Mathieu Baudet, founder and CEO of Linera. “Linera’s unique multi-chain architecture ensures predictable performance, responsiveness, and robust security at Internet scale."Linera empowers developers to create high-speed web3 applications used by a large number of active users in parallel, revolutionizing decentralized infrastructure for a variety of use cases, including retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.The Linera system scales by adding chains, not by increasing the size or the production rate of blocks. Its groundbreaking microchain model grants each individual user their own lightweight chains, which integrate into browser extensions or mobile devices for streamlined web3 app interactions within their wallets. During times of high demand, Linera's validators expand dynamically like elastic web services.Linera's innovative design is rooted in the expertise that Mathieu Baudet acquired at Meta while contributing to the Libra (now Diem) blockchain and co-authoring the academic paper "FastPay", which laid the foundations for the Linera protocol. Bernadette Cay, Linera's COO, brings extensive experience in launching products from Google and MoPub, the mobile ad exchange acquired by Twitter.About LineraLinera is the first low-latency blockchain designed to scale elastically like web2 applications. Founded by Mathieu Baudet, a former Meta Novi engineer and researcher, with a PhD in cryptographic protocols, Linera revolutionizes blockchain scalability by introducing microchains, removing mempools, and minimizing validator interactions. Linera optimizes performance for web3 applications used by a large number of active users in parallel, enabling unprecedented horizontal scalability for use cases such as retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.Join us in creating the next generation of high-performance decentralized applications. Learn more at linera.ioAbout BorderlessBorderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has made 200+ investments across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities.For more information, please visit their website at borderlesscapital.ioContactPR DirectorKarla VilhelemMarket [email protected]

GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. The company had also announced a staff cut in October 2022, terming them as a part of “structural changes” in the organization. Top Executives Depart As crypto’s largest market maker retreats in the face of the bear market onslaught, several high-level executives, including C-level and department heads, are headed toward the exit. According to sources, the retrenchment is having a major impact on one of the industry’s oldest and best-known players and one that is extremely prominent in the US markets. The most recent and maybe the most high-profile departure from the firm is its Chief Financial Officer, Jonathan Hugh. Hugh joined GSR in 2021 and played a pivotal role in building the company’s finance function. Hugh has so far not commented on his departure. Other high-level executives leaving the company include GSR’s Global Head of Product, Benoit Bosc, and its Director of Trading Operations, Aman Bhalla. Bosc had taken over the sales role from Michael Bressler, a highly experienced TradeFi executive from JP Morgan and Goldman Sachs. Bressler had joined GSR in 2021, becoming the company’s sales head in 2021. However, Bressler left the firm in 2022. Other Notable Departures Other notable departures from the company include Jake Dwyer. Dwyer had joined the firm in 2021 and was tasked with leading GSR’s DeFi and venture initiatives. Trader Quentin Dubois and the head of Quant Trading, Romain Bernard, have also exited the company, according to sources familiar with the matter. The Director of Business Development at GSR, Jeff Stern, has also left the organization. All of these departures occurred this year. While Dwyer confirmed his departure from GSR, the others, including Bhalla, Bosc, Vince, Barnard, and Dubois, have not commented on the matter. A spokesperson from GSR commented on the matter, stating that the company will look to evolve with the fast-moving crypto markets. “GSR has been at the center of crypto markets for ten years — markets that are fast-moving and volatile. We owe it to our clients to continue adapting and evolving to keep pace with the speed of crypto, and we will continue to do so.” The spokesperson also confirmed the departures of Bosc and Bhalla. However, they added that they will continue in their respective roles until the end of August and ensure a smooth transition of their respective roles. “Our business operations and strategy have naturally evolved to respond to changing market conditions, but there has been no restructuring.” Crypto Winter Takes Its Toll GSR had laid off around 10% of its workforce in October 2022, adding that the layoffs were part of structural changes. In doing so, the company became the latest in a long line of crypto firms that had to curtail their growth and ambitions in the face of a crippling crypto winter. Companies and exchanges operating have sanctioned a wave of layoffs as they look to navigate the crypto bear market. The firm had undertaken an aggressive expansion drive, growing its workforce to over 200 and reaching a peak of 300 before the layoffs took place. A source familiar with the firm and its operations stated, “The executive team is mostly friends, and I think it threw off a lot of the momentum GSR built in the previous cycle. They hired a lot of corporate Wall Street executives that came in at the top of the bull market, which ended up costing the firm dearly.” Most of the c-suite executives have links with Winton, CEO Jacob Palmstierna’s former employer, or Goldman Sachs, the former employer of Rich Rosenblum and Cristian Gil. Staff at GSR believes that the firm got too big too soon and the team needs to be better streamlined. A GSR spokesperson stated, “While last year’s bear market created challenges for all crypto companies, our long-term belief in the space hasn’t changed. We have continued investing and hiring in high-conviction areas and have maintained a world-class team of TradFi and DeFi talent that is uniquely positioned for another decade of growth.” Scaling Back US Operations The firm is also focusing on scaling back its US operations. Multiple sources have attributed the retreat to a combination of a number of factors. These include a decreasing appetite for token listings, a high cost of talent acquisition, and concerns around regulations. According to a source, the company has also moved from its New York office, taking up a space in Jersey City instead. “At one point, it was probably their largest office, and they have been scaling it down meaningfully. They have given up their New York office and have a smaller space in Jersey City.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. The company had also announced a staff cut in October 2022, terming them as a part of “structural changes” in the organization. Top Executives Depart As crypto’s largest market maker retreats in the face of the bear market onslaught, several high-level executives, including C-level and department heads, are headed toward the exit. According to sources, the retrenchment is having a major impact on one of the industry’s oldest and best-known players and one that is extremely prominent in the US markets. The most recent and maybe the most high-profile departure from the firm is its Chief Financial Officer, Jonathan Hugh. Hugh joined GSR in 2021 and played a pivotal role in building the company’s finance function. Hugh has so far not commented on his departure. Other high-level executives leaving the company include GSR’s Global Head of Product, Benoit Bosc, and its Director of Trading Operations, Aman Bhalla. Bosc had taken over the sales role from Michael Bressler, a highly experienced TradeFi executive from JP Morgan and Goldman Sachs. Bressler had joined GSR in 2021, becoming the company’s sales head in 2021. However, Bressler left the firm in 2022. Other Notable Departures Other notable departures from the company include Jake Dwyer. Dwyer had joined the firm in 2021 and was tasked with leading GSR’s DeFi and venture initiatives. Trader Quentin Dubois and the head of Quant Trading, Romain Bernard, have also exited the company, according to sources familiar with the matter. The Director of Business Development at GSR, Jeff Stern, has also left the organization. All of these departures occurred this year. While Dwyer confirmed his departure from GSR, the others, including Bhalla, Bosc, Vince, Barnard, and Dubois, have not commented on the matter. A spokesperson from GSR commented on the matter, stating that the company will look to evolve with the fast-moving crypto markets. “GSR has been at the center of crypto markets for ten years — markets that are fast-moving and volatile. We owe it to our clients to continue adapting and evolving to keep pace with the speed of crypto, and we will continue to do so.” The spokesperson also confirmed the departures of Bosc and Bhalla. However, they added that they will continue in their respective roles until the end of August and ensure a smooth transition of their respective roles. “Our business operations and strategy have naturally evolved to respond to changing market conditions, but there has been no restructuring.” Crypto Winter Takes Its Toll GSR had laid off around 10% of its workforce in October 2022, adding that the layoffs were part of structural changes. In doing so, the company became the latest in a long line of crypto firms that had to curtail their growth and ambitions in the face of a crippling crypto winter. Companies and exchanges operating have sanctioned a wave of layoffs as they look to navigate the crypto bear market. The firm had undertaken an aggressive expansion drive, growing its workforce to over 200 and reaching a peak of 300 before the layoffs took place. A source familiar with the firm and its operations stated, “The executive team is mostly friends, and I think it threw off a lot of the momentum GSR built in the previous cycle. They hired a lot of corporate Wall Street executives that came in at the top of the bull market, which ended up costing the firm dearly.” Most of the c-suite executives have links with Winton, CEO Jacob Palmstierna’s former employer, or Goldman Sachs, the former employer of Rich Rosenblum and Cristian Gil. Staff at GSR believes that the firm got too big too soon and the team needs to be better streamlined. A GSR spokesperson stated, “While last year’s bear market created challenges for all crypto companies, our long-term belief in the space hasn’t changed. We have continued investing and hiring in high-conviction areas and have maintained a world-class team of TradFi and DeFi talent that is uniquely positioned for another decade of growth.” Scaling Back US Operations The firm is also focusing on scaling back its US operations. Multiple sources have attributed the retreat to a combination of a number of factors. These include a decreasing appetite for token listings, a high cost of talent acquisition, and concerns around regulations. According to a source, the company has also moved from its New York office, taking up a space in Jersey City instead. “At one point, it was probably their largest office, and they have been scaling it down meaningfully. They have given up their New York office and have a smaller space in Jersey City.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

EDX Markets, the crypto exchange endorsed by Wall Street heavyweights such as Fidelity and Citadel, launched its operations this week. The platform will offer trading in BTC, LTC, ETH and BCH. EDX Markets launched its operations on Tuesday after it completed an investment round which saw it onboard new equity partners to join its founding investors Citadel Securities, Fidelity Digital Assets, Sequoia Capital, and Charles Schwab. EDX Will Allow Trading In BTC, ETH, LTC, and BCH In a press release, EDX explained that it offers a “non-custodial” model, meaning it does not hold clients’ digital assets. The platform instead works with a third-party custodian, said Chief Executive Officer Jamil Nazarali. The exchange also said it successfully conducted an investment round to add investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. Nazarali said: EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market. EDX further stated it aims to bring elements of traditional finance over to crypto, focusing on compliance and mitigating conflicts of interest. We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices. Unlike other crypto exchanges, EDX will only allow investors to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). The platform’s CEO said EDX would soon launch a clearing house. With the endorsement of our new and growing list of investors and customers, we’re proud to launch trading and look forward to further enhancements to our offering. Looking ahead, EDX Clearing will be a major differentiator for EDX -- and resolve an unmet need in the market – by enhancing competition and creating unparalleled operational efficiency through a single settlement process. Traditional Financial Institutions Bullish on Bitcoin In a time of intense regulatory scrutiny of the crypto industry, some traditional financial institutions are laying the groundwork to participate in the market. BlackRock, the world’s largest asset manager, announced last week that it applied for a Bitcoin spot ETF (exchange-traded fund). If approved, the ETF would become the first crypto spot ETF in the US. Rumour also has it that Fidelity Investments applied with the SEC to develop a Bitcoin ETF similar to BlackRock’s. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Miami, FL, United States, May 18th, 2023, ChainwireBorderless Capital is the manager behind this new fund. Investors include Jump Crypto, Aptos Labs, Polygon Ventures, Solana Foundation, Algorand Foundation, GSR, Arrington Capitalamong other institutionsOver twenty blockchain teams and venture funds have teamed up to launch a $50 million Cross-Chain Ecosystem Fund focused on backing and growing new startups that leverage the Wormhole cross-chain messaging protocol. The Cross-Chain Ecosystem Fund is being managed and operated by Borderless Capital, a leading venture capital firm in the Web3 space. Backed by top blockchain protocols, infrastructure providers, and institutional investors, the fund aims to support cross-chain innovations that will drive the growth and adoption of the Web3 industry. The Cross-Chain Ecosystem Fund is backed by Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind the Celo Blockchain), the Moonbeam Foundation, Optimism, Circle, MultiCoin GP’s Tushar Jain and Kyle Samani, Arrington Capital, GSR, Floating Point Group, Chainlayer, Chainode Tech, 01Node, Staking Fund, Moonlet.io, Forbole Ventures, Syncnode, Inotel, Triton One, Strangelove, Securitize’s CEO Carlos Domingo, OtterSec among others.Navigating the Web3 landscape is becoming increasingly challenging due to the proliferation of numerous layer-1 blockchains, layer-2 scaling solutions, and specialized appchains with unique purposes and parameters. This complexity poses difficulties for users and alienates developers who are restricted from accessing a single ecosystem, hindering their growth. The Cross-Chain Ecosystem Fund seeks to unlock the full potential of a cross-chain future, aiming to redefine users' experiences and establish Wormhole as the cross-chain standard for builders to transcend the limitations of individual ecosystems.This innovation prioritizes aggregation, security, scalability, compatibility, and composability."We believe in a borderless Web3 future and are thrilled to have the support of our partners and investors who share our vision. In the same way that in Web2 the value was created through aggregating the relationship with the users we believe that in Web3 this is the natural next step" said David Garcia, CEO & Managing Partner of Borderless Capital. "Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential."Wormhole, the technological focus of the Fund, is a foundational protocol that enables cross-chain messaging of value and data across more than 23 high-value chains, already leveraged by influential protocols and companies like Uniswap, Circle and Base from Coinbase.“Crypto is still a nascent industry with essentially limitless growth opportunity, and we should be doing nothing but working together, regardless of which specific networks individuals may be more passionate about. It’s really exciting to see so many ecosystems come together with leading venture funds to unite on solving the interoperability challenge by supporting startups that integrate Wormhole’s cross-chain messaging standard,” said Dan Reecer, Head of Operations at Wormhole Foundation.Builders, founders and developers looking to reach across ecosystems can apply to the Cross-Chain Ecosystem fund at wormhole.com/programs. Applications will be reviewed by the fund manager, Borderless Capital, starting this month.About BorderlessBorderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has invested in 200+ protocols/companies across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities. For more information, please visit their website.About WormholeWormhole is the industry standard cross-chain messaging protocol powering applications across Web3. Wormhole provides developers access to liquidity and users on over 20 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more. Wormhole enables a growing suite of products to build on its messaging layer. Wormhole Connect is an in-app bridging widget that can be integrated in as few as 3 lines of code. The wider Wormhole network is trusted and used by teams like Circle (USDC) and Uniswap, and to date, the platform has facilitated the transfer of over 35 billion dollars through hundreds of millions of cross-chain messages.ContactBorderless [email protected]