While NFTs, or non-fungible tokens, have largely disappeared from mainstream media coverage in recent months amid the crypto market crash, many NFT projects are pressing ahead and fighting for their rightful place in the Web 3.0 ecosystem.
NFT trading volumes are a fraction of what they were – for example, trading on OpenSea plummeted 99% from May to August – but Music NFTs in particular nevertheless still have a promising future, as they are true collectibles and therefore have real value.
This contrasts to other NFT projects, such as the Bored Apes Yacht Club (BAYC), which are solely purchased as speculative investments and have little-to-no underlying value.
The Music NFT space is still in its infancy, but competition is already fierce, with a number of platforms and dedicated marketplaces being launched in the last two or so years.
With there being so many rival platforms for artists to release their NFT drops on, and collectors to scour in the hopes of finding a gem, it can be difficult to determine which is best.
So, we’ve ranked the three best and most exciting music NFT platforms, in no particular order…
Serenade
With offices in the UK and Australia, Serenade is at the forefront of the Music NFT space.
Serenade was founded by Australian tech entrepreneur Max Shand in mid-2020, and the project has collaborated with an impressive array of artists, including The Kooks and Super Furry Animals.
Earlier this year, they raised $4.2 million in a fundraise which Hugh Jackman and executives from the Warner Music Group participated in.
Their platform runs on Polygon – a Layer-2 Ethereum blockchain – which allows them to mint NFT collectibles using as little energy as possible. In fact, 197,000 Serenade NFTs would need to be minted to equal the carbon footprint of a single 12” vinyl, according to the company.
Shand, a music writer and venture capitalist, outlined how anyone can use their platform to buy “digital pressings” from their favourite singer or band.
“The sale of that digital pressing gives you a direct new revenue stream from fans and a relationship to your superfans that you can develop over time. It also allows artists to do things that have been either too expensive – such as a box set – or just not feasible,” he said.
At the moment, Serenade’s USP is they are the first chart-accredited NFT platform in the UK and Australia.
This means that NFT sales generated from their platform will count towards artists’ ranking on the charts – something that’s understandably very important to all artists, irrespective of what stage of their career they’re in.
TokenTraxx
Although a relative newcomer, TokenTraxx is coming in hot, moving from an MVP blockchain development in May this year, to a market-leading platform in just four months. This home of music-related digital collectibles has already surprised with innovative drops, which makes it a prime destination for discovery, buying and trading.
Headquartered in London and founded in 2021 by musicians, the all-star team of music and blockchain industry experts, including Miles Leonard, the renowned ex-Chairman of Parlophone Records and Warner Music and TommyD, the award-winning DJ and producer who’s worked with everyone from Kylie Minogue to Kanye West, is set to turn TokenTraxx into one of the loudest terminals in web3.
A look under the platform’s hood reveals a bigger agenda, one to financially benefit the entire music community by empowering it to choose and own the sound of a decentralised future.
Look out for the launch of Traxx Protocol, which will unveil web3 technology intentionally built for the music industry, creating a demand and supply asymmetry for third-party web2 and web3 properties.
By developing an entire ecosystem, TokenTraxx is emerging as the main stage for music in web3 – powered by TRAXX, already listed on both CEX and DEX platforms.
“I created TokenTraxx to unlock the true value of music for artists,” said TommyD.
“In a world where a streaming dominated music market has reduced the value of music to nothing, we are dedicated to shepherding the artist community into this new economy. We do this by applying a hands-on, white glove approach to artist campaigns and businesses. Our dedicated team of music industry professionals offer both insights, marketing & PR to create digital collectibles with real life value across the entire music ecosystem – from live gigs to merchandise to metaverse.”
TokenTraxx’s curator and collector-centric approach into the decentralised world of unleashed music is ready to uncover an infinite array of experiences for music consumers.
Async Art
Last but not least, we have Async Art. Founded in 2020 and based out of California, Async Art is another music NFT marketplace that is seeking to introduce the world to “21st Century Art”.
Like the other platforms mentioned in this article, Async Art allows artists to unlock another revenue stream by selling digital collectibles to their fans. On the other end, music-lovers can support their favourite artists – or up-and-coming singers or bands – by purchasing their NFTs.
While Async Art primarily caters to artists, it does also allow other, non-music NFTs to be minted. Furthermore, some NFTs minted on Async Art have even been sold at Christie’s, a leading British auction house founded in 1766.
At the moment, their platform doesn’t support fiat, so all NFTs must be purchased and traded using Ethereum, which may not be ideal for crypto novices. However, their support section has a step-by-step guide on how to buy some Ether and connect your wallet to their platform, so even fans who aren’t crypto-savvy won’t struggle to use this platform.
Overall, Async Art is a great music NFTs marketplace, with a great selection of collectibles and frequent new drops and collaborations, even during the recent bear market.
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Cross-chain bridge solution ChainPort has raised $14 million via a combination of public and private rounds of fundraising.
Over 50 VC funds, including DAO Maker, Shima Capital and LD Capital participated in the fundraise which will help ChainPort expand its multi-chain bridge towards greater interoperability within the crypto sphere.
Other VC funds which backed the innovative cross-chain bridge include Master Ventures, Double Peak, Halvings Cap, Metrix Capital, Fundamental Labs, Tribe Capital, Poolz, Kairon Labs, Maven Capital, Lucid Blue, CoinX, Ghaf Capital, Existential capital, among others.
Furthermore, the fundraise for the project’s native PORTX token will help them execute their roadmap and reach key milestones sooner, ChainPort emphasised.
Specifically, in the remainder of 2022 and the first half of 2023, ChainPort will continue to improve the security and integrity of its bridge, while also increasing its functionality by offering support for stablecoins and NFTs, among other crypto assets.
“Our offering and technology resonated with the market from the beginning, even in the current climate. At ChainPort, we aim to follow our own path and find effective solutions to the most urgent issues blockchain bridges are facing today,” said ChainPort CEO Erez Ben Kiki.
ChainPort is currently the only custodial blockchain bridge with full interoperability. In excess of 140 tokens are currently compatible with ChainPort, and they provide custodian-level security, with 95% of user funds being held in offline “cold wallets”.
The cross-chain bridge solution’s porting volume exceeds $632 million, making it one of the ten most popular bridges.
The project has enjoyed impressive growth, with users flocking to this bridge solution due to its leading security measures and convenient one-click porting solution.
Earlier this month, ChainPort became the first-ever cross-chain bridge to support permissionless token porting to Dogechain, allowing crypto investors to conveniently transfer tokens from numerous supported blockchain ecosystems to Dogechain.
At present, the supported chains include Ethereum, BSC, Polygon, and Fantom, but native token support will be added in due course.
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Morpheus.Network has partnered with IoTeX to leverage its advanced IoT blockchain technology to provide increased value and transparency to time-sensitive global trade, which in 2021 hit an all-time high of nearly $30 trillion and which they aim to disrupt.
“Today, the global logistics industry operates in a vastly fragmented and dysfunctional way,” said Roger Crook, Global Logistics Team Lead at Morpheus.Network. He is a former DHL Global CEO.
“However, blockchain can significantly improve the flow of goods worldwide by making the process of managing the movement of goods more seamless, faster, and less expensive for the end customer,” Crook said. “Blockchain can revolutionize global trade.”
Last year, global trade hit an all-time high of $28.5 trillion, and in Q1 2022, it hit a new record of $7.7 trillion. International trade has been on the rise since Q2 2020, according to a report by the United Nations Conference on Trade and Development (UNCTAD).
The World Trade Organization released a 163-page report on blockchain technology, concluding that by breaking the various silos between the many parties involved in cross-border trade transactions, blockchain increases global trade cost efficiency, timeframes, transportation, and operational systems trade globalization, making it more profitable for businesses.
Innovative and disruptive solutions
Morpheus.Network CEO and Founder Danny Weinberger is an international supply chain expert and innovator. He cites company statistics that confirm that Morpheus.Network middleware solution demonstrating how their clients have saved thousands of man hours with compliance automation as well as 10% savings across their supply chain.
“Morpheus.Network provides logistical solutions as well as other services to some of the biggest names in the food industry, supermarket sector, shipping, and transportation area, and we are currently in talks with some global brands,” said Weinberger.
“They understand the deficiencies that today affect their exports and imports, their supply chains and cross-border operations.”
He said that Argentina-based Vitalcan, one of the world’s largest pet food companies, has seen the numbers. “They’ve saved over 10% in costs, which translates to increased revenues. But they also save over 10% in time, which is very valuable to them and the global trade industry.”
Morpheus also works with GulfTainer, the largest independent port operator in the world. Another client, Federated Co-op, is Canada’s third largest supermarket, retailer and petrol services chain with over 1,400 stores.
Weinberger explained how important their partnership is with IoTeX. “Their innovative and disruptive solutions based on blockchain technology, IoT, and big data will enable us to provide increased value and transparency to time-sensitive global trade.”
Benefits of the IoTeX Pebble tracker
“We can leverage the geo-locating data from the Pebble device and a geofence to trigger the automated generation of cross-border compliance documentation. This would allow a transport truck to carry cargo, tracked by the Pebble device, across the US- Canada border in a completely automated fashion without any complexity or delays, thus reducing its carbon footprint.”
Weinberger and Crook agree: “IoTeX is an excellent company that will help Morpheus.Network reach new heights. Together with IoTeX, we will provide our clients with trust, data, and provenance in a way we’ve never had before.”
IoTeX provides blockchain privacy, scalability, interoperability, and developability solutions. It is a highly scalable, Layer 1, EMV-compatible open-source blockchain network and development platform that builds on an existing codebase to integrate the benefits of IoT, AI, and blockchain.
Joining forces for transparency and trust
“IoTeX is excited to partner with Morpheus.Network to bring blockchain and IoT innovations to the supply chain industry, which is worth a trillion-dollar opportunity,” said IoTeX Head of Business Development Larry Pang.
According to Freight Waves, global logistics has become an $8 trillion to $12 trillion industry annually. It added that this represents a $2 trillion sector in the US alone.
Pang said the “IoTex and Morpheus teams are joining forces to enable transparency and trust for manufacturers and distributors worldwide. Our first proof-of-concept integrates data from IoTeX’s Pebble Tracker with Morpheus.Network’s supply chain management platform to streamline and automate today’s inefficient supply chain.”
He also said, “IoTeX aims to bring more real-world devices and data to Morpheus.Network shortly.”
To this point, Weinberger said the combination of blockchain and trusted devices is a game-changer that will help disrupt the entire global trade industry.
The last few days have been quite turbulent for the digital asset industry. Bitcoin, the largest cryptocurrency by market capitalisation, rose from $18,715 on September 7 to $22,645 last evening.
However, since then, BTC has retraced its steps, stumbling back to the $20,300 range at the time of writing. Most other cryptocurrencies in the top 10 list and beyond have followed suit, flashing red over the last 24 hours.
The drop comes after the US Bureau of Labor Statistics reported that inflation was higher than expected in August 2022. Economists in the country were expecting inflation to fall by 0.1 percent. This is in continuance with the downward trend observed in July when inflation fell to 8.5 percent from its multi-decade high of 9.1 percent in June.
However, according to the Bureau’s report, consumer price index (CPI) actually increased by 0.1 percent (month-on-month), with headline inflation coming in at 8.3 percent as opposed to the 8.1 percent that was expected.
In response to the soaring inflation, the crypto industry tumbled along with global financial markets. Bitcoin nosedived more than 11 percent in less than 12 hours. The second largest cryptocurrency by market cap, Ethereum, also slipped 10 percent, falling from $1,743 to $1,543 in roughly the same period.
The global market cap of the crypto industry also plummeted around 9 percent, falling from $1.07 trillion last night to around $977 billion this morning, according to data from CoinMarketCap.
Is it a good time to buy the dip?
While falling prices are bound to cause pain and disappointment for the cryptoverse, they also allow you to enter the market at lower prices. This is a practice known as buying the dip, a strategy that most experts swear by.
Falling prices also create an opportunity for existing investors to purchase more coins at lower prices, thereby decreasing their cost of acquisition. The premise here is simple: buy low and sell high.
Moreover, there is some evidence that the current bear market could end soon, and prices could shoot up again. If this happens, those who buy the dip will see massive profits when the bulls take over.
“It’s been 310 days since the #BTC Bull Market peak at $65,000. This means that this Bear Market is getting close to ending. Historically, $BTC Bear Markets tend to find their absolute bottom price approximately 365 days after the previous Bull Market peak,” tweeted Rekt Capital, a renowned crypto trader and analyst.
However, what is also evident from his tweet is that BTC prices could dip further before they begin to rally. This is a notion that several other experts also support. “Current pivot is 21k. A clean break below here, and 19k is next. Break 19k, and it goes to the main target of 14k-16k for the last low,” tweeted Crypto Capo, another prominent crypto analyst.
However, this hasn’t stopped seasoned investors from buying BTC at current prices. “Despite the recent turbulence, I believe that the trajectory of bitcoin and other major cryptos is upwards,” said Nigel Green, CEO of the Devere Group, a financial advisory and asset management firm. “Like many serious crypto investors, I’m buying the dip. I’m embracing this short-term volatility for longer-term gains,” he added.
When it comes to Ethereum, prices could see a significant rally in the coming days. This is because the Ethereum merge is just around the corner and is expected to go live between September 13 and 15. The Merge is touted as one of the most significant events in the cryptosphere, and it should cause ETH to rally if everything goes smoothly.
Several analysts and traders support this notion, including crypto news outlet, Coinpedia, which predicts ETH will touch $7,500 by the end of the year.
Therefore, buying ETH at current prices could bring massive gains if these predictions come true. It could be one of the reasons why Ethereum whales have been buying more and more ETH since the start of the year. “They are anticipating some positive price action around the Merge,” according to a report by Nansen. In short, these whales are buying the ETH dip in the hope of a rally after The Merge.
Conclusion
Falling prices may cause short-term pain. However, crypto markets are cyclical in nature. This means that a rally usually follows a crash, and a bear run usually gives way to a bull market. Therefore, buying tokens when prices are low and holding on to them until the market rallies is a promising strategy.
At the same time, it is essential to note that crypto markets are highly volatile and speculative; no one knows when the bull market will arrive, how long it will last and to what extent prices will rise. This is why it is crucial to do your own research and invest only as much as you are comfortable losing entirely.
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The Fall of a Giant
Earlier this year, algorithmic stablecoin project TerraUSD (UST) – once touted as the future of stability in crypto – collapsed. From its April market capitalization height of over $14 billion, in less than a week, holders of the beleaguered stablecoin saw their investments become worthless, sending shockwaves through the space and calling into question the effectiveness of algorithmic stability.
Unlike other stablecoins, UST was not pegged to a stable reserve asset such as gold or the US dollar. Instead, algorithms controlled UST’s peg by exchanging it for a sister floating cryptocurrency called LUNA when UST decoupled from the peg.
This system was inherently predicated on demand for LUNA remaining high (and therefore its price increasing). When both UST fell significantly below the peg twice in one week, and demand for LUNA collapsed, that was the end.
The project’s eccentric founder, Korean entrepreneur Do Kwon, aggressively attempted to defend the project and its technical soundness, deploying millions in reserved capital to re-introduce demand. However, as many in the crypto space pointed out, it very quickly became clear that this strategy would not work as TerraUSD’s downfall was entirely the fault of a flawed approach to achieving stability.
A New Standard Emerges
One of those voices was Joshua Sciagala, co-founder of Bitcoin exchange Vaultoro and stablecoin project TheStandard.io. Scigala predicted the collapse of TerraUSD, pointing to the flawed closed feedback loop that was required to sustain its peg, and instead started work on a new stablecoin infrastructure that would emulate one of the world’s most successful safe-haven currencies, the Gold Standard.
TheStandard.io proposes an over-collateralized model for crypto stability. This model encourages individuals to ‘stake’ assets in pools (which the protocol calls ‘Smart Vaults’), which can then be borrowed against, at zero interest, by minting tokens pegged to a fiat currency of choice.
Initially, individuals using this framework will be able mint sEURO, whose purpose will be to maintain a peg to the EURO. Minting sEURO will be incentivised by giving early purchasers a 20% discount with funds being used to build up a reserve of EVM compatible tokens, PAX Gold, wrapped BTC and MATIC in a pool called Protocol Controlled Value.
This will be followed by liquidity building for sEURO/USDC or another pegged stablecoin which will allow sEURO to maintain its peg.
TheStandard.io team has written a detailed explanation of how this process will work in this paper.
Once sEURO stabilizes and grows sufficiently in volume, TheStandard.io will open its framework up to any fiat currency its users wish to mint.
Is The Standard.io the Future of Stability in Crypto?
Similar to MakerDAO’s DAI, TheStandard.io creates a new stablecoin whose value is backed by committed assets. However, unlike MakerDAO, TheStandard.io will focus on creating a standard that would enable the minting of stablecoins that mirror all of the most trading currencies in the global economy.
Moreover, unlike TerraUSD, TheStandard.io does not rely on the creation of a new token that must maintain an increasing demand in order for its stablecoins to maintain parity with fiat currencies. Whether or not this framework will become the future of stability in crypto is to be seen.
However, TheStandard.io combines the best and avoids the worst of the biggest stablecoin successes and failures out there. Given the ever-increasing demand for stablecoins and the concerns about transparency, TheStandard.io might well be the experimentation the space needs.
Want to read more about The Standard? Read their blog here.
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Bitcoin fell Tuesday, following stocks lower after the August consumer price index report came in higher than expected.
The cryptocurrency slid 9.66% on Tuesday, falling to $20,249.8 per coin at 4:00 p.m. ET according to Coin Metrics. It was bitcoin’s worst day since June 18.
The declining price is a reversal of earlier gains. Bitcoin had hit a one-month high of $22,764.49 Tuesday morning before falling, according to Coin Metrics.
The rally, which brought the digital asset back above the key psychological $20,000 level last week, was spurred by softening of the U.S. dollar ahead of Tuesday’s inflation report, which was expected to show that inflation had cooled off. A much-anticipated network update for Ethereum also boosted the digital coin’s price.
But August CPI data showed that inflation rose month over month even as gas prices slipped. The U.S. dollar jumped, and stocks sold off sharply as Wall Street anticipates more aggressive interest rate hikes from the Federal Reserve.
As rates surge, investors sought to shed risky assets like cryptocurrencies.
Ether, the token that runs on Ethereum, also slipped more than 6% on Tuesday ahead of the much-anticipated Merge, expected to take place sometime between Sept. 13-15. During the merge, Ethereum will switch from a proof-of-work model to one that uses proof-of-stake.
The move will help make Ethereum more energy efficient and secure. It should also help draw new investors to the cryptocurrency, which has the second-largest market cap after bitcoin.
Still, it’s not clear when exactly the Merge will happen. It may also take more than the three days investors are currently watching.
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Bitcoin held above $22,000 on Monday as it continues a week-long rally ahead of U.S. inflation data and a highly anticipated Ethereum network upgrade.
The world’s largest cryptocurrency was trading at $22,328.27 at around 9:15 a.m. ET, according to CoinDesk data.
After falling below $19,000 on Wednesday to its lowest level since June, bitcoin has since rallied around 17%.
This also comes off the back of a winning week last week for U.S. stocks. Bitcoin has been closely correlated to equity markets, particularly the Nasdaq, and often moves higher when the tech-heavy index rises.
Crypto investors are looking ahead to the August consumer price index report, scheduled to be released Tuesday, to see the direction inflation is headed which could give hints toward future policy moves by the U.S. Federal Reserve.
Stocks have been under pressure this year as the Fed has hiked interest rates to try to control rampant inflation.
Cryptocurrencies, which are also risk assets, have been battered. Nearly $2 trillion has been wiped off the entire crypto market since its all-time high in November. Bitcoin is down more than 50% this year.
That decline has also been driven by crypto-specific issues including the collapse of key projects and bankruptcies that have spread across the industry.
Meanwhile, the Ethereum network will complete a long-awaited upgrade called the merge. This will transform the Ethereum blockchain from a proof-of-work to proof-of-stake model and significantly reduce the amount of energy required for the network to operate.
Proponents say this could pave the way for a broader use of ether, the token that runs on Ethereum.
“Crypto faces an unusual double whammy this week: U.S. inflation data and [hopefully] the long-awaited and oft-delayed Ethereum Merge. Hold your breath for a rollercoaster ride,” Antoni Trenchev, co-founder of Nexo, said in a note on Monday.
“In a time awash with narratives, there’s none bigger than the Merge in crypto and it’s one which the wider world should take notice of with Ethereum’s carbon footprint set to be slashed by 99%.”
However, analysts cautioned that the merge will not necessarily speed up the Ethereum network, which is known to be slow, nor will it reduce the fees associated with transactions.
Still, excitement has been growing for the merge. Since ether hit its low for the year in mid-June, the price for the world’s second-largest cryptocurrency has far outpaced bitcoin’s. Ether is up more than 90% since June. 19 while bitcoin has risen just over 20%, begging the question of how much the merge has already been priced in.
The Federal Reserve is also widely expected to increase interest rates again next week when its Federal Open Market Committee (FOMC) meets, which is another dark cloud hanging over the crypto market.
“The Merge may trigger a ‘sell the fact’ situation in the crypto market and we still need to be careful for next week’s FOMC meeting. Bitcoin could continue to rally but it could be quite short lived,” Yuya Hasegawa, crypto market analyst at Japanese exchange Bitbank, said in a note Monday.
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Digital asset services provider, Blockchain.com recently announced that the company has signed a Memorandum of Understanding (MoU) with the Virtual Assets Regulatory Authority (VARA) in Dubai.
According to the details shared by Blockchain.com, retail and institutional clients in Dubai will soon be able to access technology-driven financial services.
Digital asset services provider, Blockchain.com recently announced that the company has signed a Memorandum of Understanding (MoU) with the Virtual Assets Regulatory Authority (VARA) in Dubai. According to the details shared by Blockchain.com, retail and institutional clients in Dubai will soon be able to access technology-driven financial services.
In the last few years, several blockchain firms have opened their offices in Dubai. In November 2020, Ripple announced the selection of Dubai for its regional headquarters. Blockchain.com highlighted that the company is also in process of opening a local office in Dubai.
“Crypto investors in Dubai and its surrounding regions will soon be able to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients.
“As part of our local commitment, Blockchain.com is in the process of opening a local office and intends to hire in the region. We are also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available,” the company noted.
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Bitcoin fell below $19,000 on Wednesday morning, at one point hitting its lowest level since June following a drop in stock markets globally and the continued strength of the U.S. dollar.
The value of the entire cryptocurrency market also fell below $1 trillion as digital coins across the board saw a sell-off.
Bitcoin was last trading slightly higher at around $18,955.34, according to Coin Metrics. Ether, which has far outpaced bitcoin’s gains in recent months, hovered below the flat line, at $1,571.20.
Central banks around the world are battling rampant inflation with tightening monetary policy. The U.S. Federal Reserve has undertaken a series of interest rate hikes totaling 2.25 percentage points. Markets are expecting further interest rate rises.
Policy tightening by the Fed has strengthened the U.S. dollar which has weighed on risk assets. The 10-year U.S. Treasury yield has also surged.
Bitcoin has traded in correlation to stocks and so if they fall, in general, so does the cryptocurrency.
“The macro environment also continues to prove difficult with the dollar continuing to put in highs. This impacts all risk assets as we can see,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.
“If we see the dollar start to move back down, then we should be able to get risk assets such as bitcoin move back up again.”
The crypto market has been battered this year with nearly $2 trillion wiped off its value since its peak in November. Bitcoin is about 60% off its record high of $68,990.90 that was hit in November.
The sell-off has been caused by a tough environment for risk assets as well as crypto-specific issues including collapsed projects and bankruptcies that has spread across the industry.
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Rain Financial is laying off hundreds of employees in a fresh round of job cuts, according to people with knowledge of the matter, as the ongoing volatility in digital assets takes its toll on one of the Middle East’s largest crypto exchanges.
The company communicated the decision to staff on Thursday morning, the people said, asking not to be identified because the matter is private. Before this week’s cuts, the firm had about 400 employees, the people said.
Rain also laid off dozens of staff members earlier this year, Bloomberg News has reported. It wasn’t immediately clear exactly how many jobs would be affected in the latest round of cuts.
“The volatility in the industry has been difficult to properly plan for, which has resulted in the unfortunate changes that we have had to make today,” co-founder and Chief Executive Officer Joseph Dallago wrote in a post on LinkedIn.
Takeover Interest
Cryptocurrency prices have plummeted this year from the highs reached during late 2021. Industry insiders say the struggles of crypto exchanges may attract takeover interest from more established financial companies.
Before the slump, Rain had been on a hiring spree, tapping a number of former bankers, lawyers and consultants to join its Dubai-based team, as a broader crypto frenzy swept through the financial center of the United Arab Emirates.
The staff cuts were made to reflect the “operational needs and market conditions,” Rain said in a separate statement, without providing the number of people made redundant.
“As a business we have had to adapt our future plans given these difficult market conditions to ensure we can navigate through this downturn,” it said.
Rain’s backers include Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures. It last raised funds at a $500 million valuation, pledging to use the money to expand in the Middle East and Africa and double its workforce to 800 this year.
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