Dubai Crypto & Coffee at 8 ☕ 🚨 Dubai: 23rd Jan 🚨 🥶Genesis filed for Chapter 11 bankruptcy protection🥶🚀Axie Infinity to the moon! 🚀NFT Market Salesup by 43.48%. 🚨 Two UAE news
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23rd Jan 🚀Axie Infinity to the moon! 🚀NFT Market Sales 43.48%. 🥶Genesis filed for Chapter 11 bankruptcy protection on 19th Jan listing debts of roughly $3.5 billion. ❓ What could this mean for the crypto industry?

🔺 Axie Infinity is up by 45.22% in the last 24 hrs & 40.77% in the last 7 days. Check Blockchain DXB ‘s Crypto & Coffee at 8 podcasts where we discuss The GLobal crypto market, Defi, Dapps, Stablecoins + two crypto/blockchain news from UAE

🚀 Bitcoin.com has reported that in the third week of January NFTs saw a 16.39% increase in overall sales. 320,580 buyers participated in the NFT market action this past week, an increase of 43.48% compared to the week prior. $256.69 million in NFT sales were recorded over the last seven days, with $206.06 million being Ethereum-based NFTs. Article here https://lnkd.in/di6FqzMv states a total of 320,580 buyers participated in the market activity, a 43.48% increase from the prior week.

📈 In UAE Khaleej Times feels UAE NFT industry is expected to grow by over 45% every year as Consumers are buying into experiences, and companies are tapping this potential. Arshad Zaheer, the Senior Partner at YAAP, told Khaleej Times in an interview has said some interesting and insightful information https://lnkd.in/dembVu9j

❓ What are your thoughts on NFT in 2023? Volume 🔺 Volume 🔻

❓ What is more Fungible?

• Cash (paper)
• Bitcoin
• Money

🔴 Genesis’ Crypto Lending Businesses File for Bankruptcy Protection

• Genesis Owes Over $3.5B to Top 50 Creditors
• Genesis has over 100,000 creditors among the three of its companies that declared bankruptcy
• DCG is also the parent company of CoinDesk

❗ Official filings here https://lnkd.in/dxnNZ4GH

👀An article by CoinDesk highlights three crucial pieces of information

• The bankruptcy filings for Genesis Global and its related entities show parent Digital Currency Group (DCG) owes its affiliates more than $1.65 billion.
• The three entities that filed for bankruptcy protection are holding company Genesis Global Holdco (GGH), lender Genesis Global Capital (GGC) and Genesis Asia Pacific (GAP).

😱 What kind of an impact will this have on the crypto market?

🔵 Reuters has reported that Genesis Global Holdco said in a statement it would contemplate a potential sale or stock-related transaction, to pay creditors, and that it had $150 million in cash to support the restructuring.

🔹 Genesis’ owner DCG said in a statement that neither DCG nor its employees, including those sitting on the Genesis board, were involved in the decision to file for bankruptcy. Info Here https://lnkd.in/dx93B55Z

💯 A reminder to read the 2nd line of Satoshi Nakamoto’s white paper… “ but the main benefits are lost if a trusted third party is still required to prevent double-spending”

🚨 Two UAE news: (slides ) ⚡ AD Gaming links up with Abu Dhabi-based crypto and blockchain business AA Meta ⚡ NEOWIZ Holdings establishes a blockchain entity in UAE

For slides click here: https://tinyurl.com/5d563e22

LinkedIn Profile: https://tinyurl.com/569zh78j

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