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The U.S. Supreme Court will hear arguments in its first ever crypto-related case on Tuesday, when lawyers for San Francisco-based crypto exchange Coinbase will attempt to convince the nine Justices to pause a pair of class action lawsuits against the exchange.

The fate of Signet has been unclear since Signature Bank was shut down by New York State regulators last weekend.

The director of The Graph Foundation and a speaker at this year’s Consensus festival, on why NFT artists should get royalty payments and why online pseudonymity matters.

The data may reflect investors’ need for liquidity during the banking crisis, a CoinShares report says.

If crypto and financial developments move overseas, it could be a threat to U.S. national security, Carole House, co-author of President Biden’s executive order on crypto, said.

The strategic partnership is aimed at simplifying the process of onboarding game studios and developers into Web3.

Florida Gov. Ron DeSantis introduced legislation that would ban the use of a federally adopted central bank digital currency in the state, accusing President Joe Biden of eyeing the technology for “surveillance and control.”

DeSantis, a Republican, on Monday announced the proposal that would prohibit the use of a CBDC as money within Florida’s commercial code, a move he says would “protect Floridians from the Biden administration’s weaponization of the financial sector.”

“Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security,” DeSantis, who’s widely considered as possible presidential candidate in next year’s election, said in a statement.

The move comes after South Dakota Gov. Kristi Noem, also a Republican, vetoed a commercial code bill this month on the argumet that it might allow a central bank digital currency to be considered legal currency in the state, but would have excluded bitcoin from that state’s definition of money. While it had passed the Republican-majority state legislature, the measure faced opposition from some national Republican groups.

‘No privacy’

While DeSantis first raised his opposition to centrally-controlled digital currencies last year, he’s taken a friendlier approach toward decentralized tokens like bitcoin and has said he was working on ways for Floridians to pay taxes with crypto.  

The Biden administration last year developed policy objectives for a possible CBDC system in the United States, and the Federal Reserve has been researching a potential digital dollar. The Treasury Department is leading an interagency working group to consider the possible implications of a CBDC, the Democratic administration said in September.

“A Central Bank Digital Currency is the cornerstone of a federal government that could track each and every transaction that happens in the world,” Florida state CFO Jimmy Patronis said in the statement on Monday. “There would be no privacy, and if there is no privacy, there are no rights.”

© 2023 The Block Crypto, Inc. All Rights Reserved. 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.

The Biden Administration is currently studying the possibility of introducing a central bank digital currency.

The protocol is trying to keep its NFT marketplace competitive with Opensea and Blur

Metatime, a Turkish crypto exchange that has yet to launch, raised $11 million in seed funding.

Turkish investment firm Yildiz Tekno GSYO and multiple undisclosed angel investors provided the funding, Metatime said.

Abdurrahman Kilic of Yildiz Tekno confirmed the investment to The Block. The firm’s limited partners are some of Turkey’s biggest companies including Halkbank, Turk Telekom and Kalyon Holding.

Crypto is popular in Turkey where inflation is sky-high and the currency is devalued. The country was ranked twelfth in Chainalysis’s 2022 Global Crypto Adoption Index. Metatime is coming into a space already crowded with established crypto exchanges amid economic turmoil, including BtcTurk, Paribu and Bitay.

Yildiz invested $150,000 for 1% equity in Metatime, Yusuf Sevim, co-founder and CEO of Metatime, told The Block. He added that the rest of the funding — $11 million — was provided by angel investors in a token round.

A total of 33 undisclosed angel investors bought MetaCoin (MTC) tokens, Sevim said, adding that 100 million MTC were sold at 5 cents and another 100 million MTC at 6 cents.

The two tranches of the token sale began and ended in January and February, respectively, Sevim said. While he declined to name the angel investors, Sevim said they are from Turkey, Denmark and Germany.

What is Metatime?

Metatime is an Istanbul-based crypto startup that is preparing to launch several products and services, including a crypto exchange, wallet, NFT marketplace, native blockchain and a stablecoin.

Sevim said Metatime was established in 2021 and has been under development since then. When asked why the startup raised the seed round after two years, Sevim said that he and Metatime’s other co-founder Hys Sahin had previously invested $10 million in the company. Metatime has a third co-founder, Ali Bahadir Ural, who didn’t invest, Sevim said.

Metatime’s exchange, blockchain, stablecoin and MTC token will go live on Nov. 11, according to Sevim. The NFT marketplace and wallet are expected to launch in the first quarter of next year.

On Nov. 11, 10% of the angel investors’ tokens will also get unlocked, Sevim said, adding that the rest 90% of tokens will unlock over the following 225 days with a daily unlock rate of 0.4%.

There are currently 208 people working for Metatime, Sevim said, and the startup is hiring more people across roles. Metatime will hold several public token sales as well in the near future.

 

© 2023 The Block Crypto, Inc. All Rights Reserved. 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.