Fidelity Files Metaverse Trademark Applications, Defrost Finance to Refund Users Post-Hack, Argo Blockchain Suspends Nasdaq Trading

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Metaverse news

US asset manager Fidelity has filed three trademark applications in the US to provide services in the metaverse and other virtual worlds. They also mention non-fungible tokens (NFTs), NFT marketplaces, virtual real estate investing, crypto trading, and metaverse investment services. 

Security news

Decentralized finance protocol Defrost Finance, which was hacked on December 23, said that, as all V1 hacked funds had been returned, the team would “soon start the process of refunding these assets to the rightful owners prior to the attack.” In the following days, a refunding smart contract will be deployed, and owners will be able to claim their assets back in stablecoins.

Investment news

Crypto mining company Argo Blockchain said it had requested a suspension of trading for its ADSs and unsecured notes traded on the Nasdaq Global Select Market as the London Stock Exchange is closed for trading on 27 December. The company expects that trading on Nasdaq will resume on 28 December, said the press release.Striga, a builder of infrastructure for digital assets and financial services, announced crypto on-ramp and off-ramp application programming interfaces (APIs), which they said make it easier to hold or cash out cryptocurrencies to various products including neobanks, marketplace, Web3 apps, and decentralized finance (DeFi) projects. “The company’s new fiat-to-crypto or crypto-to-fiat can be embedded in any crypto or fintech product so that users can buy and sell crypto easily,” said a press release.

Regulation news

The Securities and Exchanges Commission (SEC) of the Philippines issued an advisory to the public against using unregistered crypto exchanges operating within the country. While it did not mention FTX by name, it said that, “considering  the  recent  collapse  of  a  large  international cryptocurrency exchange,  the [SEC] strongly  warns  and  advises  the  public  against transacting with  unregistered  and  unlicensed  cryptocurrency  exchanges  reachable  and deemed operating in the Philippines. The collapse left hundreds of thousands, even millions of unsecured creditors with little to no recourse in recovering their money.”

Adoption news

The Latin America, Middle East, and Africa Web3 Blockchain Market should witness market growth of 42.1% compound annual growth rate (CAGR) during the forecast period (2022-2028), said a ResearchAndMarkets.com report. The Brazil market dominated the LAMEA Web3 Blockchain Market by Country in 2021, and would continue to be a dominant market till 2028, thereby achieving a market value of $206.3 million by 2028. The Argentina market is showcasing a CAGR of 42.9% during 2022-2028, while the UAE market would register a CAGR of 41.7% in that period.

Career news

Octopus Network, a multichain cryptonetwork built on NEAR Protocol, announced a set of restructuring measures amid the ongoing market downturn, saying that 40% of the members (12 of 30) would leave the core team through the ‘Voluntary Separation Program’. The remaining team members will accept a 20% salary cut, and the team token incentive will be suspended indefinitely.Crypto exchange Crypto.com announced the promotion of Eric Anziani to President, in addition to maintaining his current role as Chief Operating Officer (COO). In his expanded role, Anziani, who joined the company in 2018, will oversee operations (including customer experience, onboarding, and global payments), and he will continue to lead strategy, product, sales, international expansion, data, research, and blockchain integration, it added.