US Fed Denies Crypto Bank Membership, Dapper Labs Lays Off, Block Reports $1.66BN Profit
• The US Federal Reserve denied a request from crypto bank Custodia Bank to reconsider its membership application.
• Dapper Labs is laying off 20% of its full-time staff.
• Block reported that in the fourth quarter of 2022, it generated a gross profit of $1.66 billion, up 40% year-over-year.
US Fed Denies Custodia Bank’s Membership Request
The US Federal Reserve has denied a request from crypto bank Custodia Bank to reconsider its membership application to the Federal Reserve System. The Board previously concluded that the firm’s application as submitted was inconsistent with the required factors under the law and rules permit an applicant to request that the Board reconsider its application decision.
Dapper Labs Lays Off 20% of Staff
Top Shot creator Dapper Labs is laying off 20% of its full-time staff according to a letter sent by founder and CEO Roham Gharegozlou. The company will provide compensation, health continuation benefits, extended exercise windows for equity stock options, mental health benefits, and job search support for employees affected by this restructuring.
Block Reports $1.66BN Profit for Q4
Twitter founder Jack Dorsey’s payment firm Block reported that in the fourth quarter of 2022 it generated a gross profit of $1.66 billion up 40% year over year. Square generated gross profit of $801 million up 22%, while Cash App generated gross profit of $848 million up 64%.
Binance Finds 500 ‘Incorrectly Classed’ Aussie Users
Israeli blockchain chip startup Chain Reaction raised $70 million in a funding round led by Morgan Creek Digital bringing total raised funds to $115 million which will be used for expanding engineering team and launching their first chip in the market this year called Electrum before end 2024.
Huma Raises 8.3M Seed Round
DeFi protocol Huma announced close of an $8.3 million seed round led by Race Capital and Distributed Global with participation from ParaFi Capital, Circle Ventures, Folius Ventures etc., which will be used for building their first product on Ethereum and Polygon networks while also focusing on scaling up their core infrastructure tech stack development & integrations with exchanges & wallets providers around globe!
