Daily Market Wrap
Crypto market cap: 0.89 trillion, down 2.47%
BTC price stands at USD 20,054, down 1.33%
ETH price stands at USD 1,090, down 5.08%
Top gainer: TerraClassicUSD (USTC), up 49.48%
Top loser: Quant (QNT), down 12.14%
News of the Day
Why it matters:
Babel Finance executives are fleeing as the firm continues to struggle with a shortage of funds, Blockworks reported
Head of Partnerships, Yulong Liu, and Director of Communications, Jacynth Wang, are reportedly leaving the company soon; other employees from Liu’s Partnerships team have already left
Two weeks ago, Babel Finance announced that it had halted withdrawals as it was facing “unusual liquidity pressures”
Crypto Daily Spotlight
Brief introduction: Zigazoo, a US-based child-friendly social network, is the world’s largest social network and NFT education platform for children — it is one of the top five children’s apps in the App Store. Zigazoo allows kids to create video responses (similar to TikTok), engage in challenges made by the world’s biggest children’s brands and share them with friends on the app.
Why it matters:
Zigazoo, a TikTok-like app for children, has raised $17 million in its Series A round led by Liberty City Ventures; the round also includes the NBA, Dapper Labs, OneFootball, Flamingo Capital, Medici VC, Animoca Brands and Lightspeed Venture Partners
“We’re planning on using the new capital to become the biggest kids company in the world by expanding our Web3 offerings while building towards becoming the leading social network for kids to interact directly with creators and brands in the kids’ media space,” Zigazoo founder and CEO Zak Ringelstein said
Zigazoo has plans to build a creator’s studio for users to create marketplaces and sell digital goods, such as NFTs
Daily Sector Tracker
Daily News Roundup
The Liquidation of Three Arrows Capital Has Been Ordered In A British Court https://bit.ly/3QWGZx5
Bitcoin Price Flirt With $20K Support Line As Asia Extends Global Stocks Weakness https://bit.ly/3NzuhBn
CoinFLEX CEO Alleged Bitcoin.com CEO Owes It $47M https://bit.ly/3NCFvp6
Coinbase Stock Tumbles as Goldman Sachs Downgrades It To “Sell” Rating https://bit.ly/3OSC8Lp
The FTX CEO Warns Multiple Crypto Exchanges Are “Secretly Insolvent,” https://bit.ly/3u9pvUk
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/