Is this the deepest dip?

Crypto gods have accepted another sacrifice (SBF), Bitcoin just hit this year’s all-time low, CT (Crypto Twitter) is full of doom and gloom, and FTX contagion is all around us, and so on…

So, what’s next? Well, let’s get to work. Guess, that’s all we can do at the moment.

This week in Web3 Wednesday:

• JP Morgan registers a trademark for a crypto wallet
  
• Cardano announces the launch of a decentralized algorithmic stablecoin – Djed
  
• US prosecutors investigated FTX months before its collapse
  
• Genesis slashes its raise target from $1 billion to $500 million
  

JP Morgan registers a trademark for a crypto wallet

America’s largest bank, JPMorgan Chase & Co. has officially registered a trademark for a cryptocurrency wallet.

J.P. MORGAN WALLET is now a registered trademark for virtual currency transfer + exchange, crypto payment processing, virtual checking accounts, and financial services.

The bank is focusing on offering crypto payment services, including crypto payment processing, virtual checking account, and more.

Cardano announces the launch of a decentralized algorithmic stablecoin – Djed

Proof-of-stake blockchain platform, Cardano, has partnered with COTI, a DAG-based Layer 1 protocol, to launch what it refers to as an over-collateralized algorithmic stablecoin.

The stablecoin paper describes Djed as an algorithmic stablecoin protocol that behaves like an autonomous bank that buys and sells stablecoins for a price in a range that is pegged to a target price.

It is crypto-backed in the sense that the bank keeps a volatile cryptocurrency in its reserve. The reserve is used to buy stablecoins from users that want to sell them.

US prosecutors investigated FTX months before its collapse

As per a report by Bloomberg, the U.S. Prosecutors secretly investigated FTX Months before its collapse. The publication noted that the crypto exchange platform had been the subject of inquiries from authorities long before its downfall.

The report stated that Damian Williams, of the US Attorney’s Office for the Southern District of New York, kept tabs on the platform. The investigation preceded the implosion that led to chapter 11 bankruptcy for FTX earlier this month.

Genesis slashes its raise target from $1 billion to $500 million

The Block’s editor Frank Chaparro posted that, “sources tell The Block crypto trading firm Genesis—which has been struggling to raise emergency capital to shore up its lending unit's liquidity profile—has slashed its raise target from $1bn to $500 million.”

The crypto firm in trouble has also released that statement denying the rumors of imminently filing for bankruptcy. In the latest statement to TechCrunch, a Genesis spokesperson said,  “We have no plans to file bankruptcy imminently, our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

Will Genesis be able to successfully dig out from this pit and save all of us from this contagion? Only time will tell.