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Crypto Flipsider News – Terra Legal Team Quits, While Community Rejects Hard Fork Proposal; Robinhood Launch NFT Compatible Wallet, and Coinbase Rolls Out New Features; Universal Music Group to Release NFT Music

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Crypto Flipsider News – Terra Legal Team Quits, While Community Rejects Hard Fork Proposal; Robinhood Launch NFT Compatible Wallet, and Coinbase Rolls Out New Features; Universal Music Group to Release NFT Music

The Digest contains the following:

  • After the crash, legal team resigns; community denies hard fork.
  • Following the Terra ecosystem failure, members of G7 will gather in Germany to hold crypto regulatory talks.
  • Robinhood (NASDAQ:) launches NFT compatible wallet – Coinbase (NASDAQ:) rolls out DeFi app and ledger browser extension.
  • LimeWire and Universal Music Group (AS 🙂 partner to make it possible for artists to put NFTs out on the market.

Terra Legal Team Disbands after Crash. The Community rejects the Hard Fork proposal

Following the disastrous crash of Terra Ecosystem, events have made the Terra Project even more miserable. As a result of these events, the Terraform Labs legal teams of Marc Goldich and Lawrence Florio have been terminated.

Terra is seeing employees leave due to the devastating crash that saw hundreds of thousands of investors go bankrupt. While the legal team has not yet officially announced the reason for their departures, some are making speculations about Terra’s internal problems.

Do Kwon (CEO of Terraform Labs) announced a plan to recover the Terra ecosystem from its demise. It involved forking over the Terra chain. However, a recent poll shows that Terra community members are unanimously against ‘Revival Plan V2‘.

According to the community poll, 90% of Terra users do not want to see Terra’s blockchain forked. The founder of Binance, Changpeng “CZ” Zhao, has also expressed the same belief and opined that hard forking Terra will not solve its problems, calling it “wishful thinking”.

Flipsider:

  • Confirming the resignation, a Terraform spokesperson stated that the vast majority of team members remain steadfastly committed to carrying out the project’s mission.

What You Need to Care About

Terra crashed had devastating effects on the cryptocurrency industry. Its eventual redemption or destruction was certain to have severe consequences.

Germany: G7 countries to meet in Germany after Terra Ecosystem collapses for Crypto Regulation talks

Regulators around the world have been concerned by recent events in Terra. To address the issue of regulation, the G7 finance ministers will meet in Germany next week.

Francois Villeroy de Galhau, head of the French central bank, has opined that “what occurred recently is a reminder of the immediate need for global regulation.” Since the incident, regulators have been on a high alert.

According to Villeroy, crypto-assets could disrupt the international financial system if they are not “controlled, examined, and interoperable in a consistent and appropriate manner”. Villeroy further states that crypto-assets must be operated within a framework that is uniform across jurisdictions.

He adds that the G7 ministers will discuss crypto regulation at the meetings, held in the German cities of Bonn and Königswinter, starting from Wednesday.

Flipsider:

  • The The UK plans to legalize stablecoins during the Queen’s annual address to the British Parliament.

What You Need to Care About

Terra’s activities in the crypto-unregulated space and the private sector make it impossible for the government to direct any measures. This is why regulation is necessary.

Robinhood Launches NFT Compatible Wallet – Coinbase Rolls Out DeFi App and Ledger Browser Extension

Commission-free investing platform, Robinhood, has announced the launch of what it described as “a brand new non-custodial, Web 3.0 wallet.” The app will give users total control of their digital assets and non-fungible tokens (NFT).

Robinhood’s zero-fees DeFi wallet will enable users to access decentralized websites and take advantage of all that crypto has to offer. Robinhood claims that the wallet will launch as an independent application.

Coinbase is a leading cryptocurrency exchange and has added a number of new features to the platform. This will allow users to have decentralized financial experiences. Coinbase also offers Web 3.0 identity as well as a non-custodial dApp account wallet.

Coinbase users will now be able directly to Ethereum-based decentralized applications (dApps) from their Coinbase app. Users will be able interact with DeFi protocols in order to lend and borrow funds.

Flipsider:

  • Coinbase debunked reports that Robinhood wanted to acquire the cryptocurrency exchange.

What You Need to Care About

Robinhood and Coinbase have made moves to help the 95% crypto users that had previously only used centralized systems transition to the growing decentralized sector.

Universal Music Group and LimeWire Partner to Let Artists Release NFTs on the Marketplace

Universal Music Group, a multi-national music company has reached a content licensing arrangement with LimeWire. This will permit its artists and musicians to create new music or media in non-fungible tokens.

UMG, the music label that owns Taylor Swift, Kendrick Lamar and BTS, is UMG. LimeWire’s largest partnership to date is this one. The file-sharing platform was recently relaunched and relaunched digitally as a marketplace of collectibles in March.

LimeWire will grant licenses to UMG artists as part of this deal. This allows them to create music-based NFT programs on LimeWire.

Artists under the UMG record label will also be able to leverage LimeWire’s platform to offer audio recordings, audiovisual content, backstage footage, and any artwork or images as NFTs on the LimeWire marketplace to sell directly to fans and collectors.

Flipsider:

  • Many non-fungible tokens have suffered a severe devaluation due to the crypto market crash.

What You Need to Care About

Projects will be able to use the technology more often as the adoption rate of non-fungible tokens increases, such as the UMG media and music NFTs.

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