By Kapil Rajyaguru
MakersPlace Announces Market Exit as NFT Trend Vanishes.
Founded in 2018, MakersPlace, a popular digital art platform, announced its closure on January 17 due to ongoing challenges in the NFT market and difficulties securing further funding.
MakersPlace was an NFT platform where artists and collectors were able to purchase, sell, and generate digital art pieces. However, the platform’s closure comes in the wake of a bearish market in the NFT industry, with trading volumes experiencing a freefall.
To help artists and collectors transition, MakersPlace will assist with asset transfers, ensure employees receive severance, and return unused funds to investors. Users are advised to transfer their assets from the platform’s custodial wallets to their own wallets.
Coinbase Launches Bitcoin-Backed Loans.
Coinbase has introduced a new service allowing customers of the United States, except those in New York, to borrow USDC stablecoins using their Bitcoin as collateral.
The new feature will allow users to get quick loans without selling their Bitcoins. Loans will have flexible repayment options and competitive interest rates. The service uses Morpho, an open-source lending protocol on Coinbase’s Base blockchain.
Users can borrow up to $100,000 in USDC according to their Bitcoin holdings. When users borrow, Morpho converts their Bitcoin into Coinbase Wrapped Bitcoin (cbBTC) at a 1:1 ratio and holds it as collateral.
eToro Files for US IPO with Goldman Sachs in United States.
According to reports, eToro has filed a confidential submission with the Securities and Exchange Commission (SEC) in preparation for an Initial Public Offering (IPO) in the United States.
On January 16, the Financial Times said that the IPO could value eToro at over $5 billion, with a potential listing in New York as early as the second quarter of 2025. Major banks such as Goldman Sachs, Jefferies, and UBS are primarily involved in the process.
The company is expanding its services to include ETFs, mutual funds, and pension plans. Recently, eToro acquired Spaceship, an Australian pension management app, and established a partnership with a UK pension fund.
Reliance Launches Jiocoin under Blockchain Reward Program.
Reliance Jio, a leading Indian telecommunications company, has launched Jiocoin under its blockchain-based rewards program, which aims to enhance user engagement and offer innovative services to its massive customer base of over 450 million users.
Indian users can earn JioCoins, blockchain-based reward tokens, by using Jio apps and their mobile numbers. They offer secure transactions, protect user privacy, and integrate smoothly across Jio’s ecosystem through blockchain technology.
Jio has partnered with Polygon Labs to incorporate advanced Web3 capabilities into the Jiocoin program. The program can help the user control their data, allowing them to manage their personal information securely within the Jio ecosystem.
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