Web3 Wallet Provider Magic Raises $52 Million from PayPal Ventures [ Crypto Espresso 6.1.23 ]

It's Thursday and it's also ooh dinosaur Day how cool is that it also happens to Be crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines I'm Your host Angel but more importantly Dinosaurs and all right crypto news all Right we'll do the news but you know Dinosaurs they're just dinosaurs are Cool U.S Senator Elizabeth Warren has Called for legislation to shut down Cryptocurrency funding for the fentanyl Trade during a senate hearing Warren Highlighted the use of cryptocurrencies By Chinese businesses involved in Shipping fentanyl precursors she cited Research from elliptic a data firm which Revealed that over 90 Chinese companies Accept cryptocurrency as payment crypto Is helping fund the fentanyl trade and We have the power to shut it down Warren Claimed Elizabeth Rosenberg assistant Secretary for terrorist financing and Financial crimes at the U.S treasury Department testified that the Pseudonymity offered by cryptocurrencies Makes them appealing to these illicit Drug organizations fentanyl overdose Doses have become a leading cause of Death among individuals aged 18 to 45 in The U.S with many of the precursor Chemicals originating from China Warren Intends to reintroduce her digital asset Anti-money laundering act to address This issue and cut off crypto payments

To the fentanyl trade cross-chain Protocol multi-chain has halted services For several chains due to the inability To contact its CEO Zhao Jun leading to Speculation that the leadership may have Been arrested in China the protocol has Been facing technical difficulties Recently with transaction delays across Multiple cross-chain Bridges rumors on Twitter suggest that the Chinese police Have arrested the multi-chain team and Seized 1.5 billion dollars in smart Contract funds although these rumors Remain unconfirmed as a result of the CEO's unavailability and lack of Permission to address the issues Multi-chain suspended services for over 10 chains including Keck chain public Mint Dino chain and a red light chain Binance responded to the ongoing issues By suspending deposits for 10 bridged Tokens on various blockchain networks The Phantom Foundation also removed a Substantial amount of multi-tokens from Liquidity on the decentralized exchange Sushi swap due to the Unexplained Downtime blockchain analytics firm look On chain reported significant outflows Of multi-tokens from Smart money Accounts totaling 3 million dollars last Week San Francisco based company magic Has raised 52 million dollars in a Funding round LED by PayPal Ventures Valuing The Firm at nearly 500 million

Dollars magic differentiates Itself by Offering a white label version of its Crypto wallet allowing corporate clients To provide wallets to customers who may Be unfamiliar or scared of the Complexities of web 3 clients such as Mattel and Macy's have utilized Magics Wallet tools for storing Hot Wheels nft Collectibles and incorporating magic Wallets into digital Thanksgiving Day Parade activities respectively Magics CEO Sean Lee aims to offer web 3 tools Accessible through a familiar web 2 Style interface referring to the Platform as a wallet as a service or was Coinbase also introduced its own was Initiative earlier this year Highlighting the growing interest in Incorporating crypto tools into business Operations Magic's long-term vision is To provide every internet user with a Digital wallet aligning with its goal of Promoting widespread adoption of web 3. And finally Bitcoin milades a Bitcoin Based derivative of The Melodies nft Collection has introduced the BRC 721e Token standard in collaboration with Ordinals market and xverse this new Token standard enables traders to Convert their ethereum-based ERC 721 Nfts to nfts on the Bitcoin network Using the ordinals market platform Ethereum nft holders can burn their Tokens and then inscribe them onto a

Satoshi on the Bitcoin Network which Will then appear on a custom ordinals Market collection page with complete Metadata although the metadata is Initially not stored on chain ordinal's Market offers options for on-chain Previews of the nfts the growth of coin Nfts has been pretty notable with Ordinals surpassing 10 million Inscriptions on Monday compared to 3 Million inscriptions in early May in Terms of trading volumes Bitcoin has Secured this second spot on the Leaderboard trailing just behind Ethereum notably binance nft and Magic Eden have also expanded their support For Bitcoin nfts in recent months Reflecting the increased interest in the Bitcoin nft ecosystem the BRC 721e token Standard Bridges the gap between Ethereum and Bitcoin providing Traders With the opportunity to convert and Explore new possibilities for their nft Assets and speaking of new possibilities Geez just think of all the great things You could do after watching this video Like uh No I'm sorry I got nothing the only Thing I can come up with is liking this Video subscribing to our YouTube channel And clicking on that little bell icon to Get buzzed whenever a new crypto Espresso video goes live look I'm not a Creative person okay thoughts on today's

Video drop us a line in those comments Below because I read them and sometimes I take them far too seriously questions About our headlines or crypto in general Why not take the plunge and ask Alex in That description below Alex is always a Great resource for all things web 3 and The metaverse and that about does it for Today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow