Here are some latest developments in the cryptocurrency space
Banking giant Goldman Sachs has ranked Bitcoin (BTC) as the world’s best-performing asset in 2023, as the cryptocurrency makes continued recovery from its losses last year. Bitcoin gained 38.21 per cent to cross the $23,000 mark after plummeting to $16,547. This sharp incline has caught the attention of Goldman Sachs, which ranked Bitcoin as the best-performing asset of 2023, Binance reported.
The Goldman Sachs report, shared by Documenting Bitcoin on January 23, 2023, shows Bitcoin’s year-to-date return at 27 per cent. Additionally, the banking giant gave Bitcoin a risk-adjusted ratio of 3.1, better than every asset covered, Binance said. Goldman Sachs further highlighted that Bitcoin has outperformed the likes of the S&P 500, gold, real estate, and the Nasdaq 100. It said that the closest asset to Bitcoin is the MSCI emerging markets index, with a year-to-date return of 8 per cent.
Web3 Reaches Hollywood As StoryCo Raises $6 Million to Decentralise Storytelling
Web3 storytelling platform StoryCo has reportedly raised $6 million in seed funding. The company in a press release shared on Wednesday noted that the round was led by crypto investment firms Collab + Currency and Patron, with participation from Blockchange Ventures, Flamingo DAO and executives at United Talent Agency and William Morris Endeavor. Additionally, StoryCo revealed its first narrative experience, The Disco Ball, which will be released in 2023. The “immersive and collaborative storytelling experience” will be produced by the Halo television series writer Kyle Killen and artists shelby and sandy, but invites collaboration from the community to finish the main character’s journey, as per a report by Binance.
With a StoryPass non-fungible token (NFT), community members can access pre-release content and solve puzzles, find artifacts and collectively build out the narrative experience. Founders Justin and J.P. Alanís said in a press release that they’re hopeful bringing Hollywood to Web3 will aid in lowering barriers to entry and foster community around immersive, interactive storytelling.
StoryCo, formerly known as StoryDAO, isn’t alone in its efforts to decentralize intellectual property (IP) and bring Hollywood to Web3, the Binance report said. In July, Web3 animation studio Toonstar teamed up with clothing retailer Hot Topic to create NFTs for its original productions as well as merchandise, in an effort to further distribute its associated IP, the report added.
Bitcoin Billionaire Roger Ver Sued by Genesis For $21 Million Debt
The early Bitcoin evangelist and now Bitcoin Cash (BCH) proponent Roger Ver has been sued by the now-bankrupt crypto lender Genesis after failing to meet a $21 million margin call, according to a report by Cryptonews.com.
The court action taken by Genesis is related to a crypto options trade that expired late last year, and that Roger Ver – who is often called “Bitcoin Jesus” for his early evangelism – allegedly never settled, the report said. The report said that Genesis seeks “money damages for defendant’s failure to settle cryptocurrency options transactions that expired on December 30, 2022, in an amount to be determined at trial but no less than $20.9 million,” the lawsuit filing said.
The filing was reportedly made by GGC International Ltd., an entity registered in the British Virgin Islands that is part of Genesis’ corporate structure. Genesis filed for bankruptcy under Chapter 11 of the US Bankruptcy Code on January 19, the report said. An announcement from the company at the time made it clear that the filing did not apply to Genesis subsidiaries involved in derivatives and spot trading as well as custody businesses, the report added.