Daily Crypto News Digest

Tokonomo Daily Crypto News Digest – May 8th

Artifact Labs, a Web3 company, has secured $3.25M in funding from investors including Blue Pool Capital and Animoca

Artifact Labs, a Web3 company focused on using blockchain technology to preserve records of historical events, has completed a funding round that raised $3.25 million.
The funding was led by Blue Pool Capital, which primarily invests the wealth of Alibaba founders Jack Ma and Joe Tsai, with participation from Animoca Ventures.

The company plans to use the funding to expand its operations, with a particular emphasis on increasing the number of developers on its team.
According to Phillip Pon, CEO of Artifact Labs, the company’s goal is to increase engagement with historically significant collections using Web3, rather than creating new speculative projects like NFT hype projects.
He explained that Artifact Labs aims to carve out a new space in the younger generation’s consciousness for historical brands and artifacts, while also supporting organizations that preserve historical artifacts through new revenue streams.

Artifact Labs was initially incubated by the South China Morning Post (SCMP) in Hong Kong. In 2021, the SCMP launched an NFT standard called ARTIFACT for recording historical data. Throughout 2021 and 2022, the newspaper sold NFTs of its historical front pages, including major events like the handover of Hong Kong to China in 1997 and the death of Princess Diana.

Artifact Labs plans to release NFT collections as a revenue stream for preservation organizations and develop and release technology to help institutions preserve their archives on the blockchain.

After a temporary suspension, the P2P Bitcoin exchange Paxful has resumed its services

After being shut down for more than a month, the P2P Bitcoin exchange Paxful has resumed its operations, as announced by the company in a blog post.

The suspension was initiated in early April, after the CEO, Ray Youssef, expressed concerns regarding the safety of customer funds due to a lawsuit filed by co-founder Artur Schaback, who sued Youssef and the company for wrongful termination and other reasons.
Following the closure, CoinDesk reported on the difficult relationship between the co-founders and the poor management professionalism of the business, based on conversations with both co-founders and former employees.

Currently, Schabeck is seeking a settlement and wants to leave the company.
Paxful is currently owned by a custodian who serves as a director in addition to both Schabeck and Youssef, according to Schabeck.

While the marketplace was suspended, Paxful Wallet remained fully operational, and users were offered a range of P2P platforms to continue trading on.

Binance has restarted Bitcoin withdrawals after a second suspension and has stated that it is making modifications to the fees and integrating the Lightning Network

Binance temporarily suspended Bitcoin (BTC) withdrawals twice due to the unprecedented congestion on the Bitcoin network. The first pause lasted for about two hours on Sunday afternoon U.S. time, while the second one took place in the evening on Tuesday for a similar duration.

Binance has adjusted its fees to prevent similar occurrences in the future and is also working on enabling BTC Lightning Network withdrawals to address such situations.

The number of unconfirmed transactions was around 400,000 during the first pause and increased to almost 500,000 during the second halt.
However, it has now begun to decrease and currently stands at over 430,000 in the past 12 hours.

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