The cool side of the blazing crypto ecosystem.
A Web 3.0 newsletter covering the latest news that matters.

What’s in today’s cooler:

• Prime Trust or No Trust? Another Crypto Firm Bites the Dust

• Connect Web 3.0 Users with Similar Interests

• Wealthy Wednesday - Who’s Getting Funding?

• More On Tap News

The State of Nevada has asked the federal court to investigate Prime Trust for using customers funds to buy crypto.

Prime Trust provides financial infrastructure APIs that allow fintech and digital asset companies to innovate quickly, securely, and reliably.

Allegedly Prime Trust used many customers funds to purchase crypto because they had lost access to their own digital wallets which contained upwards of 10 million dollars in assets. Not the first time we’ve seen companies use customers funds…

Here’s the funny part.
Prime Trust was a significant role player in the infrastructure markets, holding funds for FTX, Binance.US and Celsius Network. So, the conclusion here is the apple doesn’t fall far from the tree.

In December of 2021, Prime Trust was unable to access some of the wallets where they stored their cryptocurrency. From that December to March 2022 they purchased digital currencies using customers funds to meet the withdrawals of customers.

Currently they owe $85 million in fiat to customers, but only has $2.9 million on hand. Also owes $69.5 million in digital currency to customers, but only has $68.6 million on hand. Seem to be a cool $83 million down.

We do not know why Prime Trust could not access these wallets at this time. Furthermore, around six states issued a cease-and-desist or similar orders against the firm with operating without proper money-transmitter licenses.

Learn more about how Prime Trust is involved with many other companies and problems here.

A new Web 3.0 app called Quivr was introduced on June 27. The users are able to prove their social credibility using blockchain technology.

The app allows the users to connect their apps they use regularly such as Apple Music, Steam, Spotify, Twitter and more. Based on the users behavior in these apps, Quivr generates blockchain badges that prove their interests or memberships within communities.

Initially over 10,000 people created accounts in the beta. Now it has launched on the Apple App Store and will be coming soon to Android and a web version in two weeks. Currently Quivr can connect to 11 apps, Spotify, LinkedIn, Steam, Twitter, Apple Music, Apple Health, Instagram, TikTok, Audios and Canvas.

As of now, users can only view profiles and send private messages, but a future of, community and subgroups or a validated Discord is in the future. Quivr runs on the Polygon network and uses Magic SDK to login, a seedless wallet tech integration.

The future for Web 3.0 is upon us as cool new apps are being built like this one.
Read More Here.

Wealthy Wednesday - Who's Getting Funding?

BitPanda is separating its operations from the exchange portion. In doing so they are raising $33 million.

Read about BitPanda here.

Read about their Fundraising of $33 million here.

On Tap News

FTX is RE-launching the International Exchange? - How can this brand and name still be used by anyone.

Jack Dorsey Challenges Tim Cook Because Apple Pay Doesn’t Support Bitcoin - If we get Apple on our side we can get anyone.

KuCoin has Mandatory KYC for Every Users to Improve their Security

Three Arrows Capital, 3AC, Liquidators want $1.3 Billion - Juicy stuff in here.

Share the Crypto Cooler

We can hardly contain our excitement as we grow we want to gear up and unveil a brand-new referral program. We want to hook you up with some cool rewards, including stickers, nifty dad hats, and more.
Stay tuned to be rewarded!

Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.