Daily Digest - 22 February 2023

Headlines

▌Polygon Labs announces layoffs of 20%

Polygon Labs announced that it has reduced the team size by 20%, affecting multiple teams and approximately 100 positions. Affected employees will each receive three months of severance pay. Polygon Labs said its treasury remains healthy, with a balance of more than $250 million and 1.9 billion MATICs. Earlier this year, Polygon Labs consolidated several business units under Polygon Labs. As previously reported, on February 19, Polygon Studios changed its name to Polygon Labs, and former Polygon Studios CEO Ryan Wyatt was transferred to the current Polygon Labs president. This reorganization will not change Wyatt's leadership role in the Polygon Labs business team.

Blockchain Application

▌Microsoft Partners with Ankr to Provide Blockchain Node Infrastructure Services

Microsoft has cooperated with web3 infrastructure provider Ankr to provide node services for enterprises that need blockchain data access. The two companies will collaborate on a new node hosting service on the Microsoft Azure cloud marketplace, offering tailored memory and bandwidth specifications for blockchain nodes. According to a company release, the enterprise node deployment service will enable web3 projects or developers to deploy smart contracts, relay transactions, and read or write blockchain data.

Cryptocurrency

▌Paxos is in constructive discussions with the SEC

Paxos is in constructive discussions with the US Securities and Exchange Commission, according to Reuters citing an internal email from the CEO of Paxos. The company previously disclosed that regulators told the company that it should register BUSD as a security. "We are in constructive discussions with the SEC and we look forward to continuing the conversation privately," Paxos CEO Charles Cascarilla said in an email to Paxos employees on Saturday. He added that if necessary, Paxos will defend its position that BUSD is not a security through litigation.

▌Coinbase: U.S. regulatory approach to cryptocurrencies is 'disjointed', but it is in a good position to regulate

Coinbase said that although the U.S. regulatory approach to cryptocurrencies is "disjointed," it is still in a strong regulatory position. It is poised to succeed, with the U.S. cryptocurrency giant using some of its quarterly earnings reports to contrast itself with other companies that have collapsed or collapsed amid growing regulatory and law enforcement scrutiny beyond business practice.

▌Coinbase suffered a cybersecurity attack at the beginning of the month, and no funds were stolen

Earlier this month, the encryption platform Coinbase experienced a cybersecurity attack targeting one of its employees. However, Coinbase's network controls prevented the attacker from gaining direct system access, no funds were embezzled, and no customer information was accessed or viewed. Coinbase said its Computer Security Incident Response Team (CSIRT) resolved the issue within 10 minutes of the attack.