Protocon
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Protocon

[November Week 4] PEN TALK

Today’s Topic

📌 Protocon’s (PEN) has been listed on Global Exchange MEXC!

📌 Nike’s NFT Marketplace “.Swoosh”

📌 Genesis in danger?

Protocon’s (PEN) has been listed on Global Exchange MEXC!

MEXC Global is a large global exchange that is currently ranked 17th in the world (based on CoinGecko) and 14th in the world (based on CoinMarketCap). MEXC received Asia’s Best Virtual Asset Exchange award at the 2021 Crypto Expo Dubai Conference. MEXC currently supports more than 10 million users in more than 170 countries.

Deposits and withdrawals opened on November 21st, and trading of the pair PEN/USDT became possible on MEXC at 9:00 PM on November 22. Please refer to the chart which can be found here.

Protocon entered the top 10 exchanges by CMC (CoinMarketCap) through DigiFinex, Bibox, BitMart, and now MEXC. The listing on MEXC is expected to contribute to global awareness. Protocon will accomplish items on the roadmap and work to expand and secure the stability of the PEN ecosystem as we work towards more additional listings.

Nike’s NFT Marketplace “.Swoosh”

Image Credit: https://www.swoosh.nike/

Nike will be launching their own NFT marketplace called .SWOOSH.

.SWOOSH is currently in the beta phase and registration varies by country (currently available in the US) where you will be able to create, collect, trade, and even “flex” virtual Nike creations.

In December 2021, Nike acquired RTFKT Studios, an organization using Web3 technology to create one of a kind sneakers and digital artifacts. Nike .SWOOSH plans on collaborations of virtual creations on .SWOOSH and virtual pieces can be used for wearable in games and other immersive experiences. Some creations will have additional benefits such as access to real life products and events.

New products and creations and an easier accessible NFT marketplace will allow onboarding of new users to Web3. Nike’s NFTs will be based on Polygon which is expected to launch in 2023.

As some creations will give royalties, this will create opportunities and new chances for creators to new streams of income and ways to earn money. As Nike joined the Web3 space quite early, we can expect .SWOOSH to bring new fashionable wearable in the space.

Genesis in danger?

Image Credit: Genesis

FTX, one of the world’s most trusted exchanges in the world, has collapsed. As a result, the cryptocurrency market has been caught up in the aftermath of the fall of FTX. Genesis, a virtual asset brokerage has captured the attention of many. Genesis is facing a liquidity crisis as one of the world’s top three exchanges collapsed. Genesis suspended redemptions on November 10th, shortly after stating they have $175 million locked up in FTX’s trading account.

According to multiple media outlets such as Bloomberg and Wall Street Journal, Genesis is seeking $1 billion in funding. It is said that Genesis has reached out to Cryptocurrency exchange Binance and Apollo Global Management for potential investments, but no positive news has yet been heard. “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors,” a Genesis spokesman said.

In regards to the situation of Genesis, the industry is paying attention to whether there will be a potential disaster for the first time in Korea. GoPax is a Korean won market exchange that also runs GoFi, a crypto currency deposit service. It is known that the services are provided through brokerage of Genesis products. As Genesis has “suspended” and “restricted” the withdrawal of funds, the deposits of investors who have signed up for GoFi are tied up as well. If Genesis does go bankrupt, it is possible that many GoFi investors may not receive their money back.

We hope the aftermath and chain reaction will subside as soon as possible and for the virtual asset market to stabilize.

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