First Mover Americas: Meta’s Instagram Move Boosts Web3 Tokens

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Meta Platforms, parent of Facebook and Instagram, said it will use decentralized storage product Arweave to archive creators' digital collectibles. That prompted a 60% price surge in AR, the Web3 platform’s native token, boosting AR's market cap to $838 million and making it the third-largest Web3 token worldwide. The effect rippled through the metaverse: The tokens of Web3 platforms Filecoin and Storj gained 10% and 25%, respectively.

Crypto exchange Huobi Global, one of the largest crypto platforms in Asia, appeared to confirm it plans to move to the Caribbean by retweeting a post by Justin Sun, founder of the Tron blockchain network and an adviser to the company. The exchange, which was founded in China in 2013, is now based in the Seychelles.

On paper, billionaire Sam Bankman-Fried’s cryptocurrency empire is split into two parts: FTX, his exchange, and Alameda Research, his trading firm – both giants in their respective industries. However, a private financial document shows Alameda’s balance sheet includes billions of dollars in FTT, the native token of FTX, blurring the line between the two companies.

– Omkar Godbole

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