Sky Mavis Layoffs, Dogecoin Price Drop, and Hong Kong's Crypto Trading
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Sky Mavis Layoffs and New Axie Infinity Game
Sky Mavis, the developer behind Axie Infinity, has laid off 21% of its workforce as part of a strategic realignment. The company plans to use the freed-up resources to develop a new Axie Infinity game and focus on other projects like the Ronin Wallet and Mavis Marketplace. This move is significant for the Southeast Asian region, particularly Indonesia, where Axie Infinity has a large player base. The layoffs aim to position Sky Mavis for growth in 2025, despite the declining value of its blockchain assets.
Dogecoin Price Decline Amid Bitcoin’s Retreat
Dogecoin’s price has dropped by 14.25% following Bitcoin’s failure to break the $100,000 mark, leading to massive liquidations across the crypto market. The decline highlights the volatility in the cryptocurrency market, which is of interest to Indonesian investors who are increasingly participating in crypto trading. The price correction comes after Dogecoin reached its highest levels since May 2021, driven by a profit-taking sentiment among traders.
Hong Kong’s Largest Digital Bank Launches Crypto Trading
ZA Bank, Hong Kong’s largest virtual bank, has launched a new service allowing retail users to buy and sell Bitcoin and Ethereum using fiat currency. This development is crucial for the region as it signifies the growing acceptance and integration of cryptocurrencies into traditional banking systems. The service, launched in partnership with HashKey, aims to merge traditional banking with crypto, offering more diverse asset allocation opportunities for investors.