US authorities are reportedly digging into the internal dealings of Digital Currency Group, the parent company of several crypto firms including Genesis Trading and Grayscale Investments, focusing on transfers between its companies and what investors were told about them.

Global payments giant Mastercard has launched the “Mastercard Artist Accelerator” program that will connect five emerging musicians from across the globe with mentors that will help them set up their brand in the Web3 space.

Ethereum’s developers are planning to launch a testnet for the Shanghai upgrade, which will focus on staked Ether withdrawals, to February, according to a recent core developers call. Shanghai will allow validators to withdraw their funds.

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Top stories in the Crypto Roundup today:

• Digital Currency Group Faces US Investigation
• Mastercard Launches ‘Artist Accelerator’ Program in Web3
• Ethereum Developers Plan Public Shanghai Testnet
• Chart of the Week: Bitcoin’s Yearly Performance, 2014-2022
• Sponsored: Experience Peace of Mind with Ledger Stax's Secure Digital Asset Management Platform

Digital Currency Group Faces US Investigation

US authorities are reportedly digging into the internal dealings of Digital Currency Group, the parent company of several crypto firms including Genesis Trading and Grayscale Investments, focusing on transfers between its companies and what investors were told about them.

Prosecutors started requesting interviews and documents from the crypto firm, while the Securities and Exchange Commission (SEC) is also conducting an investigation. Neither Digital Currency Group, its CEO Barry Silbert, nor any of its subsidiaries have been accused of wrongdoing.

Genesis Trading, a DCG subsidiary that halted withdrawals and new loan originations after the collapse of FTX in November in a move that affected other crypto firms, said in a statement that it doesn’t comment on specific legal or regulatory matters, and that it “maintains regular dialogue and cooperates with relevant regulators and authorities when it receives inquiries.”

A DCG spokesperson said the firm has a “strong culture of integrity and has always conducted its business lawfully,” and added the company has “no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG.”

The investigation into DCG reportedly started before the collapse of FTX. DCG has said it’s insulated from the troubles Genesis Trading is facing. Gemini has recently pushed DCG to find a solution to these problems, which left $900 million worth of users’ funds locked.

Last week, DCG shut down its subsidiary focused on wealth management, HQ Digital, due to the “state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry.”

Mastercard Launches ‘Artist Accelerator’ Program in Web3

Global payments giant Mastercard has launched the “Mastercard Artist Accelerator” program that will connect five emerging musicians from across the globe with mentors that will help them set up their brand in the Web3 space.

In a blog post announcing the program, which comes through a partnership with Polygon, Mastercard wrote:

“The artists will gain exclusive access to special events, music releases and more. A first-of-its-kind curriculum will teach the artists how to build (and own) their brand through Web3 experiences like minting NFTs, representing themselves in virtual worlds and establishing an engaged community.”

The program will lead to a live-streamed artist showcase later this year. Mastercard is also launching a non-fungible token (NFT) collection called the “Mastercard Music Pass” for those not selected for the program.

Mastercard has been actively furthering its involvement in the cryptocurrency and blockchain sectors. Last January, it joined forces with Coinbase to enable the use of Mastercard cards on Coinbase’s NFT marketplace. In mid-October, it partnered with Paxos to allow banks to offer crypto trading and related services to customers.

Ethereum Developers Plan Public Shanghai Testnet

Ethereum’s developers are planning to launch a testnet for the Shanghai upgrade, which will focus on staked Ether withdrawals, to February, according to a recent core developers call. Shanghai will allow validators to withdraw their funds.

The planned launch of Shanghai on the mainnet is set for sometime in March in a bid to allow users to withdraw funds that have been locked ever since they were first deposited into the Beacon Chain as Ethereum transitioned to a Proof-of-Stake consensus.

To ensure that developers are able to meet the March schedule, a public testnet for the Shanghai upgrade is set to go live by the end of February.

During the call, developers also agreed not to consider adding  Ethereum Virtual Machine Object Format (EOF) — a proposed improvement to the blockchain's EVM programming environment – over concerns it could delay the Shanghai upgrade.

Chart of the Week: Bitcoin’s Yearly Performance, 2014-2022

Bitcoin ended 2022 with a negative yearly performance for the third time in its 14-year history, with a final price of $16,531. The 64.2% drop in value during the year was not the largest decline the cryptocurrency has ever experienced, as it saw a 73% drop in 2018, followed by a 92% increase in the following year.

Despite these fluctuations, Bitcoin has remained a highly valued and popular investment among people worldwide.

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