This week’s Crypto Biz features Yuga Labs’ new CEO and the challenges facing its Otherside metaverse, Binance’s decision to shut down leveraged tokens, and more.
The turmoil around Yuga Labs ended on Feb. 21 with a leadership change after weeks of community backlash and investor concerns over the firm behind the popular Bored Ape Yacht Club (BAYC) nonfungible token (NFT) collection.
Yuga Labs co-founder Greg Solano has stepped back in as CEO to replace Daniel Alegre, taking on the challenge of delivering the third playtest of its metaverse project, Otherside.
In January, a short trailer sparked criticism and raised concerns over the project’s progress, placing a lot more scrutiny on the upcoming “Trip 3” playtest. “There’s a lot of confusion around whether leadership can make this trip and Otherside overall a success,” a source familiar with the matter told Cointelegraph.
