Home Blog Page 10

ByBit and Bitoasis Announce Layoffs in A Severe Bear Market

By
Adam Barry
-
0

ByBit and BitOasis have announced layoffs amid a severe bear market. The news comes as the companies are trying to weather the storm and keep their operations running smoothly. 

The two companies have been hit hard by the bear market, which has caused them to lay off employees. The layoffs are not related to the cybersecurity attacks that have plagued crypto exchanges this year but rather to their inability to raise enough capital to continue operating.

BitOasis is a cryptocurrency wallet provider founded in 2018 by former executives at Deloitte Digital and Microsoft. The company has raised over $100 million from investors participating in its initial coin offering (ICO). ByBit is a blockchain-based asset management platform that allows users to trade cryptocurrencies easily. 

At the time of writing, ByBit’s market cap is $152 million, and its trading volume is $4 million per day. Currently, it is ranked #138 in terms of overall market cap and #46 on Coin Market Cap’s list of top altcoins by volume traded.

This is not the first time ByBit has had to lay off employees because of market conditions; they also did so in 2017 due to low bitcoin prices. However, the company was able to weather both storms relatively well, as they could return with more cash on hand than ever before when things started looking up again.

In a statement, ByBit said they are under pressure to make cuts due to “the current financial climate.” However, the company added that it was “in the process of reviewing its business and identifying the areas that will contribute most to the growth of our business going forward.”

Meanwhile, the cryptocurrency exchange BitOasis, based in the United Arab Emirates (UAE), decided to lay off nine employees on Sunday, making it one of the most recent companies to do so in response to the economic downturn, according to a report by Reuters.

The statement also noted that even though the cryptocurrency market has been very volatile recently, it believes that this volatility is “a good thing” because it means more growth opportunities.

Russia May Eventually Mine Bitcoin with Flare Gas

By
Adam Barry
-
0

The Russian gas giant Gazprom hopes to succeed at cutting down its carbon footprint. One of the ways it considers is the channeling of its flare gas to serve purposes of Bitcoin mining.

Russia changes its perspective

Anyone would have doubted that the Russian government would join hands with the leading players in the cryptocurrency mining sector at some point, but it just happened. To push to have it legalize cryptocurrency trading and payments haven’t succeeded, and it still upholds its skepticism.

The latest collaboration between BitRiver and the Gazprom Neft targets the delivery of hosting services to facilitate crypto mining operations. In addition, Gazprom discloses that it is ready to serve all the BitRiver’s partner data centers with the electricity they require to run operations. It sources electricity from its associated petroleum gas.

Leaders speak out

Gazprom’s first deputy CEO Vadim Yakovlev discloses sensitive information about the business model they deem progressive. He tells a lot about Gazprom’s business model, but the most outstanding point is the great reluctance to work with digital assets.

 The gas-producing company believes petroleum gas can serve diverse purposes. The leader calls for flexibility that paves the way to enable new ways to utilize and optimize energy resources. One of the main take-aways from his assertions is the essence of cutting down on the carbon footprint as an essential part of Gazprom Neft’s agenda.

Vadim believes that only the best principles will enable them to attain progress. He says it is a good idea to try and combine competencies and technologies with partners. Vadim looks forward to a future where it will become easy to develop the best industry practices to guide progress. He believes in the achievement of greater efficiency and also the establishment of an environmentally friendly utilization of natural resources.

Gazprom is a fast-rising company rated one of Russia’s biggest and most progressive oil and gas companies. This company also supplies the European Union with gas. Its growth has been tremendous because it currently ranks as the third-largest producer of carbon emissions globally, according to 2019 statistics.

BitRiver founder and CEO Igor Runets is pleased with the latest collaboration. He is optimistic that the company will reach its goal of ramping its power capacity to 2 gigawatts in two years.

User Outcry Forces Solend to Backtrack on its Plan to Take Over a Whale Account

By
Adam Barry
-
0

Solend had earlier indicated that it would do anything possible to prevent its system from crashing. The Crypto lender had earlier expressed fears that the large account would risk its system. It has backtracked on taking over that account and given its reasons for the move.

The proposals

This lending platform speaks out on the passage of a governance proposal that will shake up matters. It discloses details about an earlier governance proposal which it says happened hurriedly. It scraps it off in favor of working with the new one, and the move has sparked an outcry from its users.

The Crypto lender’s latest proposal is something that awakens the network’s administrators because they learn about the emergence of unexpected limitations. It is a reflective moment that teaches great lessons on the essence of avoiding the rush measures in the future. The other change has to do with moving the voting time on governance. It moves by one day.

No one should downplay the thought of putting emergency measures in place; the about-face is the latest. The self-styled decentralized lending platforms keep introducing new measures to guide operations, and the current strategy will probably bear positive outcomes. Analysts keep tracking most cryptocurrencies’ prices and have something to say about the changes.

The effects of the policy

Analysts say that most of the world’s central banks keep tightening the global monetary policy, and all feel its effects. The decline in the price of most cryptocurrencies is one of the effects, and most investors pay attention to such changes.

It becomes pretty challenging for a new decentralized finance system to run successful operations if it lacks a central intermediary supporting it. Such an intermediary could be a regulated bank. On Sunday, Solend’s admin team disclosed details about its plan to deal with the ‘whale account.’

The team reports that the account bore signs of a speculative attack that could affect the value of Solana. It discloses details about the 5.7 million Solana deposit linked to the account. The conversion to dollars was about $170 million. Solend would stand to lose if Solana dropped against the dollar, yet the ‘whale’ would gain.

Binance Settles on the Suspension of Partnerships and Transactions in Brazil

By
Adam Barry
-
0

The Central bank of Brazil has introduced new policies that Binance finds uncomfortable in the meantime. Those policies have compelled the global cryptocurrency exchange to take drastic moves that might impact withdrawals and deposits. It has issued an official statement suspending any withdrawals and deposits in the Brazilian Real.

Major changes

The other drastic move Binance makes is to halt its Brazilian government’s payment system, known as Pix. It is a season of change that comes with many surprises. Most people couldn’t have predicted that the exchange would also suspend its agreement with Capitual, a regional payment organization.

Capitual’s operations span about a year and eight months. The country’s central bank put harsh financial policies that strain Binance significantly. The exchange revealed this information through its recent blog post, which outlines that it had no choice but to put favorable measures.

Binance has released a statement to users intending to help them understand the various changes they continue to witness. It points out the Central Bank of Brazil (BC) and its move to exact a regulatory change that has hit matters out of proportion./It cites that the change has caused the volatility to all payments made using Pix.

Binance’s take

Users expected that the exchange would delve deeper to deliver more information to make the matter more understandable. However, the exchange did not give further details and thus left most users guessing. Binance has also disclosed the timeframe for the withdrawals made using Pix. It says that settling such a withdrawal takes almost   72 hours.

The exchange has also inspired hope among users after it encouraged them to try out peer-to-peer deposits and withdrawals. It says that the users are free to conduct such transactions.

Binance cares about users, and it cites that as one of the reasons it wants to switch from its current payments partner in Brazil. It believes in delivering working solutions to users but will also push forward with the acquisition process.

One would have expected the exchange to point out the actual policies hurting its operations. It hasn’t yet opened up on that; thus, it remains a mystery to this point.

Huobi Global Issues an Update to Its Shareholders Following the Launch of a New Investment Sector

By
Adam Barry
-
0

Huobi Global has launched a new investment sector that centralises on the created digital projects, including  Web3 projects and, Decentralized forms of Finance, among others. The launch further displays the interest presented by venture capital in joining the blockchain industry; the sector possesses a minimum of $1 billion worth of crypto assets. During the announcement, the company’s representative stated that the money had been reserved for revealing and investing in various potential blockchain ventures.

The sector identified as Ivy Blocks will provide adequate services to designed projects, such as a dedicated research sector and a good blockchain incubator, among others. Huobi’s asset management division will also create several liquidity investments to assist the commencement and maintenance of selected projects.

 Details on the opening of Ivy Blocks  

Following the creation of the sector, Ivy Blocks released a statement disclosing the first recipient of the funds. The honour was awarded to Capricorn Finance. A distinctive electronic market creator developed on the cube blockchain. However, Huobi’s attention to DeFi arrives at a period when the market proceeds have dropped by more than half since its best performance.

The industry is now estimated to be below $133 billion, which is a significant drop from its best performance being $316 billion by December 2021. The DeFi equipment compromises TVL and DeFi TVL. Analysts reiterated that the number of investments into the crypto industry increased at the beginning of 2022; thus, Huobi got affected by the crypto winter. Following the previous quarter’s release, several analysts predicted a healthy life for the Defi and Blockchain industry. Previous studies also reiterated that when cryptocurrency prices are recklessly diluted, there follows a season of unforeseen decline, thus creating a healthy sector.

Publicised details about the Blockchain industry 

The crypto asset is a trending technology that boosts business procedures and produces professionalism along the data-protected portions of the economy. Various organisations implement the purchase in multiple industries, including trade and financial services.  Critics predict that the technology would disrupt different sectors of the economy, including the Banking system, thus increasing unnecessary politics. Various jurisdictions around the globe, have implemented regulations on how to regulate the industry.

Moneygram International Inc (NASDAQ: MGI) Recently Launched a Stablecoin Payment Platform Accessible to Consumers Across the Globe

By
Adam Barry
-
0

Moneygram International Inc (NASDAQ: MGI) recently announced the official release of its stable coin-dominated payment avenue; the cross-border payment service centralises on issuing its consumers the capacity to deliver the USD Coin as payment across the globe. Mastercard further revealed that the charges would be withdrawn as the typical cash mode by the recipients.

The current service is being introduced to various competent jurisdictions such as Kenya and the Philippines. The platform identified as Global cash-out will be offered before the month concludes, thus encouraging the implementation. The delivery service will not bear any unnecessary fees for the initial 12 months.

The company hopes to narrow the gap between virtual assets and tangible money 

The platform, a recent delivery service, was created on the Stellar (XLM) blockchain that enables the Stellar wallet consumers to send USDC to various individuals across the globe. Moneygram anticipates that the service will narrow the gap between virtual assets and tangible money currency. The service also bears the potential to identify and present the sovereignty of crypto assets and remittance.

Danelle Dixon, the CEO of Stellar Development Foundation stated that the recent transfer avenue would assist the jurisdictions with low economic status in accessing crypto assets for the first time. A statement issued by the World Bank revealed that an estimated 1.7 billion grownups did not possess the resources to access or open an account at a financial organisation. The platform further argued that Blockchain assets and equipment should be treated as a possible solution to the recent inflation and financial difficulties. The platform anticipates providing its consumers with the avenue to purchase goods and services and send them to recipients worldwide.

Moneygram operations

MoneyGram International Inc (NASDAQ: MGI) is one of the leading institutions that enable the transfer of funds from one consumer to another. The platform can also be utilised by individuals who transfer money to each other but in different jurisdictions. MoneyGram possesses a talented and competent team that ensures the swift transfer of money from one consumer to the other.

The platform uses its contemporary mobile and API-maintained avenues, thus partnering with various reputable financial brands to provide efficient customer services. MoneyGram also possesses a platform of connections that creates good digital economic routes.

Circle Recently Announces the Acquisition of Cybavo, Which Will Offer Support to the Advancement of the Web3

By
Adam Barry
-
0

One of the leading financial services institutions, Circle, recently announced its intention to purchase Cybavo, a platform designed to create adequate infrastructure for virtual assets. The firm reiterated that purchasing the forum would enable it to offer digital infrastructure as a mode of service, especially for institutions that require the creation of Web3.

The firm further reiterated that the platform would allow various creators to labour on their products and services without encountering any hindrance. The purchase will reduce the number of concerns about the level of security offered by cryptocurrency production and maintenance. Several publications disclosed that the execution of the partnership between Circle and CYBAVO anticipates safeguarding the assumption of the Web3 applications.

What to anticipate once the partnership contract is executed

The financial institutions intend to create and maintain the latter’s products and services and the infusion of different products. The latter institution was incorporated in 2018 and gathered $4 million during 2021’s seed round. As stipulations of the partnership, Circle is mandated to support its partner’s research and offer the necessary platform for its products and services.

During the announcement, the co-founder of Cybavo, Paul Fan, stated that the two financial firms possess the same operating mandates and regulations that range from the faith in the Web3 avenues. The fan further reiterated that the upcoming years would allow the expansion of the venture into other consumer channels. The partners disclosed that they view the collaboration as a strategic acquisition and thus anticipate quickening the implementation of Web3 and other crypto platform services.

Publicised details about the development of the Web3 platform

The firm issued a statement stating that it and its partner anticipate the future of the Web3 platform to employ other advancements. The parties predict that the improvements would breach the gap between the traditional modes and the new effective methods of sustaining the world’s financial sector. Various publications revealed that Circle recently undertook a funding event officiated with institutions such as BlackRock from the U.S. and others. The publications further told that the institution gathered $400 million to assist Circle in safeguarding its interest in creating and managing the dollar-based virtual currency sector.

A Bitcoin Mining Firm in Tennessee Closes Down Its Mine After Arriving at a Settlement With the Residents After Several Complaints

By
Adam Barry
-
0

Since its inception, the crypto assets have been attracting a large gathering, and more individuals are investing daily in the sector. There are various ways a consumer can be part of the cryptocurrency sector, such as mining, trading, or investing in assets. However, the popularity of the support has led to several reports by some of the individuals residing near the mine. 

A recent Bitcoin mine in Tennessee was ordered to close following the out-of-court settlement with the neighbours. The mine operators were directed to stop all operations at the location following the registration of neighbours’ reservations. The county commissioners allowed the settlement to be arrived at by all parties. Other jurisdictions also remitted complaints concerning the effects of mining various crypto assets, including Bitcoin. 

Documented impacts on the mining of Bitcoin and other cryptocurrencies

Several counties, including Washington County, mentioned their reservations, stating that the mines breach the zoning regulations and release too much noise. The impacts further forced the county commissioners to search for ways to address before the settlement. The settlement, however, authorises the mining company identified as Red Dog to create an ideal location for mining, i.e. the Washington Couty Industrial park. 

However, the relocating of the mine led to new regulations that Red Dog has to adhere to; the commissioners directed the company to close down the Tennessee Bitcoin mine before the conclusion of six months of energising the initial units at the new location. The company was also issued with an alternative, not past 31st December 2024, whichever the company manages to do. The settlement is yet to be approved by BrightRidge, Red Dog’s partner and co-defendant.

The impact of the settlement on the involved parties

If the payment goes through, then it would conclude the lawsuit that Washington County filed sometime last year. In the suit, the Petitioners prayed the court to shut down the Bitcoin mines due to various unforeseen factors. Amid the trial, Trey Kelly, the CEO of GRIID, apologised for the negative impact the mining caused the town stating that it had not predicted the difficulties that the mine would present. GRIID, the parent company of Red Dog, apologised for any inconvenience caused and agreed to remit compensation to the county of $35,000. 

Forbes Magazine Conducts a Survey on What the World’s Billionaires Think About Cryptocurrency Assets

By
Adam Barry
-
0

A recent survey by Forbes revealed that 30% of the world’s billionaires issued direct or direct monetary support to the cryptocurrency sector. The study focused on 65 of the globe’s wealthiest individuals who revealed that the amount was more than the investment issued by investors who aren’t billionaires. 

The implementation of crypto assets across the globe is a significant change from the tangible mode of cash; with the various classes of society reacting differently to implementing cryptocurrencies, billionaires are leading with a landslide. Forbes further revealed that most of the billionaires have at the most invested 1% of their funds into the virtual world. Most of the Respondents admitted that they invested in various crypto assets only as a side hustle.  

The survey’s findings and its significance to the crypto industry

The level of investments differs from one respondent to the next; most respondents disclosed that their contribution to the crypto industry was severely minor. However, 3.2% of the respondents revealed that they contributed a hefty amount to the venture. Sam Bankman-Fried, was among the Respondents identified during the survey; Fried, the CEO of Crypto exchange FTX, stated that he invested between 76% and 100% of his wealth into crypto services.

The CEO further revealed that his net worth is estimated at $ 20.6 billion net worth in the crypto industry and thus is among the billionaires that are present in both sectors. Fried further backs up and supports financial institutions that affect various cryptocurrency transactions. However, Forbes also reiterated that not all billionaires place their faith in the crypto-assets sector. 

Published details on the billionaires who don’t believe in cryptocurrencies 

The publication further revealed that billionaires such as Warren Buffet the Berkshire Hathaway Inc Class A (NYSE: BRK.A), compared Bitcoin to rat poison reiterating the disadvantages of cryptocurrencies. Other billionaires that oppose the crypto assets include Jamie Dimon and Blackrock’s Larry Fink, among others. However, their opinions were criticised by other billionaires, including Anthony Scaramucci, the former advisor to Donald Trump stated that they were misdirecting the public as they hadn’t carried out adequate research into the sector.  According to Scaramucci, there are some billionaires, including Dan Loeb and Steve Cohen and others- who carried out sufficient research into the industry before investing in it. 

DeLorean Motor Company Files Two Applications For NFT Patents 

By
Adam Barry
-
0

As the Metaverse slowly becomes a reality, many artists, institutions and companies are developing Non-fungible tokens to help them communicate with their customers in the virtual reality world. The DeLorean Motor Company is now among the companies to enter the space.

The company is best known for its DMC DeLorean, a vehicle used as a time machine in the Back to the Future film trilogy. The DeLorean Motor Company has now filed for two trademarks with the U.S Patent and Trademark Office (USPTO) for DeLorean and DMC. This application was filed on May 30.

The news was announced by Michael Kondoudis, a licensed trademark lawyer, on Twitter on June 3. He noted that the applications relayed the company’s plans for NFT-backed media, stores offering virtual cars, and virtual vehicles.

Companies that have ventured into the Metaverse

The DeLorean Motor Company is one of the many to try cashing in on the growing popularity of the Metaverse. Other prominent players include Meta Platforms Inc (NASDAQ: FB), even changing its name from Facebook to symbolise its new direction. Celebrities like Martha Stewart have also launched their own NFTs. Furthermore, companies like Apple Inc (NASDAQ: AAPL) are creating virtual reality headsets for the Metaverse.

McLaren Automotive is another car company that has taken an interest in the Metaverse. The British luxury automotive maker launched the McLaren Special Operations Lab in April. This department introduced an exclusively online digital community signifying the company’s intent to join the Metaverse space.

Kevin Durant is the latest celebrity to venture into NFTs

One big celebrity who has recently joined the Metaverse is Kevin Durant. Durant plays basketball for the Brooklyn Nets of the National Basketball Association. This is unlikely to be the last celebrity filing for an NFT trademark as the Metaverse has become increasingly popular.

Finbold conducted a study on the Metaverse that found that applications for NFT trademarks increased 400 times in 2021. The highest number of applications was in December 2021. This figure was still high in 2022, with the amount of NFTs traded reaching over $54 billion by April.

The CMO at Gate.io, Marie Tatibouet, believes that the value of NFTs will soon surpass that of Bitcoin, which is currently one of the most valuable cryptocurrency assets.

1...91011...66Page 10 of 66

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

©