Day: February 24, 2023

Alibaba Defeats Earnings Expectations in Fiscal Q3 2023, Company Expects Boost in Consumer Spending

Alibaba saw a decline in the value of transactions on the online shopping platforms during the fiscal Q3. Chinese e-commerce company Alibaba Group (NYSE: BABA) crushed expectations in its fiscal Q3, which ended on December 31. The company recorded revenue of 247.76 yuan, equaling $35.92 billion. Meanwhile, analysts expected Alibaba to see 245.18 billion yuan in revenue for the fiscal Q3. As news of the e-commerce giant hits the limelight, its US-listed shares popped 6%. The Chinese multinational technology company has grown by almost 7% since the beginning of the…

Coinbase Drops 28,000 NFTs on Ethereum

Within hours of launching the Ethereum-based Layer-2 scalability network Base, users spent $280,000 in transaction fees while minting a few thousand NFTs. On Thursday, February 23, crypto exchange Coinbase announced the launch of a Layer-2 scalability network for Ethereum, dubbed Base. The development from Coinbase took place in collaboration with Optimism. In order to announce the news, the cryptocurrency exchange dropped a free open edition Ethereum NFT allowing anyone to mint. Together, the crypto fans spent a total of $280,000 in transaction fees while minting over 28,000 Coinbase NFTs on…

This Israeli Firm Secures $70M In Funding For Blockchain Chips

There’s been a spike in the global adoption of blockchain technology, so several companies and organizations are now exploring the potential of the technology through many approaches. Hence, there’s a sudden growth in the systems, projects, and processes of blockchain and its applications. One of the newest exploits on the blockchain is from an Israeli startup, Chain Reaction. The firm is set to develop blockchain chips through a $70 million fund. Morgan Creek Digital led the just-completed fundraising round. Other participants include KCK Capital, Jerusalem Venture Partners, Hanaco Ventures, Blue…

Emojis count as financial advice and have legal consequences, judge rules

boss

A United States District Court judge for the Southern District of New York ruled that emojis like the rocket ship, stock chart and money bags mean “a financial return on investment, ” according to a recent court filing.  In a tweet, former United States Securities and Exchange Commission (SEC) branch chief Lisa Braganca warned users of the potential legal consequence of using emojis that may indicate future gains. She tweeted: A federal court judge ruled that these emojis objectively mean “one thing: a financial return on investment.” Users of these emojis…

IMF Executive Board Object Crypto Assets as Legal Tender

The IMF had previously stated that crypto assets could be used to escape capital control. The International Monetary Fund (IMF) leadership has “generally agreed” that crypto assets should not be passed as legal tender. The group published their conclusion on February 23 after discussing a board paper on “Elements of Effective Policies for Crypto Assets.” The IMF Directors received the staff paper earlier this month, warning of the risks associated with crypto assets. The dramatic rise and adoption of crypto have caused governments nationwide to consider developing guiding policies. While authorities…