Month: February 2023

Ethereum to Roll Out Staking Withdrawal Testnet Zhejiang on February 1

This February, Ethereum is reportedly launching Zhejiang, the dress rehearsal testnet for its Shanghai hard fork. The Ethereum network is set to trial staking withdrawals on its Zhejiang testnet today, February 1st. According to reports, this public withdrawal testnet is the first of its kind since the Merge upgrade last September. Ethereum developers also plan to launch testnets for the Shanghai and Capella projects in February – six days after Zhejiang goes online. Multiple core developers say that Shanghai’s rollout is going according to schedule and is on track for an early spring release.…

Core Scientific Gets Court Approval to Obtain $70M Debt-servicing Loan 

Embattled crypto miner Core Scientific looks to borrow $70 million from creditor B. Riley to offset a previous loan.  Core Scientific recently secured permission from a bankruptcy court to take out a sizable loan from one of its biggest creditors. The Southern District of Texas bankruptcy court ruled that the blockchain company could take out a maximum loan of $70 million from investment bank B. Riley. This loan would offset Core Scientific’s existing debtor-in-possession (DIP) financing loan, to which B. Riley is already a creditor. The Los Angeles-based capital market…

UK Treasury publishes crypto framework paper: Here’s what’s inside

His Majesty’s Treasury published a long-anticipated consultation paper for the United Kingdom’s upcoming crypto regulation. The extensive 80-page document covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens (NFTs) and initial coin offerings (ICOs).  As stated by the Treasury, the proposals seek to place the U.K.’s financial services sector at the forefront of crypto and avoid hardline control measures that have gained momentum globally amid the crypto winter.  The Treasury announced that there won’t be a separate regulatory regime for crypto as it would…

UK Treasury publishes crypto framework paper: Here’s what’s inside

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His Majesty’s Treasury published a long-anticipated consultation paper for the United Kingdom’s upcoming crypto regulation. The extensive 80-page document covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens (NFTs) and initial coin offerings (ICOs).  As stated by the HM Treasury, the proposals seek to place the U.K.’s financial services sector at the forefront of crypto and thus avoid the hardline control measures, which have gained momentum globally amid the crypto winter.  The Treasury announced that there won’t be a separate regulatory regime for crypto…

Strong User Growth and Widened Losses

For the fourth quarter of the last year, Spotify reported 3.17 billion euros ($3.43 billion) in revenue, which is 18% up from the year-earlier period. Commercial media services provider Spotify Technology S.A. (NYSE: SPOT) has released its Q4 2022 earnings report. The company has beat expectations, delivering strong revenue and significant growth in its subscriber base. Following the Q4 2022 earnings report, Spotify shares closed 12.72% up yesterday, at $112.72. Q4 2022: Highlights For the fourth quarter of the last year, Spotify reported 3.17 billion euros ($3.43 billion) in revenue, which…

Bankrupt Lending Platform Celsius Names Users Eligible to Withdraw Assets

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Bitcoin meets FOMC after 39% January gains with Fed path ‘uncertain’

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Bitcoin (BTC) hovered around $23,000 on Feb. 1 after sealing its best January performance in ten years. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView End of Bitcoin bear market is “default view” Data from Cointelegraph Markets Pro and TradingView confirmed a monthly close of around $23,100 for BTC/USD — its highest since July 2022. The largest cryptocurrency finished the first month of the year up 39.6%, according to statistics from Coinglass. BTC/USD monthly returns comparison (screenshot). Source: Coinglass The impressive performance emboldened bulls, many of whom had kept the faith…

PayPal to Send Home 2000 Full-Time Employees, PYPL Shares Gain 2%

PayPal CEO has noted that the 2000 job cuts should have helped the company save $900 million last year and at least an additional $1.3 billion in 2023. PayPal Holdings Inc (NASDAQ: PYPL), through its President and CEO Dan Schulman, has announced plans to lay off 2000 global full-time employees, representing approximately 7 percent of its workforce. According to a letter sent to employees by Schulman, PayPal is facing challenging macroeconomic factors that require hard decisions including reducing the workforce. The company has announced that some departments will be more…

Poundtoken and BitcoinPoint Partners to Bring GBPT Stablecoin to Users via 18K ATMs in UK

This partnership will help UK crypto customers trade digital assets seamlessly without the need to off-ramp using fiat currencies. Poundtoken, a British-regulated issuer of GBPT stablecoin, and BitcoinPoint have announced a strategic partnership to help United Kingdom users access a British Pound-backed stablecoin via a network of 18,000 ATMs. The move is geared towards helping both novice and professional crypto users in the UK access a regulated Pound-backed stablecoin. Moreover, the UK market is heavily dominated by United States dollar-backed stablecoins including USDC and Tether (USDT). Through the partnership between…