Day: March 20, 2023

Synthetix nets $20M from Web3 quant trading firm

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Tokenized asset issuance platform Synthetix has secured a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs. The market making and algorithmic trading company acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023. DWF Labs will be tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges. Synthetix’ perpetual futures will be integrated into DWF Labs’ trading business as part of the deal. DWF Labs has also committed to purchase…

UBS & Credit Suisse Shares Sink Following Bailout Deal

UBS and Credit Suisse both saw their shares spiral after the former agreed to an emergency rescue of the latter.  Shares of Swiss banking giants UBS and Credit Suisse plunged substantially following a takeover of the latter. On Monday morning, UBS secured a 3 billion Swiss franc ($3.2 billion) bailout of its troubled domestic rival amid the global banking crisis. Swiss authorities had assisted in facilitating the “emergency rescue” to preempt a contagion risk to the global banking system. However, Credit Suisse’s stock plummeted by a staggering 60% at 9:05 am London Time following the…

Hong Kong to Become New Crypto Hub

The special administrative unit in Hong Kong is also contemplating a way to introduce a compulsory licensing regime for stablecoin issuers as early as this year.  Kaiko, a French crypto market data provider, will shift its headquarters from Singapore to Hong Kong for greener pastures in the upcoming center for Web3 companies. In an interview with Kaiko’s Chief Executive Officer Ambre Soubiran, it was disclosed that the company will be moving forward with the decision amid the city’s regulatory changes towards virtual tokens. Soubiran revealed that the latest developments and…

Crypto.com Gets Closer to an Operational License in Dubai

“Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors,” the announcement said. Source CloserCrypto.comDubaiLicenseOperational CryptoX Portal

New York-Based Investment Firm in Talks with Potential Buyers of Defunct Exchange

FTX may yet have a chance to establish itself as a force to reckon with in the crypto space. Plans to launch FTX 2.0 may gradually be shaping up after Wall Street investment firm, Jefferies, confirms that it is in talks with a potential buyer for the failed FTX exchange. If all goes according to plan, the exchange is expected to resume operations after being shut down by regulators. Bankrupt FTX Exchange to Relaunch as FTX 2.0 According to sources familiar with the situation, Jefferies has been weighing various options…

Blockchain to Become More Relevant in Payments This Year, Sberbank Exec Says – Blockchain Bitcoin News

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Blockchain technology can help solve current issues with settlements, according to the deputy chief executive of Sberbank. Russia’s largest bank is working with other financial institutions to develop blockchain-based payment applications, the banker revealed. Sberbank Sees Solution to Russia’s Troubles With Settlements in Blockchain With major Russian banks disconnected from the main global interbank payment system, SWIFT, due to Moscow’s war on Ukraine, blockchain will help to solve the problem with payments, Sberbank’s First Deputy CEO Alexander Vedyakhin is convinced. “It is blockchain technology that will make it possible to…

Crypto.com gets MVP preparatory license from Dubai regulator

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Crypto.com announced it has obtained a minimal viable product (MVP) preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA). This preparatory phase operations license came after the exchange obtained provisional approval from the Dubai regulator in 2022. In the preparatory stage, the MVP license allows the exchange to fulfill the conditions to operate within set VARA rules. The rules outline that no company may carry out, or appear to, any virtual asset activity through promotions and offers in Dubai unless it is authorized and licensed by VARA. Dubai’s VARA was…

Virgin Orbit May File for Bankruptcy if Capital Raise Fails

As a company, Virgin Orbit has a very definitive goal, and that’s to deliver small commercial satellites to Earth’s orbit. Space technology company Virgin Orbit Holdings Inc (NASDAQ: VORB) is facing one of the toughest financial strains in its history and may file for bankruptcy if it fails to secure funding as soon as possible. According to a Fox News report, the company majority-owned by Sir Richard Branson’s Virgin Group has contracted two known restructuring firms, Alvarez & Marsal (A&M) and Ducera on alternative plans should it fail to land…