Day: March 27, 2023

Chinese Banks Woo Cryptocurrency Firms Amid U.S. Regulatory Clampdown

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On March 27, Changpeng Zhao (C.Z.), the CEO of Binance, one of the world’s largest cryptocurrency exchanges, tweeted, “When one door closes, other ones open,” in response to the recent crackdown by U.S. banks on cryptocurrencies. According to the C.Z. phrase, the opening doors are those of China, while the closing doors refer to the state of cryptocurrency firms in the United States (U.S.), where digital firms face strict crypto regulations. As per the reports by the Straits Times, Chinese state-owned banks are vigorously courting cryptocurrency companies. This development follows…

First Citizens to Acquire Silicon Valley Bank after Striking Deal with FDIC

First Citizens has acquired failed bank Silicon Valley and will open former SVB branches today as First Citizens Bank and Trust Company. According to the Federal Deposit and Insurance Corporation, First Citizens Bank is set to acquire the embattled state-chartered commercial bank Silicon Valley Bank (SVB). In a recent statement, the FDIC revealed that the bank holding company would acquire all deposits and loans of SVB. According to the deal, 17 former SVB branches will reopen as branches of First Citizens Bank and Trust Company. This development takes effect today, March…

Gucci Partners with Yuga Labs for NFT Fashion Line

Gucci has alwasy capitalized on new changes within the industry and disruptions within society. Gucci is gradually shifting its focus to the Web3 space with the announcement of a multi-year collaboration with Yuga Labs, a Web3 firm heading several famous NFT collections like Bored Ape Yacht Club. Cryptopunks, Mebits, and Narrative NFT Project 10KTF. It is also the owner of Otherside, a bored app-themed digital world and game. The deal is set to raise engagement between both the company’s communities by traversing the convergence of the Fashion and Entertainment industries…

Japanese IT Giant Fujitsu Files Trademark Application to Offer Crypto Services

Fujitsu is notably making its full-blown debut into the digital currency ecosystem following months of what many will term, preparing the way. Fujitsu, one of Japan’s top Information Technology (IT) companies that manufactures computer hardware and accessories has made an emphatic move to deepen its foothold in the crypto ecosystem. As reported by CoinTelegraph citing a recent patent filed by the company with the United States Patent and Trademark Office (USPTO), it has plans to start offering crypto custody services. Crypto custody is tagged as one of the primary services…

Disgraced Terra Founder Do Kwon to Appeal against Court’s Decision

Usually, Montenegro authorities typically allot detention for up to 72 hours. However, Kwon’s 30-day extension has been approved after authorities highlighted the greater possibility of an escape. Last week, the disgraced Terra founder Do Kwon was arrested in Montenegro while trying to fly to Dubai using fake documents. The latest development shows that Do Kwon shall reportedly appeal the court’s decision to extend the detention time for nearly 30 days. As per the local media Vijesti, a legal representative of Kwon confirmed the appeal against the Montenegrin court’s decision of…

Elon Musk Halves Twitter Valuation to $20 Billion in New Internal Memo

Interestingly, the new Twitter valuation is less than half of what Elon Musk paid for the social media giant in Q4 2022.  Elon Musk has reportedly halved the valuation of social media giant Twitter in a new employee internal memo. According to the outspoken Tesla (NASDAQ: TSLA) CEO, Twitter’s staff will receive stock grants based on a $20 billion valuation. This figure is less than half of what Musk paid to acquire the microblogging platform last October. Musk acquired Twitter on October 27th, 2022, for $44 billion, six months after initiating the purchase. At the time, the…

Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency – Economics Bitcoin News

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Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign currencies to gold. The proposed long-term price model shows that each troy ounce of the metal might touch the $10,000 mark. Analyst Makes Case for $8,000 Gold Prices Jan Nieuwenhuijs, a gold market researcher, has predicted that the price of gold might exceed $8,000 during the next decade, as central banks shift…

Crypto exchange Binance launches new regional hub in Georgia

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Cryptocurrency exchange Binance continues expanding its global reach by setting up a new blockchain hub in crypto-friendly Georgia. On March 26, Binance announced the opening of its brand-new blockchain hub in Georgia, aiming to promote further adoption of crypto in the country. Referring to the hub as a “Web3 outpost,” Binance intends to attract talent to the Georgian blockchain sector, promote industry education and create more job opportunities. According to the announcement, Binance’s Georgia division currently employs 25 people cooperating with the local public and private sectors to organize educational and hackathon…

Nasdaq Says Institutional Adoption for Crypto Growing Steadily

Despite the high-handed regulatory action in the United States, Nasdaq is optimistic about securing regulatory approval in the first half of 2023 for offering crypto custodial services. The 52-year-old exchange operator Nasdaq has been recently eyeing a move in the crypto market and is working to offer crypto custodial as well as trading services to its clients. Currently, Nasdaq has been awaiting approval from the New York Department of Financial Services (NYDFS) by the end of June 2023 to start offering crypto custodial services to its clients. Over the last…