Day: April 27, 2023

Kraken asks San Francisco court to intervene against IRS demands

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Crypto exchange Kraken is taking the fight against the United States Internal Revenue Service (IRS) and its demand to present critical exchange user information to the court. The exchange deemed IRS’s demand for customer information as an “unjustified treasure hunt.” The crypto exchange has requested a federal court in San Francisco to intervene in the issue and ask IRS to back off, reported Bloomberg. Kraken’s pushback against IRS comes in reaction to the agency’s February summons demanding additional user information to identify Kraken accounts that did at least $20,000 of…

Yuan Beats US Dollar to Become Most Used Currency in Cross-Border Transactions in China

Despite surpassing the USD in cross-border payments in China, the use of the yuan in global trade finance remains low. The Chinese yuan has become the most used currency for cross-border transactions in China. In March, the yuan overtook the US dollar for the first time in cross-border transactions in the country. Notably, the Chinese government has constantly been pushing for the use of its currency in settling transboundary trades. The nation’s officials are making an effort to internationalize its use. According to Reuters calculation based on data from the State Administration…

Crypto Storage Provider Zodia Custody Raises $36M From SBI Holdings, Standard Chartered

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eBay Beats Revenue and EPS Estimates in Q1 2023 Earnings Report

E-commerce giant eBay is optimistic going into the second quarter after logging commendable figures in its Q1 2023 outing.  On Wednesday, April 26, 2023, eBay Inc (NASDAQ: EBAY) reported its Q1 2023 earnings, which beat revenue and earnings per share (EPS) estimates. For the year’s first quarter, the multinational e-commerce company realized revenue of $2.5 billion compared to the $2.49 billion analysts expected. In addition, eBay’s recorded EPS of $1.11 also topped the consensus estimate of $1.07 for the same period. Following its Q1 2023 performance, eBay now sees a Q2 guidance of…

Bitget pledges $10M for Fetch.ai ecosystem amid ChatGPT boom

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Bitget has pledged $10 million for the development of the Fetch.ai ecosystem, the cryptocurrency derivatives exchange announced on April 27. Fetch.ai provides the infrastructure to build autonomous services. Its core product is the artificial intelligence (AI) agent network, a decentralized network of autonomous agents that can perform various tasks, such as data analysis and complex financial modeling. The project also offers a smart wallet featuring automation and integration with OpenAI’s ChatGPT API. The artificial intelligence chatbot surpassed 100 million users in January 2023, just months after launch.  Commenting on the…

Franklin Selects Polygon as New Partner of Its Money Fund

The Franklin On-chain US government Money fund leverages the power of blockchain to offer improved security, operational efficiencies, faster transaction processing, and reduced costs to its customers. One of the world’s largest fund managers Franklin Templeton, with over $1.4 trillion in assets under management, announced that it would be expanding its on-chain US government money fund to the Polygon blockchain network. This is good news for the Polygon ecosystem which shows that the blockchain is a trusted platform for some of the top financial players in the market. Franklin started…

Barclays Reports 27% Rise in Net Profit for Q1 2023

Due to a strong quarter, Barclays “remains on track to deliver its 2023 targets, with all performance metrics in line with or ahead of guidance.” British multinational investment bank Barclays PLC (LON: BARC) has released its performance results for Q1 2023. The bank’s net profit of £1.8 billion (or $2.2 billion) beat the experts’ expectations by about £400 million and surpassed the income from the same period last year by as much as 27%. Speaking in more detail about Barclays’ separate units that generated profit, Barclays UK income rose by 19%,…

Binance.US to Offer Web3 Branded Domains Minted on Polygon Blockchain

Using the Binance.US Web3 domain names, the exchange’s users will be able to easily transfer or buy/sell digital assets within its app. In an interesting development, Binance.US announced its partnership with Web3 domain name provider Unstoppable Domains to offer branded domain names with Binance.US minted on the Polygon blockchain network. In an announcement on Wednesday, April 26, Unstoppable Domains said that the .BinanceUS branded domains will be available exclusively on the exchange’s app in the coming weeks. This is for the first time that Unstoppable will issue two-digit domain names…

Celsius creditors demand transparency on ‘suspicious’ FTX transactions

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Celsius creditors claim that some FTX users have engaged in suspicious trades that may have manipulated the price of the Celsius (CEL) token in 2022. The creditors are seeking the help of a bankruptcy judge to unmask the users in question. Represented by a committee, creditors of Celsius Network have requested permission from a bankruptcy judge to issue subpoenas to FTX, seeking information on users associated with ten cryptocurrency wallets that were allegedly involved in suspicious trades of Celsius’ CEL coin between April and August. The creditors believe that the…

BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says – Finance Bitcoin News

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Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said. Ruble, Yuan, Other BRICS Currencies to Take Over After Euro Collapse, Dmitry Medvedev Predicts Russia’s former head of state, Dmitry Medvedev, does not rule out the collapse of the common European currency and a return to national fiats on the Old Continent. “It…