Day: May 26, 2023

OpenAI’s Sam Altman Secures $115M in Funding for Worldcoin Project

Tools of Humanity, the company behind the Worldcoin project, said that the capital raised shall go towards boosting research, growth and other development efforts for the project. Sam Altman, the chief executive of has recently secured $115 million in fresh Series C funding for the Worldcoin project. Blockchain Capital led the recent funding round along with other investors such as a16z, Bain Capital Crypto, and Distributed Global. Back in 2019, Sam Altman co-founded Worldcoin with the goal of offering digital ID to everyone on the planet. Worldcoin is a decentralized…

GPS Shares Gain 14% after Gap Reports Q1 2023 Results In-line with Analysts’ Expectations

As Gap increased layoffs during the first quarter, online sales declined 9 percent YoY but accounted for about 37% of net sales. After starting the year with a bearish sentiment, Gap Inc (NYSE: GPS) – an American apparel company – saw its shares rise approximately 14 percent during Thursday’s after-market hours to trade around $8.44. The $2.79 billion valued company reported its first quarter earnings result on May 25, which was largely in line with analysts’ expectations. For Q1 2023 which ended on April 29, 2023, Gap reported revenue of…

Winklevoss Twins Shift Crypto Exchange Gemini to Dublin

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Earlier in the week, it seemed that the Winklevoss brothers’ crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as…

EU raises alarm over potential bank threats posed by stablecoins

The European Systemic Risk Board has recommended increased disclosures and monitoring as measures to combat the risks associated with the cryptocurrency market. This alarm follows concerns have been raised about the potential impact of a sudden crisis in the crypto sector on the global economy. Findings span 77 pages The European Systemic Risk Board (ESRB), an oversight body operating under the European Central Bank, released a comprehensive report on May 25, delving into the realm of crypto assets and decentralized finance (DeFi). Spanning 77 pages, the report emphasizes the rapid…

Binance enters the NFT lending market with loan service

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance is preparing to roll out a new product that would enable non-fungible token (NFT) holders to borrow crypto against NFT assets.  Binance NFT loan supports only ethereum borrowing  Crypto exchange giant Binance will launch the Binance NFT loan service on May 26, according to an announcement. The new product, which comes nearly two years after the unveiling of the Binance NFT marketplace,  will support ethereum loans for now, along with high-valued NFT collections like Bored…

‘Exhausted all options’ — Unbanked to close after being left hanging by investor

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Crypto fintech firm Unbanked, which provides crypto custody and payments services, has become the latest firm to close shop while citing a harsh regulatory environment for crypto in the United States.  In a May 26 blog post, Unbanked co-founders Ian Kane and Daniel Gouldman said that when it first opened, it believed that building the company in the United States “would be the smart long-term play,” though that did not turn out to be the case, five years later. “While other crypto companies grew rapidly off-shore by avoiding strict regulation, we…

US Treasury challenged over Tornado Cash sanctions

In a bid to reverse sanctions against Ethereum’s privacy service, Tornado Cash, plaintiffs question the U.S. Department of Treasury’s interpretation of property rights in smart contracts and the application of the first amendment’s free speech clause. In a fresh legal development, the U.S. Department of Treasury is confronted with a lawsuit pertaining to sanctions levied against ethereum mixing service, Tornado Cash. The plaintiffs argue that the case focuses on ensuring the Treasury’s adherence to fundamental principles of the International Emergency Economic Powers Act (IEEPA) and the Free Speech Clause of…

Crypto firm Gemini picks Ireland as European base amid US crypto blues

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Crypto exchange Gemini has selected Dublin as the headquarters for its European operations, amid a backdrop of crypto companies seeking expansion outside of the United States. On May 25, Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed that they had selected Ireland as a base to grow the company’s services across Europe. In a meeting with Ireland’s Prime Minister Leo Varadkar, the twins said that they chose the Emerald Isle because of its robust regulatory system, deep talent pool and established technology community. Congratulations @Gemini -the first firm registered…