Month: May 2023

Bitcoin Startup River Raises $35 Million in Series B Funding Round

Due to the recent failures and flaws of the traditional banking system, Bitcoin’s potential to foster a more secure global economy may have come to light in a new way. River, a Bitcoin technology and financial services startup, has completed a $35 million Series B funding round. This follows after its $12 million Series A round in 2021. The new round was led by Kingsway Capital and also saw participation from contributors such as Alarko Ventures, Valor Equity Partners, Goldcrest, Cygni, and M13 among others. Billionaire investor Peter Thiel also…

Apple Allows Axie Infinity Game to Feature on App Store

Makers of Axie Infinity are hopeful that launching the game on the Apple platform will spurt growth. They are also hopeful of Apple making policies friendlier for NFTs in the future. In the latest development, Sky Mavis, the creator of the popular blockchain-enabled Axie Infinity video game, announced that the video game will be now available for download on the Apple App Store. Axie Infinity is a play-to-earn crypto game that allows gamers to battle one another while collecting or trading earning rewards as well as non-fungible tokens (NFTs). The…

USDT Issuer Tether Says It Will Buy BTC with Realized Profits for Bolstering Stablecoin Reserves

The company said it will exclusively utilize realized profits from its investment operations for buying BTC, disregarding unrealized capital gains. It means that the firm considers “only the tangible gains from its operations,” consisting of the difference between the purchase price and net proceeds from an asset sale or, in case of maturing assets such as Treasury bills, between the purchase price and the reimbursed amount, per the statement. Original Source BolsteringBTCBuyIssuerProfitsRealizedReservesStablecoinTetherUSDT CryptoX Portal

Swiss Banking Giant UBS May Record $17B Loss from Credit Suisse Takeover

According to the UBS post-acquisition plans, it is going to implement a phased integration of the Credit Suisse brand which may last a couple of years.  Swiss multinational banking giant UBS Group AG (SWX: UBSG) has revealed new details about what its liabilities are likely to be from the acquisition of Credit Suisse Group AG (SWX: CSGN). According to a CNBC report based on the filing, the firm lodged with the United States Securities and Exchange Commission (SEC), a total financial hit of $17 billion may be incurred from the…

Coinbase to Expand to Singapore as US SEC Denies Answerability

The firm also conducted a survey recently to asses the constructive stance of policymakers towards crypto and Web3 in Singapore. Crypto exchange Coinbase is looking into relocating to Singapore as the United States Securities and Exchange Commission rejects the company’s requests for regulatory clarity. The US SEC recently asked the judge to deny Coinbase’s bid to coerce the agency to answer Coinbase’s rulemaking petition. The petition was submitted last year asking for clarity on how securities laws applied to cryptocurrency. Last month, Coinbase filed a lawsuit against SEC asserting that…

Barclays and JPMorgan Contribute $55M into Funding Round for $4.5B Insurance Tech Giant Wefox

Despite the troubled tech space, German InsurTech firm Wefox recently raised $110 million in debt financing and fresh equity funding.  On Wednesday, May 17, insurance technology startup Wefox announced $110 million in funding from investors, including JPMorgan (NYSE: JPM) and Barclays (LSE: BARC). According to Wefox, the American and British banking giants contributed half of the total funding via a revolving credit facility. The remaining $55 million came from an equity investment spearheaded by investment management platform Squarepoint Capital. The latest funding round also saw Wefox retain its $4.5 billion market capitalization from its previous…

Elon Musk Hinted Two New Vehicle Models Are in Works at Tesla

While Elon Musk gave as much detail as he could at the event, there was no mention of the probable date the vehicles will hit the market. Elon Musk, the Chief Executive Officer of American multinational electric vehicle maker, Tesla Inc (NASDAQ: TSLA) has dropped a crucial hint that two new vehicle brands are in the works at the company. He mentioned this while at the company’s 2023 Shareholder’s meeting that was held on Tuesday. According to the vocal CEO, Tesla is indeed in the process of building new products.…

Indian Govt. and RBI Asked to Restore Crypto Exchanges’ Access to UPI

The proposal was made shortly after India added crypto to anti-money laundering rules (PMLA or Prevention of Money Laundering Act), making crypto exchanges, non-fungible token (NFT) marketplaces and custody service wallet providers legally responsible for monitoring suspicious financial activities in March 2023. The jury on what this meant for India was divided. Legal experts said this gave teeth to the regulators overseeing the industry for the first time. At the same time, advocates of the crypto industry said this gave “more legitimacy” to the sector because “adding crypto to anti-money…