Day: June 7, 2023

Sequoia Capital to divide global business into multiple parts

Sequoia Capital, a venture capital firm, revealed its plans for a upcoming split, where it will divide into three separate partnerships catering to the United States, China, and Asian markets. The announcement was made on June 6 via the firm’s Twitter. A move to restructure Sequoia Capital, a venture capital firm, and supporter of cryptocurrency, has unveiled its plans for a major restructuring. The company will divide its operations into three distinct branches, with its U.S. and European divisions continuing under the existing Sequoia brand. Meanwhile, its arm serving India…

‘Stand With Crypto’ NFT Spreads Amid SEC Crackdown

“We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the U.S.,” a spokesperson for Coinbase told CoinDesk. “The Stand with Crypto commemorative NFT is a symbol of unity for the crypto community – representing our collective stand to protect and promote the potential of crypto in the United States.” Source

Intuit introduces proprietary large language models for fintech with GenOS

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Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies.  According to Intuit, the new operating system will come with a suite of tools, including a developer studio, UX library, runtime layer and several pre-trained large language models (LLMs). We’re expanding our platform architecture to include a proprietary Generative AI operating system (GenOS) with custom-trained financial LLMs that specialize in solving financial challenges. GenOS will unleash the power…

Circle is latest recipient of Major Payment Institution license in Singapore

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Circle’s Singapore affiliate, Circle Internet Singapore, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Circle Singapore received in-principle MPI approval from MAS in November and opened its office in the city-state in May. An MPI license allows Circle to offer digital payment token services and domestic and cross-border money transfer services, according to a statement released by the fintech firm, which is the issuer of the USD Coin (USDC) and Euro Coin (EUROC) stablecoins. Circle has identified Singapore as its principal hub in…

Binance.US coins trade at premium amid litigation fears, fiat gateway issues

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On June 7, multiple coins and tokens listed on Binance.US, the U.S. subsidiary of cryptocurrency exchange Binance, began deviating from their fair value to trade at premiums. Coins such as Bitcoin (BTC) and Ether (ETH) were priced at $27,445 and $1,911, respectively, compared to CoinMarketCap averages of $26,490 and $1,850. Meanwhile, stablecoin tokens such as Tether (USDT) and USD Coin (USDC) broke their par value to trade at $1.03 and $1.04, respectively. The same day, Binance.US removed over a dozen USDT-based trading pairs, paused its over-the-counter trading portal, and limited…

Crypto Spot Volumes on Centralized Exchanges Hit Lowest Since March 2019

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The volume of cryptocurrency spot trading on centralized exchanges (CEXs) plunged by 21.8% in May to $495 billion, marking the lowest monthly trading volume since March 2019. Also, derivatives trading volumes slumped by 15.7% to $1.95 trillion, which is the lowest since December 2022. These figures are according to new data by digital asset data provider, CCData, previously known as CryptoCompare. CCData is also a benchmark administrator authorized by the UK Financial Conduct Authority. According to the firm, despite the decrease in derivatives trading volumes on CEXs, the market share…

Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Bitcoin and most major altcoins are facing selling at higher levels, but there are no signs of panic selling at the moment. Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase. After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits.…

12 Ways Web3 Media Could Embrace AI

That being said, Whittemore imagines that in the Web3 space specifically, AI could be used to quickly summarize crypto-adjacent news. “CoinDesk is the destination website for a lot of people in Web3,” says Whittemore. But CoinDesk is not the destination for all business or financial news. So for areas outside of its core competence, why not use AI as a service to the readers? What happens to the S&P 500 is not exactly CoinDesk’s bailiwick, but it’s of interest to most in the space. So Bloomberg or Wall Street Journal…