Month: June 2023

Sequoia Capital Announces Upcoming Split amid Growing Brand Confusion and Other Reasons

The move will help each business to build teams that have an intimate understanding of their local networks and industries. Venture capital (VC) firm Sequoia Capital has revealed its plans to split up into three distinct businesses. According to the announcement, the new businesses will focus on serving the United States, China, and the Asian markets, albeit separately. Sequoia Capital Cites Reasons for Upcoming Split Sequoia announced plans for the three-way split on Tuesday, sharing numerous reasons behind the decision. One of those is to decentralize the backend operations of…

Ark Invest Acquires Coinbase Shares despite SEC Allegations

Per the latest allegations, Coinbase is operating as an unregistered national securities exchange and broker. Ark Invest remains bullish on Coinbase (NASDAQ: COIN) despite the fact that the US Securities and Exchange Commission (SEC) is currently indicting the crypto company. The asset management company acquired additional Coinbase shares on the same day the regulator slammed the crypto exchange with a new lawsuit, causing its stock to plunge. Ark Buys Coinbase Shares Amid SEC’s Lawsuit On Tuesday, Ark’s Next Generation Internet ETF purchased 53,885 shares, while its flagship ETF, Ark Innovation…

Apple Acquires AR Startup Mira, Day after Launching Vision Pro Headset

Apple hasn’t cleared the purpose behind its acquisition of AR startup Mira. The headsets developed by Mira have been built for industrial applications. A day after tech giant Apple announced its much-awaited mixed reality headset Apple Vision Pro, it confirmed the acquisition of Los Angeles-based AR startup Mira. The Verge was first to report this news on Wednesday, June 7, citing a post from Mira CEO’s private account. Apple’s Interest in Mira Later, Apple as well confirmed the news regarding the acquisition. The Los Angeles-based augmented reality (AR) startup Mira…

SEC Crypto Crackdown on Coinbase and Binance Generates 444% Spike in DeFi Trading Volumes

Following a recent strike at major crypto exchanges, the SEC has inadvertently caused an over 400% rise in trading volumes on DeFi platforms. The ongoing crypto crackdown by the US Securities and Exchange Commission (SEC) has come with a silver lining for the crypto industry, especially for decentralized finance (DeFi). According to crypto data aggregator CoinGecko, the top three largest decentralized exchanges (DEXs) have recorded a 444% jump in median trading volume in the last 48 hours. The data shows a combined $792 million increase in total trading volume for…

New Twitter CEO Linda Yaccarino Announces Her First Day at Work before Schedule

Yaccarino has indicated that free speech is priceless even though advertisers abandon Twitter for other platforms. After holding on to the top executive helm at Twitter Inc for more than seven months, tech billionaire Elon Musk officially handed over the mantles to Linda Yaccarino, a former global advertising and partnerships chairperson at NBCUniversal Media on Tuesday. However, according to her LinkedIn profile, Yaccarino states that she has been working at Twitter as CEO for the past two months since May 2023. The 59-year-old will be working alongside Musk who currently…

SEC lawsuit against Binance stalls Gopax acquisition deal in South Korea

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The United States Securities and Exchange Commission’s (SEC) lawsuit against Binance could damage the crypto exchange’s business opportunities in South Korea. A report published in a South Korean daily suggests that the Financial Service Committee (FSC) — the country’s financial watchdog — is reviewing Binance’s acquisition of local crypto trading platform Gopax. Binance acquired a majority stake in Gopax in February, intending to reenter the South Korean crypto market after a two-year hiatus. The FSC has reportedly suspended Gopax’s executive change report filed on March 7, citing the recent SEC lawsuit. The…

The Philippines delays publishing crypto framework

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Despite the wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, initially planned to be published in late 2022. However, work on the guidelines is ongoing, and the results could be made public this year. Cited in a local media outlet, the chairman of the Philippines Securities and Exchange Commission (SEC), Emilio Aquino, revealed that previous deadlines for introducing the crypto framework in the country were moved. The regulatory authority was planning to introduce guidelines for the…

SEC lawsuit claims Binance.US, Changpeng Zhao put customer funds ‘at significant risk’

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The United States Securities and Exchange Commission (SEC) has filed another document in its lawsuit against Binance.US, saying investors’ funds are at risk.  In the filing entered on June 5, the regulators claim that the defendants, including Binance CEO Changpeng Zhao and Binance Holdings Ltd., “have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.” It goes on to say that the defendants’ made “purposeful efforts” to bypass U.S. regulatory oversight while providing securities-related services to U.S. users. “[This] puts the safety of billions of…