Month: June 2023

BTC Steady Near $31K After Options Expiry, USD Index Rises Ahead of Key U.S. Inflation Data

The expiry was pivotal, considering market makers in BTC options were “long gamma” and could have added to spot price moves with their hedging activities. The largest cryptocurrency by market value, however, traded listlessly between $30,000 and $31,000 in days leading up to the settlement and remained locked in the narrow range afterward, recording just a 1% gain on the day to $30,700 as of 10:40 UTC, CoinDesk data show. Source

Typeface Valued at $1B Following $100M Series B Funding from Salesforce, Microsoft, Google

The funding round conducted only a few months after its public launch puts Typeface in fierce competition with similar tools. Typeface, a generative artificial intelligence (AI) content creation platform for enterprises, announced it has concluded a Series B funding round. Typeface received $100 million in funding from a round led by Salesforce Ventures, the arm of Salesforce Inc (NYSE: CRM) that provides funding, support, and mentorship to startups. The round brings Typeface’s total funding to $165 million and puts the company’s valuation at $1 billion. Other participants in the funding round…

Google Says It Will Remove All News Links in Canada in Response to Online News Act

Google said the decision by Canada exposes the company to “uncapped financial liability.” Google (NASDAQ: GOOGL) is removing all Canada news links from its search due to a new Online News Act. The tech giant said it would block all Canadian news, meaning users will no longer find any report linked to the country on the search engine. The decision was in response to a new law that required tech companies to pay media outlets for content. Last week, the Canadian government’s controversial C-18 legislation in Canada passed parliament despite Google noting…

UK Passes Legislation to Support Safe Adoption of Crypto Assets Post Brexit

The UK government wants to adopt the nascent crypto asset industry to enable exponential growth to its economy away from the Brussels shackles. Having successfully secured its independence from the European Union through Brexit, the United Kingdom (UK) continues to reorganize its internal policies to attract international investors and streamline bilateral trade. In the latest developments under the leadership of Prime Minister Rishi Sunak, the UK government announced the Financial Services and Markets Act 2023 was granted Royal Assent on Thursday. Under the economic legislation, the UK government passed to…

Lacoste expands NFT ecosystem with new rewards and co-creation feature

French fashion brand Lacoste has announced the expansion of its non-fungible token (NFT) ecosystem by introducing a rewards and co-creation feature for its UNDW3 community. Lacoste made its initial foray into the world of web3 in June 2022 with the launch of the UNDW3 Genesis passes NFT collection, consisting of 11,212 unique tokens. These NFTs served as a gateway for community members to access exclusive limited-edition merchandise and in-person community events, providing an immersive and unique experience. With each NFT initially minted at the cost of 0.08 ETH (approximately $95…

South Korea passes cryptocurrency bill to tackle unfair trading

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South Korea’s government is taking steps to protect cryptocurrency investors from implosions like Do Kwon’s Terra ecosystem tokens by passing a new crypto bill. The parliament of South Korea on June 30 passed the Virtual Asset User Protection legislation. The bill is designed to regulate unfair trade practices and protect crypto investors, the local news agency SBS Biz reported. The legislation reportedly integrates 19 different crypto-related bills, providing a unified bill defining digital assets and imposing penalties for illicit trading activity like use of undisclosed information, market manipulation and other…

Shein Denies US IPO Rumors

Even if the IPO rumors were true and Shein wanted to list in the US, the company would need to clear the air about environmental, social, and governance concerns. Fast-rising Chinese fashion giant Shein has denied the widespread rumors that it has filed for an initial public offering (IPO) in the US. Rumors had it that the company was planning to go public in the US before the end of the year. At the time, A Reuters report said Shein was considering the New York Stock Exchange (NYSE) for its IPO, but…

Skybridge Founder Anthony Scaramucci Says Increased Regulatory in US Stems from SBF’s Actions

When providing his opinion on the regulatory environment for cryptocurrencies in Canada compared to the United States, Anthony Scaramucci stated that Canada had learned from the US. Anthony Scaramucci, Skybridge Capital’s founder, voiced his opinion on the increased regulatory environment in the United States, attributing it to the actions of crypto executive Sam Bankman-Fried (SBF). Skybridge Founder and His Opinion on SBF While speaking at a panel discussion at Collision 2023 in Toronto, Scaramucci acknowledged Bankman-Fried’s entrepreneurial success. However, he contended that the controversial executive had caused harm to the…

Inflection AI Completes $1.3B Funding Round, Aims to Develop One of World’s Largest AI Models

In early 2022, Inflection AI raised $225 million in a first round of funding. Inflection AI may have just completed a $1.3 billion funding round, according to a Thursday announcement published by the company. The round was led by previous investors Microsoft, Reid Hoffman, Bill Gates, and Eric Schmidt, while Nvidia also participated in the round as a new investor. In early 2022, Inflection AI raised $225 million in the first round of funding.  So, by raising $1.3 billion, Inflection AI has now raised a total of $1.525 billion since…

Shares of Overstock.com (OSTK) Jump 20% after Announcing Rebrand for Bed Bath and Beyond

Overstock said that it will start operating under the domain of Bedbathandbeyond.com, which offer greater brand awareness and recognition. On Thursday, June 29, the price of Overstock.com (NASDAQ: OSTK) shares skyrocketed by 20% and closed the day at $30.57. This happened the day after Overstock announced that it plans to change its website name to Bed, Bath and Beyond. Overstock.com had paid a sum total of $21.5 million for using the brand Bed, Bath and Beyond, after it filed for bankruptcy in April. The E-commerce retailer announced that it shall stop…