Day: September 4, 2023

Alibaba Cloud Eyes $3B Fundraising Ahead of Hong Kong Debut

Some of China’s state-backed telecommunications companies are keen on investing in Alibaba Cloud, said sources familiar with the matter. Alibaba Group Holding Ltd.’s cloud computing division, Alibaba Cloud, is considering a private round of fundraising from Chinese state-owned enterprises before making a debut in Hong Kong. Sources familiar with the matter stated that Alibaba Cloud is working with advisers to raise about 10 billion yuan to 20 billion yuan ($1.4 billion to $2.8 billion). Some of the prospective investors include state-backed telecommunication companies. Earlier this year in May, Alibaba said…

Dogecoin Slide Persists Despite This Elon Musk Bio Revelation

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The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire’s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin. The tech entrepreneur Musk has been “quietly funding” the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin’s popularity. This revelation comes amidst previous suspicions that Musk’s…

Binance Faces Another Executive Departure as Its Global Head of Product Resigns

Despite the recent wave of executive departures from Binance, the company said in June that it was embarking on a hiring spree with more than 2,000 available positions. Binance, the world’s largest cryptocurrency exchange, is experiencing another high-profile exit as Mayur Kamat, the Global Head of Product and Design, resigns from his role. Kamat’s departure is the latest in a series of executive exits in recent months. A spokesperson for Binance confirmed Kamat’s resignation in an emailed statement thanking him for his contributions during a period of substantial growth. “We…

What Can DAOs Learn From Partisan Politics?

Taking a page out of the political book could put DAOs, or decentralized autonomous organizations, on the path to achieving the sweet spot between efficiency and decentralization. In particular, DAOs can learn from the way in which political parties elect representatives, run campaigns and meet long-term goals all while sustaining continuous support from a community that is not always aligned. Source

OKX crypto exchange enters final stage of Hong Kong VASP license application

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OKX cryptocurrency exchange has entered the final stage before acquiring a virtual asset service provider license (VASP) in Hong Kong. The crypto exchange expects the final approval for a VASP license by March 2024. In an interview, Li Zhikai, the global chief commercial officer of OKX, said that it is actively engaged in a dialogue with the banks and is currently waiting for the group to be issued a license and start a business. The crypto exchange has started the preparatory work, such as technology docking. Hong Kong became a pro-crypto…

Sam Bankman-Fried files memo asking court to block prosecutor evidence

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Sam Bankman-Fried, the founder and former CEO of defunct cryptocurrency exchange FTX, filed a memorandum on Sep. 1 asking the court to deny the prosecutor’s in limine requests.  The memorandum, penned by SBF’s lawyer Mark Cohen, calls the requests filed by the United States Department of Justice (DOJ) “unfounded and overbroad,” among other things. He argues that most of the issues raised by the government cannot be properly addressed at the current stage. Additionally, the memorandum claims the requests “seek to admit irrelevant and prejudicial evidence regarding conduct that is no longer…

South Korea plans to submit bill to freeze North’s crypto assets: Report

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The government of South Korea is reportedly planning to submit a bill that will track and freeze North Korean crypto and virtual assets that are used to fund illicit weapons programs.  According to a report by a local media outlet, the Korea JoongAng Daily, multiple anonymous government sources confirmed on Aug. 3 that the bill is in the works. A government official who remained anonymous reportedly said that the bill would reflect the president’s belief that the country’s cybersecurity framework needs to be repaired, the report said. Another unnamed source…

Toncoin Price And Telegram Bot Tokens

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Toncoin (TON) has taken the crypto market by storm, but its meteoric rise has also cast a spotlight on Telegram-bot tokens, drawing attention to the historical affiliation between TON Network and the instant messaging giant, Telegram.  Crypto enthusiasts have long regarded Telegram as a pioneer in exploring blockchain technology. Toncoin’s genesis lies in the “Telegram Open Network” (TON) project which, after facing legal hurdles, rebranded as “The Open Network” in 2020. In recent months, TON has witnessed a surge in investor interest, evident from on-chain data and Santiment’s TON Social…

Binance head of product quits as executive exodus continues

Cryptocurrency exchange Binance continues to lose some of its key executives amid increasing scrutiny of the platform from regulators around the world. Binance head of product Mayur Kamat has confirmed he is leaving the crypto exchange after nearly two years. “It is time for me to step down and transition product leadership to Binance’s next-gen leaders. I have worked closely with product leads to ensure a seamless transition,” Kamat told Cointelegraph on Sept. 4. Kamat also said that it is a good time for him personally to take some time…

Platforms Should Have Retail Payment Option for Digital Yuan CBDC

The director of Digital Currency Research Institute of the People’s Bank of China said that online platforms have the responsibility to adhere to the regulatory requirements. On Sunday, September 3, Changchun Mu, director of the Digital Currency Research Institute of the People’s Bank of China, emphasized the importance of wallet providers in enabling CBDC payment options across various retail settings. Mu’s comments come as China’s central bank digital currency (CBDC), the digital yuan, undergoes technological and business model enhancements. Speaking at the annual China International Service Trade Fair on Sunday,…