Month: September 2023

India to Decide Its Stand on Crypto in Coming Months

On the occasion of the G20 summit, India said that it is willing to closely cooperate with all member nations to work on a clear regulatory framework for crypto. In the upcoming months, India is planning to decide its own position and stand on digital assets after proper analysis and consultations. India would obviously consider the stance of global leaders on the acceptable crypto regulatory framework. While speaking on the sidelines of the G20 summit over the past weekend, Ajay Seth, Secretary of the Department of Economic Affairs, said: “India’s…

Alibaba Stock Suffers 3% Drop as Daniel Zhang Quits Cloud Business 

In an official statement on Sunday, Alibaba said that Zhang will be replaced by Eddie Wu. Alibaba Group Holding Ltd (HKG: 9988), one of the prominent players in the Chinese technology industry, faced a 3.5% decline in its stock value on Monday following a surprising turn of events on September 10. The company announced that its departing CEO, Daniel Zhang, would not only relinquish his role as chairman of the group as planned but also step down as CEO of Alibaba’s cloud business. Following the announcement, shares of the company…

Tesla’s Supercomputer Dojo Expected to Add Around $600B to Company’s Market Cap

Going by the new estimates, Morgan Stanley expects that Tesla’s market capitalization will surge by at least $600 billion over the next 12 to 18 months. A recent Reuters report has tipped Tesla Inc (NASDAQ: TSLA), the electric vehicle (EV) maker, as poised to see a major boost in its market capitalization. This follows after Morgan Stanley analysts published a note about Tesla’s Dojo on Sunday. Addressing investors in the note, the team of analysts, led by Adam Jonas, shared how the supercomputer could potentially open up new addressable markets…

Stellar Spikes 8% In Last Week, What’s Driving XLM’s Price?

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All eyes are on Stellar (XLM) as it breaches the $0.12 resistance despite the massive onslaught in the crypto market. The token managed to hold its past week’s gains while Bitcoin and other top coins maintained consistent bearish momentum.  Stellar’s current price reflects the growing demand and interest in its payment solution, which is a plausible reason behind its strength. Moreover, excitement is high among XLM investors as the Stellar network prepares for a game-chaining announcement on Tuesday.  XLM Soars Amid Heightened Speculation In The Stellar Ecosystem XLM has been…

Arm Mulls Raising IPO Price Range amid Strong Investor Interest

Arm has successfully secured a lineup of cornerstone investors for its IPO, including some of the biggest names in the tech industry. Arm Holdings Ltd., the renowned chip designer owned by SoftBank Group Corp (TYO: 9984) is reportedly contemplating raising the price range of its highly anticipated Initial Public Offering (IPO). This move comes after meetings with potential investors revealed overwhelming interest in what is poised to become the world’s largest listing of the year. Arm Exploring IPO Price Options When Arm first filed for its IPO, it set an…

Ripple Rescues Fortress Trust Customers in Potential Acquisition Deal

Ripple, an investor in Fortress, has stepped in to compensate Fortress customers for any incurred losses as part of the acquisition process. Ongoing discussions surround the potential acquisition of Fortress by Ripple, a cryptocurrency payment network. This unexpected development follows security issues faced by Fortress due to the compromise of a third-party vendor’s cloud tools. While the extent of the crypto loss remains unclear, it raises concerns about the security of clients’ investments. Ripple, an investor in Fortress, has stepped in to compensate Fortress customers for any incurred losses as…

France Launches Certificate Training Program for Finfluencers

AMF Chair Marie-Anne Barbat-Layani noted that the financial sector is highly regulated, and investment communications must be law-compliant, clear, and balanced. Two regulators in France, The Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP), have jointly set up a training module for finfluencers. Previously, the two bodies created the Responsible Influence Certificate in 2021. Since its launch, nearly 1,000 influencers have received the certificate after completing the general training course on best practices in influencer marketing. In addition to the general certificate, influencers…

Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’

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Binance regional markets head Richard Teng insists that the global cryptocurrency exchange is financially secure and in no way similar to bankrupt peer FTX despite recent regulatory scrutiny and regional challenges. Speaking exclusively to Magazine editor Andrew Fenton in Singapore ahead of the 2023 Token2049 conference, Teng addressed a variety of different challenges being faced by Binance’s regional arms as well as playing down reports that he is being groomed to take the reigns from founder Changpeng “CZ” Zhao in the future. Binance head of regional markets Richard Teng speaking…

India working on 5-point crypto legislation as ban is ruled out

India is working on a crypto regulatory framework based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) that could result in legal legislation in the next 5-6 months. Siddharth Sogani, the CEO of CREBACO that has worked with government agencies and ministries, told Cointelegraph that the Indian government is working on a five-point crypto legislature with a global approach. India recently concluded the G20 summit on a high with several key economic announcements, however, the most notable decision for the crypto community…