Tag: Firm

Genesis is Latest Major Cryptocurrency Firm to Admit 3AC Exposure

boss

Insolvency of cryptocurrency hedge fund Three Arrows Capital is winding its way through the liquidation courts of the British Virgin Islands and forcing more counterparties to come forward with admissions of exposure to the hedge fund.  Genesis claims to have mitigated most of its losses from exposure to 3AC, but cross exposure to Babel Finance may make its position more precarious, as evidenced by the need for Genesis parent company Digital Currency Group’s intervention to shore up its subsidiary’s liability position.  Another major cryptocurrency firm has revealed exposure to the…

VC firm Konvoy launches new $150M fund, eyes blockchain-based games

Venture capital firm Konvoy Ventures is set to fork out at least $30 million to back various cryptocurrency and blockchain-based games. The American firm announced the launch of Konvoy Fund III, with $150 million in capital that it plans to invest in a variety of platforms and technologies in the global gaming sector. According to Bloomberg, up to 30% ($45 million) of the fund will be allocated to the crypto and blockchain gaming space. Konvoy is no stranger to the world of cryptocurrencies and blockchain-based games. The firm boasts an…

Blockchain Security Firm Files Patent for Ransomware Solution EB Drive

Blockchain networking company Everything Blockchain Inc. has applied for a patent for its Blockchain drive (EB Drive). As traditional data storage mainly exists on local or network hard drives is vulnerable to ransomware attacks. Despite data being encrypted, there are other disadvantages such as decrypting data, lack of backups and restoring data. Everything Blockchain, Inc. designs and develops software solutions. The Company provides blockchain technology software solutions, including cryptocurrency, smart contracts, decentralized data management, and cryptographic security. EB drives said they are able to store data in a mutable blockchain ledger,…

eToro to terminate $10B SPAC merger in mutual agreement with acquisition firm

boss

On Tuesday, special purpose acquisition company (SPAC) FinTech Acquisition Corp. V announced that it terminated its purposed takeover of Israeli cryptocurrency exchange eToro via a bilateral agreement. In explaining the decision, Fintech V chairman of FinTech V Betsy Cohen said:  “eToro continues to be the leading global social investment platform, with a proven track record of growth and strong momentum. Although we are disappointed that the transaction has been rendered impracticable due to circumstances outside of either party’s control, we wish [CEO] Yoni and his talented team continued success.” Last…

African infrastructure firm lands $150M to launch crypto water token

South Africa-based H20 Securities has reportedly raised $150 million from the GEM Digital investment firm through the sale of the H20N token. By investing such a tremendous amount, GEM Digital will hold H20N tokens, which will be used to guide funding in water delivery infrastructure in areas that lack sufficient access to fresh water. GEM Digital is a $3.4 billion Bahamas-based investment firm specializing in alternative investments such as digital assets and resource extraction devices. H20 Securities aims to bring more significant development in water infrastructure worldwide and hopes that…

A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital – Bitcoin News

boss

According to a recent report from Sky News citing a source familiar with the matter, “cryptocurrency insiders” have said that the troubled crypto hedge fund Three Arrows Capital (3AC) has been formally liquidated by a British Virgin Islands (BVI) court. The report does not disclose what type of assets face liquidation, but the sources remarked that “the [3AC] liquidation would be a significant moment in the current unraveling of the cryptocurrency sector.” 3AC Reportedly Liquidated by British Virgin Islands Court System — Reporter Says Immediate Financial Implications Are ‘Unclear’ Once…

Roger Ver denies CoinFLEX CEO’s claims he owes firm $47M USDC

boss

Roger Ver, an early Bitcoin investor and Bitcoin Cash proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt. In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was involved in the platform halting withdrawals due to “a high-networth client who has holdings in many large crypto firms”…

Switzerland-based crypto mining firm expands operations to Texas

boss

White Rock Management, a cryptocurrency mining company based in Switzerland, said it will be expanding its operations to the United States, starting with Texas. In a Tuesday announcement, White Rock said it will be partnering with Natural Gas Onsite Neutralization, or NGON, a company that captures natural gas that would otherwise be burned and converts it to energy for use in the firm’s Bitcoin (BTC) mining operations. White Rock said it will be operating out of NGON’s facility in the Brazos Valley region, mining BTC using “environmentally responsible” methods. According…