FTX US will not charge commissions or trading fees in keeping with the low-cost brokerage model that Robinhood (HOOD) rode to fame. it will not monetize traders’ orders by selling the flow to high-frequency traders, a controversial practice called payment for order flow for which Robinhood has been criticized. Source
The hackathon startup will use the funds to launch an NFT-focused venture fund, among other things. Source
Metatheory, a Web3 gaming company founded in 2021, has announced it has raised $24 million in a Series A funding round. The investment round, which was led by big VC names in the crypto space like a16z, also had the participation of Pantera Capital and FTX Ventures. Kevin Lin, CEO of the company and co-founder of Twitch, stated the company will focus on making high-quality games with blockchain elements. Metatheory Scores $24 Million in Series A Round Metatheory, a Web3 gaming company that combines entertainment experiences with blockchain…
Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, has given his take regarding the future of Bitcoin’s usage. Bankman-Fried stated he doesn’t believe that Bitcoin will work as a payments network, due to its limited capability for scaling to fulfill this task. However, he believes it might become “an asset, a commodity, and a store of value.” Sam Bankman-Fried on Bitcoin as a Payments Network FTX founder Sam Bankman-Fried has given his opinion about where bitcoin is going and the real value of its structure in the…
Sam Bankman-Fried, the founder of crypto exchange FTX, has criticized the efficiency of Bitcoin (BTC) as a payment network, only to meet heavy backlash from the crypto community. During an interview with the Financial Times, Bankman-Fried fueled environmental concerns associated with the Bitcoin network’s mining consensus, proof-of-work (PoW), and claimed it’s not scalable enough to accommodate millions of transactions. He advocated for the use of proof-of-stake mining consensus instead and claimed it is better suited for blockchain payment networks. He said: “Things that you’re doing millions of transactions a second…
FTX cryptocurrency exchange founder Sam Bankman-Fried is weighing in on the future of stablecoins after two top cryptos suffered staggering losses this week. Bankman-Fried recently tweeted about how so-called stablecoins ought to have separate and better-refined definitions in the wake of Luna Foundation Guard’s TerraUSD (UST) losing its US dollar (USD) peg and taking Terra (LUNA) down with it. “A good point someone brought up recently: really ‘stablecoin’ is used to mean multiple different things. One thing it can mean is ‘stablecoin backed 1:1 by a US dollar in a…
The CEO of crypto exchange platform FTX is purchasing a considerable position in Robinhood after the trading giant’s stock hit an all-time low. According to a disclosure filing to the U.S. Securities and Exchange Commission (SEC), Sam Bankman-Fried bought 56.27 million shares of the company for about $650 million after the stock hit an all-time low of $7.71. The stock has since recovered and is changing hands at $10.74 at time of writing. Bankman-Fried’s purchase sees him owning 7.6% of the popular securities trading network. In the SEC document, Bankman-Fried…
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But representatives of the derivatives markets made it clear FTX is directly threatening their territory, arguing that cutting out intermediaries for derivatives trades wasn’t just an idea that was going to stop with digital assets. Terry Duffy, the chief executive officer of CME Group, the world’s leading derivatives exchange, aimed much of his criticism at the possibility FTX would expand beyond crypto, because its application would allow it to do so. Source BitcoinChiefcryptoexchangecutDerivativesExchangesFightsFTXGuardMiddlemenPlan CryptoX Portal
Executed through an Antiguan firm called Emergent Fidelity Technologies Ltd, the position represents a 7.6% stake in the popular trading app, according to the filing published Thursday. At over 56 million shares, it was worth nearly $482 million at market close. Source