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Enegra migrates digitized equity tokens from Ethereum to Polygon blockchain
Enegra Group, a commodities trading firm based in Malaysia with a net asset value of $28 billion, has migrated its equity-tied EGX security tokens to the Polygon (MATIC) blockchain from Ethereum (ETH). In 2019, Energra tokenized 100% of its equity, enabling shareholders to digitally exercise their dividend, voting and governance rights. Both the initial tokenization and token migration were facilitated by Tokeny, an asset tokenization and compliance infrastructure provider. Matthew Averay, managing director and CEO at Enegra, said: We tokenized our equity to improve liquidity. And, now that the technology is available for faster, cheaper and compliant transactions on the blockchain, we wanted our investors to take advantage of it. Polygon and Tokeny provided the complete infrastructur...
Risk monitoring firm Solidus Labs completes $15M strategic round
Market surveillance firm Solidus Labs completed a $15 million strategic round led by Liberty City Ventures on Friday. GSR and Exor Seeds also participated in the financing. This follows the company’s $20 million Series A that concluded in May. Solidus’ investors also include former CFTC Chair Christopher Giancarlo and former SEC commissioner Troy Paredes. The company hired former CFPB Director Kathy Kraninger as it’s VP of Regulatory affairs in July. Solidus CEO Asaf Meir said: “This strategic round will allow us to serve more clients sooner and address many new use-cases in the DeFi and NFT risk frontiers, which require Solidus’ unique combination of crypto know-how and expertise in traditional trading dynamics and manipulation typologies.” According to Liber...
Altcoin Roundup: 3 blockchain protocols taking the supply chain crisis head-on
The world of blockchain technology has undergone a significant transformation over the past decade as the concept evolved from offering a simple means of exchange between two parties to a sprawling ecosystem full of protocols with real-world applications ranging from decentralized finance to one-of-a-kind digital art. One sector of the market that has been gaining traction as of late while the global just-in-time delivery system has fallen under immense pressure is the supply chain and logistics group of projects that offer blockchain-based solutions for the global supply chain ecosystem. While it’s true that the current problems facing global suppliers, shippers, truckers and businesses are multifaceted and include issues such as worker pay and benefits, the integration of blockchai...
Bill Ackman Firm Calls Lawsuit Focused on UMG Investment Effort ‘Fatally Flawed’
The failed deal put a spotlight on PSTH’s structure as a blank check company, formally termed a SPAC, or “special purpose acquisition company.” SPACs typically function like reverse initial public offerings: They raise money as a public shell company ahead of time, and then use those funds to acquire a private company and thus take it public. But PSTH took a slightly different route, using the money it had raised from investors in an effort to buy shares of UMG. Filed in August by an investor, the case claimed that PSTH was not actually a SPAC at all. Claiming the company had only purchased securities, the lawsuit said the company was more akin to a traditional investment firm, like a hedge fund. As a result, the lawsuit said PSTH ought to be regulated under a differ...
IOTX could be looking at a new high of $0.20: Argonov
The token’s pullback is part of its efforts to stabilise before the next rally, the analyst stated. IOTX, the native token of IoTeX, an auto-scalable and privacy-centric blockchain infrastructure, has been the latest to jump on the cryptocurrency price surge bandwagon. Driven by the announcement of partnerships with Travala.com and NOWPayments, IOTX reached as high as $0.16 earlier this week. The coin has since pulled back and is trading at $0.11 at the time of writing. In a conversation with CoinText, Victor Argonov, a senior analyst at investment firm Exante, described how the token’s price movement was affected by the positive news this week and explained whether investors can expect the momentum to continue in th...
Should you buy the dip in XRP on Friday
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‘Back into gear’: Solid jobs report boosts Biden’s case for recovery
“Yes, there’s a lot more to be done. We still have to tackle the costs that American families are facing,” Biden said at the White House on Friday. “But this recovery is faster, stronger, fairer and wider than almost anyone could have predicted.” The jobs report shows the labor market improving across the board, with gains in nearly every sector and average hourly earnings rising another 11 cents, contributing to a 4.9 percent increase over the past 12 months. The unemployment rate dropped to 4.6 percent. It also illustrates how the economic impact of the surge in coronavirus cases caused by the Delta variant has ebbed. The leisure and hospitality sector, which has been most vulnerable to Covid surges, added 164,000 jobs in October, and industry wages have risen more than 11 percent over t...
Metamask founder Joel Dietz is a true Renaissance man
Joel Dietz, founder of Metamask and founding team member of Ethereum, is a romantic at heart. He creates art as “Cryptoapollo” that reflects the intersection between traditional art and technology. “I have a very classical romantic temperament, which can be hard to bring into the modern world since romantically inclined people can be suppressed in the modern economy, but I also love the cutting edge of technology as it applies to art in architecture and sculpture,” explains Dietz. “And like any technological enthusiast, I always try and explore the latest tech such as VR. Mostly my art is digital, although I have played around with physical pieces,” he declares. He is a polymath and a Renaissance man whose passions include the arts, poetry and cryptography. He wears his heart on his sleev...
THORSwap hammers home the point: Aligned incentives are a crypto superpower
THORChain hasn’t had an easy year. After three exploits in the space of a month during the summer the protocol’s native token (RUNE) took a beating, plummeting from all-time highs over $20.00 in May to a low of around $3.50 in late July. Billed as a way to exchange crypto assets across different blockchains without an intermediary, the protocol disabled swaps completely as it looked to harden the network against exploits. With the relaunch of Ethereum swaps in late October, however, THORChain’s recovery was virtually complete — and the price of RUNE was within striking distance of the $20.00 mark again. And then there was the THORSwap public sale. THORSwap, a decentralized exchange powered by THORChain, had a successful initial capped sale that was oversubscribed by 198%, as communit...
Phoenix Global token soars by 5,600% in just four minutes — But there’s a catch
It took just four minutes for a relatively unknown cryptocurrency to rise by over 5,600% as of Nov. 5, according to data from CoinMarketCap. Dubbed Phoenix Global (PHB), the token soared from $0.02057 to as high as $1.1413 on Nov. 5, with its volume dropping surprisingly — from $3.79 million to around $777,680 in the same period. Phoenix Global (PHB) price action in the last 24 hours. Source: CoinMarketCap Nonetheless, at the core of the massive PHB pump was a token migration and a technical glitch, which CoinMarketCap has now fixed with PHB price now up a relatively modest 59%. Fake PHB pump? In detail, Phoenix Global announced in September that it would shift its enterprise decentralized application solutions from the Neo blockchain to Binance Smart Chain (BSC). In doing so, th...
The stablecoin scourge: Regulatory hesitancy may hinder adoption
The stablecoin market has been growing exponentially — from only $21.5 billion in mid-October of last year to $130 billion at the start of November; a six-fold increase — so it was only reasonable to expect that the United States government would have to come to grips with these digital assets that are designed to maintain a stable value relative to a fiat currency like the U.S. dollar (USD) or a commodity like gold. The Treasury Department revealed its latest thinking on the subject this week with the much-anticipated President’s Working Group on Financial Markets’ (PWG’s) report on Stablecoins. That report recommended that Congress act promptly to enact legislation to ensure that payment stablecoin issuers be regulated more like U.S. banks. That is, stablecoins might be issued only throu...
HYBE’s Quarterly Earnings Get Boost From Ithaca Holdings as BTS Concerts Await
Content featuring BTS and management fees from Ithaca’s clients helped generate record revenue in the third quarter. It took a coalition of songs, artists and merchandise — plus a big acquisition — to help Korean music company HYBE, the home of BTS, recover from a fourth straight quarter without touring revenue. BTS’ hit “Butter” and revenue from Ithaca Holdings, which HYBE acquired in April, helped the company post record quarterly revenue of 341 billion KRW ($288 million) in Q3, up 79.5% from the prior-year period, the company announced on Thursday (Nov. 4). HYBE held up remarkably well while the pandemic has brought its concert business, historically a major money-maker, to a complete standstill. Concerts accounted for 29% and 33% of HYBE...
