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Multicoin Capital leads Eden Network’s $17.4M seed raise
Ethereum transaction protocol Eden Network has raised $17.4 million in seed funding from some of blockchain’s biggest venture funds, underscoring the need to address ongoing challenges facing the block production economy. The funds will be used to support the adoption of Eden Network among developers, miners and users, the company announced Wednesday. The network claims all users will benefit from its ordering rules thanks to an improved block production system. The investment round was led by Multicoin Capital with participation from Alameda Research, Jump Capital, Wintermute, GSR and DeFiance Capital. Genesis Capital executive Joshua Lim and Andre Cronje of Yearn.finance also participated as angel investors. Eden officially launched along with Ethereum’s London hard fork on Sunday,...
Sell or hodl? How to prepare for the end of the bull run, Part 2
To read Part 1 of “How to prepare for the end of the bull run,” click here. So, you’ve made a million bucks this cycle and you’re trying to work out how to transform those life-changing gains into money in the real world before the inevitable crash. But at the same time, you don’t want to sell now and miss out on potential upside. So, what should you do? For Quantum Economics founder Mati Greenspan, the answer is simple: Be optimistic. He’s not an advocate of trying to time the market. “As somebody who has been trading my entire life — I mean, way before cryptocurrencies — you’ll find that it always pays to be optimistic, and pulling out your money from the market has almost never been a good long-term strategy. Not for any market over almost any time frame.“ Greenspan points out that...
StubHub Clears Final Hurdle of Viagogo Merger With Sale of Non-U.S. Assets
The sale ends a period of government-imposed silence between the two firms, which were allowed to communicate while the agreement worked its ways through the U.K. regulator system. “We are finally allowed to collaborate and begin planning the integration between the two companies,” says Jill Krimmel, StubHub’s interim president who said she will stay on as president once the integration is complete. That process couldn’t begin until the sale of StubHub’s international business was completed. It’s unclear how much Digital Fuel Capital paid for the international assets, which include 23 companies and limited liability corporations held by StubHub including its branded marketplaces in the U.K., Germany, Taiwan and parts of Europe through its Luxembourg ...
Bitfinex launches Kazakhstan-based securities tokens platform
The new STO platform will operate under the AIFC FinTech Lab in Kazakhstan In an announcement yesterday, Bitfinex revealed that it will be launching a new security token offering (STO) platform, marking the Hong Kong-based cryptocurrency exchange’s entry into the STO industry. The platform, launched under Bitfinex’s blockchain investment product provider, Bitfinex Securities, will be regulated in Kazakhstan’s financial hub – the Astana International Financial Centre (AIFC), the announcement said. The move will “widen access to a variety of innovative financial products, including notably blockchain-based equities and bonds, along with investment funds,” Bitfinex said in the announcement. Paolo Ardoino, the Chief Technology Officer at Bitfinex Securities, confirmed that the platform w...
Bitcoin Cash price analysis: BCH dips by 12% and drops below $700
The cryptocurrency market has experienced a flash crash, with the prices of most cryptos currently down by over 10% in the past 24 hours The cryptocurrency market has experienced massive losses over the past 24 hours, effectively wiping out the profits recorded in the last two weeks. Bitcoin is currently down by 11%, dropping below the $50,000 mark once again, and is currently trading just above $46,000 per coin. Ether is also down by the same 11%, with the second-largest cryptocurrency losing its support around the $3,500 zone, and it is currently trading around $3,470 per coin. Bitcoin Cash (BCH) was one of the biggest winners last week, soaring close to the $750 region. However, BCH has wiped out most of its recent gains, with the cryptocurrency losing more than 10% of its value in the ...
Grayscale CEO says SEC is shortsighted after recent ETF comments
The United States SEC has delayed approving an ETF tied to Bitcoin but said it is open to granting one tied to Bitcoin futures Michael Sonnenshein, CEO of Grayscale Investments, believes that the US Securities and Exchange Commission (SEC) is shortsighted regarding its take on the Bitcoin exchange-traded funds (ETFs) currently filed by investment firms in the country. The SEC is yet to approve a single Bitcoin or Ether ETF. However, the regulatory agency has stated that it is open to approving an ETF tied to Bitcoin futures rather than one that directly tracks the prices of the cryptocurrencies. Sonnenshein said it would be a mistake for the SEC to approve Bitcoin futures ETFs ahead of those that track the direct performance of the cryptocurrencies. He told CNBC Squawk Box that “It would b...
Former Reserve Bank official pushes for India to accept crypto
The former Deputy Governor of the Reserve Bank of India (RBI) has spoken out about the nation’s financial and crypto ecosystem and stated that digital assets need to be accepted. Speaking at the inaugural HODL ’21 virtual conference organized by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) on Sept. 7, Rama Subramaniam Gandhi said that crypto could be used for payments for economic activities but he sees them more as an asset class. The regulatory situation in India remains unclear with bills and legislation still being mulled by politicians. Earlier this month, the government announced that it was working on a draft bill to define cryptocurrencies as commodities where they could be taxed. If passed, it would not allow them to be us...
El Salvador says merchants must process BTC transactions — or they may face action
In an interview with local media, Javier Argueta, the legal counsel to the Presidential House of El Salvador, clarified the obligations of businesses the day before the country’s controversial Bitcoin Law recognizing BTC as legal tender took effect. The legal counsel to the President of El Salvador has stated that businesses are mandated to accept Bitcoin from customers — but they are able to choose whether or not they will receive BTC or U.S. dollars once the transaction is settled. According to a rough translation, Agueta emphasized that it is mandatory for businesses “to have the electronic wallet” to receive Bitcoin, however “In the transaction […] you have the will to receive Bitcoin or dollars, that is why it is voluntary.” “If I buy you 1,000 shirts that cost $200 and I’...
Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund
One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020. Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest...
SEC threatens to sue Coinbase over crypto yield program it considers a security
The United States Securities and Exchange Commission (SEC) has reportedly threatened to sue Coinbase over a crypto yield program it deems as a security. Coinbase CEO Brian Armstrong tweeted on Sept. 8 that has been some “really sketchy behavior coming out of the SEC recently” before launching into a 21 post thread detailing the SEC’s dealings with the firm. Armstrong explained that the crypto exchange approached the SEC earlier this year to brief the enforcement body over the up-and-coming Coinbase Lend program that intends to offer 4% annual yield returns on deposits of the USDC stablecoin. According to the Coinbase CEO, the SEC responded by telling the firm that the lending program is a security without any explanation, and threatened to sue if the service was launched: “They refuse to t...
Biden tours flood-ravaged N.J., NYC, says infrastructure plan needed to deal with climate change
Biden argued that now is the time to take prompt action, including on his infrastructure plans. “This is an opportunity,” Biden said as he met with officials in Hillsborough, N.J., before touring nearby Manville. “The country has finally acknowledged the fact that global warming is real, and it’s moving at an incredible pace, we’ve got to do something about it.” The destruction from heavy rain and flooding from Ida’s remnants was “incredible,” and the losses “profound,” the president said. In New Jersey, 27 people were among the dozens killed across the Northeast. In New Jersey, Biden spoke with several people who said they had lost their homes and were lucky to escape the floods with their lives. In New York, his message was similar: He hoped Ida’s destruction could serve as a...
NBA star Steph Curry asks Twitter for crypto advice
Following a lucrative $206,000 purchase of a popular Bored Ape Yacht Club nonfungible token, or NFT, last week, NBA all-star Steph Curry has reached out to his 15.5 million Twitter fanbase for advice on progressing in the crypto game on Tuesday. The Golden State Warriors guard tweeted: “Just getting started in the crypto game…y’all got any advice??” According to the basketball athlete’s Open Sea profile, he currently owns 16 NFTs in total, including the blue-furred Bored Ape showcased in his Twitter profile. Legendary NFL quarterback Tom Brady, currently sporting the Tampa Bay Buccaneers jersey, humorously offered his perspective: Whatever you do…don’t laser eyes! https://t.co/VVqUx6E6Oe — Tom Brady (@TomBrady) September 7, 2021 Brady’s picture depicted the infamous Laser...
