business
Acorns brings Bitcoin exposure to its savings and investment app
Acorns users can now allocate up to a maximum of 5% of their portfolio the ProShares Bitcoin Strategy (BITO) ETF The personal finance app has plans to create room for other cryptocurrencies in the future Backed by Galaxy Digital, savings and investment firm Acorns has announced the introduction of Bitcoin exposure to its portfolio, targeting long-term investments among its users. Through a Twitter post, Acorns said that it is glad to add “Bits of Bitcoin” to diversify its portfolio. With an increased rate of exposure to crypto among fintech firms, Acorns explained that it had to offer its investors the opportunity to diversify their holdings. The company cited the ‘low correlation’ between crypto and stocks as the rationale for the decision. In contrast, though, at ...
Nexo Ventures launches as a $150M Web3-focused fund
The fund aims to promote and push for wider adoption of digital assets Nexo is betting on the role of blockchain tech in the future of finance Switzerland-headquartered digital asset firm Nexo has today announced the launch of Nexo Ventures, an investment arm that will help it interact with Web3 start-ups and institutional projects in areas including NFTs, blockchain gaming, decentralised finance, payments and trading infrastructure, crypto applications, and compliance solutions. Investors to captain the fund’s inaugural release include Texture Capital, Bware Labs, Mizar, Yield Protocol, Qredo, BlockFills, and 1inch. Crypto adoption is the principal focus Via this launch, the firm aims to push for the continued adoption of crypto assets, with the belief that blockchain tech wil...
Crypto exchange Coincheck will soon list on Nasdaq via a merger
The Asian exchange will list via a special purpose acquisition with Thunder Bridge Capital Partners IV Coincheck has in the past suffered breaches and serious cyber-attacks Coincheck, a ‘vintage’ crypto exchange and digital wallet firm, on Tuesday said it will soon list on the Nasdaq after completing a special purpose acquisition (SPAC) with Thunder Bridge Capital Partners IV at a $1.25 billion pre-money valuation. The SPAC deal will see the Coincheck crypto exchange become a subsidiary of Coincheck Group (CCG). However, the statement insisted that CCG shall remain under the umbrella of Monex Group, which took over the crypto exchange in 2018. Monex Group currently owns 92% of Coincheck and will own 82% of the new ‘combined’ firm. Via the combined holding, Coincheck...
Yuga Labs raises $450M as it sets sights on a native metaverse
Yuga labs recently announced the planned launch of Otherside, a metaverse powered by ApeCoin Part of the funds raised in this seed round will be invested in the metaverse project Miami-based NFT creator and parent company of the famed Bored Ape Yacht Club (BAYC), Yuga Labs, has completed a $450 million raise at a $4 billion valuation in a just-concluded seed round. It was led by venture capitalist firm Andreessen Horowitz (a16z), but also saw the participation of other big names in and around crypto, including Animoca Brands, Thrive Capital, MoonPay, Sandbox, FTX and Google Ventures. Founded by Wylie Aronow and Greg Solano in 2021, the company has seen massive growth as a maker of high-value collectables. It now aims to expand to maintain this growth. The resources it has raised will be us...
Crypto.com’s sports sponsorship play to include the Qatar 2022 World Cup
Crypto.com CEO Kris Marszalek says the deal will help drive awareness of the exchange and its services The last World Cup had about 3.5 billion viewers Federation Internationale de Football Association (FIFA) has sent out a statement today confirming that payment and cryptocurrency exchange platform Crypto.com will be “the exclusive cryptocurrency trading platform sponsor” of the coming Qatar 2022 World Cup. The terms of the agreement, however, remained undisclosed. The publicity that could potentially be gained from this sponsorship should help introduce Crypto.com to a new demographic. The FIFA World Cup, which is expected to run from November 21 through to December 18, has historically enjoyed massive viewership numbers. For context, 3.5 billion people watched the previous e...
Sony Music Opens Singapore Office, Shifting Asia Hub From Hong Kong
Sony Music Group is moving its Southeast Asia headquarters to Singapore, joining a host of other music and tech companies that have shifted regional business hubs away from Hong Kong amid street protests and crackdowns by the Chinese government. The new Singapore office will house SMG companies Sony Music Entertainment, Sony Music Publishing and artists and label services company The Orchard, the company said in a press release Tuesday (March 22). It will also serve as the new base for Sony Interactive Entertainment, creators of PlayStation. A host of pan-regional specialists focused on Singapore and the wider region will work out of the new headquarters, including in marketing, data analytics, human resources, finance, digital innovation, business development, A&R, and publicity. Esta...
50 Cent Can’t Avoid Rémy Martin’s Copycat Cognac Lawsuit
50 Cent is headed toward a trial in a federal lawsuit that claims his Branson brand of cognac copied the design of Rémy Martin’s bottle after a Manhattan federal judge refused to dismiss the case. E. Rémy Martin & Co. sued in August, claiming the rapper’s liquor brand infringed patent and trade dress rights by mimicking Rémy ’s XO bottle. 50 Cent’s company, Sire Spirits, fired back in October, calling the case “meritless” and accusing the spirits company of trying to “destroy a competitor.” But in two recent rulings – one in January and another on Tuesday (March 22) – U.S. District Judge Alvin K. Hellerstein denied Sire’s motion to dismiss the case at the outset. The decisions mean 50 Cent is headed for a long legal fight, including exchanges of evidence and potentially a jury trial. “...
US exceptionalism could be tested as digital assets find footing worldwide — Sheila Warren
Sheila Warren, CEO of the Crypto Council for Innovation and former head of data, blockchain and digital assets at the World Economic Forum, said the digital yuan may present certain challenges for the United States. However, regulators and lawmakers may want consider how to encourage digital innovation, as China is already “massively tech forward” for its residents. Speaking to Cointelegraph during Austin’s SXSW festival, Warren said that though she believed China’s digital yuan was unlikely to significantly affect retail payments in the United States, the adoption of the technology surrounding it could impact the dollar’s global dominance. The CCI CEO added that the Federal Reserve could make a “strong move” in preserving the dollar’s role by introducing a central ...
How Atlantic Records Plans to Promote 56 Songs From ‘American Song Contest’
The 56 artists competing in the inaugural edition of NBC’s American Song Contest – which debuted Monday (March 21) evening — will have their songs released by Atlantic Records, the legendary American label that has been home to iconic artists such as Aretha Franklin, Crosby, Stills, Nash & Young and Ed Sheeran. Billboard spoke with Atlantic Records president, West Coast, Kevin Weaver about the label’s involvement with the competition and plans for the season. How did Atlantic Records become the label for the American Song Contest? Ben Silverman and Audrey Morrissey are both really good friends of mine. Ben propagated the deal to bring the format to the U.S. I talked to Ben very early on and then I saw the press announcements that NBC picked up the show and then they hired Audrey ...
The Legal Beat: Why Is Rap Music Still On Trial?
This is The Legal Beat, a weekly newsletter about music law from Billboard Pro, offering you a one-stop cheat sheet of big new cases, important rulings, and all the fun stuff in between. This week: A deep dive into how prosecutors are still using rap lyrics to convict the artists who wrote them; a bold new argument centered on “teetotaling” in the Prince estate’s fight against ‘Purple Rain’ wine; a big copyright settlement for Lizzo after years of litigation over her smash hit ‘Truth Hurts,’ and more. THE BIG STORY: Why Are Rap Lyrics Still Cited In Court? “It made absolutely no sense,” Ezra Rosenberg told me, speaking about the 2008 murder conviction of a New Jersey man named Vonte Skinner. Rosenberg, an attorney who worked with the ACLU on Skinner’s case, was specifically talking about t...
FTX Ventures bets $100M on financial services firm Dave
FTX.US will be the official crypto partner of Dave as part of the sealed strategic partnership The exchange will also guide the firm’s entry into the digital assets space Crypto exchange FTX via its venture capital arm FTX Ventures has invested $100 million into Dave, a mobile banking company. This goes along with the ongoing payment industry’s wave towards a focus on systems that support crypto products. Even firms such as MasterCard and Visa that have previously dealt with legacy payment systems have launched initiatives to facilitate payments via crypto assets. PayPal and its Venmo platform added support for crypto last year, while JackDorsey’s Cash App allows US users (bar New York) to send BTC via the Lightning Network. FTX.US will help Dave enter the digital asset s...
FTX exchange expands operation by launching Australian unit
The exchange completed an acquisition to gain the required regulatory license to launch in Australia FTX Australia will offer locals derivatives and other market-leading products Sam Bankman-Fried led crypto exchange FTX has revealed that it’s launching a new service for its customers in Australia. The leading global exchange announced the creation of FTX Australia in a statement published yesterday. The exchange said that Australian consumers will get exposure to market-leading products and services, including derivatives and a collection of exchange and over-the-counter products. CEO Sam Bankman-Fried was keen to point out that the launch of the subsidiary would allow users to conduct their activity on a locally regulated and licensed platform. Though Australians have previously be...
