Monat: Mai 2024

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Google Cloud becomes a key node validator for Fantom (FTM)

  • Fantom partners with Google Cloud as a key node validator to boost DApp development.
  • Google Cloud’s infrastructure and AI capabilities will enhance Fantom’s ecosystem.
  • FTM price shows little reaction despite the trading volume surging by 34%.

Fantom (FTM) has partnered with Google Cloud, which will now serve as a key node validator for the platform.

The collaboration is set to enhance the development and performance of smart decentralized applications (DApps) on Fantom, leveraging Google Cloud’s robust infrastructure and artificial intelligence (AI) capabilities.

This partnership builds on an existing relationship where Google Cloud indexes Fantom’s data in BigQuery as part of its public datasets program. By deepening this collaboration, Fantom aims to capitalize on its Directed Acyclic Graph (DAG) protocol’s scalability and secure a larger market share.

Incentivizing innovation in the Fantom (FTM) ecosystem

Beyond validating transactions, Google Cloud will play a crucial role in incentivizing innovation within the Fantom ecosystem.

The partnership is designed to empower developers to create the next generation of secure and engaging DApps.

Google Cloud’s infrastructure is renowned for its scalability, security, and resilience, making it an ideal backbone for Fantom’s ambitious plans.

Validator role to eventually transition to Sonic Network

While Google Cloud will handle validator responsibilities on Fantom’s Opera Network following this partnership, there are plans to transition these duties to the new Sonic Network, which is compatible with the Ethereum Virtual Machine (EVM).

This shift is part of Fantom’s broader strategy to pivot in the smart contract space, enhancing its ecosystem’s performance and developer appeal.

Fantom price jumps on the news

While the partnership announcement has had a little impact on the price of Fantom (FTM), the trading volume has surged by 34% to $239,543,832, indicating growing interest and optimism among investors.

As the partnership unfolds, the entire Fantom ecosystem is expected to benefit from improved performance and increased developer engagement, potentially driving FTM’s price higher.

The strategic alliance with Google Cloud marks a significant milestone in Fantom’s journey towards becoming a leading platform for smart DApps and decentralized innovations.

The post Google Cloud becomes a key node validator for Fantom (FTM) appeared first on CoinJournal.

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Riot Platforms wants to buy Bitfarms for $950 million

  • Riot Platforms offers $950M to acquire Canadian Bitcoin miner Bitfarms.
  • Bitfarms is facing leadership turmoil amid CEO Geoffrey Morphy’s lawsuit.
  • The merger would create largest publicly listed Bitcoin miner by capacity.

Riot Platforms, a prominent Bitcoin miner and Bitfarms’ largest shareholder, has made a hostile takeover offer of $950 million for Bitfarms, a Canadian Bitcoin mining company.

Riot’s buyout offer represents a 24% premium over Bitfarms’ one-month volume-weighted average share price as of May 24, 2024.

Shareholders to own 17% of Bitfarms after Riot’s takeover

Riot Platforms, already the largest shareholder in Bitfarms with a 9.25% stake, had initially approached Bitfarms’ board with a private offer on April 22.

However, following the rejection of the offer, Riot has now taken the proposal public.

The deal would involve a combination of cash and common stock, with Bitfarms shareholders standing to own approximately 17% of the merged entity.

Bitfarms’ disputes with former CEO

The timing of Riot’s bid coincides with a period of transition and turmoil within Bitfarms’ management. The company has been grappling with the departure of its CEO, Geoffrey Morphy, who was dismissed in May amidst a legal dispute.

Morphy’s abrupt exit and subsequent lawsuit against Bitfarms for breach of contract and wrongful dismissal have raised questions about the company’s leadership stability and governance practices.

Riot Platforms has seized upon these developments to assert its case for the acquisition, alleging that certain directors, including Bitfarms’ co-founders Nicolas Bonta and Emiliano Grodzki, may not be acting in the best interests of shareholders.

Riot has pledged to push for the addition of new, independent directors to Bitfarms’ board through a special shareholders meeting scheduled after the company’s upcoming Annual General and Special Meeting on May 31.

Bitfarms’ disappointing earnings compared to Riot Platforms

Notably, Bitfarms’ disappointing earnings in 2023, despite a costly technical upgrade, have contributed to its vulnerability.

Analysts had expected better performance post-Bitcoin halving, but Bitfarms’ April earnings dropped 29% year-on-year.

In contrast, Riot reported a 131% increase in net income in Q1 2024, reaching $211 million.

If successful, the combined entity would emerge as the largest publicly listed Bitcoin miner, boasting significant self-mining and power capacities.

Riot Platforms envisions leveraging this enhanced scale and operational efficiency to drive future value creation for shareholders and strengthen its competitive position in the burgeoning cryptocurrency mining industry.

The post Riot Platforms wants to buy Bitfarms for $950 million appeared first on CoinJournal.

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Notcoin (NOT) near top 100 by market cap amid price surge

  • Notcoin (NOT) price jumped 20% on Tuesday as the new token continued to rise.
  • Currently with a market cap of $942 million, Notcoin looks primed for a break into the top 100 coins.

Bitcoin, Ethereum and Solana have all slipped 3% in the past 24 hours. This in turn sees most of the crypto market struggling.

However, Notcoin (NOT), Celestia (TIA) and memecoins Floki and Pepe are among the exceptions as momentum keeps them in the green.

Notcoin price soars, token on cusp of breaking into top 100 coins

Notcoin, a recently launched crypto token, has outperformed amid bullish projects and could break into the top 100 coins by market cap if gains hold.

As CoinJournal highlighted on Monday, the price of NOT went vertical as bulls rode a fresh surge in interest. Key to this is Notcoin’s airdrop announcement and the unveiling of a passive earning feature.

According to data from CoinGecko, Notcoin (NOT) token has pumped 20% in the past 24 hours to reach $0.009873. NOT price is currently at $0.009197, indicating a 61% increase this past week. NOT ranked second behind Pepe (PEPE) as top trending tokens last week.

Notcoin has a total supply and circulating supply of 102,708,221,600.

The fully diluted valuation (FDV) stands at just over $942 million. Per CoinGecko, at current prices, the altcoin’s market cap of $942 million puts it in 107th spot among largest cryptocurrencies.

In terms of ranking, NOT has flipped EOS and IOTA. Notcoin is likely to overtake Tezos and Sythentix Network, which are 105 and 102 respectively with market caps of $948 million and $980 million.

The post Notcoin (NOT) near top 100 by market cap amid price surge appeared first on CoinJournal.

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Former FTX exec Ryan Salame sentenced to 90 months in prison

  • Ryan Salame sentenced to 90 months in prison.
  • Former FTX executive’s sentencing comes two months after former CEO Sam Bankman-Fried was sentenced to 25 years in prison.

Former FTX executive Ryan Salame has been sentenced to 90 months in prison, the United States Attorney for the Southern District of New York Damian Williams has announced.

Salame previously pleeded guilty

Salame’s sentencing comes two months after former FTX CEO Sam Bankman-Fried received a 25-year sentence.

Previously, Salame had pleaded guilty to DOJ charges, including conspiracy to make unlawful political donations, plans to deceive the Federal Election Commission and conspiracy to run an unlicensed money transfer business. 

The prosecution said he worked on these alongside Bankman-Fried and other top FTX executive Nishad Singh.

As well as the 7.5-year sentence, the court has imposed a $6 million forfeiture and over $5 million in restitution order against the ex-FTX exec. He also faces a sentence of three years of supervised release.

In a statement following the sentencing, Williams said:

“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law.  Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system.  Today’s sentence underscores the substantial consequences for such offenses.”

Salame became co-CEO of FTX Digital Markets Ltd, the Bahamas-based affiliate of the FTX crypto exchange that collapsed in 2022.

The post Former FTX exec Ryan Salame sentenced to 90 months in prison appeared first on CoinJournal.