Kategorie: Crypto Business

• Hotbit has announced that it will be halting its operations as from 22 May 2023.
• The exchange cites the deterioration in operating conditions and the change in the cryptocurrency exchange trends among reasons for the decision.
• The exchange has asked its users to withdraw their funds before June 21, at 4:00 am UTC.

Hotbit, a cryptocurrency exchange that has been in operation for over 5 years, has announced that it will be shutting down all operations.

A notice to customers from the exchange’s team on Monday noted that operations would be halted as from 22 May 2023, at UTC 04:00. Users have been asked to withdraw their remaining assets before June 21, 2023 at UTC 04:00.

Why did Hotbit shut down?

The decision to halt activities is down to multiple factors, including the deterioration of operating conditions and the change in the cryptocurrency exchange trends.

It’s time to take a bow 🙇
For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful crypto show with 5 million users. However, it is with great regret that we have made the decision to stop all CEX operations from May 22, UTC 04:00. We kindly ask all…

— Hotbit News (@Hotbit_news) May 22, 2023

“After the Hotbit management team was forced to suspend operations for several weeks due to the investigation in August 2022 the industry has experienced a series of crises, including the collapse of FTX, bank crises causing USDC off-peg incidents, resulting in continuous outflows of funds from CEX users, including Hotbit, and deteriorating cash flow,” the announcement read.

However, Hotbit also suffered from a number of problems, including repeated cyber-attacks and the exploitation of project vulnerabilities by malicious actors.

Hotbit was founded in 2017 and quickly became one of the most popular cryptocurrency exchanges in the world.

The exchange’s shutdown comes at a time when the crypto industry is still navigating the negative impact of major collapses.

It’s also within an environment where regulators have increasingly tightened their crackdown on the industry. The past few months have seen major players like Coinbase, Ripple and Binance take the lead in asking for greater clarity in regulation from US regulators.

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• The integration will allow Acredius’ investors to use Cardano’s cryptocurrency, ADA, to invest in SMEs.
• Acredius will also deploy smart contracts on the Cardano blockchain, allowing for the tokenization of loans.
• ADA price has struggled to break above $0.37 since the rejection at around $0.46 in mid-April.

Acredius, a Swiss lender that provides financing to small and medium-sized businesses (SMEs), has launched on the Cardano blockchain.

The integration will allow Acredius’ investors to use ADA, the native token of the Cardano blockchain, to invest in SMEs and will also provide greater investment flexibility and transparency, the fintech platform said.

In addition, Acredius will deploy smart contracts on Cardano. This will allow for the tokenization of loans, which will make it easier for retail investors to participate in the lending market.

We are thrilled to announce our collaboration with @Cardano_CF to bring the power of blockchain to fintech.

Acredius will deploy smart contracts on the Cardano Ecosystem, supporting growth opportunities for SMEs.

Learn more about this: https://t.co/XQqQCX8vC2#Cardano

— Acredius (@Acredius_AG) May 19, 2023

Cardano to help Acredius revolutionise the lending marketplace

Acredius is a Swiss fintech platform that helps investors and borrowers shape the future of the economy by supporting small and medium-sized businesses (SMEs). The company provides a marketplace where investors can lend money to SMEs, and borrowers can access capital to grow their businesses.

The collaboration with Cardano could spark further adoption of the ADA token, providing new impetus for its value to rise in the future. Elsewhere, it enhances Cardano’s growing ecosystem and outlines the positive impact of blockchain technology in the world.

ADA price outlook

The price of Cardano has been trading below $0.4 since the retreat from the highs of $0.46 in mid-April. ADA bulls have found it difficult to break above $0.37, and the bearish outlook is likely to be helped by a broader lull in the crypto market.

If ADA breaks below the support level of $0.35, it could fall to the next support level of $0.31. However, should bulls reclaim the $0.40 in coming weeks, a retest of the resistance level at $0.43 could rally to the next resistance level currently at $0.48.

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• The Miami International Securities Exchange (MIAX) is owned by Miami International Holdings (MIH).
• The acquisition deal was announced in April and approved by the bankruptcy judge on May 4.
• LedgerX is one of the FTX assets the bankruptcy court approved for sale in January.

The Miami International Securities Exchange (MIAX) has today completed acquiring LedgerX, which is one of the FTX assets the court had approved for sale.

LedgerX operated as an exchange and clearinghouse and was regulated by the United States Commodity Futures Trading Commission (CFTC).

MIAX expansion into the swaps and futures industry

According to the CEO of MIAX, Thomas Gallagher, the acquisition of LedgerX is “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry.”

In an April tweet, the CEO of OPNX, a cryptocurrency exchange co-founded by Three Arrows Capital (3AC) founders claimed that MIAX was also an investor in the firm.

The acquisition process started in April when the involved parties entered into a $50 million purchase agreement. The agreement was, however, approved on May 4 by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware and it has taken almost 15 more days to complete the purchase.

FTX assets approved for sale

LedgerX was among the four FTX subsidiaries that were approved for sale in January by the Delaware court. The other three are FTX Japan, FTX Europe, and the stock-trading platform Embed.

On May 17, FTX filed a lawsuit against the former FTX CEO Sam Bankman-Fried, former engineering director Nishad Singh, and co-founder Gary Wang for failing to apply due diligence when acquiring Embed. FTX paid $200 million when acquiring the stock trading platform.

It was reported that 117 prospective buyers expressed interest in the four assets out of which 56 wanted to acquire LedgerX.

The post Miami International Securities Exchange acquires FTX subsidiary LedgerX appeared first on CoinJournal.

• The partnership is through Venom Africa.
• Venom seeks to establish a “blockchain hub” in Africa.
• The hub will focus on the development of Web3 and blockchain technology applications.

Just over fifteen days after launching the public testnet of its L1 blockchain, Venom Foundation has announced a strategic partnership with the Government of Kenya through Venom Africa. The partnership is a great step towards establishing a “blockchain hub” in Africa focusing on the development of Web3 and blockchain technology applications.

Expressing enthusiasm for the partnership, the Cabinet Secretary for Investments, Trade and Industry, in Kenya, Moses Kuria said:

“We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

This partnership with @VenomFoundation through @venomafrica signifies Kenya’s stance towards next-gen technology, financial and technological developments, and will catalyze further innovations in various industries, benefitting people both nationally and globally.

— CS Moses Kuria (@HonMoses_Kuria) May 9, 2023

This partnership is aimed at driving innovation in key sectors like financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, in Kenya and the entire African continent.

Impact on financial services

Currently, more than 84% of the Kenyan population has access to financial services through banks and fintech.

The implementation of blockchain infrastructure will increase value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra-African trade lines.

By advocating for the adoption of blockchain technology, Venom Foundation is seeking to endow African communities and create a bridge between traditional finance and trade with the web3 world. It also wants to stimulate regional economic growth by enabling seamless cross-border trade and transactions.

The population will benefit from:

• Minimized transaction costs
• Enhanced security and transparency
• Increased access to financial services
• Expedited settlement times for cross-border transactions
• Creation of new investment opportunities through asset tokenization.
• Economic development and financial inclusion across the continent.

Venom’s blockchain hub in Africa

The blockchain hub will be a central platform for building partnerships with innovative companies in Africa.

Venom will also supply crucial resources and tools to support African countries in developing a solid foundation for digital transformation including blockchain-based solutions for land registry, voting systems, and supply chain management among other areas. Venom will primarily be seeking to promote efficiency, transparency and trust across various sectors in Africa.

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• The new platform is a privacy-enabled blockchain dubbed the Canton Network.
• Canton Network allows for interoperable and synchronised transactions in finance, unlocking efficiency and innovation.
• Microsoft is a supporting partner and joins companies such as BNP Paribas, Deutsche Börse Group, and Goldman Sachs.

Microsoft is among several global tech and finance companies looking to advance interoperabiloty in the financial markets via a new privacy-enabled blockchain network.

The institutional-focused blockchain is dubbed the Canton Network and will offer access to a decentralised infrastructure targeted at unlocking the potential of synchronised financial markets, according to details shared in a press release on Tuesday.

The Canton Network consortium includes crypto platform Digital Asset, investment banking providers BNP Paribas and Goldman Sachs and auditing giant Deloitte. Other partners are Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s, and Paxos among others.

Harnessing the power of blockchain technology

Created as a ‘network of networks’, Canton will see previously siloed systems within the financial markets ecosystem interoperate – with industry players benefiting from aspects such as proper governance, privacy, and permissioning applicable to the highly regulated sector.

Apart from harnessing the power of blockchain, the project will also look to advance integration of Web3 and AI in the financial industry.

Rashmi Misra, the General Manager AI & Emerging Technologies, Business Development at Microsoft, said:

“We are excited to be a supporting partner of the Canton Network. We look forward to helping the financial community build and scale cloud enabled Web3 applications on Azure while harnessing the power of AI to improve the user experience and drive developer adoption.”

Canton Network participants are set to test the interoperability capabilities of the platform starting in July. Users will be able to execute atomic transactions across multiple smart contracts, with rapid cross-chain settlement, privacy and security.

Adoption of blockchain technology and digital assets among financial institutions and payments providers has picked up again after a lull that came with the turmoil of the crypto winter and regulatory uncertainty.

Recent moves in this direction have been made by companies like Visa and Mastercard.

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