Kategorie: Crypto Business

• Cameron Winklevoss has slammed DCG CEO Silbert for ‘Bad Faith Stall Tactics.’

• DCG-owned Genesis currently owes users of crypto exchange Gemini’s Earn product some $900 million.

• DCG CEO Silbert has denied the accusations. 

Winkelvoss slams Silbert over bad-faith stall tactics 

Cameron Winklevoss, the co-founder of the Gemini crypto exchange, penned an open letter over funds reportedly owed to Gemini Earn customers.

The letter comes after brokerage platform Genesis halted customer withdrawals in November amid the downfall of FTX. Genesis is owned by Digital Currency Group (DCG).

Following the halting of withdrawals, Genesis owes users of crypto exchange Gemini’s Earn product some $900 million. 

Cameron Winklevoss has now called out DCG’s CEO Barry Silbert over what he regards as “bad faith stall tactics.”

Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4

— Cameron Winklevoss (@cameron) January 2, 2023

Winklevoss stated that DCG and Silbert are deploying evasive tactics in the ongoing saga. The Gemini co-founder wrote that the cryptocurrency exchange has repeatedly tried to find a consensual resolution to the dispute with Genesis and DCG over returning funds to its users. However, Winklevoss claims that Silbert and his companies are not handling the matter with urgency. He wrote that;

“We appreciate that there are startup costs to any restructuring, and at times things don’t go as fast as we would all like. However, it is now becoming clear that you have been engaging in bad faith stall tactics.”

Winklevoss added that Silbert has so far declined to enter into a room with Gemini executives to resolve things. Silbert has also refused to agree to a timeline with key milestones, Winklevoss added. He stated that;

“After six weeks, your behavior is not only completely unacceptable, it is unconscionable. The idea in your head that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy.”

DCG owes Genesis over $1.6 billion

Cameron Winklevoss revealed that DCG owes Genesis $1.675 billion, citing various figures that Silbert shared with investors two months ago. 

There is a $575 million loan due in May 2023 and another $1.1 billion promissory note due in June 2032. 

DCG did not borrow $1.675 billion from Genesis

DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023

DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response

— Barry Silbert (@BarrySilbert) January 2, 2023

While responding to this latest cryptocurrency news, Barry Silbert refuted the claims that DCG owes Genesis over $1.6 billion. He added that DCG recently sent a proposal to Genesis and Gemini regarding the issue. Silbert said;

“DCG did not borrow $1.675 billion from Genesis. DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023. DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.”

Winklevoss proceeded to urge Silbert to publicly commit to solving the crisis on or before January 8. However, Silbert is yet to reply to this request. 

The post Gemini’s Winklevoss calls out DCG over “bad faith stall tactics” appeared first on CoinJournal.

• The new Binance Feed version features new utility, including fully customizable user profiles.
• The platform has registered more than 1 million daily active users and 1,200 content creators since its launch in October.
• Binance Feed offers access to content across 400+ cryptocurrency and Web3-focused topics.

Global cryptocurrency exchange Binance has today unveiled new features for its Web3-focused social platform Binance Feed.

According to details the exchange shared with CoinJournal on Thursday, the new features will allow users to experience crypto news and content creation seamlessly on different devices. 

The updated version also features a redesigned profile section that offers full customizability for creators and a ‘poll’ and ‘emoji animations’ section that allows for dynamic and interactive engagements for the community members.

That’s not all. 

According to the press release, there’s a “comment” feature that the community can tap into to foster greater engagement and participation.

A platform for latest Web3 news and trends

Binance launched the Binance Feed platform in October this year, designing it as a single touchpoint for the crypto community to access the latest trends and news in crypto and Web3. The social platform brings together content creators, thought leaders and influencers and covers more than 400 topics within the crypto and Web3 space.

“Binance Feed gives me news on the move and at times faster than Twitter. That’s the reason why I am using it. Compared to other platforms, Binance has a more active base of users, and the feeds are more timely,” Anndy Lian, a Binance Feed contributor, said in a statement.

Since its debut, the social platform has registered nearly one million daily active users, with 50% month-over-month growth. There are also more than 1,200 creators currently sharing content, while some of the leading crypto publications have registered more than 30,000 followers already.

The service has been accessible on the App Pro Mode since its launch, and also on desktop from November this year.

The post Binance rolls out new features for Web3-focused social platform Binance Feed appeared first on CoinJournal.

• Polygon co-founder Sandeep Nailwal has helped launch a Web3-specific accelerator run by top Web3 veterans.
• Beacon Accelerator started in October with a cohort of 15 companies and 30 founders
• The inaugural cohort will last 12 weeks and see founder pitch their projects more than 300 leading Web3 investors in January 2023.

Sandeep Nailwal, the co-founder of blockchain network Polygon and Web3-focused investment firm Symbolic Capital, has launched another founder-led project aimed at advancing the growth of the Web3 ecosystem.

The new project Beacon Accelerator launched today, 20 December 2022 under the leadership of some of the most prominent figures in the crypto and Web3 space. It’s a Web3-specific program by founders for founders, Nailwal said in a press release shared with CoinJournal.

As such, Beacon’s founders are from various sectors key to Web3 development, including experts across legal, fundraising, security, and operations.

Core contributors who’ll run the project alongside Nailwal include former DCG chief security Uri Stay, former Sequoia Capital VP Prateek Sharma, and Symbolic Capital co-founder Kenzi Wang. Among topics this team of ‘Core Contributors’ will focus on as they offer mentorship and advice to Beacon’s founders include GameFi, DeFi, metaverse, and consumer apps.

An inaugural cohort of 15 companies and 30 founders

Beacon’s inaugural cohort comprises 15 companies and over 30 founders and started in October. The twelve-week program offers access to topnotch mentors and builders in Web3, remotely available from 12 cities in nine countries.

Mentors for the first cohort will include ecosystem founders, investors, and operators, with such names as Magic Eden co-founder and CEO Jack Lu, Origin Protocol founder Matt Liu and Coinfund partner Evan Fang.

As noted in today’s press release, the inaugural program ends this January and will see projects pitch to a gathering of over 300 leading Web3 investors during a Demo Day to be live streamed across the world.

Nailwal on founding Web3 projects 

Commenting on the launch of the accelerator program and its place in Web3 development, Nailwal said that founding a Web3 project is markedly different from Web2 startups. Founders cannot follow the same playbook applicable in Web2 and that Beacon will help projects navigate the ecosystem.

“Our ultimate goal is to build the greatest network of web3 founders in the world,” Nailwal said, adding that his experience after going through the Binance Labs accelerator had taught him something.

“I found that the greatest resource in any accelerator is the other founders going through the program alongside you. We think that as our alumni network grows, the overall quality of projects being built in web3 will increase as founders help each other find success,” he explained.

The post Polygon founder launches Web3 accelerator Beacon appeared first on CoinJournal.

• OnePlanet will help MTDZ expand to Polygon as the P2E game looks to reach more users globally.
• Sandbox Network is a prominent YouTube Multi-Channel platform in South Korea with 3 billion monthly views.
• MTDZ 2.0 will launch in early 2023, while a P2E game dubbed Meta Toy City is in closed beta test.

OnePlanet, an NFT Marketplace powered by Polygon, has teamed up with Sandbox Network to help with the worldwide expansion of the P2E NFT game Meta Toy Dragonz (MTDZ).

Sandbox Network is a popular YouTube Multi-Channel Network in South Korea that has over 3 billion monthly views across gaming, sports and entertainment. The platform’s partnership with Polygon-powered OnePlanet is targeted at offering the technical and ecosystem support necessary to grow MTDZ around the world.

MTDZ expansion on Polygon

As noted in a press release shared with CoinJournal on Tuesday, Sandbox Network already has a Web3 presence via its own NFT Meta Toy DragonZ on the Klaytn blockchain. 

The new collaboration will thus help MTDZ create and expand via Meta Toy World (MTW), multi-chain games and metaverse. It’s also set to see the MTDZ ecosystem expand through integration on the Polygon network.

OnePlanet CEO Pryce Cho commented that its partnership with Sandbox Network brings MTDZ to the most suitable ecosystem for any project looking for global expansion. OnePlanet will continue to support projects on Polygon, he added.

The expansion of MTDZ from Klaytn to Polygon will see a re-branded MTDZ 2.0 go live early next year. 

The project will also officially release its P2E game dubbed Meta Toy City, which is based on MTDZ’s IP in 2023. Currently, MTC is in a Closed-Beta Test that launched this month and will benefit from marketing support from OnePlanet, including through minting and marketplace services.

The post OnePlanet partners with Sandbox Network to expand P2E game MTDZ appeared first on CoinJournal.

• Ark Invest has invested another $3.2 million in Coinbase, bringing its total shares to 5.8 million.

• COIN is up by nearly 4% during Thursday’s pre-market trading session.

• Coinbase has underperformed this year and could record losses by the end of the year.

Ark Invest purchases $3.2 million worth of Coinbase shares

Cathie Wood’s Ark Invest revealed a few hours ago that it had purchased $3.2 million worth of Coinbase shares (COIN). The investment firm continues to increase its exposure to the company despite the ongoing bear market.

Following this latest development, Ark Invest now holds 5.8 million COIN shares, worth approximately $228 million. COIN is a part of its tech-focused ARK Innovation ETF (ARKK) as the company doubles down on investments during the bear market.

The latest investment comes a few days after Ark Invest purchased 78,982 shares of Coinbase shares at $3,184,554.24. 

COIN has responded positively to the news of Ark Invest’s latest investment. The stock price is up by 3.8% during Thursday’s pre-market trading session and is now trading at $40.19. 

COIN is down by 83% YTD

Despite performing well over the past few hours, COIN has underperformed since the start of the year. Year-to-date (YTD), COIN has lost 83% of its value, thanks to the broader cryptocurrency market experiencing a bearish trend.

COIN began the year trading at $251 per share but is now trading just above $40 per share. Bitcoin and the other leading cryptocurrencies have lost more than 75% of their value over the last 12 months, a major factor that affected COIN’s performance.

Brian Armstrong, the CEO of Coinbase, revealed earlier this month that he expects the company’s 2022 revenue to decline by 50% or more compared to what they recorded in 2021. He said;

“Last year in 2021, we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down, it’s looking, you know, about roughly half that or less.”

In 2021, the company generated around $7 billion in revenue, but market analysts expect the figure to drop to $3.2 billion in 2022. 

The post Cathie Wood’s Ark Invest buys another $3.2 million worth of Coinbase shares appeared first on CoinJournal.