Kategorie: Crypto Business

In its most recent SEC filing, business intelligence software company MicroStrategy has revealed its intention to buy more Bitcoin, Bloomberg reported yesterday. With over 129,000 BTC in its possession, MicroStrategy is already the largest corporate shareholder of Bitcoin.

The prospectus, filed on Friday, stated that MicroStrategy has entered into an agreement to sell $500 million in shares of Class A common stock to investment bank Cowen & Co.

Despite the uncertainties and fluctuations in the Bitcoin market, the firm intends to continue to pursue its goal of acquiring more BTC:

“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”

While no specific date was provided for the sale, the firm also added that it aims to retain future earnings for either the purchase of additional Bitcoin or the development of the software business.

As recently shown by Bitcoin Treasuries data, MicroStrategy’s BTC reserve has dipped to nearly $2.8 billion. This could be a motivator for the firm’s intentions to buy the dip.

Bitcoin traded below $20,000 last week, a steep decrease from its all-time high of $68,789 in November 2021. Further wild fluctuations in the price of Bitcoin could impact its decision on future holdings, the firm explained:

“Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering”

The company further stated that it may sell Bitcoin to generate cash for “treasury management and other general corporate purposes.” However, it has no plans to trade derivative contracts with its holding. The firm will continue to monitor market conditions to determine its further steps.

In August, MicroStrategy co-founder Michael Saylor stepped down from his position as CEO to focus on his advocacy efforts on Bitcoin holding.  

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• Revolving Games raised $12 million in pre-seed financing and another $13.2 million in seed funding from investors led by Animoca Brands and Pantera Capital.
• The company will use the capital to develop its blockchain-based games.
• Its ‘Skyborne Legacy’ title on Polygon is expected in early October.

Gaming studio Revolving Games has closed a $25 million funding round as it looks to advance development of blockchain-based games, according to details shared on Friday.

The funding includes a pre-seed financing round that netted the Web3 game developer $12 million from investors and a further $13.2 million in new capital raised in a seed round.

Revolving Games to release game on Polygon

The company, founded in 2020 as a mobile game studio and before the Web2 era began to pave way for Web3, raised the funds over the past two and half years. Top venture firms Pantera Capital and Animoca Brands are among prominent investors to back the investment.

“Web3 gaming is one of the most innovative and rapidly developing sectors within the crypto industry, and we’re proud to be in the vanguard of this digital revolution,” Pantera Capital general partner Paul Veradittakit commented.

Other investors backing the blockchain-focused game developer are Polygon, Kenetic, Dapper Labs and Permanens Capital Partners. Rockstar Games co-founder Dan Houser, who is an adviser at the company, also participated in the latest round.

Revolving Games plans to use the funds to build AAA blockchain games, including a second title to add to its Battlestar Galactica. As noted in the press release, the second title will be a blockchain-based MMO game dubbed ‘Skyborne Legacy’.

The game will be anchored on the Polygon blockchain. Skyborne Legacy is set for release in early October.

“With 2 studios and a team of 100+, we’re committed to building high-quality AAA titles that are fun and lasting. We understand that any successful game starts first with constructing vast online worlds, and we’ve brought in key hires and strategic investors to help us do that,” the team tweeted.

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Calypso Pay users can now enjoy support for additional cryptocurrencies on the Tron (TRX), Polygon (MATIC) and BNBChain (BNB). 

Calypso Pay, an all-in-one crypto processing & acquiring platform, announced on Tuesday, September 6th, that it has added support for new currencies on Tron, Polygon and BNBChain. 

According to the company, the list of new currencies includes USDT TRC-20, USDT on Polygon, MATIC, BNB and BUSD. Thanks to this latest development, Calypso Pay users can now make and accept payments in the added cryptocurrencies. 

While commenting on this latest development,  Alexey Korneev, Operations Director, said;

“We at Calypso Pay work hard to provide one of the best solutions on the market for our customers. Previously Calypso Pay allowed its customers to accept payment with USDT ERC-20, BTC, ETH, USDC, and many others — today, we’re glad to announce we’re adding support for new blockchains and now enable our users to operate with USDT TRC-20, MATIC, USDT on Polygon, BNB and BUSD with more coins to follow to cover the growing demand of our users.”

Calypso Pay enables users to receive payments from their clients fast and in a secure way. With Calypso Pay, users can create invoices and/or use a payment widget to accept payments, initiate payouts for individuals or make payments to up to 1000 recipients at the same time. Furthermore, the platform allows users to manage their finances and more. 

This latest development comes a few weeks after Calypso Pay partnered with WatchData, a platform that helps web3 developers seamlessly interact with the blockchain, to launch Tron Mass Payouts.

The solution enabled customers to quickly set up Tron payouts to tens of thousands of addresses while saving both time and money on fees. 

The company said it plans to increase functionality for Tron in its platform in the coming months. The adoption comes at a time when the broader cryptocurrency is experiencing a bear market.

BNB, MATIC, and TRX have all lost more than 50% of their values over the past few months. 

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SEC regulated Waves Financial plans to use the acquisition to expand its reach across Europe and globally.

Wave Financial, a digital asset investment manager regulated by the US Securities and Exchange Commission (SEC), has acquired Geneva based crypto asset manager Criptonite Asset Management, according to a press release shared with CoinJournal.

Per the announcement, the acquisition is subject to regulatory approval. However, Los Angeles-based Wave Financial has taken a minority stake in Criptonite and expects to complete a full acquisition – the company’s first in Europe – by the end of the year.

The acquisition comes after an initial strategic partnership between the two companies in 2021.

Demand for managed digital asset funds

Criptonite is regulated by Swiss Financial Markets Supervisory Authority (FINMA) and its managed digital assets-focused products are targeted at institutional and accredited investors only.

Europe has seen this group of investors increasingly look for exposure to the crypto investment asset class, particularly around digital asset funds.

The demand has also seen multiple offerings, including crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs), hit the European market. On the growing list of providers are companies such as ETC Group, Fidelity International, Grayscale and Valour Inc.

By acquiring Criptonite, Wave is positioning itself towards curving a share of the market to provide its digital asset funds and products to qualified investors.

Matteo Dante Perruccio, President International at Wave Financial commented:

“We have seen unprecedented demand from institutional and other accredited investors for professionally managed digital asset funds in Europe. There seems to be a flight to quality taking place, so it makes sense to take our relationship with Criptonite to the next level.”

According to Perruccio, Wave Financial’s acquisition of the Swiss firm is its first outside the United States. However, the company plans to seal further partnerships and acquisitions across the globe to bring its diverse products and solutions to investors.

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Bybit plans to add USDC spot pairs and other products to its retail and institutional clients.

Crypto derivatives exchange Bybit has partnered with digital financial technology firm Circle Internet Financial, the issuer of stablecoins USD Coin (USDC) and Euro Coin (EUROC), in a collaborative effort that will see Bybit launch USDC spot pairs.

The partnership will also see the integration of other USDC-settled products to help accelerate Bybit’s growth as a leading gateway for both institutional and retail traders, the two companies said in a press release.

“We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations,” said Ben Zhou, co-founder and CEO of Bybit.

The initiative comes months after Bybit added support for USDC options, which was the crypto market’s pioneering “stablecoin-margined options contract”. The exchange plans to add Ether and Solana options. 

“After the success of our USDC options, it was opportune to further develop our working relationship with Circle, which has a reputation for openness and integrity in their services and development of cutting-edge financial technology,” Zhou added.

Apart from spot trading and options, ByBit plans to offer other products such as perpetual contracts to further the growth and adoption of USDC. 

The exchange will also leverage its technology to enable instant, automated conversions between the US dollar (USD) and USDC. This will also apply to other Circle-issued stablecoins, Bybit noted.

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