Kategorie: Crypto Business

Voyager Digital filed for bankruptcy earlier this month and is now looking to settle its clients soon.

Struggling cryptocurrency broker Voyager Digital has asked the federal bankruptcy court to honour withdrawal requests from its clients.

According to the company’s filings, there are customer withdrawals worth over $350 million currently held by Metropolitan Commercial Bank. 

Voyager Digital pointed out that it has around $1.3 billion worth of cryptocurrencies on its platform. However, it also held more than $350 million in a For Benefit of Customers (FBO) account at Metropolitan Commercial Bank.

The cryptocurrency broker added that it has claims against Three Arrows Capital exceeding $650 million.

Voyager Digital’s July 14 filing with the US Bankruptcy Court for the Southern District of New York said;

“The debtors have determined, in their business judgment, that failure by the debtors to honor withdrawals any longer could materially harm customer morale during these Chapter 11 cases. Reinstating access to withdrawals will alleviate customer concerns that access to their cash held in the [Metropolitan Commercial Bank] accounts, and the integrity of the platform, is restored.”

In its court filing, the cryptocurrency broker asked the bankruptcy court to allow it to conduct other financial actions. 

Some of these actions include liquidating assets from customer accounts with negative balances, “sweep cash” held in third-party platforms and exchanges, conducting “ordinary course reconciliation” of the customer accounts, continuing cryptocurrency staking and “granting related relief.”

The bankruptcy court has scheduled a hearing for August 4 at 11:00 a.m. Eastern Time. 

Voyager Digital was one of the leading cryptocurrency brokerage platforms prior to its bankruptcy. The bear market has affected the performance of numerous cryptocurrency companies, including the likes of Celsius and Babel Finance.

The total cryptocurrency market cap stands below $1 trillion, down from the all-time high of $3 trillion recorded in November 2021. 

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The hard fork testnet will take place on August 2nd, and the mainnet launch will be a month later.

The COTI team has announced in a Medium post that it is gearing up for its biggest upgrade yet. The network will undergo a hard fork testnet in three weeks, with the mainnet launch scheduled for a month after that.

According to the COTI team, the hard fork will transition COTI from a single currency infrastructure to a multi-token layer. The team added that during this hard fork, COTI is launching MultiDAG 2.0. With this change, also comes a new token standard: CMD (COTI MultiDAG).

COTI said it has been working hard to make its solution fit the enterprises’ needs, and the launch of MultiDAG 2.0 will enable it to do so. 

The MultiDAG 2.0 protocol will permit branded enterprise tokens to be generated and minted in seconds on top of COTI’s Trustchain. The tokens will come with Trustchain features like scalability, high throughput, lower costs, and seamless payment applications.

According to its roadmap, COTI said after MultiDAG 2.0 goes through its Testnet, and Mainnet trial periods, MultiDAG 2.0 will be officially initiated by creating a hard fork transaction that will be attached to DAG and confirmed by network consensus. 

The change will be followed by the launch of a new token standard: CMD (COTI MultiDAG).

Once this happens, new tokens can be generated, transferred, and burned on the Trustchain as long as the utilized Full Node supports MultiDAG 2.0 protocol, the team added. 

While commenting on this latest development, Shahaf Bar-Geffen, COTI’s CEO, said: 

“CMD, the New Token Standard for COTI, represents the MultiDAG 2.0 launch and is the most significant milestone for COTI. By Supporting the issuance of tokens on top of our protocol, we are accomplishing our vision in becoming the enterprise layer 1. Years of hard work have culminated in this game-changing event, and I can’t wait to see more enterprises using COTI’s technology”.

Ahead of the hard fork, COTI nodes are required to update their nodes in the next 15 days, until August 2nd. The hard fork MultiDAG 2.0 testnet deployment will be on August 2nd, while the hard fork MultiDAG 2.0 mainnet deployment will happen approximately one month later.

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Dubai is becoming one of the most favourable destinations for cryptocurrency companies. 

OKX, one of the leading cryptocurrency exchanges in the world, announced on Thursday, July 14th, that it had gained approval to operate in Dubai, the United Arabs Emirate.

According to its press release today, OKX said it had been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE.

The licence was issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing the exchange to provide certain exchange products and services to pre-qualified investors and financial service providers within the UAE.

The cryptocurrency exchange added that it would also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem within the region.

Lennix Lai, General Manager, OKX Dubai, commented on this latest development, stating that;

“The MENA region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that will be so important to the development of this space while innovating for the future in a regulated framework.”

OKX has become one of the leading cryptocurrency exchanges in the world and continues to build despite the ongoing bear market. 

Tim Byun, Global Government Relations Officer, OK Group, said the company is excited to expand its reach to the UAE. he stated that;

“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry. We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s Virtual Assets Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future.”

Thanks to this latest development, OKX said it would be participating in the VARA regulatory ecosystem. The crypto exchange will help by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.

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• WhaleFin logo will be on Atletico Madrid’s game kits starting in the 2022/2023 season.
• The crypto platform’s parent company is the club’s Official Global and Main partner and also Digital Lifestyle partner.
• WhaleFin recently sealed a partnership with English soccer giants Chelsea.

WhaleFin, the flagship digital asset platform of Amber Group, is the official kit sponsor of Atletico Madrid after a landmark five-year deal signed earlier this week.

The crypto platform’s logo will be on the front of the Spanish soccer giant’s games kits, according to an official announcement on the Madrid-based club’s website.

Official global partner and digital gateway

Atletico Madrid confirmed Amber Group is now the club’s Official Global and Main Partner, with their partnership starting in the upcoming 2022/2023 season. Amber Group will be the club’s Official Digital Wealth and Digital Lifestyle Partner.

The collaboration will see the crypto company help the soccer giant advance its digital finance innovation, as well as boost fan experience via metaverse initiatives.

Importantly, Amber Group and its crypto platform will be the fans’ digital asset gateway, with “exclusive rights to establish the club’s virtual island dubbed “Atletiverse.” Per the two companies, the metaverse project will be powered by Amber Group’s Web3 platform Openverse.

WhaleFin and the Atletico Madrid Foundation will also collaborate on sustainability and conservation programmes.

The deal with Atletico Madrid adds to the one Amber Group has with Premier League club Chelsea, which will see the WhaleFin logo displayed on the London-based club’s shirt sleeves. 

Teams across European soccer have inked major deals with crypto firms, including Manchester United with blockchain platform Tezos and Manchester City with OKX.

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Animoca Brands, a leader in the Web3 game ecosystem, has raised more than $75 million in an investment as it looks to boost development of the open metaverse.

The company, which has made several key investments across projects such Axie Infinity, OpenSea, Yield Guild Games, Dapper Labs (NBA Top Shot), Eden Games and Harmony, has raised the funds just slightly under seven months after securing nearly $359 million at a $5 billion valuation.

Investors in Animoca’s latest funding included Liberty City Ventures, SG Spring Limited Partnership Fund, Kingsway Capital, 10T, Alpha Wave Ventures, Generation Highway Ltd and Cosmic Summit Investments Limited among others, the firm said in a blog release.

Advancing the open metaverse 

Animoca Brands, which is taking a major lead in the establishment of the open metaverse via multiple initiatives in blockchain, digital entertainment, and gamification, says it will use the fresh capital to further this goal.

“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership,” said Yat Siu, the co-founder and executive chairman of Animoca Brands.

According to the company, the money will go into strategic acquisitions, product development and investments in the space. 

The firm will also use the funds to secure intellectual properties licences, with key areas of advancement being blockchain and NFTs, DeFi, GameFi and asset interoperability.

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