Kategorie: Crypto Business

After hinting at plans to go public before the end of this year, eToro has today announced that it has canceled all plans for public listing on the Nasdaq stock market.

Nasdaq had initially signed an agreement with a top firm called Fintech Acquisition Corp V, a company that does mergers and asset acquisitions, for a public listing on Nasdaq and all systems were go for the public listing. However, the two companies have settled on a mutual agreement for eToro not to go public yet.

eToro noted that there will be no need for paying any fees after canceling the agreement since the termination was mutually agreed on by the two companies.

eToro finances are fine

Dispelling fears of eToro being in a financial crunch, the CEO, Yoni Assia, in a statement stated that eToro remains committed to providing core services and it is still in a good financial position.

Interestingly, the CEO went ahead to say that eToro had seen massive revenue growth in the second quarter of this year compared to the end of last year even as the crypto market continues to undergo a meltdown.

eToro has been rigorously fighting the effects of the declining crypto market and announced cutting about 100 employees last week due to the market conditions.

The cancellation of the agreement to have eToro go public is bad for both eToro and Fintech Acquisition Corp V.

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The Las Vegas Loop is a network of transit tunnels constructed by Boring Company, which Elon Musk founded in 2016.

Elon Musk’s The Boring Company has reportedly added support for users of the Las Vegas Loop to pay for rides via Dogecoin (DOGE).

The Loop is a network of small tunnels dug by the company Musk founded in 2016, and which targets having 50+ Loop stops. For now, the Boring Company has opened its first stop at the Las Vegas Convention Center and uses human controlled Tesla vehicles that travel at speeds of about 35 mph.

Pay with DOGE at the Las Vegas Loop

A report by CNN says the company revealed plans to accept Dogecoin on the Loop transit system on Friday.

Currently, people can hop onto a Tesla on the Loop and enjoy a free ride. However, the company has indicated plans to introduce charges – $1.50 for single rides and $2.50 for a day pass.

Customers will pay for tickets by scanning a QR code, while those that don’t have DOGE will pay via credit card or US dollars.

Dogecoin and Musk

Tesla and SpaceX CEO Elon Musk is the highest profile supporter of Dogecoin, a cryptocurrency that launched in 2013. The cryptocurrency, which has inspired several others using the Shiba inu dog logo, became very popular in late 2020 and 2021 following Musk’s comments. 

During the bull market, the price of DOGE rose to highs of 73 cents. 

But Musk’s support of the meme coin has seen a class action lawsuit filed in the US alleging the billionaire’s tweets and comments amount to promoting a pyramid scheme.

But Musk recently said he has never asked anyone to purchase cryptocurrencies, vowing at the same time to continue supporting development of the Dogecoin blockchain and ecosystem.

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The bear market is in full swing and some cryptocurrency companies are starting to feel the heat.

Cryptocurrency broker Voyager Digital Ltd. has filed for Chapter 11 bankruptcy. This latest development comes as the bear market begins affecting the activities of various cryptocurrency firms. 

The firm filed for bankruptcy in the U.S. Bankruptcy Court of the Southern District of New York. Per the filing, Voyager controls assets worth between $1 billion and $10 billion.

Furthermore, the firm has around 100,000 creditors at the time of filing the bankruptcy. 

This latest development comes just a week after Voyager issued a notice of default to crypto hedge fund Three Arrows Capital (3AC). 3AC had borrowed 15,250 bitcoins and  $350 million in stablecoin USDC from Voyager, bringing the total sum to $675 million. 

Voyager CEO Stephen Ehrlich commented that;

“While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months and the default of Three Arrows Capital require us to take deliberate and decisive action now. The chapter 11 process provides an efficient and equitable mechanism to maximize recovery.”

3AC’s troubles began a few weeks ago when the cryptocurrency market recorded huge losses following the $60 billion collapse of algorithmic stablecoin TerraUSD (UST) and its sister cryptocurrency Luna.

The cryptocurrency hedge fund held about $200 million in LUNA and also suffered losses with its $40 million investment in staked ether (stETH). Despite having over $3 billion in assets under management, the losses that followed UST’s crash severely affected 3AC. 

Following Three Arrows’ failure to meet margin calls, Voyager obtained credit lines from the investment branch of Alameda Research. The firm obtained two lines of credit from Alameda Ventures, $200 million in cash and USD Coin and 15,000 bitcoins.

Voyager joins a list of cryptocurrency firms currently struggling to stay afloat. BlockFi and Celsius are some of the leading crypto lenders in the ecosystem and have struggled to continue operations as the bear market bites harder.

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A Visa VIP crypto credit card for Bitcoin  millionaires and billionaires is now officially available in the United Arab Emirates (UAE), giving holders a chance to join an exclusive club. 

Available by-invite to only 10,000 members across the globe, the bitcoinblack will offer holders the opportunity to convert their BTC or other major digital assets into spendable cash. 

With this, the card provides “the gateway” holders may need to splash their crypto wealth – with access to the world of luxury goods and services.

Premium benefits to members

A press release announcing the Bitcoin card teases several premium benefits to this private club. For one, users will enjoy no limit spending on their card at all Visa accepted locations.

They will also earn up to 10% rewards on the expenditure in an exclusive SPND token.The card’s holders can redeem their SPND tokens at Haute Living Luxury Marketplace, an online boutique with top of the range luxury watches, cars, purses, charter jet deals, and private mansion access among others will be available.

Prakash Chand aka ‘Dr. Crypto’ on Twitter is the CEO of bitcoinblack. He said the card has seen massive interest since its launch in 2021. Below is his tweet to the winner of a giveaway he announced on 2 July.

Congratulations to @Nicolya1996 on winning the bitcoinblack Visa card and joining the exclusive 10k members only club #bitcoin https://t.co/hIZdR9S4pj https://t.co/WvhRcK6dZO

— Dr. Crypto ® (@askthedr) July 3, 2022

Chand first invested in Bitcoin in 2011 and says he fancied the Visa card following a spike in crypto wealthy individuals who wanted a product that gives them the best way to spend their money and get rewarded while doing it.

“bitcoinblack is perfectly suited for high networth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted” he said.

According to Chand, all that a holder needs to do is “load up their crypto through the web app or soon-to-come secure bitcoinblack wallet app,” and they have instant access to the world of luxury available to members.

The post Bitcoin Visa card with ‘no-limit’ spend launches in the UAE appeared first on CoinJournal.

Popular cryptocurrency exchange KuCoin CEO Johnny Lyu took to Twitter to slam rumours stating an incoming ban on withdrawal due to the company’s insolvency difficulties. The executive reassured users that KuCoin is not experiencing a “coin crash” and has no exposure to recently fallen tokens.

The rumour started as a warning by a subcommunity in crypto twitter that told investors to remove all funds from the exchange before it imposes a ban on withdrawal due to it facing liquidity issues amid the suffering caused by high exposure to tokens like LUNA. This was promoted by prominent crypto twitter figures including @KongBTC and blockchain investigator @otteroooo. 

Calling these rumours unvetted an attempt to instigate fear, uncertainty, and doubt, Lyu explained that KuCoin has no stakes in LUNA, 3AC, Babel or any other recently collapsed token: 

“No ‘immense suffer’ from any ‘coin collapse’, no plan to halt withdrawal, everything on KuCoin is operating well”

Threatening the rumour mongers with legal action, the CEO pointed out that KuCoin completed a $150M fundraising round in May 2022 where its valuation was placed at $10B. Its strong position can also be understood by its increase in activity in the bear market and the launch of new features, he said.

Lyu further established KuCoin’s well-being by drawing attention to the fact that it is one of the few crypto companies to continue hiring for multiple positions despite the recent hiring freeze in major exchanges like Coinbase. He called upon investors to rely on their own judgement and trust the company’s commitment to transparency amid such FUD.

The CEO also confirmed that KuCoin will soon be sharing the company’s 2022 H1 review report with detailed information about its operations, shutting down any doubts about its insolvency.

The rumours about KuCoin come amid talk of coordinated attacks by hedge funds looking to short Tether in order to cause further panic after the LUNA collapse.  

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