Kategorie: Crypto Markets

CoinFLEX, a renowned crypto futures exchange, has filed for restructuring in a Seychelles court.

This comes two months after the exchange temporarily halted withdrawals before allowing a limited withdrawal mid-last month.

The recent move with filing for restructuring is part of the exchange’s efforts to address a shortfall caused by a counterparty that failed to make a margin call.

The exchange has however said that it intends to get approval from depositors and the court on a proposal to give recovery value USD (rvUSD) tokens, equity, and locked FLEX coins to depositors.

Portraying optimism, the Chief Executive Officer of CoinFlex, Mark Lamb, said:

“We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”

Previous events

On June 23, CoinFLEX suspended withdrawals citing the harsh crypto market conditions and uncertainty involving a counterparty. The exchange then went ahead to suspend the trading of its native token, FLEX Coin (FLEX), Spot trading, and perpetual contract trading.

On July 22, the exchange proposed a plan to compensate depositors amid its efforts to recover the over $84 million debt owed by a “large individual customer.”

Mid-July, CoinFLEX partly reopened withdrawals allowing customers to withdraw 10% of their assets for a week. It also went ahead to cut down its workforce in order to lower the cost of running its business.

The crypto exchange has also outlined its focus on recovery plans that would enable it to regain insolvency. The firm said it was open to new acquisitions, and equity investors.

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Nuri, a German startup crypto bank, yesterday evening announced that it had filed for insolvency after what it calls a “lasting strain” on its business liquidity due to “significant macroeconomic headwinds and the cooling down of public and private capital markets.”

The startup bank said that 2022 has been a difficult year coming from the Corona pandemic and current political market uncertainties following the ongoing Russian invasion of Ukraine.

The crypto bank which has about 500,000 customers also cited other factors including major crypto sell-offs and the insolvency of Celsius and other crypto funds.

In a tweet, Nuri however assured its customers the move will not affect their services and customer funds and investments. The tweet reads:

“Nuri filed for insolvency on Tuesday, August 9th, 2022. This does not affect our services, customer funds or investments.”

Seeking the safest path forward

Nuri has maintained that the insolvency does not affect the funds of their users’ accounts saying that all funds are safe because of a partnership with Solarisbank AG.

Customers will still have access to their accounts and they can deposit and withdraw all funds freely at any time. The bank also stated that its services will remain unchanged and its app, product, and services will continue to run normally.

Nuri crypto bank

Nuri, formerly named Bitwala, is headquartered in Berlin and was founded in 2015.

It offers crypto savings accounts, portfolio investment portfolios called Nuri Pots, and crypto trading services. Most notably, Nuri charges 1% trading fees on crypto trading.

The post German crypto bank Nuri files for insolvency citing a “lasting strain” appeared first on CoinJournal.

Stellar (XLM) and Avalanche (AVAX) coins are rallying after Robinhood announced today that it has added them to the list of tradable digital assets on the popular trading app.

AVAX and XLM are now on Robinhood @avalancheavax @StellarOrg #CryptoListing https://t.co/QtzBwskSdo

— Robinhood (@RobinhoodApp) August 8, 2022

 At the time of writing, XLM was trading at $0.1314 up 6.04% over the past 24 hours while AVAX was trading at $29.73 up 7.5% over the past 24 hours.

Both Avalanche and Stellar Lumen coins have been on a bullish trend since the beginning of August and the news of listing on Robinhood could send the prices of the tokens skyrocketing to new highs. The news has also come at a time when investors and crypto traders believe the crypto market is making a U-turn from its recent bear market.

Robinhood’s expansive crypto offering

Robinhood, which is predominantly known for stock trading, is known for its conservative listing policy especially when it comes to digital assets. But it has significantly expanded its crypto offering list this year.

Robinhood ventured into cryptocurrency in February 2018 by listing Bitcoin and a very small selection of altcoins. Later that year, the popular meme coin, Dogecoin (DOGE) was listed on Robinhood. The listing of Dogecoin sent the price of DOGE skyrocketing and forced the likes of Shiba Inu to start petitioning the trading app to also list it.

In early April 2022, the popular trading app added Solana (SOL), Shiba Inu (SHIB), and Polygon (MATIC) before adding Chainlink (LINK) in late June.

Early this year, Robinhood also started rolling out crypto wallets to allow users to withdraw cryptocurrencies from exchanges. 

The post Stellar (XLM) and Avalanche (AVAX) take off after listing on Robinhood appeared first on CoinJournal.

Binance CEO Changpeng Zhao has said that the global cryptocurrency exchange “never completed” the purchase of Indian crypto exchange WazirX.

Zhao’s comments come after India’s financial crime watchdog announced it had frozen WazirX assets worth over 646 million rupees (about $8 million, £6.7 million). The freeze, India’s Enforcement Directorate (ED) said in a Friday announcement, followed an investigation around money laundering, and which involved 16 fintech companies.

In its press release, the ED says:

“Zanmai Labs Pvt Ltd – the company owning WazirX Crypto Exchange – has created a web of agreements with — Crowdfire Inc. USA, Binance (Cayman Islands), Zettai Pte Ltd Singapore — to obscure the ownership of the crypto exchange.”

Binance CEO Zhao said in a tweet:

“On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX.”

2/ On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX.

— CZ 🔶 Binance (@cz_binance) August 5, 2022

According to CZ, as the Binance chief is popularly known around the crypto ecosystem, his platform “only provides wallet services for WazirX.” 

This, he noted, is only offered as a technological solution and that the Mumbai-based company handles all other exchange aspects, including user registration, Know Your Customer (KYC) and trading among others.

“Recent allegations about the operation of WazirX and how the platform is managed by Zanmai Labs are of deep concern to Binance. Binance collaborates with law enforcement agencies all around the world. We would be happy to work with ED in any way possible,” CZ added.

ED said its investigations into WazirX started in 2021 and the platform has not cooperated with the agency.

The post Binance never completed the WazirX acquisition, CZ says appeared first on CoinJournal.

Immerse play-and-earn MMORPG games platform, Mummy.io has announced a partnership with Polygon Studios to scale its metaverse and allow its community to access more opportunities.

The partnership will help Mummy to introduce new NFT collections and in-game utility integrations to enhance the experience of players of the P&E game. Polygon Studios is an ecosystem that hosts a myriad of Web3 companies including lending dApps, decentralized exchanges, sports betting, play-to-earn games, NFTs, and DAOs.

Over the past 7 months, Polygon has grown tremendously seeing over 19,000 dApps joining the platform.

First airdrop of Stelae NFTs

Along with announcing the partnership, Mummy.io also announced the launch of its first airdrop of Stelae NFTs, which is the first artifact of a Series of 3 with a Demo Chapter 1: Battle of Ankhahur the Fallen in summer 2022.

The airdrop offers special utilities and features to encourage gamers and NFT collectors.

Mummy.io said that the airdropped NFTs will be minted on Polygon, something that would make Mummy.io benefit from low gas fees, high speeds, and reduced latency. Mummy also aims at leveraging the flexibility, sovereignty, and scalability of Polygon while at the same time ensuring interoperability, security, and structural benefits in a competitive manner.

The MMORPG games

MMORPG is a more complex game genre than other video game genres and Mummy’s team has come out clearly to point out the challenges it faces when developing its games. According to the developers, MMORPG requires specialized software and secure integration of blockchain technology.

The team is hoping to combat these challenges with the onboarding of Polygon and also boost their go-to-market strategy and the process of game development.

With the Polygon partnership, Mummy aims to reach out to 3D gamers around the globe and bring AAA gaming standards to the next level.

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