Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Crypto lending firm Genesis to cease offering crypto trading

  • Genesis has been providing trading services through its international Genesis Global Capital (GGC) division.
  • Genesis allegedly owes its top 50 creditors $3.5 billion.
  • In August Genesis and DCG reached an “agreement in principle” permitting creditors to get the majority of their money.

Digital Currency Group (DCG) subsidiary and cryptocurrency loan company Genesis will no longer provide spot and futures trading for digital assets through its British Virgin Islands affiliate.

A Genesis spokeswoman said in a statement on September 14 that the company will “voluntarily and for business reasons” discontinue its trading services for digital assets across all of its subsidiaries. Genesis has been providing trading services through its international Genesis Global Capital (GGC) division in the British Virgin Islands.

The action comes after Genesis Global Trading (GGT), a company connected to DCG but not involved in the same bankruptcy proceedings as Genesis Global Capital (GGC), declared that it will stop providing cryptocurrency spot trading services.

In November 2022, GGC stopped withdrawals, citing “unprecedented market turmoil” before filing for bankruptcy in January 2023. According to reports from January, the company may have let go of up to 30% of its employees in order to market unregistered securities through Gemini’s Earn program.

Legal entanglements surrounding DCG subsidiaries

The last year has seen a lot of activity in the market due to the bankruptcy, legal, and regulatory entanglements between the different DCG subsidiaries and crypto businesses (DCG is also the parent company of Grayscale Investments).

Following the collapse of the cryptocurrency exchange FTX, Genesis announced losses and blamed Three Arrows Capital for its own downfall.

Genesis and DCG reached an “agreement in principle” in August, according to a statement from DCG, permitting creditors to get the majority of their money. Genesis lenders later labelled the agreement as “wholly insufficient” because the company apparently owes its top 50 creditors $3.5 billion.

The post Crypto lending firm Genesis to cease offering crypto trading appeared first on CoinJournal.

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Just in: Bitwave acquires payments and accounting platform Gilded

  • The two companies have not disclosed the acquisition price.
  • Bitwave completed a $15 million Series A investment round in December 2022.
  • Gilded has over 130 enterprise clients, including mining companies.

Bitwave has bought the payments and accounting platform Gilded. The acquisition is anticipated to improve Bitwave’s enterprise solutions, which already include features for crypto payments and invoicing as well as tax tracking and bookkeeping software.

Ken Gaulter, chief technology officer of Gilded, will also join Bitwave’s technical team as a result of the acquisition. Only a few months had passed since Bitwave purchased Multisig Media before this acquisition.

In a note to a popular media house, Pat White, Bitwave’s co-founder and CEO, said:

“We see digital asset payments as faster as and cheaper than traditional payment rails— and in this hyperconnected economy, we expect that to be a game changer for businesses.”

Gilded operations

Gilded was established in 2018 by a group of developers and accountants. It was established with the intention of assisting businesses with the integration of crypto solutions into their accounting and financial reporting procedures.

Gilded has over 130 enterprise clients, including mining companies, non-fungible token exchanges, decentralized autonomous organizations, and accountancy firms, according to its Crunchbase profile. The clientele of Gilded will use Bitwave’s platform in addition to its currently available products.

Expansion of Bitwave

Bitwave completed a $15 million Series A investment round in December 2022 to grow its cryptocurrency solutions and cater to the intricate accounting needs of businesses. The financing was spearheaded by Blockchain Capital and Hack VC. Additionally, Deloitte, one of the Big Four accounting firms, and Bitwave recently announced a cooperation to provide business capabilities including linking blockchain data to ERP systems.

Acknowledging Gilded’s acquisition, White added that they “believe that crypto payments are the future. With instant settlement and incredibly low fees, financial institutions are starting to recognize the massive opportunity afforded by this technology.”

The agreement was reached soon after new accounting guidelines for digital assets were published by US regulators. The US Financial Accounting Standards Board approved recommendations on September 6 regarding how businesses should disclose the fair value of their cryptocurrencies on balance sheets.

The post Just in: Bitwave acquires payments and accounting platform Gilded appeared first on CoinJournal.

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Ripple expands Liquidity Hub to Brazil and Australia

  • Ripple’s Liquidity Hub has now expanded to Australia and Brazil, with users able to tap into the platform to manage their crypto liquidity.
  • The Liquidity Hub also now supports USDT and USDC stablecoins.

Ripple has opened up its Liquidity Hub platform to businesses across Brazil and Australia, according to details shared via a blog post published on Thursday.

The Liquidity Hub, which launched in April this year, is Ripple’s solution to the challenges that faced the company’s cross-border payments offering and allows for a simplified access to crypto for businesses.

Customers can tap into the digital asset platform when looking to manage their crypto liquidity in terms of ease of access and cost. The solution can benefit any business operation that wants to unlock an efficient payments experience for its customers, including point-of-sale merchants and crypto ATMs.

“Liquidity is one of those key components that make crypto possible — it underpins every element of crypto, and by extension, Ripple’s business as well as any other company that is interested in leveraging the power of crypto solutions for business,” Brad Chase, Ripple’s Head of Liquidity Products, wrote in a blog post.

According to Ripple, managing liquidity is all about having value “available at the right time, for the right cost, and at the right place to meet customers’ needs.”

New features include support for stablecoins

In addition to opening the platform’s availability to users in Brazil and Australia, Ripple Labs announced it had added support for USDT and USDC stablecoins. The blockchain company has also improved the trading UI and service level agreements (SLAs) to streamline operations users such as NFT marketplaces, brokers and crypto ATMs.

Ripple also eyes a sandbox environment and other features for the platform, which Chase said will add to the overall functionality and user experience.

The post Ripple expands Liquidity Hub to Brazil and Australia appeared first on CoinJournal.

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Pro says ‘longer term momentum is starting to break in Bitcoin’

  • Wolfe Research analyst is concerned on recent price action in Bitcoin.
  • Rob Ginsberg explained why in a research note on Thursday.
  • The world’s largest cryptocurrency printed a Death Cross this week.

Bitcoin slipped below the key $25,000 support this week which a Wolfe Research analyst finds concerning.

Why is Rob Ginsberg worried about Bitcoin

The world’s largest cryptocurrency tested that level in June as well but ended up rebounding strongly from there.

But the fact that it broke below that strong support this time even if it did so only briefly is worrying because of what it says about the price momentum, as per Rob Ginsberg.

Longer term momentum is starting to break in bitcoin. This is often one of our more reliable warning signs … crypto landscape is growing every more concerning.

Ginsberg is currently bearish on the crypto market at large since Bitcoin is not the only one that challenged crucial levels in recent days.

Bitcoin recently made a Death Cross

Note that Bitcoin has also recently printed a “Death Cross” – its 20-day MA crossed below the 200-day MA that is broadly read as a sign of shifting sentiment and a possible downward trend in technical analysis.

If the $25,000 level does not hold, the next support in Bitcoin is at $20,000.

The Wolfe Research analyst also finds it concerning for the crypto space that its second-in-command – Ether is also currently trading at the key $1,600 level. His research note on Thursday reads:

As the retail investor comes under pressure and liquidity is drained, our concerns will only grow for crypto prices.

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Zilliqa inks strategic alliance with Google Cloud

  • Zilliqa looks to strengthen blockchain infrastructure with strategic alignment with Google Cloud.
  • The cloud provider joins Zilliqa’s staked seed node operators to help bolster the network’s scalability, flexibility, resilience, and data availability.
  • Zilliqa announced the strategic agreement at TOKEN2049 in Singapore.

Zilliqa had a major announcement yesterday at the TOKEN2049 blockchain conference. As industry players gathered in Singapore for one of the biggest crypto events of the year, Zilliqa’s team took the opportunity to disclose a multiyear strategic alliance with cloud computing giant Google Cloud.

The partnership with Zilliqa will see the L1 blockchain “enhance” its scalability, data availability and resilience. 

ZIL price reacted higher following the news to trade above $0.0164.

Google Cloud becomes staked seed node operator

Per details in a blog post, the collaboration with the Google company means ventures across Zilliqa Group and the broader ecosystem have an opportunity to tap into a robust platform for decentralised applications (dApps) and Web3 services.

Part of the strategic collaboration also involves Google Cloud becoming a Staked Seed Node (SSN) operator, with the company’s participation set to boost Zilliqa’s overall decentralisation.

 “Our strategic alliance with Google Cloud is more than just a technological collaboration; it’s a strategic alignment to further the ambitions of our group of ventures and revenue-generating organizations. Google Cloud’s expertise in infrastructure, combined with their role as a staked seed node partner, underscores our commitment to excellence, both within the Zilliqa Group of companies and across the wider ecosystem,” said Matt Dyer, CEO of Zilliqa Group.

Multiple crypto projects have looked to tap into Google Cloud’s extensive infrastructure and expertise to bolster their networks. 

Yesterday’s announcement by Zilliqa comes just a day after interoperability protocol LayerZero announced integration with the leading cloud services provider. As CoinJournal highlighted, Google Cloud is now the default verifier on the cross-chain communication protocol developed by LayerZero Labs. 

The cloud provider also partnered with Coinbase in October last year, the two firms noting the deal was aimed at promoting the Web3 ecosystem.

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