Schlagwort: blockchain markets

• eToro has agreed to cease most of its crypto trading activities after settling with the SEC.
• the company will pay a fine of $1.5 million and delist all coins except Bitcoin, Ethereum and Bitcoin Cash.

eToro will end most of its crypto trading activities following the company’s settlement with the US Securities and Exchange Commission.

A SEC press release on Sept. 11 said that eToro USA had agreed to a settlement with the regulator over charges of operating an unregistered broker and clearing agency. The trading platform will pay $1.5 million in settlement and will “cease and desist” from any further violations of federal laws related to the offering of unregistered securities.

eToro will now only offer a limited set of cryptocurrencies on its platform, the SEC wrote in the announcement.

“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries,” Gurbir S. Grewal, director of Division of Enforcement at SEC, said.

eToro to list only three crypto assets

The SEC settlement has seen eToro announce changes to its crypto offerings. As part of the agreement, the platform will only offer US customers access to Bitcoin, Ethereum and Bitcoin Cash.

“From September 11, 2024 eToro users based in the United States are only able to open (buy) new crypto positions in BTC, BCH, and ETH. It is not possible to open new positions in any other cryptoassets,” eToro said in its announcement.

US customers holding other crypto assets on eToro will have 180 days from the SEC’s order date to withdraw their assets to the eToro wallet. This will be open until March 11, 2025.

eToro will, within a week of the end of this timeline, liquidate any cryptocurrencies not transferred and return the proceeds to customers. The key date users might want to note is March 18, 2025.

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• Grayscale’s launch of SUI Trust has boosted SUI price by over 16% to above $1.
• The new Grayscale trust provides institutional investors with a new entry point into SUI.
• Institutional endorsements are increasingly influencing cryptocurrency valuations.

Grayscale, a prominent cryptocurrency asset management firm, has announced the launch of its Grayscale SUI Trust.

The new Grayscale trust is designed specifically for accredited investors, providing them with a unique opportunity to invest in SUI and aligns with Grayscale’s broader strategy to enhance institutional investment pathways into the cryptocurrency market.

By leveraging its market presence, Grayscale aims to drive interest and capital inflow into promising altcoins like SUI.

Impact on SUI price

Following the announcement, SUI’s price experienced an impressive 16.63% increase, climbing from $0.89 to $1.04.

This rapid ascent underscores the influence of institutional endorsements on the valuation of cryptocurrencies, demonstrating how such endorsements can rapidly boost investor confidence.

The immediate market reaction to the Grayscale SUI Trust launch reflects a growing trend of institutional involvement in digital assets. Analysts have noted that the substantial price increase is driven by heightened interest from both retail and institutional investors.

This trend illustrates the growing legitimacy and acceptance of alternative cryptocurrencies, supported by endorsements from established financial institutions.

The broader cryptocurrency market, including major assets like Bitcoin (BTC), is also experiencing notable movements.

The launch of the Grayscale SUI Trust not only elevates the profile of SUI but also underscores the pivotal role of institutional investment in shaping cryptocurrency markets.

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• Flowcarbon have refunded investors after failing to launch the Goddess Nature Token (GNT).
• The GNT token was meant to tokenize carbon credits but faced market and regulatory challenges.
• Flowcarbon raised $70M in funding but continues to face delays in the carbon market.

Flowcarbon, a blockchain-based carbon credit platform co-founded by former WeWork CEO Adam Neumann, has begun refunding investors after the highly anticipated launch of its “Goddess Nature Token” (GNT) was cancelled.

The startup, which promised to revolutionize carbon markets by tokenizing carbon credits, cited tough market conditions and resistance from carbon registries as the primary reasons behind the failure to launch.

The failed GNT token launch

Some investors, including the prominent venture capital firm Andreessen Horowitz, have been waiting over a year for the launch, which never materialized.

The refunds, confirmed by Flowcarbon’s spokesperson reportedly began a few weeks ago. According to the spokesperson, the refunds to retail GNT buyers were ready since last year but have been delayed due to delays in the industry.

Notably, the refund process required purchasers to sign waivers of claims against the company and agree to confidentiality terms.

The GNT was designed to be backed 1:1 with carbon credits, certificates that large corporations use to offset their carbon emissions. Tokenizing these credits would have allowed broader investor participation in the carbon market.

Despite its promising concept, Flowcarbon failed to overcome the technical and regulatory challenges associated with the project.

However, despite the setback, Flowcarbon remains active in the climate finance sector. The startup raised $70 million in Series A funding in May 2022, with major backers like Andreessen Horowitz, General Catalyst, and Samsung NEXT. While at least $38 million of that sum came from the sale of Flowcarbon’s token, it remains unclear if retail investors were included.

The broader market for energy and environment-related tokens currently holds a market cap of $186 million, with Powerledger’s POWR and Energy Web’s EWT accounting for 94% of that value.

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• Artificial Superintelligence Alliance revealed a proposal for a merger with CUDOS.
• The native token of CUDOS, an AI compute platform, will convert to FET if proposal passes a community vote.

The Artificial Superintelligence Alliance has announced a proposal seeking to merge the alliance with decentralized physical infrastructure network (DePIN) platform CUDOS.

SingularityNET, Fetch.ai, and Ocean Protocol merged into one entity under the ASI alliance, and the new development means CUDOS will join as a non-founding member.

ASI proposes CUDOS merger

ASI announced the merger proposal on Sept. 11, while the CUDOS team also posted this on their X account.

📢 ATTENTION! HUGE NEWS INCOMING 📢

CUDOS and the Artificial Superintelligence Alliance (@ASI_Alliance) propose a game-changing strategic token merger to propel AI research and development 🔎

CUDOS, a leader in distributed AI computing, is set for a landmark token merger with… https://t.co/C2V0h28urD

— CUDOS (@CUDOS_) September 11, 2024

Details of the proposal include the assertion that the distributed AI computing provider will be a crucial addition to the ASI Alliance.

Notably, its says CUDOS, which taps into blockchain to offer scalable, cost-efficient and flexible cloud AI services, will help the Artificial Superintelligence Alliance’s quest to become a leader in artificial general intelligence (AGI).

“This partnership is not just about combining our resources; it’s about creating a seamless ecosystem where AI and blockchain technology can thrive together, pushing the boundaries of what decentralized AI can achieve. By leveraging CUDOS’ powerful computing network within the ASI framework, we’re setting the stage for groundbreaking advancements in AI that will redefine the future of technology and pave the way for decentralized AGI and ASI,” said Matt Hawkins, founder of CUDOS.

CUDOS token migration

If both CUDOS and ASI communities pass the proposal in a vote set for September 19 to September 24, 2024, then the CUDOS token will convert to Artificial Superintelligence Alliance’s token (FET).

According to details in the announcement, the CUDOS to FET conversion ratio will be 112.427:1. A 5% merge fee will be applied to bring it to roughly 118.344:1.

The price of CUDOS token rose sharply after the news, reaching highs of $0.01 before paring gains. CUDOS’ daily trading volume was up 113% to over $1.2 million at the time of writing.

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• Nubank halts Nucoin trading to protect users from market volatility.
• Nucoin tokens can be redeemed for Bitcoin or USDC until December 9.
• Financial concerns, including rising non-performing loans, prompted the move.

In a surprising turn of events, Nubank, the prominent Brazilian fintech company, has announced the immediate suspension of trading for its Nucoin cryptocurrency.

This decision, unveiled in a blog post on September 10, is intended to shield users from potential market volatility associated with the digital asset.

Nucoin will not be tradable after redeeming deadline

Nubank, known for its innovative digital banking services, introduced Nucoin in late 2022 on the Polygon blockchain following a partnership between Nubank and Polygon. The cryptocurrency was part of a rewards program designed to offer customers various perks, such as discounts and exclusive benefits.

However, as of now, all trading activities related to Nucoin within the Nubank app have been halted. This includes the suspension of both purchases and sales of the token.

For those who currently hold at least 1,745 Nucoins, there is still an opportunity to redeem their tokens for Bitcoin or USD Coin (USDC) until December 9.

After this deadline, Nucoins will no longer be tradable but can still be used to access in-app benefits and products.

This move reflects Nubank’s shift in focus from active trading to maintaining a stable user experience within its platform.

Concerns over Nubank’s financial stability

The abrupt policy change comes amid growing concerns over Nubank’s financial stability. Recent scrutiny has highlighted rising levels of non-performing loans within the bank’s portfolio, which have reached levels above industry norms.

Despite a notable surge of over 60% in Nubank’s stock this year, analysts have raised concerns about the bank’s valuation, considering it potentially overvalued.

While the exact reasons for the sudden suspension of Nucoin trading remain unclear, it is evident that Nubank aims to mitigate any further financial risks and stabilize its operations amidst a challenging economic environment.

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