Schlagwort: crypto business

• Synthetix’s SNX token today jumped 11% amid $27M Derive re-acquisition news.
• Synthetix plans to merge Derive’s options stack into Synthetix’s mainnet perps.
• The proposal will involve swapping 27 DRV for 1 SNX, with Synthetix minting new 29.3M SNX tokens.

Decentralised finance (DeFi) platform Synthetix has announced a $27 million token swap deal to re-acquire options trading platform Derive, a move that has catalysed a significant uptick in the SNX token’s market performance.

The SNX token jumped over 11% to hit an intraday high of $0.9564 following the announcement, lifting the SNX price to a 40% rally over the past week.

This boost in SNX price reflects both speculation around the token-swap deal and renewed optimism for the decentralised finance platform’s roadmap.

Synthetix’s token-swap deal to acquire Derive

Derive originally spun out from Synthetix under the name Lyra in 2021 before charting its own path, making this token-swap reacquisition a rare case of ecosystem re-consolidation in DeFi.

The proposed deal, outlined in Synthetix Improvement Proposal SIP-415, would see Derive token holders exchange 27 DRV for every 1 SNX, valuing the transaction at approximately $27 million.

To facilitate the acquisition, Synthetix would mint up to 29.3 million new SNX tokens, representing about 8.6% inflation of SNX’s current circulating supply.

These newly issued SNX tokens will be subject to a three-month lock-up followed by a nine-month linear vesting schedule to align long-term incentives.

Approval by both the Spartan Council and Derive governance is required before the on-chain token swap can proceed.

Should SIP-415 secure the necessary votes, Derive’s treasury, codebase, and team will be folded into Synthetix’s governance and operational framework.

This unification is intended to streamline governance, simplify architecture, and concentrate revenue flow through the SNX token to strengthen its DAO-driven value proposition.

In addition, the fusion of Derive’s CLOB-based derivatives stack with Synthetix’s on-chain liquidity and incentives model promises to expand the SNX token’s utility and cement Synthetix’s standing among leading crypto derivatives platforms.

Community reaction has, however, been mixed, with some Derive stakeholders criticizing the valuation and vesting terms even as SNX token holders anticipate enhanced network effects.

Laying the ground for Synthetix v4 deployment

Reintegrating Derive’s front-end infrastructure and options expertise into Synthetix is expected to accelerate the deployment of Synthetix v4, which includes launching a centralised limit order book (CLOB) derivatives exchange on Ethereum Mainnet.

Synthetix founder Kain Warwick described the move as reuniting “kids who built their own successful startups with the family business,” highlighting the cultural synergy between the two protocols.

By consolidating product, talent, and token economics under the SNX banner, Synthetix aims to offer a unified suite of crypto options and perps that can rival established platforms such as Deribit, dYdX, and Binance.

Analysts believe that a combined protocol with both advanced options trading and mainnet perpetual futures could mark a watershed moment for decentralised finance platform innovation.

Investors will be watching closely as the Spartan Council and Derive token holders prepare for vote timelines in the coming week, with a successful approval expected to set a new precedent for token-swap acquisitions in the sector.

The post SNX token rises as Synthetix moves to re-acquire Derive for mainnet perps appeared first on CoinJournal.

• Over 638,000 new wallets added in early 2025.
• WisdomTree report backs XRP as altcoin fit for crypto portfolios.
• Analysts predict breakout with targets of $3.40 to $6.00.

Ripple’s XRP has rebounded sharply in 2025, reclaiming its position as one of the top three cryptocurrencies by market capitalisation.

Once written off during the depths of the SEC lawsuit, the token has staged a powerful comeback, rallying 25% this past week and hitting a price of $2.57.

Its latest rise is fuelled not only by technical momentum but also by on-chain data that shows rising interest among both retail and institutional investors.

In the first few months of 2025 alone, XRP added more than 638,000 new wallets, an 11% increase.

This pushed the total number of active XRP wallets to near 6.5 million—marking the highest point in the network’s 12-year history.

This rise in user adoption is coinciding with a renewed focus on XRP as a credible alternative to Bitcoin in portfolio construction, supported by recent analysis from leading asset manager WisdomTree.

Wallet data signals rising user engagement

The dramatic uptick in wallet creation comes after years of regulatory headwinds that had suppressed activity on the Ripple network.

The growth in wallets is now being interpreted by analysts as a return of confidence in XRP’s long-term utility.

While speculation has always played a role in crypto movements, the consistent increase in active, non-empty wallets indicates a broader shift toward sustained user interest.

At the same time, WisdomTree—a global asset manager overseeing more than $100 billion in assets—released a report naming XRP as the only altcoin that aligns well with Bitcoin in a diversified crypto portfolio.

This institutional endorsement is seen as a key driver of renewed investor interest, especially as large holders typically seek coins with longer-term fundamentals and regulatory clarity.

Binance futures data highlights strong buyer interest

Beyond wallet statistics, trading data from Binance is also showing bullish momentum. XRP futures open interest, which had fallen to $530 million from a high of $1.5 billion, is rising again.

This metric tracks the total value of open derivative contracts, and its growth typically signals that traders are positioning for further volatility.

While some traders are taking short positions, on-chain analysts such as FundingVest (via Cryptoquant) suggest that these positions are being absorbed by buyers.

This dynamic could point to an upcoming breakout, particularly if resistance levels continue to weaken under buying pressure.

Funding rates have returned to neutral territory, which typically precedes major price shifts as leverage resets.

Liquidation patterns suggest market strength

Coinglass data supports the thesis of building bullish strength. XRP saw $6.86 million in liquidations over the past few sessions, with long and short traders contributing nearly equally to the total.

Notably, long-term holders accounted for $3.59 million, while short-sellers made up $3.27 million.

This even split indicates a battle between bulls and bears, but XRP’s ability to hold above $2.50 even during volatility suggests underlying resilience.

Technically, analysts are watching a bullish pennant pattern forming on XRP’s weekly chart. MackAttackXRP, a well-known chartist, points to potential targets of $3.40 and $3.60 if the breakout confirms.

More aggressive price targets in the $5.00–$6.00 range are also circulating, assuming broader market sentiment remains positive.

XRP is currently trading at $ 2.63 price, up by almost 4% in 24 hours, is viewed as part of a steady climb rather than a flash rally.

The $3 mark could be reached as early as the end of this week if momentum holds, though future gains will depend on whether buyer demand remains strong enough to overcome key resistance zones.

The post XRP wallet growth hits 6.5 million, price eyes $6 breakout appeared first on CoinJournal.

The stock brokerage and burgeoning crypto platform eToro is stepping into the Wall Street spotlight, having priced its initial public offering at $52 per share.

This move signals the company’s readiness to gauge investor appetite for new listings in a market still finding its footing after a period of volatility.

The Israel-based firm successfully raised nearly $310 million through the sale of almost 6 million shares, a transaction that pegs the company’s valuation at approximately $4.2 billion.

This pricing lands above its initially targeted range of $46 to $50 per share.

Alongside the company’s offering, existing investors are also divesting an additional tranche of nearly 6 million shares, further shaping the public float.

The path to this moment has been paved with cautious optimism.

The IPO market had shown signs of a potential resurgence earlier in the year, particularly following President Donald Trump’s return to the White House in January, which some hoped would break a prolonged drought influenced by rising interest rates and persistent inflationary concerns.

Indeed, CoreWeave’s successful March debut provided a glimmer of hope for other aspiring public companies, including eToro, online lending giant Klarna, and ticket reseller StubHub.

However, this nascent recovery faced headwinds.

“Tariff uncertainty temporarily stalled those plans,” the original article noted, capturing a period of market jitters.

Consequently, eToro, which had filed for its IPO in March, alongside Klarna and StubHub, opted to shelve its immediate ambitions as markets grappled with the implications of trade policy shifts.

A bellwether for risk? eToro’s debut and market sentiment

Now, as eToro prepares for its Nasdaq debut under the ticker symbol ETOR, its performance may serve as a significant litmus test for the broader public market’s willingness to embrace risk.

The IPO landscape is showing renewed activity; digital physical therapy company Hinge Health has commenced its IPO roadshow, revealing in a Tuesday filing its intention to raise up to $437 million.

Also on Tuesday, fintech innovator Chime submitted its prospectus to the SEC, indicating its own public market aspirations.

This follows the April move by another trading application, Webull, which went public via a merger with a special-purpose acquisition company (SPAC).

Crypto aspirations fueling growth and investor interest

Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro operates in a competitive landscape, challenging established players like Robinhood.

Its revenue model is built on fees tied to trading activities, such as spreads on buy and sell orders, and non-trading operations including withdrawals and currency conversions.

The company’s financial trajectory has been notable, with net income soaring almost thirteenfold last year to $192.4 million, a substantial increase from $15.3 million the previous year.

A significant driver of this growth has been its expanding crypto business.

Revenue from cryptoassets more than tripled to exceed $12 million in 2024, and crypto-related activities accounted for a quarter of its net trading contribution last year, up sharply from 10% in the prior year.

This isn’t eToro’s maiden voyage into the public offering process.

“In 2022, the company scrapped plans to hit the market through a merger with a special purpose acquisition company (SPAC) during a sharp downturn in equity markets,” the source material highlighted.

That earlier deal would have valued eToro at a considerably higher figure of more than $10 billion.

Despite the previous setback, CEO Yoni Assia remained committed to a public listing.

He told CNBC early last year that eToro was still aiming for a market debut but was “evaluating the right opportunity” while building relationships with exchanges, including the Nasdaq.

“We definitely are eyeing the public markets,” Assia stated at the time. “I definitely see us becoming eventually a public company.”

Adding a vote of confidence to the current offering, eToro disclosed in its prospectus that investment behemoth BlackRock had “expressed interest in buying $100 million in shares at the IPO price.”

The company further detailed its plan to sell 5 million shares in the offering, with existing investors and executives slated to sell an additional 5 million.

The underwriting syndicate for this significant financial maneuver includes industry heavyweights Goldman Sachs, Jefferies, and UBS.

The post eToro locks in $4.2B valuation, tests IPO waters with Nasdaq listing appeared first on CoinJournal.

• Robinhood has agreed to acquire WonderFi for US$179 million, marking its entry into Canada.
• The acquisition deal values WonderFi at CA$0.36 per share, a 41% premium.
• The deal includes the acquisition of Bitbuy and Coinsquare platforms.

Robinhood Markets has announced that it has agreed to acquire Vancouver-based WonderFi Technologies in an all-cash transaction valued at US$179 million, marking the retail brokerage’s official entry into the Canadian cryptocurrency market.

Under the terms of the deal, WonderFi shareholders will receive C$0.36 per share, representing a 41% premium over the firm’s closing price before the announcement, in a transaction that values the Canadian firm at approximately C$250 million.

Investors have responded positively to the news, sending Robinhood shares up 6.4% to trade around $61 on Wednesday, while WonderFi’s stock on the Toronto Stock Exchange jumped 34% to C$0.24, highlighting the market’s enthusiasm for cross-border crypto consolidation.

Veteran investor Kevin O’Leary, a prominent backer of WonderFi and Shark Tank personality, praised the acquisition as a testament to WonderFi’s “picks and shovels” approach, which focuses on durable infrastructure rather than speculative token bets.

O’Leary remarked in a recent interview that the proliferation of stablecoins and real-time settlement capabilities will play a more decisive role in crypto’s mainstream adoption than volatility-driven price rallies.

Robinhood’s entry into the Canadian market

Robinhood’s expansion into Canada via WonderFi complements the company’s mission to democratize finance for all, tapping into a market where retail crypto adoption continues to accelerate alongside growing mainstream interest.

The acquisition brings under Robinhood’s umbrella two of Canada’s most prominent crypto trading platforms, Bitbuy and Coinsquare, each of which has built a loyal user base since their respective inceptions.

By integrating WonderFi’s infrastructure and expertise, Robinhood gains immediate access to a market that saw over C$3.57 billion in trading volume on WonderFi’s platforms during fiscal 2024, reflecting a 28% year-over-year increase in activity.

All of WonderFi’s existing employees, whose ranks now exceed 140 professionals specialising in customer support and regulatory compliance, will transition to Robinhood, bolstering the US firm’s ability to navigate Canada’s distinct financial oversight environment.

Notably, the acquisition follows Robinhood’s announcement earlier this year that it expects to close its US$200 million purchase of Bitstamp, the Luxembourg-based crypto exchange, in the first half of 2025, further underscoring the company’s global ambitions.

Robinhood is evolving beyond commission-free equities

The move underscores Robinhood’s broader strategy to evolve beyond its origins as a commission-free equities trading app by cultivating a more diversified, borderless financial services ecosystem centred on digital assets.

Robinhood’s Chief Executive Officer, Vlad Tenev, emphasised that the WonderFi acquisition represents “a critical first step” in establishing the company’s Canadian presence, noting that the region’s regulatory framework and investor adoption rates position it as a natural complement to Robinhood’s existing markets.

Analysts at Mizuho predicted that a successful Canadian launch could ultimately contribute up to $250 million in incremental annual revenue, assuming Robinhood can leverage WonderFi’s local brand recognition and operational footprint.

Robinhood’s Q1 2025 earnings report, released just days before the WonderFi deal, showcased a 50% surge in revenue to $927 million, driven in large part by a $252 million contribution from its crypto trading business.

The company’s net income of $336 million for the quarter reflected a 114% increase year-over-year, positioning Robinhood among the most profitable US fintech platforms in an industry still grappling with regulatory uncertainty.

If executed smoothly, the acquisition could serve as a blueprint for Robinhood’s future forays into other regulated markets, leveraging a playbook of acquiring established, locally compliant crypto services rather than building from scratch.

The post Robinhood expands into Canada with WonderFi acquisition appeared first on CoinJournal.