Schlagwort: crypto business

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Florida holds $800 million in crypto, state CFO says

  • Florida has invested nearly $800 million in crypto, according to the state’s chief financial officer Jimmy Patronis.
  • Patronis shared more about Florida’s crypto investment during an interview with CNBC on Thursday, Oct. 31, 2024.
  • According to Patronis, crypto is here and its an opportunity that Florida is keen to harness.

Florida holds approximately $800 million in cryptocurrencies, the state’s chief financial officer Jimmy Patronis says.

The Florida CFO said this during an interview with CNBC’s Squawk Box on Thursday, October 31, 2024. According to Patronis, Florida’s move to add crypto investments to the state’s portfolio follows the understanding that crypto is here to stay.

“Crypto’s not going anywhere,” Patronis told CNBC, adding “We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”

Crypto getting traction

As Florida looks to explore further opportunities with Bitcoin and the crypto market, Patronis believes the state’s current exposure to the asset class will increase significantly if Donald Trump wins the upcoming election.

His remarks come as the crypto industry views Trump as the pro-crypto candidate that will help advance the crypto industry in the United States. Like Trump, Patronis said Florida is against any form of central bank digital currency, or CBDC.

Also important is the country’s focus on getting ahead of China in the race to be the global leader of this market – which Patronis reiterated isn’t “emerging” but is already here.

Florida state pension fund’s investment in crypto adds to a growing list of state funds adding BTC and crypto to their portfolio. Among state pension funds, the State of Wisconsin Investment Board and Jersey City are the two latest entities to announce they hold crypto investments. Jercy City mayor Steven Fulop revealed the city’s plan to add spot Bitcoin ETFs to its pension fund in July.

Meanwhile, Emory University recently became the first endowment fund in the US to disclose investment in spot Bitcoin ETFs.

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Crypto.com expands into US equities market with acquisition of Watchdog Capital

  • Crypto.com acquires Watchdog Capital to enter the U.S. equities market.
  • The acquisition enables the trading of stocks and options alongside crypto services.
  • CEO Kris Marszalek promises a full range of services by year-end for investors.

Crypto.com has announced the acquisition of Watchdog Capital, LLC, a US-based broker-dealer registered with the Securities and Exchange Commission (SEC).

This strategic acquisition will enable Crypto.com to offer equities and equity options to eligible traders in the United States, marking a pivotal expansion in its service offerings.

As a registered broker-dealer, Watchdog Capital operates under the regulatory oversight of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

This integration allows Crypto.com to merge traditional asset trading—specifically stocks—with its existing cryptocurrency services, providing users with a comprehensive trading platform that addresses the growing demand for diversified financial products.

CEO Kris Marszalek highlighted the company’s commitment to creating a seamless trading experience for American investors. “By the end of this year, Crypto.com will offer a full range of services through its family of companies, including crypto derivatives and now stocks,” he stated.

This move is indicative of a broader trend in the financial industry, where companies are increasingly working to bridge the gap between traditional finance and decentralized finance.

The acquisition not only positions Crypto.com to serve a wider range of financial needs but also reflects a growing trend among cryptocurrency firms to integrate more conventional financial services.

As the landscape evolves, the platform aims to streamline trading for both crypto and traditional asset investors, offering a compliant and user-friendly pathway for US-based users seeking investment opportunities in both realms.

Crypto.com is expected to release additional details regarding trading access and eligibility requirements, further solidifying its role in the ever-evolving financial market.

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Injective launches Agora’s AUSD as its first native stablecoin

  • Injective has announced the launch of Agora’s AUSD stablecoin on the mainnet.
  • AUSD reserves are backed by VanEck and custodied by State Street.
  • AUSD Injective’s first native stablecoin and will be key to the blockchain network’s DeFi ecosystem.

Injective has launched AUSD, a fully collateralized US dollar backed stablecoin Agora, as its first native stablecoin.

The integration will enhance interoperability across Injective’s decentralised finance ecosystem, according to a press release on Oct. 31.

Among benefits of native support will be seamless on and off ramping for Injective users, with AUSD removing the need for bridges. This means more people will easily be able to tap into the stablecoin for DeFi capabilities on Injective, including lending and staking.

VanEck manages the AUSD stablecoin’s reserves, while State Street is the custodian.

“The launch of AUSD on Injective underscores the dominance of USD-backed stablecoins—with 99.7% market share—as an institutional-grade asset for capital formation and movement,” Nick van Eck, chief executive officer and co-founder of Agora, said in a statement.

AUSD adds to Injective’s stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin volume. Currently, the stablecoin market stands at over $170 billion, with Tether (USDT) and Circle’s USDC (USDC) dominating.

USDT leads with about $120 billion of the market cap, while USDC is second with more than $35 billion. Agora’s AUSD market cap stands around $70 million, with other rivals including PayPal USD and Ripple’s RLUSD.

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Celestia and GOAT investors turn to Poodlana to try and recoup losses

  • Goatseus Maximus (GOAT) and Celestia (TIA) are facing significant price declines.
  • Poodlana (POODL) offers a low entry price of $0.003221, attracting new investors.
  • Poodlana raised $8 million in presale, indicating strong demand and growth potential.

In the volatile world of cryptocurrency, investors are constantly searching for opportunities to recover from losses and capitalize on emerging trends.

Recently, many have been looking toward Poodlana (POODL), a Solana-based meme coin that is gaining traction as established cryptocurrencies like Celestia (TIA) and Goatseus Maximus (GOAT) face challenges.

As these established coins face challenges, Poodlana offers an attractive alternative for investors hoping to regain their footing in the market.

GOAT and Celestia face challenges

Goatseus Maximus (GOAT), currently ranked at position 146 by market cap, has recently experienced a significant downturn.

Currently priced at $0.5368, GOAT has seen a decline of approximately 4.4% over the past 24 hours, exacerbating its losses, which now stand at nearly 30% over the past month. Following the price decline, investor confidence has waned, leaving many seeking alternative investments that might offer better potential returns.

Goatseus Maximus (GOAT)

On the other hand, Celestia (TIA) has also faced its share of difficulties. Priced at $4.63, TIA has seen a notable decrease of around 7.4% in the last day, following the unlock of 176 million TIA tokens, which raised concerns among investors.

Celestia (TIA)

The token unlock event not only triggered fear, uncertainty, and doubt (FUD) in the market but also led to a price drop of about 9%. Analysts suggest that the failure to maintain the critical support level of $4.506 could trigger further declines, with potential selling pressure looming due to the significant token supply now in circulation.

Taran Sabharwal, CEO of the Stix trading platform, has attempted to reassure investors by clarifying that not all unlocked tokens will be available for immediate sale, as there is a 21-day unstaking period. However, the sentiment remains cautious, with many investors anticipating further declines in the short term.

Both GOAT and TIA have thus left their investors on edge, leading many to explore new opportunities.

Poodlana emerges as a promising alternative

Amidst the uncertainty surrounding GOAT and Celestia, Poodlana (POODL) emerges as a beacon of hope for investors looking to recoup their losses.

As a Solana-based meme coin, Poodlana has captured the interest of many due to its low entry price of $0.003221, offering significant growth potential compared to the more established cryptocurrencies. Poodlana has already demonstrated promise by raising $8 million during its presale, indicating strong demand and interest among investors.

The allure of Poodlana lies not only in its price but also in the favourable macroeconomic conditions projected for 2024.

Analysts anticipate a lower interest rate environment in the coming months, which could enhance liquidity in the market, thus favouring altcoins like Poodlana. Historically, meme coins have thrived in similar conditions, and with its strong foundation, Poodlana is well-positioned to benefit from these trends.

Additionally, the upcoming US presidential elections may catalyze the cryptocurrency market. Both major candidates have expressed favourable attitudes toward cryptocurrencies, potentially leading to a more supportive regulatory environment.

This political backdrop, combined with Poodlana’s already solid standing as a project built on the fast and cost-effective Solana network, adds another layer of appeal.

Moreover, Poodlana has gained visibility by being listed on three major exchanges: MEXC, Raydium, and BingX. This accessibility provides a broader audience with the opportunity to invest and increases its growth potential, particularly for those who may have missed the early gains of other meme coins like Dogecoin and Shiba Inu.

Conclusion

As investors from GOAT and Celestia grapple with the recent market challenges, Poodlana stands out as a promising alternative.

With its low entry price, strong presale success, and favourable market conditions on the horizon, Poodlana (POODL) presents an attractive opportunity for those looking to recoup losses and capitalize on future growth.

If interested in POODL, you can visit the official Poodlana website for more information about the project.

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Ex-FTX Executive Nishad Singh sentenced to time served after guilty plea

  • Nishad Singh has been sentenced to time served and three years of supervised release.
  • The judge noted Singh’s limited involvement compared to other FTX executives.
  • Singh cooperated with prosecutors, aiding investigations into FTX’s collapse.

Nishad Singh, the former engineering director of the collapsed cryptocurrency exchange FTX, was sentenced to time served and three years of supervised release on October 30, 2024, in a federal court in New York.

This decision follows Singh’s guilty plea to six felony charges related to the misappropriation of user funds and campaign finance violations, which he entered in February 2023.

During the sentencing hearing, Judge Lewis Kaplan acknowledged the gravity of the situation, stating, “This may have been one of the biggest crimes in American history,” while also noting that Singh’s involvement appeared to be limited compared to that of FTX’s founder Sam Bankman-Fried and former Alameda Research CEO Caroline Ellison.

Singh expressed “overwhelming remorse” for his actions, highlighting the weight of his decisions during FTX’s tumultuous period.

Singh’s cooperation with federal prosecutors played a significant role in his sentencing outcome. He provided what US prosecutors described as “substantial assistance” in the ongoing investigations surrounding FTX’s collapse, which has resulted in multiple indictments of former executives.

Singh’s attorneys argued for a lenient sentence, emphasizing that the fraud primarily stemmed from the actions of Bankman-Fried and Ellison. The court also considered the perspective of John Ray, the new FTX CEO, who suggested that Singh’s skills could be more beneficial to the bankruptcy proceedings than serving time in prison.

Singh’s sentencing comes amidst a broader crackdown on FTX executives, with Bankman-Fried in custody since August 2023, and Ellison expected to surrender by November 7. The fallout from FTX’s collapse continues, as the estate pursues legal actions to recover lost assets, including a recent lawsuit against KuCoin for over $50 million.

As the FTX saga unfolds, Singh is the fourth former executive to receive sentencing, with co-founder Gary Wang set to face the court on November 20.

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