Schlagwort: crypto business

Veröffentlicht am

Bitget’s Hong Kong operator invests $90M in OSL

  • BGX, the company that runs BitgetX in Hong Kong, has agreed a $90 million investment in BC Technology.
  • BC Technology is the parent company of OSL, a publicly listed crypto exchange trading on the Hong Kong Stock Exchange.
  • BitgetX announced it would not pursue regulatory registration and licensing in Hong Kong.

BC Technology Group, the company behind the crypto exchange OSL, has agreed to a strategic investment from BGX, the crypto operator of the BitgetX platform.

The news development was shared via a press release BC Technology published on Tuesday, November 14. 

BGX invests $90 in OSL

Details indicate that the BGX investment involves a subscription for shares in the OSL parent company to the tune of HK$710 million (approximately $90 million.)

“Our investment in BC Technology Group and OSL is a strategic move that reflects our belief in the immense potential of the digital asset market,” said Patrick Pan, CEO of BGX. “We are confident that this partnership will not only strengthen BGX’s global presence but also enhance the growth trajectory of the digital asset industry,” he added.

While the strategic subscription for shares has been agreed, these will be undertaken under a specific mandate. That will be after an approval from the BC Technology shareholders. 

BitgetX to halt operations

OSL, a wholly-owned subsidiary of BC Technology, was the first digital assets exchange to receive regulatory approval from Hong Kong’s Securities and Futures Commission (SFC).

Today’s announcement comes a day after BitgetX, the Hong Kong crypto platform of BGX, notified its customers of plans to halt operations by December 13. The exchange will not pursue a licence from SFC.

BC Technology also asked the Stock Exchange of Hong Kong to halt trading of OSL shares in view of a business deal. The Bitget announcement also put its decision to the same consideration.

The price of Bitget Token (BGB) rose sharply after the news to trade at an all-time high of $0.58.

The post Bitget’s Hong Kong operator invests $90M in OSL appeared first on CoinJournal.

Veröffentlicht am

dYdX Chain enters Beta Mainnet stage, launches active trading across 33 markets

  • dYdX Chain Beta Mainnet launch enables active trading across 33 markets.
  • Users can trade on dydx.trade with 20x leverage.
  • There will however be no rewards during the beta stage.

In a significant development for the decentralized derivatives trading space, the dYdX Chain has officially entered its beta mainnet stage.

This move follows a decisive governance vote, with over 99% community support, allowing active trading across more than 33 markets.

Beta Mainnet launch and trading features

The transition from the alpha stage to the beta mainnet stage occurred at 8:45 a.m. EST on a Monday, as confirmed by the dYdX Operations subDAO, responsible for the decentralized infrastructure of the dYdX Chain.

Users can now actively participate in trading via the dydx.trade platform, with access to over 33 perpetual markets offering up to 20x leverage.

During this beta stage, no trading rewards will be distributed to users. However, validators and stakers will accrue trading fees. This phase serves as a critical testing period for the active trading environment on the dYdX Chain.

Evolution from Ethereum Layer 2 scaling to Cosmos-based blockchain

The dYdX Chain’s journey to this point involved a notable shift from its reliance on Ethereum Layer 2 scaling solution StarkEx in version 3 to becoming a standalone Layer 1 blockchain on the Cosmos ecosystem with the launch of version 4. The alpha mainnet for dYdX version 4 and the debut of its Cosmos-based blockchain took place on October 26.

The dYdX platform, renowned as the most extensive decentralized derivatives trading platform in the crypto space, has seen a cumulative trading volume exceeding $1 trillion since 2020. The successful governance vote and subsequent beta mainnet launch mark a crucial step in dYdX’s ongoing commitment to providing a robust and efficient decentralized trading experience.

This news underscores the platform’s focus on community-driven decision-making and its dedication to refining the dYdX Chain through meticulous testing before progressing to full trading with rewards.

The post dYdX Chain enters Beta Mainnet stage, launches active trading across 33 markets appeared first on CoinJournal.

Veröffentlicht am

Court approves protective order in SEC vs. Binance lawsuit

  • Court approves info disclosure order in SEC vs. Binance lawsuit.
  • The protective order allows confidentiality for trade secrets and customer info in discovery.
  • Binance challenges the SEC’s broad demands, protecting proprietary data.

A significant development has taken place in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Binance entities, including CEO Changpeng Zhao.

The US court has approved a protective order governing the production, use, and disclosure of information and materials related to the SEC vs. Binance lawsuit.

Protecting confidential information

The approved protective order establishes guidelines for the treatment and disclosure of confidential information generated during the lawsuit.

Parties involved are permitted to designate discovery material as confidential, provided it falls within specific categories defined by the court. These categories include nonpublic trade secrets, proprietary financial information, details about the ownership or control of non-public companies, and non-public customer information, such as customer identities.

The order emphasizes that the confidentiality designation won’t apply universally but only to discovery material that precisely aligns with the court’s stipulations. This move seeks to strike a balance between the transparency required in legal proceedings and the protection of sensitive information.

Binance’s defence against SEC’s “fishing expedition”

Binance.US, amidst the legal proceedings, in August 2023 sought a protective order against the SEC, alleging an unwarranted “fishing expedition.” Binance argued that the SEC’s extensive discovery demands were overly broad and unreasonable. The regulatory body’s requests, Binance claimed, aimed at acquiring every document related to customer assets, posing a potential threat to the company’s proprietary information.

Binance expressed concern over the perceived unlimited authority granted to the SEC, enabling an investigation into all aspects of Binance.US’s asset custody practices without apparent limitations. This legal manoeuvre underscores the importance of establishing clear boundaries in regulatory investigations, preventing overreach and safeguarding the interests of the entities under scrutiny.

As the lawsuit unfolds, the protective order stands as a crucial mechanism ensuring a fair and controlled exchange of information. It reflects the court’s commitment to preserving the confidentiality of sensitive materials while facilitating a thorough examination of the issues at hand in the SEC’s case against Binance entities and CEO Changpeng Zhao.

The post Court approves protective order in SEC vs. Binance lawsuit appeared first on CoinJournal.

Veröffentlicht am

Bitget halts plans for crypto licence in Hong Kong

  • Bitget announced that it will halt operations for its Hong Kong unit by December 13.
  • The crypto exchange said the decision is down to “business and market related considerations.”
  • Users have until then to withdraw their funds.

Bitget has announced that its Hong Kong unit will not pursue registration as a Virtual Asset Trading Platform in Hong Kong.

The crypto exchange will also be halting all operations on December 13.

Bitget halts Hong Kong unit

Bitget’s decision to halt operations of its Hong Kong unit and to withdraw from the pursuit of a licence comes amid rumours that the firm may be looking at a potential deal with OSL, the first crypto exchange to be licensed in Hong Kong.

According to crypto news account Wu Blockchain, OSL announced a suspension to its stock trading on Monday. 

A notice by the BC Technology Group, which owns OSL, to the Hong Kong Stock Exchange quoted a “notifiable transaction which constitute inside information.”

Bitget on the other hand pointed to “business and market related considerations.”

“With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) licence in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market,” the crypto exchange wrote.

According to the platform, users are advised to withdraw their assets by the indicated deadline, thereafter the BitgetX.hk website will go offline.

“It is crucial that you withdraw your assets before the deadline. Failure to do so will result in the inability to access these assets once BitgetX is closed,” the exchange said in a FAQ section of the announcement.

Hong Kong’s new crypto licensing framework

Bitget unveiled its HK unit in April this year, offering access to spot trading and peer-to-peer (P2P) transactions to its customers. The move came ahead of Hong Kong’s crypto licensing framework rolled out in June.

The new requirements mandated crypto providers to seek and receive licences from the Securities and Futures Commission before offering trading services and products to retail customers. The SFC also warned crypto firms against misleading customers about potential licensing by pointing to local arms that were yet to be registered.

The post Bitget halts plans for crypto licence in Hong Kong appeared first on CoinJournal.

Veröffentlicht am

Kraken and Cardano forge alliance amidst Memeinator presale surge

  • Hoskinson is eyeing a collaboration with Kraken for a Layer-2 network
  • Kraken wants to follow Coinbase’s move to launch a Layer-2 blockchain.
  • Memeinator presale continues to gather steam with $1,303,398 raised so far.

In a strategic move within the dynamic landscape of the cryptocurrency sector, Charles Hoskinson, the visionary founder of Cardano Blockchain, has hinted at a potential partnership with Kraken, a prominent US cryptocurrency exchange. The primary objective of this alliance is to jointly develop a cutting-edge Layer-2 (L2) blockchain network.

Kraken is actively seeking a proficient blockchain developer to enhance its technological capabilities, aligning with the industry trend of expanding into blockchain technology development. The pursuit of launching its own Layer-2 network positions Kraken to tap into new revenue streams and strengthen its position in the evolving digital currency landscape.

Kraken’s Layer-2 aspirations and industry trends

Kraken’s pursuit of a Layer-2 network aligns with broader industry trends where major players are venturing into blockchain technology development. The move not only signifies a strategic pivot for cryptocurrency exchanges but also reflects a commitment to embracing the transformative potential of blockchain technology.

As the competition intensifies for blockchain partnerships, Kraken’s considerations extend to evaluating leading blockchain technology firms, including Polygon and Matter Labs. The final selection remains uncertain, leaving the potential partnership with Cardano in suspense.

Charles Hoskinson remains optimistic about the potential collaboration with Kraken. If chosen, he sees the opportunity for Kraken to chart a path to success similar to Coinbase’s experience with Layer-2 networks. The increasing interest in Layer-2 networks among major cryptocurrency entities underscores the industry’s dedication to innovation and growth within the blockchain technology ecosystem.

Coinbase’s influence: a precedent for success

Coinbase’s precedent in collaborating with Optimism to build the OP Stack for its Layer-2 network, Base, has set a noteworthy example. The partnership led to substantial improvements in decentralized application efficiency and user experiences on the Ethereum platform.

Coinbase’s commitment to transparency, demonstrated through open-sourcing Base’s code, highlights the industry’s collaborative approach to enhancing Layer-2 networks.

Memeinator continues to make waves with its presale

While the Kraken and Cardano partnership unfolds, the meme coin market is experiencing its own surge with the ongoing Memeinator presale. Memeinator, touted as the ultimate meme coin set to dominate the meme trading space, has garnered significant attention with its unique narrative and promise of genuine utility.

The Memeinator project leverages AI technology, powerful viral marketing, and a mission to eliminate sub-par memes. As the presale progresses, the project aims to raise $1,504,310, with the current stage at $1,303,398. Memeinator’s roadmap includes the launch of innovative products like the Memescanner and the Memeinator Game, adding layers to its potential success.

Investors eyeing the Memeinator presale are witnessing the MMTR token’s value on the ascent. The current price stands at $0.0133, with the next presale stage offering a higher value at $0.014. This upward trajectory underscores growing interest and demand for MMTR tokens, fueled by the project’s ambitious goals and the anticipation of its unique offerings in the meme coin space.

The post Kraken and Cardano forge alliance amidst Memeinator presale surge appeared first on CoinJournal.