City Sequoia Financial News

Cryptocurrency exchange FTX has lost at least one potential rescuer as it battles to fill a reported multi-billion dollar hole in its balance sheet.

The XRP price has fallen by 2% in the past day and by 20% in the past week, as the fallout from FTX's apparent insolvency continues to wreak havoc on the cryptocurrency market. The altcoin is also down by 27% in the past month, with the downturn of the past few days all-but erasing gains it had posted following positive news coming out of Ripple's case against the SEC.

Venture capital firm Sequoia Capital tweeted out a letter sent to its partners on Nov. 10 revealing the firm had marked its $213.5 million investments in FTX and FTX US down to $0, claiming them as a complete loss.

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8.

Crypto-friendly billionaire Elon Musk is set to finalize the acquisition of social media platform Twitter by Friday, Oct. 28 which brings to a close the protracted Musk-Twitter saga.

Not only Elon Musk thought of buying Twitter — crypto billionaire and CEO of FTX exchange Sam Bankman-Fried “was interested” in acquiring the social network back in March 2022, according to a report from Business Insider.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

A consortium of leading Wall Street broker-dealers, global market makers, and venture capital firms have announced the launch of a first-of-its-kind crypto exchange called EDX Markets (EDXM) that will be operated like a traditional stock exchange. 

Financial behemoths Charles Schwab, Citadel Securities, and Fidelity Digital Assets have collaborated on launching a bitcoin and cryptocurrency exchange. According to a press release, the trio has merged to form a cryptocurrency exchange named EDX Markets (EDXM).

Major financial firms have teamed up to create EDX Markets (EDXM), a new exchange that will trade digital assets through trusted intermediaries. The exchange will provide services to institutional and retail investors. 

CoinSwitch has announced to launch Web3 Discovery Fund, the company’s corporate venture capital initiative. The aforesaid fund will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape. The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.

A group of five lawmakers from the United States House of Representatives has requested data on the diversity and inclusion practices of 20 major firms dealing with cryptocurrencies and Web3.

CoinSwitch has waived off trading fees on bitcoin transactions for a limited period. However, only users with fully-verified Know-Your-Client (KYC) and

Klarna is nearing a deal to raise new money at a valuation of around $6.5bn, according to people familiar with the matter, a humbling comedown and a testament to the punishing environment facing startup companies.

CoinSwitch has appointed Ramesh Bafna as the chief financial officer, said a statement issued today. With over 18 years of experience, Bafna has built a sustainable marketplace revenue model in e-commerce companies such as Myntra and Flipkart as well as led the finance workstreams at IT services major

On Tuesday, Magic Eden, a popular nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour trading volume, announced that it had closed a Series B round for $130 million. The funding round was led by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital  valued the firm at $1.6 billion.

Hong Kong-based crypto lending firm, Babel Finance, has eased some of its immediate liquidity troubles by reaching debt repayments agreements with some of its counterparties.

Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn.

The consortium of firms behind the project includes Sequoia Capital and Paradigm, the report said.

CoinSwitch has unveiled Crypto Rupee Index CRE8, to measure the performance of the Indian Rupee-based crypto market, the company said on Friday. The Crypto Rupee Index tracks the performance of crypto assets that represent over 85 per cent of the total market capitalisation of cryptocurrencies traded in Rupee, a press release said. «The index is based on real trades on the CoinSwitch application, which has 18 million registered users,» the release said.

Crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market. «Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalisation of cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users,» the company said. “CRE8 is a demonstration of our commitment to bring more transparency to the crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian rupee-denominated crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.