Business Financial News

31.08 / 16:19

business Adoption Investments Bitcoin crypto volatility Crypto volatility may soon recede despite high correlation with trad-fi

After forging a minor recovery of sorts earlier this month, the crypto market has returned to exhibiting high levels of volatility over the past two weeks. This trend has pervaded the market since late last year, with the total market capitalization of the digital asset industry having dipped from an all-time high of $3 trillion back in November 2021 to its current levels of $1.08 trillion, representing a drop of over 65%.

31.08 / 14:47

business Bithumb Singapore court rules in favor of Bithumb founder in acquisition case

The court drama behind the acquisition of South Korean crypto exchange Bithumb has been going on for several years, but in an unexpected development, a Singapore court has made a ruling against Kim Byung-gun, who has originally accused the owner of Bithumb, Lee Jung-hoon, in defrauding him.

31.08 / 13:19

business Stablecoin Investments Bitcoin How to preserve capital during inflation using cryptocurrencies?

Just when the global economy largely recovered from the crippling effects of the COVID-19 pandemic, geopolitical tensions and the resultant supply chain pressures have once again roiled financial markets across the world.

31.08 / 11:03

business Binance Congress US Congressman to review all Binance US files related to consumer safety

Brian Shroder, the president and CEO of Binance US, received a federal letter requesting the urgent disclosure of official documents that prove the exchange’s adherence to various investor-centric safety protocols. The request comes from a Subcommittee chairman under the United States House Committee on Oversight and Government Reform.

31.08 / 07:35

business Ethereum Adoption Bitcoin ETH products grow in August as BTC products dip: CryptoCompare report

Ethereum investment products increased by 2.36% to $6.81 billion in assets under management (AUM) throughout August, outperforming Bitcoin products which saw a 7.16% drop off to $17.4 billion.

31.08 / 07:27

business Funding Reddit Venture Capital ‘Everything’s on sale’: Reddit founder, Galaxy and Genesis execs raise big money

Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is looking to raise a crypto investment fund worth $177.6 million, while current and former executives from Galaxy Digital and Genesis are raising a $500 million fund of their own.

30.08 / 23:33

business lending Banks CeFi Buyback Amid crypto winter, Nexo commits additional $50M to buyback program

Crypto lending platform Nexo has increased the size of its buyback program, giving the company more discretionary ability to repurchase its native token to boost interest payments or make strategic investments in the future.

30.08 / 22:03

business Blockchain Crypto.com accidentally transfered $10.5M to client instead of $100 refund

According to local news outlet 7News, two Melbourne women, Manivel Thevamanogari and her sister Gangadory Thevamanogari, received an AUD$10.5 million deposit from Singaporean crypto exchange Crypto.com after the latter made an error in issuing an AUD$100 refund. Instead of the refund amount, an employee allegedly typed an account number in the payment section, resulting in an erroneous transfer to their bank account.

30.08 / 22:03

business Stablecoin Tether Media Tether responds to Wall Street Journal ‘disinformation’

Tether Holdings Limited has clapped back at The Wall Street Journal over an article it claims spread “false information” about the stablecoin issuer’s profitability, solvency and accounting standards.

30.08 / 17:49

business Technology Adoption Trading Crypto market turmoil highlights risks of leverage in trading

Leveraged trading of cryptocurrencies — i.e., trading crypto with borrowed funds — comes with significant risks. This is mainly due to the capricious nature of the market.

30.08 / 17:07

business Blockchain Altcoin Crowdfunding network Flare Network and Lena Instruments launch new crowdfunding mechanism

Interoperability-focused blockchain Flare Network has partnered with software infrastructure firm Lena Instruments to implement a crowdfunding mechanism that lowers the risks associated with startup investing.

30.08 / 15:39

business Investments Indonesian e-commerce giant buys local crypto exchange for $8 million

Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) bought PT Kripto Maksima Koin, a local crypto exchange, in a bid to diversify its assets. The deal makes a landmark in the merging of mainstream and crypto in the fourth most populated country in the world.

30.08 / 14:45

business Investments Bitcoin Singapore state investor leads $100M round for crypto firm Animoca: Report

The venture capital market of the cryptocurrency industry is holding strong despite the crypto winter as major government-linked firms reportedly continue betting on big industry players.

30.08 / 13:27

business Adoption Binance Investments Binance Pay Binance Pay partnership allows UAE entrepreneurs to repay loans using crypto

Binance marked its presence among the Middle East investors by running various licensed operations in Abu Dhabi, Dubai and other regions. Targeting efforts in United Arab Emirate’s (UAE) mainstream corporate sector, Binance partnered with business lender Virtuzone, allowing new entrepreneurs to repay loans using cryptocurrencies.

30.08 / 09:13

business Blockchain Binance Binance Aus ramping up measures to protect vulnerable users, says CEO

Binance Australia is tightening up its onboarding process for new users as part of a push to protect users it's flagged as most vulnerable to financial crypto crime.

30.08 / 07:27

business Blockchain 'Most of crypto is still junk' and lacks use case — JPMorgan blockchain head

The head of JPMorgan’s digital assets unit Umar Farooq has suggestedthat most of the crypto assets on the market are “junk” and that real crypto use cases are yet to fully present themselves.

30.08 / 05:29

business Ripple CFTC SEC Ripple counsel: SEC's shakedowns leave consumers holding the bag

Ripple Labs General Counsel Stu Alderoty has hit back at a recent opinion piece by Security and Exchange Commission chairman Gary Gensler, arguing that the regulator's crypto market shakedowns aren’t protecting consumers.

30.08 / 00:57

business Blockchain Law Ava Labs Lawyer Lawyer Roche alleges statements he made about Ava Labs are false, the result of intoxication

Kyle Roche, the lawyer at the center of allegations made by website Cryptoleaks about a secret agreement between his firm and Ava Labs, responded Monday in a post on Medium. Like Ava Labs CEO Emin Gün Sirer, Roche denied the existence of any secret agreement between the parties.

29.08 / 22:43

business Facebook NFT Instagram Meta announces Facebook and Instagram users can post NFTs from digital wallets

Facebook and Instagram users can both post nonfungible tokens, or NFTs, and digital collectibles to their accounts by linking their wallets.

29.08 / 20:37

business Huobi Fried Sam stake Sam Bankman-Fried denies report FTX plans to purchase stake in Huobi

Global crypto exchange FTX will not be acquiring a majority stake in Huobi, according to CEO Sam Bankman-Fried, or SBF.

29.08 / 20:37

business Blockchain Gaming NFTs Gaming CEO apologizes for losing 12% of startup capital through crypto trading

According to a recent blog post, 0xfanfaron, CEO of nonfungible tokens (NFTs) gaming project Ragnarok, apologized publicly for his missteps in leading the company. Ragnark is a crypto startup that brought in $15.5 million worth of Ether for gaming development in April through its first-ever NFT sale. However, a0xfanfaron disclosed:

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