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New Jersey based Crypto firm BlockFi files for bankruptcy

29Nov By NitishNo Comments

News

New Jersey based Crypto firm BlockFi files for bankruptcy

NJ, USA, 29th Nov, 2022: New Jersey-based crypto lending platform filed for Chapter 11 bankruptcy protection, the latest down crypto firm after collapse of crypto exchange FTX. BlockFi had been struggling for much of this year but was given a lifeline this summer in the form of an FTX line of credit. FTX's own bankruptcy, however sealed BlockFi's financial future. BlockFi suspended withdrawals after FTX's failure, and it had hired bankruptcy specialists in recent days. FTX's financial rescue package was no longer available to BlockFi once it ran into its own financial trouble, and BlockFi said any attempts to get additional funds in the days before the bankruptcy were not honored. BlockFi was one of several crypto currency lenders to pop up in recent years. The company gave loans...

Cryptocurrency & NFTs are Fake: Bill Gates

15Jun By NitishNo Comments

Entrepreneurs Talk

Cryptocurrency & NFTs are Fake: Bill Gates

NYC, 15th June 2022: The tech billionaire & founder of tech company Microsoft Bill Gates, criticised cryptocurrencies and NFTs. He termed cryptocurrency & Non-Fungible Tokens (NFT) as fake, saying that it is based only on the Greater fool theory. Gates was speaking at an event on climate change hosted by TechCrunch. Bill Gates joked that the world is going to improve a lot with expensive photos of monkeys. These are of no use. One can neither invest in the long term or short term. He also pointed out that bitcoin has a lot of risk for retail investors and that mining the coin also harms the environment. The Microsoft co-founder said he preferred investing in tangible assets or “a company where they make products.” He also mentioned that he does not hold any crypto assets....

Chinese banks step up cryptocurrency ban, Valuation down to $30,000

24Jun By AdityaNo Comments

CHINA

Chinese banks step up cryptocurrency ban, Valuation down to $30,000

Beijing, Jun 24th, 2021: China's biggest banks promised to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban. Regulators appear to worry that despite the 2013 ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly exposed to risks. After this announcement, Bitcoin's valuation falling below $30,000. Ethereum is more than 50% off its highs from early May. Many other crypto assets have fallen even further with a number of tokens down 70% to 90% in value. Beijing also worries users might evade efforts to monitor and control the financial system. The four major state-owned commercial banks and payment service ...

PayPal to Acquire Digital Security Startup Curv

9Mar By AnkitaNo Comments

ACQUISITION

PayPal to Acquire Digital Security Startup Curv

SAN JOSE, Calif., March 9th, 2021-- PayPal Holdings, Inc. (NASDAQ: PYPL) has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto, and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal. "The acquisition of Curv is part of our effort to invest in...

Facebook considering its own cryptocurrency Payments

3May By AdityaNo Comments

News

Facebook considering its own cryptocurrency Payments

As per the news reports, the social media giant Facebook plans its own cryptocurrency-based payment system that it could launch for billions of users worldwide. The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin's value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue. The news said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook's plans may include ways to financially reward users who interact with ads or other features. Facebook says only that it is exploring many different applications for crypto...

Cryptocurrency Platform Liquid.com becomes Unicorn

4Apr By AnkitaNo Comments

FUNDING

Cryptocurrency Platform Liquid.com becomes Unicorn

Global cryptocurrency platform Liquid.com raises Series C funding that puts the company valuation at over $1 billion. This valuation establishes Liquid as one of only two tech unicorns in Japan's startup space. Founded in 2014, Liquid has achieved unicorn status in less than five years. This latest round of funding is led by investment firm IDG Capital, with participation from the world's largest maker of cryptocurrency mining rigs, Bitmain Technologies. This investment in Liquid marks an addition to IDG's current portfolio of crypto investments, which include Coinbase, Ripple, Bitmain and Kakao's crypto unit. This deal marks the latest investment for Bitmain this year into a regulated digital asset trading platform, following their investment into ErisX, another deri...

Ohio Becomes the First State to Accept Bitcoin for Tax Payment

26Nov By Gauri SinghNo Comments

USA

Ohio Becomes the First State to Accept Bitcoin for Tax Payment

Ohio, a Midwestern state in the United States has become the first stated that would accept bitcoin for tax payments. With this, now, the businesses in Ohio will be able to pay their taxes in bitcoin — making the state that’s high in the middle and round on both ends the first in the nation to accept cryptocurrency officially. The companies that want to become a part of it simply need to go to OhioCrypto.com and register to pay whatever taxes their corporate hearts desire in crypto. The bitcoin program id the brainchild of current Ohio state treasurer, Josh Mandel and it is intended to be a signal of the state’s broader ambitions to remake itself in a more tech-friendly image. Already, Ohio has something of a technology hub forming in Columbus, Ohio, home to one of the largest ventur...

Cryptocurrency Bitcoin Falls Below $8000

31Jul By AnkitaNo Comments

Market

Cryptocurrency Bitcoin Falls Below $8000

In a recent news, Cryptocurrency Bitcoin fell below $8000, as investors stepped away from the risk exposure to cryptocurrencies, due to selloff in shares of technology and internet companies spilled over into other high risk assets Bitcoin is a cryptocurrency, a kind of electronic cash. It is a decentralized digital currency without a central bank or single administrator, though some researchers point at a trend towards centralization. It can be sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries, though intermediaries are widely used. “It looks like the entire market is in a risk-off mood today. It started with the (FAANG) stocks, but the mood seems to be dragging down crypto markets as well at the moment,” said Mati Gree...

ED’s Questioning to Raj Kundra for Bitcoin Scam Brings Out Other Celebrity Names

8Jun By Gauri SinghNo Comments

News

ED’s Questioning to Raj Kundra for Bitcoin Scam Brings Out Other Celebrity Names

Popular Bollywood actress Shilpa Shetty’s husband and businessman Raj Kundra was questioned by the Enforcement Directorate (ED) for eight hours Tuesday against being a witness in the act of concealing the origin of illegally obtained money related to the Rs 2,000 crore bitcoin scam in Maharashtra. Kundra was cited at the ED office in Mumbai in the morning and asked questions in this regard. The founder of GainBitcon, Amit Bhardwaj, who was the mastermind behind this fraud had earlier been arrested along with his brother Vivek in April for a criminal case under the Prevention of Money Laundering Act (PMLA) against cheating more than 8,000 people for Rs 2,000 crore. Kundra's name turned up in the report following alleged links with Bhardwaj. This isn’t the first time that Kundra has faced...

Mobile Body IAMAI Files petition Against RBI’s Cryptocurrency Ban

17May By Lavina TolaniNo Comments

INDIA

Mobile Body IAMAI Files petition Against RBI’s Cryptocurrency Ban

The Internet and Mobile Association of India( IAMAI) has filed a written petition in the Supreme Court requesting a stay against the RBI’s order to not allow banks to provide services to cryptocurrency trading platforms. IAMAI 's president Subho Ray has confirmed the filing of petition though he was not available to comment on the matter. It is interesting to note that this marks the fifth petition to be filed against Apex Bank on its order dated 6 April that disallowed entities from dealing in virtual currencies. RBI had given banks a deadline of 6 July to adhere to the new rule. Last year, several cryptocurrency exchanges had come together to form a collective industry body called Digital and Blockchain Foundation of India. However, in November 2017 the association got merged with ...

Fintech Startup Circle Introduces Crypto US Dollar

16May By Lavina TolaniNo Comments

USA

Fintech Startup Circle Introduces Crypto US Dollar

The Goldman Sachs Backed startup Circle has announced a new cryptocurrency pegged to the dollar and a $110 million investment round led by profitable crypto-mining company Bitmain on Tuesday. The company is rolling out a digital version of the U.S dollar with a cryptocurrency pegged to it. Interestingly, Circle is one of the most well-funded blockchain startups with Baidu and Goldman Sachs at its foreman investors. The fintech company is involved in its peer-to-peer payment network operations using blockchain, the technology that underpins bitcoin. Circle founders @psneville and @jerallaire took the stage at #Consensus2018 earlier today to announce Circle USDC, a price-stable tokenized US dollar coin. Learn more about it here: https://t.co/8fZN6vDryb — Circle (@circlepa...

California Based Prominent Cryptocurrency Exchange Acquires Earn.com

17Apr By AnkitaNo Comments

ACQUISITION

California Based Prominent Cryptocurrency Exchange Acquires Earn.com

Prominent cryptocurrency exchange, Coinbase, in a deal worth more than USD 120 million, announced its significant plan to buy the United States startup that uses blockchain for its paid-email service, Earn.com. Coinbase also appointed Indian-American, Balaji Srinivasan, co-founder and CEO, Earn.com as its first CTO, TechCrunch reported. The rest of the team from Earn.com will also transition over. "With Coinbase's user base and distribution muscle, I think it could hit USD 100 million in accounting rate of return (ARR) in a few months. I'm proud of the fact that we turned what could have been a disaster into a successful product and I'm excited about the road ahead," TechCrunch quoted Balaji Srinivasan as saying. A Stanford graduate, who holds a BS, MS and Ph.D. in Electrical Engin...