Tether, the giant behind the world’s largest stablecoin USDT, announced a 0 million strategic investment in Blackrock Neurotech, a brain-interface company. The investment also marks the launch of Evo, a new business division for the company that will examine investments in initiatives that merge tech and human potential. Tether Dabbles in Biotech, Acquires 0 Million […]
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Ebay’s Web3 Division Reportedly Lays off 30% of Its Employees
Recently, Ebay, the e-commerce behemoth, implemented significant changes within its Web3 division. These changes resulted in a 30% reduction in the division’s workforce and the departure of a pivotal employee. Among those affected by this restructuring is David Moore, the founder of Knownorigin, a marketplace for non-fungible tokens (NFTs), whose post is redundant. Ebay’s Dedication […]
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Blackrock Registers Ishares Ethereum Trust With Delaware’s Division of Corporations
Blackrock may be taking steps toward obtaining approval from the U.S. Securities and Exchange Commission (SEC) for a spot ethereum exchange-traded fund (ETF) in the near future. This comes on the heels of the company’s application for an Ishares Ethereum Trust with the Delaware Division of Corporations on Thursday.
Speculation Rises on Blackrock’s Preparations for Spot Ether ETF Launch
As the world’s largest asset manager by assets under management, Blackrock has formally recorded its Ishares Ethereum Trust with Delaware’s Division of Corporations. The document, dated November 9, 2023, identifies the trust as statutory and acknowledges Blackrock Advisors as the filing party.
James Seyffart, a Bloomberg ETF analyst, called attention to the filing on the social platform X, verifying its authenticity. “Multiple people asking ‘is this real’ — yes it’s real,” Seyffart confirmed. “An entity with this name was indeed registered in Delaware. That’s all we can really confirm at this time. Those images are real and from the State of Delaware website.”
Market watchers speculate that Blackrock is positioning itself to introduce a spot ether ETF, subsequent to regulatory consent for its spot bitcoin ETF initiative. Blackrock’s submission for a spot bitcoin ETF was made on June 15, 2023, and the firm is currently awaiting the SEC’s decision.
In the meantime, ethereum’s (ETH) value has seen an uptick of over 5% in the last 24 hours, temporarily crossing the ,000 mark per unit. The surge was a lot more pronounced following the circulation of the Blackrock story across social media networks. However, only time will reveal Blackrock’s next move with the Ishares ETH trust.
What do you think about Blackrock’s registration in Delaware? Share your thoughts and opinions about this subject in the comments section below.
Coinshares Unveils New Crypto Hedge Fund Division, Widens Institutional Services to US
Coinshares, a European digital asset manager, is moving into the U.S. with a new hedge fund division aimed at institutional investors. The firm, based in Saint Helier, Jersey, intends to offer comprehensive services for institutions exploring crypto assets.
Coinshares Expands to U.S. With New Hedge Fund Division
The company revealed its new branch, Coinshares Hedge Fund Solutions, signifying its foundational emphasis as a crypto-centric hedge fund manager. Lewis Fellas, an asset manager with more than two decades of experience, including seven years in the digital assets sector, will lead this division.
The press release highlights the merger of Coinshares‘ ten years in crypto with the expertise the team has developed from proprietary trading since 2016. The firm holds that this experience equips it to produce competitive products comparable to those of mainstream financial entities.
“In a changing macro environment prominently marked by interest rates and inflation, the demand for actively managed exposure to digital assets is a natural progression,” remarked Coinshares CEO Jean-Marie Mognetti.
Mognetti added:
The new division signifies the latest step in Coinshares’ evolution.
Registered as a broker-dealer with FINRA, Coinshares will introduce the hedge fund offerings to eligible U.S. investors. The company noted in its release, “The long-awaited return of interest rate-driven volatility is a great opportunity that we plan to capture with our novel fund products.”
“Each product that will be offered is designed to mitigate counterparty risk whilst providing investors with clearly defined asset class and strategy exposures,” Fellas concluded.
What do you think about Coinshares’ new hedge fund division? Share your thoughts and opinions about this subject in the comments section below.
Societe Generale Division Forge Receives Crypto Services License From AMF
French banking giant Societe Generale’s subsidiary, Forge, has been issued with the first crypto services license issued under the country’s crypto assets laws. According to France’s Autorité des Marchés Financiers, the license allows Forge to offer services which include crypto custody, trading, and sales.
License Said to Enable Forge to Meet Institutional Demand for Digital Assets
Forge, the crypto division of France’s banking giant Societe Generale, recently received what is being described as the first crypto services license issued under the country’s crypto assets laws, a report has said. French market regulator Autorité des Marchés Financiers (AMF) stated on its website that the license allows Forge to offer services which include crypto custody, trading, and sales.
According to a Reuters report, the license given to Forge does not subject the Societe Generale’s subsidiary to the same onerous rules faced by other crypto entities, particularly in the areas of corporate governance, information technology, and compliance.
Jean-Marc Stenger, the CEO of Forge, said the license enables his company to meet demand from institutional clients for digital assets.
“This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security,” Stenger said.
What are your thoughts on this story? Let us know what you think in the comments section below.
Singapore’s Crypto.com to Halt US Institutional Division Citing ‘Limited Demand’
Singapore-based cryptocurrency exchange Crypto.com announced that it intends to halt services for institutional traders in the United States on June 21, 2023. The exchange cited “limited demand” as the reason for suspending its institutional offering.
Crypto.com to Cease U.S. Institutional Services on June 21
Crypto.com, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States. The exchange stated that it will close its U.S. institutional services on June 21 and emphasized that all institutional partners have been notified.
The announcement, as seen by Bitcoin.com News, emphasized that Crypto.com’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition. Crypto.com cited “limited demand” in the country’s “current market landscape” as the reason for the move. The decision by Crypto.com comes in the wake of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
A spokesperson from Crypto.com spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto.com Arena in Los Angeles. “We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate,” Crypto.com informed ESPN.
Crypto.com emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto.com obtained a major payment institution license from the Monetary Authority of Singapore (MAS).
What are your thoughts on Crypto.com’s decision to suspend its institutional services in the U.S.? Share your thoughts and opinions about this subject in the comments section below.
US Bitcoin Corp to Operate Restructured Mining Division of Celsius, Boosting Hashrate by 12.2 EH/s
Bitcoin mining company U.S. Bitcoin Corp (USBTC) has announced its intention to employ the mining assets of Celsius, the defunct crypto lender. The development follows the acquisition of application-specific integrated circuit (ASIC) machines from the bankrupt company by the Fahrenheit coalition, of which USBTC is a member. USBTC said it aims to revive the fleet of 121,800 Celsius machines and foresees a 12.2 exahash per second (EH/s) boost to its mining operations.
US Bitcoin Corp Assumes Control of Restructured Celsius Mining Unit
According to an announcement on May 25, 2023, U.S. Bitcoin Corp (USBTC) has plans to utilize the mining assets of the now-bankrupt crypto lender, Celsius. After multiple rounds of bidding for the restructured mining division of Celsius, USBTC submitted a winning bid for the Fahrenheit coalition. The Fahrenheit coalition is a group that consists of Ravi Kaza, Steven Kokinos, Proof Group Capital Management, Arrington Capital, and USBTC. Following the restructuring, Fahrenheit is set to assume the role of the management company for Celsius.
Fahrenheit is slated to receive an annual management fee of million for its services under a five-year agreement. As part of the proposed restructuring, USBTC will enter into operating and services agreements with the restructured company, gaining exclusive control over all bitcoin mining rigs previously held by Celsius. USBTC will also receive an annual fee of million, net of operating expenses, from Fahrenheit to supervise the mining division of the revamped entity.
“Our specialized expertise and track record of execution ultimately secured Fahrenheit’s successful bid to restructure Celsius,” Michael Ho, CEO of USBTC said in a statement. “Each member of the coalition brings extensive experience operating, optimizing, and scaling high-potential assets across Web3 markets.”
USBTC’s acquisition of the mining assets owned by Celsius follows the firm securing hosting agreements with five different companies for 150,000 bitcoin miners. Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group are collaborating with USBTC to deploy the machines. The latest acquisition of Celsius’s 121,800 ASIC mining rigs will contribute 12,200 petahash per second (PH/s) — which is equivalent to 12.2 exahash per second (EH/s) — to USBTC’s mining capabilities.
What do you think about USBTC’s plans to take over and operate Celsius’s mining operations? Let us know what you think about this subject in the comments section below.
The Kingdom of Bhutan’s Business Division Explores Crypto Ventures With Bitdeer Partnership
A recent report reveals that Druk Holding & Investments (DHI), the business division of Bhutan’s Royal Government, is exploring crypto initiatives to enhance its portfolio expansion. DHI recently teamed up with Singapore-based crypto company Bitdeer to “jointly develop green digital asset mining operations in the Kingdom of Bhutan.”
Bhutan’s DHI Executive Says the Kingdom Is ‘Focusing on the New Generation of Industries’
On May 20, 2023, the Financial Times (FT) disclosed that DHI is highly interested in crypto asset ventures and enterprises. The FT journalist elaborates that DHI has been experimenting with investments connected to bitcoin (BTC) mining and drone technology. The article cites DHI’s CEO, Ujjwal Deep Dahal, who informed FT that Bhutan is “focusing on the new generation of industries.”
The article also highlights the current collaboration between the publicly-traded bitcoin mining company Bitdeer, announced in early May. DHI’s CEO remarked that “partnering with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.” At the time, Bitdeer’s chairman and former Bitmain CEO, Jihan Wu, stated:
We are thrilled to join forces with DHI in harnessing Bhutan’s zero-emission energy to sustainably empower blockchain technologies, which will ultimately serve as an unchangeable foundation for a worldwide store of value.
In essence, Bitdeer and DHI aim to introduce a closed-end fund with an estimated value of up to 0 million. The announcement specified that the fund’s fundraising objectives will commence by late May. Both parties intend to establish a 100-megawatt (MW) bitcoin mining facility in Bhutan. “The partnership will enable Bitdeer to tap into Asia’s abundant resources, contributing to the flourishing regional ecosystem,” according to the announcement.
As per the FT report, Hashrate Index executive Jaran Mellerud informed the publication that Bhutan could potentially become “the biggest bitcoin miner per capita in the world.” Moreover, while the 2022 crypto winter was brutal for bitcoin miners, Dahal opined that the mining sector was less hazardous. “We’re sticking largely to the mining sector which seems to be the least risky vertical,” DHI’s CEO revealed.
In 2021, DHI managed billion in assets as it held and oversaw the government’s commercial businesses. These investments encompass international real estate, global equities, and startup ventures. The firm believes that bitcoin mining operations and other technologies exemplify DHI’s “future-facing investment strategy.” In mid-April 2023, an intriguing revelation surfaced regarding the Himalayan kingdom’s discreet involvement in cryptocurrency investments through Celsius and Blockfi.
Forbes uncovered that DHI’s name was mentioned in the bankruptcy filings of both companies, yet the CEO of DHI refrained from commenting on the matter during that period. Dahal, the CEO, responded, “We do not have any comments as the matter with Blockfi has been settled. We are not able to comment due to confidentiality.”
What are your thoughts on Bhutan’s strategic foray into crypto investments and its partnership with Bitdeer to develop green digital asset mining operations? Share your thoughts and opinions in the comments section below.
Disney Reportedly Axing Metaverse Division Amidst Company Restructuring
The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the company is executing as a cost-cutting measure.
Disney’s Metaverse Division Is No More, According to Reports
Disney, the well-known entertainment behemoth, seems to have lost interest in the metaverse. According to reports coming from the Wall Street Journal (WSJ), the metaverse unit of the company was wholly disintegrated in the latest round of layoffs that CEO Bob Iger announced on March 27.
The measure, which will be completed in three waves, will reduce Disney’s headcount by 7,000, aiming to cut costs by .5 billion. In a memo sent to employees, Iger justified this move stating that it was “part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated, and streamlined approach to our business.”
Mike White, who was tapped to lead the now-defunct unit back in 2022 by former Disney CEO Bob Chapek, was the only that evaded the axe, with all of the 50 employees of the metaverse unit being laid off. The future for White at the organization remains uncertain at the moment.
Optimism Fading
Disney aimed to enter the metaverse in 2022, seeking new markets in which to introduce its intellectual properties. At the time, Chapek profiled the metaverse as a pillar to establishing various initiatives including the implementation of digital experiences. In a memo issued on February 2022, Chapek declared:
Teams across the company are exploring this new canvas, and I have been blown away by what I’ve seen. Today, we have an opportunity to connect those universes and create an entirely new paradigm for how audiences experience and engage with our stories.
However, the metaverse industry seems to be experiencing a slump in 2023. Axios indicates that companies involved in metaverse development might be facing problems getting funding, citing about billion raised through March 2022 as compared to just a little more than 0 million so far this year.
Meta, one of the first major companies to pivot to metaverse and put the concept on the mainstream map, has also suggested that it is pursuing other interests after announcing 10,000 layoffs. On March 16, Meta CEO Mark Zuckerberg stated that while the metaverse remained a key part of the business, the single largest investment was focused on advancing AI and building it into each one of Meta’s products.
What do you think about Disney’s metaverse unit layoffs? Tell us in the comment section below.
Meta Calls 2023 a ‘Year of Efficiency;’ Anticipates More Losses in Its Metaverse Division
Meta, the company that owns Facebook, Instagram, and Whatsapp, has shared its fourth quarter results, reporting better numbers than expected. While the company beat revenue estimates, CEO Mark Zuckerberg declared 2023 a “Year of Efficiency,” hinting at a further restructuration of the company to focus on its AI (artificial intelligence) and metaverse projects in the longer term
Meta Reports Better Than Expected Q4 2022 Results
Meta, the social company, reported mild positive results for Q4 2022, beating revenue expectations, and giving a deeper explanation of the direction that the company will take during 2023. The company received revenues of .17 billion, higher than the .53 billion estimated, giving hope to investors about the recovery of the company in the future.
The company, which has been criticized for the pivot of its business model to the metaverse, a digital representation of the real world, is now trying to refocus after the heavy losses that R&D in this tech has brought them. Meta CEO Mark Zuckerberg explained that the management theme of 2023 would be the “Year of Efficiency.”
Zuckerberg stated that as part of this new focus, “the company will work on flattening our org structure and removing some layers of middle management to make decisions faster as well as deploying AI tools to help our engineers be more productive.” Furthermore, Zuckerberg explained that going forward, Meta will be more aggressive in pulling the plug on underperforming or non-crucial projects.
Metaverse Continues to Be a Long-Term Priority
While Reality Labs, the metaverse division of the company, sustained losses of almost billion dollars during 2022, Zuckerberg still considers this a priority in the longer term. Zuckerberg also mentioned AI as one of the main focuses of the company, aiming to include it as an operational advantage to better monetize its Reels short video product.
Zuckerberg stated:
The two major technological waves driving our roadmap are AI today and over the longer term, the metaverse.
Meta CFO Susan Li clarified that Meta expects to lose more money in the operation of Reality Labs in 2023, but justified this due to the great opportunities this might bring the company. She explained:
We still expect our full-year Reality Labs losses to increase in 2023, and we are going to continue to invest meaningfully in this area given the significant long-term opportunities that we see.
In September, the company announced several adjustments to lower its operative expenses, including laying off 11,000 workers, representing 13% of its headcount, as part of its efficiency push.
What do you think about the direction Meta is taking in 2023? Tell us in the comments section below.