Bitcoin News and Price | Bitcoin.News

Unizen Secures $200m ‘Capital Commitment’ to Scale Up Trading Ecosystem

by Blockchain NewsJune 28, 2022

Unizen, a centralized-decentralized (CeDeFi) exchange, announced Monday that it has secured a $200 million capital commitment from a new strategic partner, Global Emerging Markets (GEM).

Global Emerging Markets (GEM) is a $3.4 billion alternative investment group that offers various alternative investment management services focused on emerging markets across the globe.

The capital raised is not a funding round per se. Unizen described GEM’s $200 million as a “capital commitment – is milestone-based and performance-related commitments, which are subject to the satisfaction of certain conditions, to ensure the initial funding is well spent.

Unizen is promoting the new funding round as a major milestone in developing its trading ecosystem. The CeDeFi exchange said it would use the funding to accelerate the development of its trade aggregation system.

Unizen said it will use the funding to improve its ecosystem in order to improve the trading experience for retail and institutional players. In other words, the exchange will use the capital to market its products, grow its team, and accelerate its in-house aggregation system, which is designed to find the most efficient trade routes across different centralized and decentralized crypto exchanges, like Binance, Uniswap, and PancakeSwap.

Unizen is a smart exchange ecosystem that combines the features of both centralized and decentralized exchanges, creating a structure called “CeDeFi.”

Its platform is significantly useful to traders because it supports CeFi and DeFi apps on multiple blockchain networks, and so it aggregates trades across the entire crypto ecosystem at favourable rates compared to other exchanges.

Unizen is built on BNB Chain, the blockchain network of crypto exchange Binance. Changpeng “CZ” Zhao, Binance CEO, is regarded as the one who coined the term “CeDeFi” to refer to a system where users can gain access to the benefits of DeFi without directly interacting with DeFi protocols and the risks associated with such protocols.

Sean Noga, CEO of Unizen, talked about the funding: “We are proud to welcome GEM to the Unizen Ecosystem as a potent and strategically aligned growth partner that can support the rapid expansion of the Unizen platform, brand, and community.”

The firm behind Unizen is Zen Innovations Pte. Ltd., an exempt private company headquartered in Singapore.

Image source: Shutterstock

Source

Azuro Closes $4m Funding Round to Build Decentralized Betting Protocol

by Blockchain NewsJune 28, 2022

Azuro, a decentralized betting protocol, announced on Monday that it has raised $4 million in a funding round contributed by participants, including Hypersphere, Gnosis, Merit Circle, SevenX, and Quiet Capital.

Azuro, a decentralized autonomous organization (DAO) building a protocol for blockchain-based betting, aims to disrupt traditional online betting with a more transparent decentralized alternative.

Traditional betting firms go to great lengths to make betting unfair and opaque, Rossen Yordanov, a core contributor to Azuro project, said in a statement. “The problem is incentive misalignment. Profits are zero-sum, so many betting companies go to great lengths to create unfair and opaque environments for the players,” he stated.

The key mission of the Azuro project is to replace traditional centralized online betting exchanges such as Bet365, 1xBet, 22Bet, MarathonBet, BetWinner, 888sport, Betsson, sportsbooks, and others, which are often seen as predatory and profit-motivated.

In this way, Azuro is working to disrupt the $200 billion betting industry through blockchain smart contracts and web3 technologies to bring full transparency to the sector and increase liquidity in betting markets.

In the recent past, Azuro launched its mainnet on Gnosis Chain. The fund raised will be used to expand it to more blockchains, with Polygon its main target currently, as well as create a non-fungible token (NFT) bets marketplace and add further betting markets, the company said.

Hypersphere co-founder Jack Platts explained why they backed Azuro in the funding raise: “Betting markets are one of the few applications where crypto was always supposed to shine. So far though, none have been able to crack the nut of bootstrapping liquidity for popular betting disciplines. We believe Azuro’s team can finally make that promise true.”

Azuro leverages prediction markets, non-fungible tokens (NFTs), DAO governance, and liquidity pools on its backend to minimize costs associated with the betting process for users.

The latest funding brings Azuro’s total fundraising to $7.5 million. In January, Investors, including AllianceDAO, Arrington Capital, Ethereal Ventures and Delphi Digital led fundraising of $3.5 million for the project.

Decentralized Sports Betting on Blockchain

Betting is a common practice across a broad range of a variety of fields, including the sports industry, casinos, and others. The latest development by Azuro shows the entry of decentralized sports betting platforms is beginning to revolutionize the way people place bets.

Decentralized sports betting is a new type of betting mechanism that is set to revamp how traditional centralized online betting sites operate. Run by profit-oriented individuals, conventional sportsbooks and betting apps are known for charging high fees and taking advantage of users.

Decentralized betting platforms are built on an open-source approach that incorporates blockchain technology. Furthermore, decentralized web 3.0 sports betting services normally don’t have actual business people who run the platform as there is no central authority in charge. In the platform, all users actively participate and decide whether or not to wager against the person who launched the market.

Lastly, decentralized sports betting platforms do not levy exorbitant fees and are regarded as safe because all data is stored on the blockchain, providing another layer of transparency.

Image source: Shutterstock

Source

Tagged : Azuro / Betting / Decentralization / Enterprise / Protocol

Bybit Launches Futures Contracts Settled in USDC Stablecoin

by Blockchain NewsJune 28, 2022

The Singapore-based digital asset exchange Bybit has expanded the variety of its crypto options trading services to its customers with a launch of new futures contracts settled in USDC stablecoins.

Bybit announced on Monday that it has launched futures contracts settled in the stablecoin USD Coin (USDC), rather than Bitcoin.

This is the first time Bybit is offering futures settled in USDC, as part of an effort to give users stable prices for the duration of contracts.

The new product allows users to trade futures contracts using their balance on Bybit’s derivatives exchange. Bybit’s new options contracts enable experienced traders to use their balance as collateral and place long or short contracts with up to 100x leverage, depending on their expiration dates.

While Bybit’s portfolio margin account currently supports USDT, USDC, BTC and ETH as collateral, the firm plans to add more assets soon.

The new service enables customers to trade options through portfolio margin, which employs a risk-based model for sophisticated investors to increase fund utilization on the underlying price and volatility.

The service enables Bybit’s users to speculate on the future price of an underlying digital asset and settle trades in USDC.

Ben Zhou, co-founder and CEO of Bybit, commented about the development: “We have been very pleased by the roll-out of our options trading product. We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products.”

According to data from CoinMarketCap, Bybit is the fourth largest crypto exchange in futures trading volume in April, data compiled by Skew, a major real-time analytics for the crypto market showed that Bybit, a crypto exchange with more than 2 million registered users, overtook the Chicago Mercantile Exchange (CME) as the second-largest Bitcoin futures exchange by open interest (OI).

Bybit executed $2.48 billion in BTC futures open interest, CME had $2.3 billion, while Binance is still the lead institutional and retail investors to prefer exchanges such as Binance, Bybit, and others because of their outstanding reliability, low spread, and high liquidity when the battle between shorts and longs heat up.

Open interest refers to the total number of outstanding derivative contracts, such as options or futures held by market users at the end of a day. Open interest is measured by the total level of activity in the futures market.

Image source: Shutterstock

Source

Tagged : Bybit / Exchanges / FUTURES CONTRACTS / USDC Stablecoin

EU Plans to Bar Interest Payments on Deposits in Stablecoins

by Blockchain NewsJune 28, 2022

Europeans and the entire digital currency ecosystem have been potentially awaiting the Markets in Crypto Assets (MiCA) bill, which has been projected to be passed before the end of the year.

With a series of forecasts out in the open, Patrick Hansen, the head of Strategy at Decentralized Finance (DeFi) startup Unstoppable Finance, said the expected bill could come as early as this month’s ending.

Taking to Twitter to share a series of updates concerning the anticipated crypto markets bill billed to be the most comprehensive to date, Hansen said the last political trilogy meeting needed to pass the bill is set to take place on June 30. This is when the EU institutions (Council/Parliament/Commission) will be meeting under one roof.

While most issues have already been finalized, a few are still left hanging. One of these is related to the classification of Non-Fungible Tokens (NFTs) and how they are regulated within the region.

Hansen noted that the European Commission wants to add NFTs as a component of MiCA but that the Council and Parliament are initially against it, but are now more likely to make a compromise. Should NFTs be a part of MiCA, service providers like OpenSea, and Rarible or marketplaces operating in the region will be required to obtain suitable licenses.

The Deal About Stablecoins

According to the update shared, the major concerns with respect to stablecoins in the bill are already finalized and what applies to regular fiat-backed stablecoins is what will bind their algorithmic counterparts.

While there will be high regulatory requirements for issuers of both EMT (e-money-tokens) and ARTs (asset-referenced-tokens), the bill will ban Crypto Service Asset Providers from charging interest rates on stablecoin deposits. Unlike what many have also suggested, Bitcoin will not be banned in the region, affirming the earlier resolution not to ban Proof-of-Work (PoW) mining.

The regulatory framework being defined by MiCA is bound to be the most comprehensive in the world, and experts predict that it may guide other nations, including the United States, in formulating a law to govern the digital currency ecosystem.

Image source: Shutterstock

Source

Tagged : Eu / European Union / MICA / NFT / Regulation / Stablecoin

Morgan Creek Digital to Raise $250m, Balancing BlockFi’s Bailout from FTX

by Blockchain NewsJune 28, 2022

Bailing out the crypto lending platform BlockFi has become one of the most significant endeavours for early investors in the company such as Morgan Creek Digital.

According to an exclusive Coindesk report, the crypto investment manager has been wooing investors in a bid to raise $250 million to counter the offer from FTX Derivatives Exchange.

The Coindesk report was centred on a leaked call made by Morgan Creek Digital’s managing partner, Mark Yusko.

Per the reviewed call, Yusko was learned to have explained the details of the BlockFi and FTX’s offer, which he said, if finalized, may cost early investors like Morgan Creek their investments as FTX can acquire the firm at almost zero cost. To prevent this from happening, Yusko solicited immediate funding from investors to make a counter offer that could at least benefit the investment firm should BlockFi declare bankruptcy amidst the encompassing crypto winter.

Yusko noted that BlockFi co-founders had to pitch tents with FTX because the exchange was the only one that offered a bailout in which clients’ funds are protected. Additional details of the deal are notably being discussed at the moment.

“We are still negotiating the terms of the deal and cannot share more information at this time,” a BlockFi spokesperson told CoinDesk on Saturday. “We anticipate sharing more on the terms of the deal with the public at a later date.”

Bailouts are now becoming a major lifeline for the crypto startups that are most hit by the ongoing crypto market meltdown. With Celsius Network also on the brink of declaring bankruptcy, Goldman Sachs is reportedly raising funds to acquire the embattled crypto lender should it come to that.

Mark Yusko is flexible in his bid to pilot Morgan Creek into becoming a part-owner of BlockFi, and he said he is open to a joint takeover with Sam Bankman-Fried if it comes to that.

Image source: Shutterstock

Source

Tagged : Bailout / Blockfi / FTX / Morgan Creek / News

Morgan Creek Digital to Balance BlockFi’s Bailout from FTX

by Blockchain NewsJune 28, 2022

Bailing out the crypto lending platform BlockFi has become one of the most significant endeavours for early investors in the company such as Morgan Creek Digital.

According to an exclusive Coindesk report, the crypto investment manager has been wooing investors in a bid to raise $250 million to counter the offer from FTX Derivatives Exchange.

The Coindesk report was centred on a leaked call made by Morgan Creek Digital’s managing partner, Mark Yusko.

Mark Yusko is flexible in his bid to pilot Morgan Creek into becoming a part-owner of BlockFi, and he said he is open to a joint takeover with Sam Bankman-Fried if it comes to that.

Image source: Shutterstock

Source

Tagged : Bailout / Blockfi / FTX / Morgan Creek / News

Australia’s Crypto Processing Firm Banxa to Lay off One-Third of its Staff

by Blockchain NewsJune 28, 2022

Australian cryptocurrency payments processing firm Banxa Holdings has disclosed its plans to retrench almost a third of its staff, making the headlines as one of the platforms to explore this route in its cost-cutting mission.

Just like its counterparts in the United States and worldwide, the recent plummeting activities in the digital currency ecosystem are negatively affecting Banxa. In light of these realities, Chief Executive Officer Holger Arians said the move to retrench is the best way the company can chart a sustainable way out of the current economic turmoil plaguing the entire world.

“Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run,” he wrote, adding that “While we have made a number of budget cuts, our employee costs remain too high for us to be able to continue to operate in our current structure … we had hoped to make gradual adjustments to Banxa’s business, but macro conditions accelerated our timeline.

According to Holger, the current economic conditions have “put even more pressure on Banxa’s leadership team to make necessary changes to our company’s cost structure.”

While Banxa has obligations to a broader range of investors as it is publicly traded on the Toronto Stock Exchange (TSX), Holger will at least be able to present a remedy to salvage costs seeing how fast the firm’s shares have been plummeting in recent times.

Banxa is processing digital currency-related payments for platforms in the Web3.0 world. The firm confirmed that its role is becoming more relevant by the day and that it needs to concentrate its resources on what truly matters. This position is exactly what Coinbase, Gemini, and Bybit identified as the primary reasons why they have also initiated employee cut-offs as preparation is made for the crypto winter many are predicting may be well drawn out.

Image source: Shutterstock

Source

Tagged : BANXA HOLDINGS / Coinbase / Enterprise / RETRENCHMENT

Voyager Digital Issues Loan Default Notice to Three Arrows Capital on over $670 million Debt

by Blockchain NewsJune 28, 2022

Crypto-asset broker Voyager Digital has issued a notice of default to cryptocurrency-focused hedge fund Three Arrows Capital Ltd (3AC) after the financially troubled hedge fund firm failed to make the required payments on its loan worth more than $670 million.

Voyager issued a notice on Monday morning, saying that 3AC has defaulted on a loan worth 350 million in USDC stablecoin and $323 million in 15,250 Bitcoins at today’s prices.

Voyager disclosed it intends to pursue asset recovery from Three Arrows Capital and has been discussing legal remedies available to recover the amount from the hedge fund.

Meanwhile, Voyager has clarified that the brokerage platform continues to operate and fulfil customer orders and withdrawals.

Voyager CEO Stephen Ehrlich, further commented: “We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands.”

On Thursday last week, Voyager reduced its daily withdrawal limit from $25,000 to $10,000 after it revealed its exposure to struggling hedge fund 3AC.

The crypto broker was hit by a financial crisis triggered by the current market downturn. As of Friday, Voyager stated it had approximately $137 million in U.S. dollars and owned crypto assets.

As part of efforts to revive its financial health situation, Voyager said on Monday, yesterday’s statement, that it had accessed US$75 million of a revolving line of credit previously made available by VC fund Alameda Ventures, FTX founder Sam Bankman-Fried’s quantitative trading firm.

On Friday last week, Alameda Ventures provided Voyager with a line of credit worth $500 million (a US$200 million cash and USDC revolver as well as 15,000 Bitcoins worth $318 million revolvers). The funds are intended to help Voyager meet customer liquidity needs during this challenging financial period.

By borrowing funds from Alameda, Voyager will use its finances to meet customer liquidity demands and strengthen operations.

The news follows the move by crypto lending platform BlockFi to secure a $250 million loan from FTX. Last Friday, BlockFi secured the loan to further bolster its balance sheet and strengthen its platform after the crypto broker faced liquidity crisis fears, as the crypto industry faces a meltdown. Following the loan, FTX is reportedly in talks to acquire a stake in BlockFi.

Voyager has become one of the latest crypto firms hit by the recent market downturn. Besides BlockFi, lending platforms Celsius Network and Finblox recently suspended withdrawals to mitigate risks following fears of market contagion amid Three Arrows’ troubles.

Hurt by the current difficult crypto market conditions, Three Arrows Capital is exploring options including a sale of assets and a bailout by another company.

Image source: Shutterstock

Source

Tagged : 3Ac / DEFAULT NOTICE / Loan / News / Three Arrows Capital / Voyager Digital

FTX Denies Making Internal Deliberations on How to Acquire Robinhood

by Blockchain NewsJune 28, 2022

Sam Bankman-Fried’s FTX Derivatives Exchange is reportedly making internal deliberations on how to acquire Nasdaq-listed brokerage firm Robinhood Markets Inc. However, FTX denied its claims.

Bloomberg reported earlier, citing people familiar with the deliberations, that the crypto behemoth has not made a formal offer to acquire Robinhood at this time, and one of the sources says the final decision may change in the coming days.

“We are excited about Robinhood’s business prospects and potential ways we could partner with them,” Bankman-Fried said Monday in an emailed statement, according to Bloomberg, “that being said, there are no active M&A conversations with Robinhood.”

Robinhood’s stock has once surged by 15% after Bloomberg reported that FTX was looking to acquire the popular trading app, Its share price closed at $9.12, was up 14%.

Beyond the world of cryptocurrencies, a lot of tech startups across the globe have been experiencing a massive devaluation owing to the gloomy global economy. While the world is yet to recover from the pangs of the Coronavirus pandemic fully, the Russian invasion of Ukraine further aggravated the economic turmoil.

Amidst these, Robinhood which attained its fame during the active COVID-19 years has seen as much as three-quarters of its share price erased in the past year as brokerages particularly took a hit. While Robinhood has not declared it is struggling to keep its business running, there is evidence pointing to the fast declining rate of transactions and revenue across the board.

The first impression that suggested FTX might be interested in Robinhood came when Sam Bankman-Fried’s wholly controlled entity, Emergent Fidelity Technologies acquired a 7.6% stake in Robinhood last month, a move that sent the shares of the company soaring at the time.

FTX and its American subsidiary FTX US has been very active on the Merger & Acquisition (M&A) scene in the past year. Most of the company’s acquisitions have been centred on outfits that can further help advance its brand name as a leader in the trading and financial services sector. The most recent acquisitions include LedgerX and Embed, a regulated clearing startup.

Should the acquisition of Robinhood become a thing, the FTX exchange would have doubled its position in both the cryptocurrency ecosystem as well as the mainstream stock markets.

Image source: Shutterstock

Source

Tagged : Exchanges / FTX / M & A / Robinhood / Sam Bankman-Fried