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Vitalik Buterin, the co-creator of Ethereum, has announced plans to simplify the Ethereum network by taking inspiration from Bitcoin’s design. Buterin aims to improve Ethereum’s scalability, security, and overall user experience through this redesign. The proposed changes include implementing a more streamlined architecture that will enhance the network’s efficiency and reduce congestion. Buterin also plans [...]
Bitcoin’s price is on the verge of entering a bullish trend as US bonds experience their most significant selloff since 2019. This development signals a potential shift in investor sentiment towards the cryptocurrency market. The recent surge in Bitcoin’s price can be attributed to several factors, including growing institutional interest, increasing adoption by mainstream companies, [...]
The post Bitcoin Price Poised for Bull Run as US Bonds Face Biggest Selloff in Years appeared first on Crypto Breaking News.
The recent discovery of a dormant wallet containing a staggering 400 million bitcoins has sent shockwaves through the darknet marketplace community. This wallet, inactive for nearly a decade, has suddenly come to life, sparking intense speculation and curiosity among crypto enthusiasts. The resurgence of this significant amount of bitcoins has raised questions about its origin [...]
The post Revived: Darknet Marketplace Wallet Holds $400M in Bitcoin After 9 Years appeared first on Crypto Breaking News.
The article discusses the recent increase in Bitcoin holdings by a billionaire BTC whale amidst heightened activity from other whales in the market. This wealthy individual has added to their already substantial stash of Bitcoin, indicating confidence in the cryptocurrency’s value and potential for future growth. The billionaire’s actions come at a time when other [...]
The post Enormous Bitcoin Whale Makes $200M Purchase of BTC, Second Whale Emerges After 8 Years of Dormancy appeared first on Crypto Breaking News.
Binance is a global crypto giant, with this outlook reflected in the cryptocurrency exchange’s annual revenue. OKX also saw a 4x organic growth in its revenue over the same period, while Huobi recorded a 98% drop in revenue in 2022 as the bear market decimated multiple crypto-focused businesses. Per data shared on Tuesday by on-chain ... Read more
<p>The post Binance’s revenue grew 10x over two years: report | Invezz first appeared on CCNC.</p>
Crypto lending platform Nexo has made the landmark announcement that it has acquired a stake in Hulett Bancorp (DBA Mode Eleven), the holding company that owns Summit National Bank – a US federally chartered bank.
The deal will enable Nexo to offer its US customers – both retail and institutional – services which to date have mainly been restricted to bank customers. These include the ability to open bank accounts, asset-backed loans, card programmes, as well as escrow and custodial solutions through Summit National Bank.
Perhaps the most notable aspect is regulation, as the US obviously keeps a keen eye on anything banking related. This is the first step a crypto lender has taken in moving toward a bank, and will likely be seen as a watershed moment for the industry at large.
Antoni Trenchev, co-founder and Managing Partner of Nexo, spoke to Invezz exclusively.
It was a herculean effort to be sure – one that took two years to finalize – but it was well worth our time as Nexo will now be unveiling further plans and developments for its growth as a company
Antoni Trenchev, co-founder and Managing Partner of NexoIt really is quite a momentous move by Nexo, and a positive sign that regulators are getting on board with well-run companies in the crypto space. For its part, Nexo is separating itself from the bad reputation a lot of crypto companies were labelled with during the contagion crisis earlier this year.
Celsius filing for bankruptcy was the biggest culprit, and Nexo’s move closer to a bank today will likely quell any doubt that they ever should have been categorised in the same bracket as Celsius, BlockFi, or any of the other reckless crypto lenders.
As for Summit Bank, it is aiming to reinvent itself as a modern digital FinTech bank. We have seen the rise of FinTech banks over the last few years, with Revolut one notable one – it became the UK’s most valuable private company at a valuation of €28 billion last year. This is certainly a move which will bring the company more in line with the times.
“We are delighted to welcome Nexo aboard,’’ said Forrest Gilman, Chairman of the Board, and President of the US bank. “We are excited to be partnering with Nexo as we combine Summit National Bank’s traditional strengths and values with our vision for the bank’s future. Kalin’s active engagement on the Board strengthens our work on the transformation of the bank into a fully-fledged cutting-edge FinTech bank with access to new clients.”
In conclusion, it’s mightily impressive from Nexo, which continues to grow despite the bear market crippling the rest of the market. The attestation of its asset reserves, providing assurances to investors that it has its liabilities covered, has helped propel it to the front of the lending market.
It is now making its move toward being considered more like a bank. This is a very positive step in that journey.
The post Exclusive: Nexo’s Trenchev says it took two years to finalise acquisition of stake in US Bank appeared first on Invezz.
sponsored Gate.io is one of the longest running secure exchanges in the world and over time, surpassed 10 million users worldwide. To mark this milestone, the exchange is launching a rebranding and a sweepstake with $9,000,000 in prizes! Read on to find out more about what makes Gate.io such a success and what the team […]
In what would be the most severe jail sentence of all time, a Turkish prosecutor wants to imprison 21 executives of the now-defunct crypto exchange Thodex for up to 40,564 years, Bloomberg reported on March 31, citing reports from local media. In April 2021, one of the then-popular crypto exchanges Thodex said its platform is […]
Members of the team of the now defunct Turkish crypto exchange Thodex may receive thousands of years in prison, if the court backs the prosecutor’s plea in the case. The trading platform’s CEO has been missing for the past year since Thodex suspended activities in a suspected exit scam. Turkey Seeks up to 40,000 Years […]
Gold has served as a store of value for thousands of years. Due to this, investors have widely used it as a hedging tool against the effects of recessions and inflation often caused by geopolitical tensions. In light of recent events such as the COVID-19 pandemic and, more recently, the military crisis between Russia and […]
The CEO of Almonty Industries has warned that it could take the Federal Reserve 10 years to get inflation under control if they do not act now and stop spending money. “And they need to raise rates. That’s the only tool that works,” he said. Federal Reserve Could Take a Decade to Get Inflation Under […]
Kevin O’Leary, aka Mr. Wonderful, has shared what he thinks the price of bitcoin will be in the coming years. He said when institutions get the go-ahead from their compliance departments to invest in bitcoin, the price of the cryptocurrency “is going to appreciate dramatically.” Kevin O’Leary’s Bitcoin Prediction Shark Tank star Kevin O’Leary shared […]
Although 2021 was a good year for the cryptocurrency industry in terms of market performance, the number of jurisdictions banning crypto has more than doubled since 2018. A report by the Library of Congress (LOC) details the nine jurisdictions that have now applied an absolute ban on crypto and the 42 with an implicit ban. […]
The consumer price index (CPI) data released Friday by the U.S. Bureau of Labor Statistics show prices in the United States climbed 6.8% in November compared to 12 months ago. It’s the largest rise in close to forty years, and U.S. policymakers are backing away fast from saying inflation is transitory. Inflation Accelerates in the […]
InvestorPlace – Stock Market News, Stock Advice & Trading Tips While we all have our opinions about the cryptocurrency sector, I thought itd be an interesting diversion to ask an artificial intelligence platform ideas for cryptos to make you rich. Arbitrarily, I assigned a timeline of five years, which should be plenty for any bullish...
Tether CEO Paolo Ardoino said in an X post that the company will continue to bring financial inclusion to people who are left behind.
The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward. IRS Clarifies Cryptocurrency Staking Income, Leaves Questions Unanswered Under fresh tax directives from the [...]
The post Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance appeared first on Crypto Breaking News.
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