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Blockchain Bites: Square’s Patent Posse, Binance’s DeFi Bridge, SushiSwap’s Co-Founder Speaks

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Square is pushing back against crypto patent hogs, Binance is doubling down on DeFi and what’s the story with crypto’s latest attempt at a backdoor public listing.

Top shelf

Patent posse
Square, the bitcoin-friendly payments company, is building an “alliance” to pool crypto patents and preserve the industry’s open-source spirit. The non-profit Cryptocurrency Open Patent Alliance (COPA) aims to stop companies from locking up useful technologies in patents, a practice Square says hamstrings innovation and stifles crypto adoption. Members must pledge to make their patents freely available to all other members using a shared library. 

DeFi attraction
Binance is connecting its decentralized Binance Smart Chain (BSC) to its centralized exchange (CeFi) and pumping $100 million into decentralized finance (DeFi) projects built on BSC. This “bridge” between DeFi and CeFi will essentially offer DeFi access to Binance users who don’t want to leave the exchange, CoinDesk’s Muyao Shen reports. 

Euro CBDC
European Central Bank (ECB) President Christine Lagarde said Europe has fallen behind in the digital currency (CBDC) race. Speaking at a Deutsche Bundesbank’s conference, Lagarde said a digital euro would allow the bloc to be at the cutting edge of innovation, but the lack of payments integration in Europe indicated that foreign providers have taken the lead. Separately, France’s central bank governor said a public/private partnership would be the best way to issue a CBDC to retail users.

Uniswap volumes
Uniswap topped August’s record high trading volume in the first 10 days of September, reaching $6,729,691,041 mid-morning on Thursday, leaving almost three weeks to push further into record territory. Last month’s $6.7 billion in traded volume was the leading decentralized exchange’s fourth consecutive all-time monthly high. Liquidity on Uniswap, however, has dropped by over 60% to $619 million since Tuesday as the popular SushiSwap project successfully migrated from Uniswap to FTX’s decentralized exchange, Serum.

Matching engine
Cryptocurrency exchange Bitstamp has implemented a new matching engine from Nasdaq’s technology vendor that it says greatly speeds trading. The upgrade is said to be 1,250 times faster, allowing the firm to add additional trading pairs and better manage periods of volatility. 

Quick bites

At stake

SPACs are back?
Earlier this week MarketWatch announced 2020 as the year of the SPAC, citing 82 firms using this “backdoor” approach to public listing to raise more than $31 billion so far. 

Another firm, Hong-Kong based Diginex, may become the 83rd. CoinDesk’s Nathan DiCamillo reports that this blockchain services firm could be publicly traded by Sept. 23.

SPACs, special purpose acquisition companies, are used to conduct initial public offerings (IPO) and hold that capital in trust to later be put to work to acquire other companies, giving the acquiree listed status. 

Diginex, which hopes to list on Nasdaq, will merge with publicly traded 8i Enterprises Acquisition Corp., a British Virgin Islands-based company, after a final shareholder vote later this month. If all goes as planned, Diginex should bypass many of the usual regulatory barriers associated with an IPO and list on Nasdaq around Sept. 23, said Diginex CEO Richard Byworth, a former investment banker.

While a number of factors, including pandemic-induced economic uncertainty and a growing awareness of the costs of traditional listings, have cut into the IPO market, crypto has its own reasons for finding alternatives. 

INX is conducting an initial public offering live over the Ethereum blockchain, while Coinbase is reportedly looking into a “direct listing.” 

While Diginex’s EQUOS.io is certainly not a “top-tier” exchange, going public is noticeable, DiCamillo said. The Nasdaq listing would raise its profile among investors and potential customers, said George Zarya, CEO of digital asset services firm Bequant. 

Market intel

Struggles
Bitcoin is struggling to gather upside traction despite repeated defense of support at $10,000. The top cryptocurrency’s sell-off from the August high of $12,476 looks to have come to a halt near $10,000 over the past seven days. “If $10,000 is breached, the cryptocurrency could drop to $8,100,” crypto trader and analyst Josh Olszewicz tweeted earlier this week. So far, however, bitcoin’s rebound has been capped around $10,500.

Tech pod

Mixnets
Nym, a privacy-centric startup, will pay people in bitcoin for running its nodes. The software project’s mixnet, used to obscure metadata tracking, will now support bitcoin transactions and enable plugins for wallets and applications. One way Nym will compensate node operators is through L-BTC on the Liquid sidechain using the Blockstream Green wallet. It is also launching a reputation system, NYMPH, that lets participants keep track of which mixnodes are online and mixing data packs, even across multiple chains, CoinDesk privacy report Ben Powers said. 

Op-ed

Learning from Graeber
Shiv Malik, author, co-founder of Intergenerational Foundation and Head of Growth at Streamr, thinks DeFi proves we have learned nothing from the ICO-mania of years past. Looking at crypto markets through the lens of recently-deceased anthropologist David Graeber’s theory of debt, Malik says, “Trying to make money out of nothing by believing other people will fall for the trick is, in the end, still trying to make money out of nothing.”

Podcast corner

How Monetary Policy Undermined American Resilience
Nathaniel Whittemore looks at how the Federal Reserve’s policy of artificially low interest rates has led to the death of savings and perpetual growth machine for financial assets. 

Who won #CryptoTwitter?

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Snap Stock Up 16% as Q2 2021 Earnings Beat Analyst Expectations

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Snap stock has risen approximately 184.94%, and 25.76% in the past year and seven months.

Snap Inc (NYSE: SNAP) stock traded 16.31% higher in today’s premarket around $73.24. The notable spike has been directly attributed to the second-quarter earnings results that beat analysts’ expectations. Notably, Snap reported revenue of $982 million in Q2 versus $846 million expected by analysts according to a survey by Refinitiv.

Additionally, the company recorded adjusted earnings per share of 10 cents versus 1 cent loss forecasted by analysts. During the second quarter, Snap’s average revenue per user (ARPU) was $3.35 against $2.92 expected by analysts according to a survey conducted by Refinitiv. Global daily active users (DAUs) hit 293 million users versus 290.3 million according to a survey conducted by StreetAccount.

Snap stock has risen approximately 184.94%, and 25.76% in the past year and seven months. However, they have dropped approximately 6.95% in the past month according to market analytics provided by MarketWatch.

Snap Stock and Company’s Q2 2021 Earnings

On the positive side, Snap noted that the iOS 14.5 update did not make severe changes to its operations as earlier forecasted. Partly due to the late rollout of iOS 14.5 by Apple’s developers.

Jeremi Gorman, Snap’s chief business officer added that the slow adoption of Apple’s software update also significantly contributed. “This has given us more time with advertisers to navigate the transition but also means the effects of these changes will come later than we initially expected,” Gorman said.

One of the key highlights from the Snap second-quarter report was the 53% decline in a net loss to $152 million from $326 million a year ago.

Forward, the company is weighing on different market outlooks, particularly Covid-19 and the rollout of the vaccine. On a year-over-year basis, Snap expects its revenue to grow by 58% to 60% during the third quarter. Additionally, the company said it anticipates hitting approximately 301 million daily active users (DAUs) in the third quarter.

This range reflects our best current estimate of the potential impact of anticipated disruptions associated with the iOS platform changes,” Snap Chief Financial Officer Derek Andersen said in his prepared remarks.

The foreseeable future remains uncertain for Snap management largely due to a resurgence of COVID-19 cases. As a result, the company said it will be operating in an uncertain environment until the end of the year.

The company has a reported market valuation of approximately $99.58 billion as of today with 1.32 billion outstanding shares. Having been rated by 38 Wall Street analysts, MarketWatch found out that Snap stock received an average of Over rating.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Binance US Pursuing Plans to Go Public, Opts for IPO amidst Regulatory Crackdown

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Binance US will be competing for a public spot proceeding despite facing allegations from global regulators.

Binance US which is a cryptocurrency exchange operating in the American market will opt for an IPO way to go public. The firm is currently in the process of navigating heavy regulatory concerns and crackdowns. Binance CEO Changpeng Zhao has commented on the possibility of the firm listing on an IPO and communicated possible plans of the company concerning regulatory requirements and protocols.

The CEO further highlighted how the company is still embroiled in regulatory trouble with central regulators and had taken accountability for the same. However, Zhao has been confident in making Binance US seek a public spot through the IPO and expressed his decision to accelerate compliance efforts to work in sync with the guidelines to safeguard the company’s interest and stake.

Binance US Opts for a Strategic IPO Listing

Binance US will be competing for a public spot proceeding as a separate company that seeks branding from the global exchange Binance. The company will be taking a fresh initiative to go public in the upcoming months.

It is to be noted that  Binance which is the leading cryptocurrency exchange was facing allegations from global regulators that involve claims such as the company being implicated in illegal trading in the USA. The concerning matter was later investigated by the States Department of Justice and the Internal Revenue Service. Later on, the company was approached by the US Commodity Futures Trading Commission on similar grounds.

Binance CEO Changpeng Zhang has asserted that the company is surely battling regulatory issues and interventions at the moment but is confident enough to accelerate the work operations by shifting the company into the financial domain from a previous tech setup.

The CEO has further admitted that they might encounter troubles with the regulators but this will never disregard the company’s vision to go public one day. Binance US is now pursuing ways to opt for a traditional initial public offering route to seek credible transition.

In a virtual blockchain summit called REDeFINE Tomorrow 2021, Zhao was seen communicating his plans regarding Binance’s prospects and strategies as well the company’s new goal that involves an IPO listing. Zhao later restated that the company will be expediting its compliance efforts that will also include hiring former regulators to speed things up.

In the summit held on Friday, Zhao was seen admitting the fact that the regulatory issue that the firm is currently facing will be mitigated very soon and the compliance efforts will be accelerated to localize communication in a structured manner.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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TSLA Stock Up 2% Yesterday, Musk Anounces Opening Tesla Supercharger to All EVs

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Tesla is planning to make Superchargers that are accessible by all vehicles in most of the countries.

The founder and CEO of Tesla Inc (NASDAQ: TSLA) Elon Musk announced that the company’s chain of fast-charging stations for its electric automobiles, aka Tesla’s Supercharger network, will commence serving other brands of electric vehicles from this year.

Meanwhile, Tesla stock went up by 2% yesterday, reaching $660.50. Today in the pre-market, the stock lost 0.23%.

The tweet was posted on Tuesday by the business magnate. This announcement follows years of gossip on the development of Tesla charging stations that are compliant with all electric vehicles.

Despite the tall claims by Musk, there has, as of now, not been any communication on the details about this venture. For starters, where will the DC fast-charging stations be set up still remains a question. However, according to the Billionaire, Tesla is planning to make Superchargers that are accessible by all vehicles in most of the countries.

In recent times, the billionaire has communicated the idea of introducing Superchargers to other EVs and collaborating on the technology together. In an interview in 2014, Musk suggested contributing and curating designs to create a mainstream blueprint that can be exchanged across industries.

In a gathering in 2018, Tesla CEO had, however, answered a query during an earnings call that the Supercharger Network is not anomalous to a ‘walled garden’. By this, the billionaire wanted to suggest that different brands and designs of EVs might have different charging stations that are compatible.

The most critical marketing strategy for Tesla Electric vehicles has been the fact that the company has exclusive charging stations. This herculean advantage set the company apart from its competitors in battery vehicles. The Tesla charging network is accessible to operators of Tesla vehicles without any membership fees. The company keeps a tab of the charging per minute or kilowatt-hour.

The company’s new level 3 Charging Stations have not been opened to the general public, and are available only to the owners. The connectors used in powering the vehicles can be plugged into Tesla vehicles only, enabling less crowd and higher accessibility to the Tesla customers.

Several US companies have discussed and struggled to provide charging stations that cater to battery vehicles from different brands. The companies include ChargePoint, Electrify America, Sema, and many others. Tesla’s website claims that the company currently manages more than 25,00 charging stations across the globe.

In December 2020, Musk mentioned his company’s plan to create Supercharging stations for all electric automobiles. In a conversation with YouTuber MKBHD, Marques Brownlee, the billionaire said that other Brands of EVs were “low-key” on the lookout for access to Tesla’s Superchargers and that the apparatus was already being made available to other electric cars.

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Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.





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