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ByteDance, ORCL, WMT Deal Likely to Be Tossed By Beijing

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State-backed newspaper outlet Global Times have stated that Beijing is not likely to approve the deal between ByteDance, Oracle and Walmart.

Barely days after the approval of the ByteDance deal with the duo of Oracle Corporation (NYSE: ORCL) and Walmart Inc (NYSE: WMT), a publication from the Chinese based newspaper The Global Times have stated in an editorial that Beijing is unlikely to approve an ‘unfair’ deal between the tech giants. Per the editorial, the deal whose details were supplied by the United States government is unfair, and that it caters to the unreasonable demands of Washington, which casts doubts on the likelihood of Beijing assenting to such deals.

Earlier, Coinspeaker reported that Beijing released a new set of regulations which implied that it will have to approve any deal between Chinese indigenous companies aiming at partnering with a foreign entity. While this position complicates the ByteDance acquisition deal in the US owing to the economic tension between China and the US, the perceived unfair deal ByteDance struck with Oracle (ORCL) has been described as another means by Washington to exert its bullying tendency.

The editorial noted:

“It is clear that these articles extensively show Washington’s bullying style and hooligan logic. They hurt China’s national security, interests, and dignity. ByteDance is an ordinary company in China. The US suppresses it with all its national strength and forces it to sign a deal under coercion. China, also a major country, will not yield to US intimidation and will not accept an unequal treaty that targets Chinese companies”.

ByteDance ORCL Deal: Where the Fault Lies

The original excuse for attempting to place a ban on ByteDance’s operations for operating TikTok in the US is based on national security concerns, and while these concerns are not completely alleviated, ByteDance is set to restructure in a way that TikTok Global will emerge with sizeable American ownership.

While ByteDance will still have the majority ownership in the TikTok Global business, Oracle will take up 12% ownership while Walmart (WMT), the e-commerce giant will take a 7.5% ownership while serving as the firm’s commercial partner. According to the Global Times, the US President, Donald Trump has noted that the new company would have “nothing to do” with China and would be fully controlled by the US, a position that seems to underestimate “China’s determination to defend its basic rights and dignity.”

In making a further case to why Beijing may likely toss out the deal, the publication stated:

“The US is a big market. If the reorganization of TikTok under US manipulation becomes a model, it means once any successful Chinese company expands its business to the US and becomes competitive, it will be targeted by the US and turned into a US-controlled company via trickery and coercion, which eventually serves only US interests.”

With the ongoing clampdown of Chinese based tech companies including Tencent’s WeChat, Huawei and others, the Global Times noted that if Beijing does not fight back, “the US will enjoy global technological hegemony forever.”

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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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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OpenSea Becomes Crypto Unicorn after Raising $100M in Its Series B Funding Round

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One of the key changes that OpenSea will work towards is to enable cross-blockchain operations on its platform.

NFT marketplace OpenSea is now valued at a total of $1.5 billion post its Series B Funding round where it raised $100 million. Crypto is still a developing industry however some entrepreneurs have already made a place for themselves in the future crypto world. OpenSea is one such entity that allows traders, owners, and developers to create, trade, and develop non-fungible tokens on its wide digital market platform. NFTs hit the popular culture early this year and became a part of the regular conversation since the artist Beeple made headlines post selling his NFT, a digital art for $69.3 million.

OpenSea has only benefitted from this explosion though it had carved a niche place for itself in the industry before that. It was in March 2021 that the company had raised $23 million as part of its Series A funding. Now months later, in their Series B funding, OpenSea has raised an impressive sum of $100 million. Both the rounds were led by Silicon Valley-based Venture Capital firm, Andreessen Horowitz. Some of the other players in the recent funding comprise Coatue, Michael Ovitz, CAA, Kevin Durant, Kevin Hartz, and famous actor Ashton Kutcher. It is now officially a crypto unicorn and one of the largest NFT marketplaces in the world.

OpenSea and Its Plan of Action amid Successful Funding

The new funds will target the infrastructure issues concerning the Ethereum blockchain. Besides, some of it would be used to attract new and competent engineers, in the international expansion to capture new developing markets and in the overall development of the marketplace, platform to make the NFT transactions seamless and secure.

As mentioned earlier, one of the key changes that OpenSea will work towards is to enable cross-blockchain operations on its platform. The company’s large carbon footprint is a result of the high amounts of computing power and energy used in the NFT creation. The high gas fee due to minting NFTs on the blockchain has been a constant roadblock for OpenSea. To make the transactions more energy-efficient for long-term stability and feasible for customers, OpenSea has already moved transactions on the Polygon platform, which is a popular Layer 2 Ethereum blockchain.

Apart from Polygon, the marketplace will also integrate its platform with Dapper Labs’ Flow and Tezos in the future. These scalable blockchains would ensure the company stays relevant and ahead of its competitors while at the same time opening up to a diverse customer pool and not just the high-value artwork market ruled by the ultra-rich.

About the Company

This Ethereum blockchain-based platform for trading NFTs i.e. non-fungible tokens was born in 2017. They brand themselves as the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs) where users can buy, sell, and discover exclusive digital assets. It allows users to conduct transactions through any crypto wallet they have.

OpenSea wishes to lower transaction costs across platforms while also enabling people to choose from a plethora of payment methods available. They want to become NFT educators in the market and be known as the brand synonymous with NFTs. Digital art ranging from art, music, domain names to virtual worlds, sports, and trading cards, OpenSea displays a large set of NFTs on its platform. Its recent revenue numbers are a key witness to its unstoppable growth. June 2021 saw OpenSea selling digital assets worth $160 million. This translates to a 45 times increase in growth since its $8 million sales in the first month of 2021.

“We’re excited about NFT’s representing a paradigm shift in technology where most of the consumer tech has been dominated by a few large companies,” Finzer said. “We think NFTs are bringing back a Renaissance, where creators, collectors, developers, and all sorts of projects will emerge, very analogous to the paradigm shift where the birth of the internet brought thousands of new early applications and ultimately, billions of people, changing their lives in a big way,” said CEO Devin Finzer.

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Content specialist with interest across sectors like Finance, Politics, Environment, Technology & Education. Loves Fiction! A reader, dreamer & blogger. When not writing, you will find her enjoying solitude like her cats



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