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Ripple CTO David Schwartz Says His Crypto Investment Is All in XRP

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According to Schwartz, project founders are not bound to have complete faith in their abilities and ideas. He indicated that by not having complete faith, they can make better decisions.

Ripple chief technology officer David Schwartz through a series of tweets slammed different crypto investment ideas brought up by the crypto community on Twitter. According to Schwartz, he has in the past made irrational decisions that have essentially cost him millions of dollars.

Hereby advocating for people to invest according to their best ability but understand the risk management to avoid frustrations.

How It All Began for Ripple CTO David Schwartz

The whole issue revolves around a tweet that once an XRP army Tiffany Hayden indicated that people should keep holding the asset if they want to remain poor. Her statement was met with mixed reactions, whereby one XRP enthusiast replied that one should not buy the asset because you want to get rich, rather purchase it to avoid poverty.

Their disagreement attracted mixed thoughts in XRP investment, whereby one person indicated that all XRP current enthusiasts are a scam.

“Anyone pushing XRP while derisking is exit scamming. You can’t go around trying to build faith in others for XRP while you yourself have no faith in it and feel derisking is the best option,” @PbuzzXr tweeted.

It was at this moment that Ripple CTO intervened to highlight his thoughts. According to Schwartz, he is of the opposite view and project founders are not bound to have complete faith in their abilities and ideas. He further indicated that by not having complete faith but understanding their strength and weakness, they can make better decisions. Notably, Schwartz indicated that fate made him put all his eggs in one basket. Whereby, he is all in XRP, and Ripple as a company.

“My job, my reputation, Ripple stock, XRP, and so on. I like that basket. But the risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same,” Schwartz stated.

He further opened up on the past investment decisions that advised him to make up his mind once and for all.

In response to a question why he de-risked his crypto investment portfolio. David stated that he was pushed to de-risking back in 2012 after discussing with the wife on the matter.

It was then that he sold his Bitcoin, XRP, and Ethereum. According to him, the decision hurts to understand that he sold bitcoin for $750 and XRP for $0.1.

He further stated he sold 40,000 ETH at $1, which was all solely advised.

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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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Beeple Presents NFT Platform WENEW to Sell Moments in Time

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Beeple asserted that the NFTs constituted a new prototype that feeds off the remarkable achievements in human history, which can be commemorated and honored through the platform.

Mike Winkelmann aka Beeple, one of the most famous digital artists around the world,  presented WENEW,  the premier curator and provisioner of iconic moments as Non-Fungible Tokens (NFTs). The platform helps people collect stellar instances in sports, arts, and culture on the blockchain.

The platform which aims to ‘immortalize moments on the Blockchain’ has roped in industry giants like TIME, Endeavor, IMG, Universal Music Group, Warner Music Group, The Champions Wimbledon, and Open Earth Foundation. TIME has been delegated as the curation partner, and the work will include assisting WENEW to recognize the awe-inspiring moments in history.

The first auction to take place will commemorate tennis ace Andy Murray’s triumphant feat at Wimbledon in 2013. The home page of WENEW’s website displays an impressive gallery of photos from Andy’s long-awaited victory against Serbian player Novak Djokovic. The bid that commences on July the 2nd will not only sell an NFT but the entire experience, making the auction more riveting. The highest bidder in the deal will be provided VIP benefits like sporting a match with Murray at Wimbledon, along with a couple of tickets to the men’s finals in 2022. The bidder will also enjoy a private behind-the-scenes tour for a wholesome experience.

The Ethereum-run platform will, in addition to blockchain ownership, furnish the collectors with a Physical Artifact of their WENEW moment. With the help of Arweave technology, an IT company specializing in data storage and blockchains, the WENEW moments will be combined with profound editorial works that exhibit an essential history. Some of the ‘premium moments’ will also provide exclusive access to once-in-a-lifetime collectible memorabilia. 

Since Ethereum has been functioning on inflated gas prices (which is the unit that estimates the amount of computational effort required to execute distinct operations), it is not regarded as an eco-friendly blockchain. To uphold the platform’s and Beeple’s claims of supporting sustainable NFTs, WENEW has partnered with Open Earth Foundation which will manifest activities curated to diminish energy-intensive exchanges. The platform also professes to fund enterprises towards a wide-ranging variety of climate programs.

Beeple, the highest-paid NFT artist in the world, asserted that the NFTs constituted a new prototype that feeds off the remarkable achievements in human history, which can be commemorated and honored through the platform. He explained how meaningful memories can shape and inspire people in a way that matters. 

“WENEW exists to facilitate and make concrete these once-abstract connections,” concluded Beeple.

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Chinese Ride-Hailing Firm Didi Targets $60+ Billion Valuation in IPO

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Going by Didi’s updates prospectus, Morgan Stanley Investment Management Inc has shown interest in acquiring a share of up to $750 million in the IPO.

China’s ride-hailing giant Didi Global Inc is expecting that an IPO could value it at over 60 billion. An SEC filing made Thursday shows that the company is going to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol ‘DIDI’.

Didi will offer 288 million American Depository Shares (ADS) or 72 million Class A common stock, valued at $13-$14 each. At the upper end, the company could raise $4.03 billion, making it the biggest US IPO of 2021. It would also be the biggest U.S. share sale done by a Chinese company since 2014.

Moreover, in case of an over-allotment, the company could sell 43.2 million extra shares thereby raising an extra $605M.

Initially, Didi (Xiaoju Kuaizhi Inc.) wanted to list on the Hong Kong Exchanges (HKEX) but turned instead to NYSE. The business sought to mitigate risks for increased regulatory scrutiny in its practices, including using part-time drivers and unlicensed cars.

Already, the State Administration for Market Regulation (SAMR), China’s market regulator, has launched an antitrust probe on Didi. Investigations will determine if Didi has used unfair competitive practices, in addition to transparency in the ride-hailing pricing mechanisms. The probe is the latest, with Alibaba Group (HKG: 9988) and Tencent Holdings Ltd (HKG: 0700) having preceded.

Concerns over more Chinese regulatory crackdown have now cut the company’s IPO valuation by 33%. The drop was also attributed to uncertainty in the company’s growth prospects.

Didi Market Perspective and NYSE IPO

Going by Didi’s updates prospectus, Morgan Stanley Investment Management Inc has shown interest in acquiring a stock of up to $750 million in the IPO. Singapore’s Temasek Holdings Ltd. (SGX: TEKB) would also like to subscribe to $500 million worth of stock. Other giant tech firms in Asia counted as investors are SoftBank Group Corp (TYO: 9984), Alibaba, and Tencent.

Goldman Sachs Group Inc (NYSE: GS), JPMorgan Chase and Co (NYSE: JPM), and Morgan Stanley (NYSE: MS) are the IPO’s lead underwriters. On Thursday, Didi added to this cluster to include Barclays, Citigroup, and BofA Securities, among others.

Founded in 2021, the ride-hailing firm operates in 15 countries internationally, making it one of the top-five private start-ups worldwide. The firm also has over 490 million annual active users globally and it intends to reach 800 million by 2022.

As the company recovered from pandemic-inflicted sales, its Q1 revenue more than doubled year-on-year to reach $6.4 billion. The company also posted a profit for the same period.  Net income was $837 million before shareholder payouts, with a comprehensive net income of $95 million.

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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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Robinhood Delaying Its IPO Plans amid Expansion of Its Crypto Business

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The initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

A reliable source has it that In the past, the SEC has been concerned about Robinhood‘s growing business related to cryptocurrencies. While the company may be listed by summer, those plans may as well be achieved later, probably in fall. Robinhood plans to put its house in order and publicize its past financial performances to make way for the public listing. A company’s spokesperson disclosed that a successful Initial Public Offer (IPO) filing was done earlier in the year, March. According to Bloomberg, the initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

Robinhood Activities amid Its IPO Plans

Robinhood began trading cryptos two years ago, 2018. Today the company’s portfolio includes Bitcoin, Litecoin, and even meme-based Dogecoin which started as a joke. Besides the mentioned digital coins, clients can get many products on this platform. Robinhood is particularly popular with first time (novice) crypto investors. Robinhood became both popular and controversial during the pandemic and has elected new members to its board. The company is also popular for meme stocks.

The crypto market has been very volatile this year. Bitcoin achieved a high of $64,000 after being backed and endorsed by high-profile investors, notably Elon Musk. However, the rally was short-lived and the prices dipped to as below $30 K in June. Other crypto have been following the same trend increasing uncertainty in the general market.

Sometimes in the near future, Gary Gensler, the current SEC chair, is expected to make momentous rulings on digital assets. Robinhood made the application in a “bad year”. The SEC has been busy, thanks to the many IPOs, particularly for Special Acquisition Companies (SPACs) in their in-tray. These delays have however caused an equity backlog in capital markets. As per Bloomberg’s report, SEC staff has however warned lawyers that this time around, it may take well over a month to review SPAC paperwork. Additionally, they can expect another two to three weeks to get feedback on changes and amendments.

What Ails the Cryptocurrency Market

In the recent past, China has intensified its crackdown on crypto, particularly Bitcoin. Following the Chinese government’s decision to launch a Central Bank Digital Currency (CBDC), the digital Yuan, Bitcoin was no more welcome. In fact, all Bitcoin-focused activities were banned.

Last month, the Chinese government denied rumors suggesting that they wanted to ban Bitcoin mining. However, the same authorities reviewed the same matter, but this time said that they wanted Bitcoin miners out ASAP.

The decision was informed by the thinking that Bitcoin and the digital Yuan would not thrive in a common environment. Government authorities believed that when put in the same ecosystem, Bitcoin would outshine the digital Yuan and possibly hinder its growth.

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Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.



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