Tech

After a long month of generous bailouts, crypto exchange FTX now eyes fresh funding at a flat valuation. As reported by Bloomberg, individuals familiar the matter say FTX and FTX US are both fundraising. They each chose to remain anonymous as they aren’t authorized to discuss the matter. The firm is targeting a round that is roughly equal to its $32 billion valuation from January, following its $400 million raise in January. FTX US also raised $400 million at the…

Thai crypto exchange Zipmex has indefinitely suspended withdrawals; the exchange tweeted on July 20. According to Zipmex, this pause is due to “a combination of circumstances beyond our control.” Specifically, the exchange mentioned volatile market conditions, which it claims have caused some of its key business partners financial difficulties. According to the tweet, Zipmex decided to suspend withdrawals to maintain its platform’s integrity. [embed]https://twitter.com/zipmex/status/1549699440302166016[/embed] This news comes after Cointelegraph reported that the exchange might be facing financial difficulties. The crypto…

After positioning itself as a crypto hub with its virtual asset law, Dubai is now eyeing the metaverse. Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced this news through a tweet on July 18. His tweet read: [embed]https://twitter.com/HamdanMohammed/status/1548987283310878722[/embed]   Under its metaverse strategy, Dubai plans to become the leading metaverse destination in the MENA region. On the global scene, Dubai seeks to become a top 10 metaverse economy. Additionally, the emirate plans to quintuple the number…

Leading crypto exchange Coinbase has secured a crypto asset service provider license in Italy. The company announced this news through a blog post on July 18. This license will allow the exchange to offer Italians crypto services in a regulated environment. According to the blog post, Coinbase moved to secure the license after Organismo Agenti e Mediatori (OAM) said it would implement new requirements for crypto service providers. Among the new requirements for crypto service providers is securing regulatory approval.…

Seychelles-headquartered crypto exchange CoinFLEX is planning to start allowing users to make limited withdrawals after suspending the service last month. The exchange announced this development through a blog post on July 14. To enable limited withdrawals, CoinFlex put together a strategy that involves canceling pending withdrawals and shutting down trading temporarily. The exchange scheduled this plan for 1:00 AM ET on July 15. The exchange added: We expect this to last a few hours and will notify you once we…

Celsius Network has filed for Chapter 11 bankruptcy in New York. The embattled crypto lender announced this news on July 13, noting that it voluntarily initiated the bankruptcy process. In doing so, Celsius hopes to stabilize its business and start a restructuring procedure that maximizes value for all stakeholders. Per the announcement, Celsius and some of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code. The entities filed the petitions in the US Bankruptcy…

Troubled crypto lending platform Celsius Network is facing fraud charges in a New York state court. Reuters reported this news on July 7, noting that KeyFi Inc brought these charges against the firm. Specifically, the plaintiff accuses Celsius of running a Ponzi scheme for personal gain. KeyFi Inc, which is run by Jason Stone - a former Celsius investment manager - claims Celsius used customer deposits to rig the price of its native token, CEL. Citing “gross mismanagement of customer…

The Boring Company, an Elon Musk-founded infrastructure and tunnel construction company, has embraced Dogecoin (DOGE) payments. CNN reported on July 6, noting that the firm integrated the meme coin payment option into Loop, its Las Vegas transit system. This integration symbolizes Musk’s latest support for the canine-themed meme coin. The DOGE payment option became available after the company launched a new Loop station at Resorts World. This is the first station outside the Las Vegas Convention Center, which already has…

Coinbase Derivatives Exchange, formerly FairX, is preparing to launch its first listed crypto derivatives product on June 27. Coinbase announced on June 24, noting that the product is dubbed Nano Bitcoin Futures (BIT). The exchange has lowered the barrier to entry by setting the size of eachBIT contract to 0.01 Bitcoin (BTC). According to the announcement, BIT futures will be available for trading through several intermediaries. These include brokerage firms like EdgeClear, Ironbeam, NinjaTrader, Optimus Futures, Stage 5, and Tradovate.…