CryptoFlake

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🤔Microsoft pens AI cloud computing deal with former Ethereum miner CoreWeave: CNBC The reported deal comes just a few days after CoreWeave announced an additional $200 million🚽 worth of funding via an extended Series B funding round. 😨Microsoft has reportedly signed a deal with former Ethereum miner CoreWeave to use its cloud computing infrastructure to support its artificial intelligence (AI)-powered services. According to a June 1 report from CNBC, which cites “people with knowledge of the matter,” Microsoft is potentially set to spend billions of dollars on the deal with CoreWeave over multiple years. 📊One of CNBC’s sources claimed the deal was signed earlier in 2023. 🔴OpenAI also utilizes Microsoft’s own cloud computing infrastructure, Azure, to handle its sizeable computing requirements. ✔️CoreWeave started off as an Ethereum miner in 2017, utilizing graphics processing units (GPUs) to verify transactions on Ethereum during its formative days as a proof-of-work blockchain.

Hong Kong’s SFC set to approve batch of new crypto licenses by end of year 👀 In an interview with news outlet Hong Kong 01, CEO of the China Securities Regulatory Commission, Liang Fengyi, announced that the SFC will be giving out licenses in batches to Virtual Asset Trading Platforms. The SFC has recently issued three licenses for crypto exchanges operating in the region, including the Hong Kong Virtual Asset Exchange, OSL Exchange and HashKey Exchanges. Apart from the three licensed platforms, 11 other platforms have applied for an SFC-issued licenses and are currently awaiting approval. Liang Fengyi explained that regulators have carried out the first phase of on-site reviews and have asked applicants to make the necessary corrections. She stated that the SFC aims to make significant progress on regulating virtual assets by the end of the year, by issuing a batch of licenses for VATPs. “Applicants who do not meet the requirements will lose their qualifications for licensing, while applicants who meet the requirements will be granted a license conditionally,” said Fengyi.

FTX’s Ryan Salame asks court for two-month delay in sentencing Ryan Salame, the former co-CEO of FTX Digital Markets, has requested a delay in starting his prison sentence, citing medical needs. Salame’s defense team has asked the court to push his self-surrender date from Oct. 11 to Dec. 7, allowing him time to recover from injuries sustained during a dog attack over the summer. The dog bite reportedly requires ongoing treatment, which his legal team argues justifies the postponement.

Worldcoin partners with Dune ahead of World Chain mainnet Worldcoin is teaming up with Dune in a collaboration that aims to enhance data accessibility for its blockchain network, World Chain. The Worldcoin Foundation announced its partnership with the web3 data analytics platform on Oct. 11, detailing plans to leverage Dune to ensure global access. Specifically, Dune will work with Worldcoin, project contributor Tools for Humanity, and the Worldcoin Foundation to ensure transparency for on-chain data accessibility on World Chain. The partnership comes ahead of the blockchain’s mainnet launch. With this collaboration, World Chain users, including developers, will be able to explore on-chain metrics for real humans, decentralized finance protocols, exchanges, and any blockchain-based public project.

Crypto is the Future’ Says Trump, but WLFI Token Initial Sale Far From Target 🪙 Donald Trump’s highly anticipated cryptocurrency project, World Liberty Financial (WLFI), launched its initial public token sale to significant fanfare, with the former president proclaiming that “crypto is the future.” ⚡️ Despite this bold assertion and the Trump brand’s backing, the WLFI token sale has stumbled out of the gate. After raising $5 million in the first hour, sales slowed dramatically, and technical glitches on the platform hindered progress. 🪙 The token sale, designed to raise $300 million by offering 20% of the total token supply, has yet to reach its goal. By late Tuesday evening, only $9.15 million had been raised. The project, which positions itself as a decentralized finance (DeFi) protocol, aims to revolutionize how users engage in borrowing, lending, and other financial activities. However, early reactions have been mixed, with some critics questioning the project’s legitimacy and long-term prospects.

Binance to Restrict 'Unauthorized' Stablecoins in Europe from June 30, Urges Switch to Regulated Tokens 🔥 Binance will restrict access to unregulated stablecoins in the EU under the new Markets in Crypto-Assets Regulation (MiCA) starting at the end of June. Only stablecoins issued by regulated companies will be available, impacting several existing tokens. Binance did not specify which stablecoins will be affected.

🔗 Synthetix Plans to Acquire Kwenta for Enhanced DeFi Derivatives 🚀 The DeFi protocol Synthetix is eyeing the acquisition of Kwenta, a derivatives exchange that originated from Synthetix in 2020. On October 29, Synthetix and Kwenta governance forums published a proposal detailing the acquisition plans. 🔄 If approved, Kwenta will be rebranded as a new version of Synthetix Exchange. Its treasury will be integrated into Synthetix's treasury, and the governance structure of Kwenta will dissolve, transferring control to Synthetix’s Spartan Council. 💰 The financial terms include Synthetix purchasing the entire circulating supply of Kwenta, totaling 532,375 KWENTA tokens, for approximately 9.05 million newly minted SNX tokens, valued at $13.2 million. This transaction will inflate the supply of SNX by 2.8%. 📉 The acquisition will proceed at a ratio of one KWENTA for 17 SNX, representing a 19% discount relative to the 30-day moving average price ratio of KWENTA to SNX. Synthetix attributes this discount to the stark contrast in trading volumes. 🔄 Kwenta’s team has acknowledged the current market conditions make it challenging for token holders to unlock the value of their assets. The proposed migration aims to enhance liquidity for these holders. 📝 Upon approval, a token migration contract will allow KWENTA holders to burn their tokens in exchange for SNX vesting contracts. These contracts will have a three-month lockup period, followed by a nine-month linear vesting schedule. ➡️ Synthetix reflected on its past decision to separate its exchange front-end in 2020 as a “strategic error.” This move distanced the protocol from its end users and resulted in ineffective economic models for front-end integrations. 📈 Following the announcement, SNX’s price saw a 2.7% increase, while KWENTA experienced a decline of 5%. The proposal comes amid the growing adoption of derivatives products among risk-aware investors. 📊 As of now, trading in futures and options constitutes 71% of all digital asset trading volumes. The report also noted that open interest in crypto derivatives has crossed the $40 billion mark for the first time this year. 📈 For many traders, the primary allure of derivatives lies in their ability to amplify exposure through borrowing. As unsecured borrowing has become largely unavailable, traders are increasingly turning to derivatives to gain exposure to crypto assets without the need to commit full capital upfront.

Crypto sponsorships with Premier League reach record high amidst gambling sponsor ban Crypto companies shelled out a record total of nearly $170 million on sponsorship deals with Premier League clubs for the 2024/2025 season based on data from SportsQuake. According to an Oct. 7 Bloomberg report, sponsorships from crypto firms have come flooding into the pockets of Premiere League clubs. As the League prepares to adjust to tightening regulations on gambling sponsorship, crypto firms have seized the opportunity by partnering up with football leagues for the first time. Data from sports sponsorship agency SportQuake revealed that the sponsorship value coming from crypto firms have risen almost 30% compared to last year’s sponsorships. CEO of SportQuake, Matt House, remarked that clubs have gotten more confident in making deals with crypto firms compared to last year when rules around cryptoasset marketing were tightened. Meanwhile, crypto firms have grown much more “comfortable about what they can do”. “We’re just going to use the Premier League to drive a brand message, we’re not actually pushing direct sales messages,” said House to Bloomberg.

Genesis Global gets court approval to distribute billions to creditors, DCG challenge gets rejected Genesis Global, the digital assets lender that went bankrupt last year, received court approval to pay billions in cash and crypto to creditors. According to Bloomberg, on May 17, Southern District of New York Judge Sean Lane confirmed Genesis’ Chapter 11 repayment plan, including a structure for returning crypto assets to creditors. This decision paves the way for Genesis to return customer assets locked on the platform since it paused withdrawals in November 2022.

Nigeria’s SEC Urged to Classify Bitcoin and Ether as Commodities ⭐️ Nigerian stakeholders urge the SEC to classify Bitcoin and Ether as commodities, following a recent Illinois court ruling. Lucky Uwakwe, chair of the Blockchain Industry Coordinating Committee of Nigeria, emphasized the need for clear guidelines to define crypto assets and their regulatory requirements.

Multicoin Capital to Match Up to $1 Million in SOL for Crypto-Friendly Candidates 💎 Multicoin Capital is donating up to $1 million to support pro-crypto Republican lawmakers through The Sentinel Action Fund, with contributions matched up to $1 million in SOL. The initiative, powered by Gemini, aims to back candidates like Senator Bill Hagerty, R-Tenn., who advocate for favorable crypto regulations.

Strike Bitcoin Payments App Expands to the UK After Successful European Rollout 💎 Strike, the Bitcoin payments app, has launched in the U.K., enabling users to buy, sell, and withdraw funds in Bitcoin or sterling. This expansion follows recent launches in Europe and Africa. Strike now operates in over 100 countries, using Bitcoin's Lightning Network for quick, cost-effective transfers. The U.K.'s significant market presents major opportunities for Bitcoin adoption, with regulatory compliance ensured by Engelbert, a Financial Conduct Authority-registered firm.

Multicoin Capital to Match Up to $1 Million in SOL for Crypto-Friendly Candidates 💎 Multicoin Capital is donating up to $1 million to support pro-crypto Republican lawmakers through The Sentinel Action Fund, with contributions matched up to $1 million in SOL. The initiative, powered by Gemini, aims to back candidates like Senator Bill Hagerty, R-Tenn., who advocate for favorable crypto regulations.

Multicoin Capital to Match Up to $1 Million in SOL for Crypto-Friendly Candidates 💎 Multicoin Capital is donating up to $1 million to support pro-crypto Republican lawmakers through The Sentinel Action Fund, with contributions matched up to $1 million in SOL. The initiative, powered by Gemini, aims to back candidates like Senator Bill Hagerty, R-Tenn., who advocate for favorable crypto regulations.

Joe Biden's Exit from Presidential Race Eliminates $67M in Crypto Long Positions Within 30 Minutes ✔️ Nearly $67 million in leveraged longs were liquidated after President Biden withdrew from the 2024 election. Bitcoin dropped to $65,880, then rebounded to $68,480, causing $34 million in short position losses. The recovery was driven by market dynamics and a large buy order.

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Pavel Durov’s arrest unleashes the Streisand Effect on Toncoin On August 24, 2024, French authorities arrested Pavel Durov, the founder of Telegram, and released him on bail a few days later. Though the arrest cited alleged illegal activities conducted through his messaging platform, many have viewed it as an attack on free speech. The perspective has ignited a Streisand Effect, unintentionally increasing the popularity of both Telegram and its associated cryptocurrency, Toncoin.

Will Trump’s SEC pick be crypto’s savior? All eyes on Dan Gallagher Is the SEC about to get a crypto-friendly makeover with Dan Gallagher at the helm? How would his approach differ from Gensler’s crackdown? Rumors are swirling that Dan Gallagher, Robinhood‘s Chief Legal Officer and a former U.S. Securities and Exchange Commission commissioner, may be tapped to lead the SEC if Donald Trump wins the 2024 election. Gallagher’s name emerges at a time when tensions between the SEC and the crypto industry are already at an all-time high. Under the leadership of SEC Chair Gary Gensler, the SEC has been cracking down on crypto exchanges like Coinbase, Kraken, and Binance, arguing that many cryptocurrencies should be classified as securities. Moreover, in recent months, Robinhood’s crypto division has found itself in the SEC’s crosshairs, receiving a Wells Notice in May — an indicator that charges could be forthcoming. Not just Robinhood, but OpenSea, the largest non-fungible tokens marketplace, also received a Wells Notice from the SEC in August, alleging that certain NFTs on the platform may be classified as securities — a claim that could have serious repercussions for the entire NFT space. Meanwhile, the crypto industry argues that the current SEC framework doesn’t fit digital assets, creating a regulatory headache for companies trying to comply. If Gallagher does step into the chair position, his background in both traditional finance and digital assets could offer a new approach to regulating the evolving crypto market. But what exactly does this mean for the future of the industry? Let’s dive deeper into what a Gallagher-led SEC might look like and how it could shape the crypto space.