- Gemini’s Cameron Winklevoss Tweets $1.5B ‘Final Offer’ in Debt Talks Over Crypto Firm Genesis
Cameron Winklevoss, co-founder of the Gemini crypto exchange, tweeted what he described as a “final offer” in the debt-restructuring talks over the bankrupt digital-asset firm Genesis, bringing months of negotiations and mediation to a head with a plan for $1.5 billion in forbearance payments and fresh loans.
On Monday, Winklevoss posted to Twitter an “Open Letter to Barry Silbert,” the founder of Digital Currency Group (DCG), which owns Genesis as well as the giant crypto asset manager Grayscale. (CoinDesk is also a holding.)
In the letter, Winklevoss bemoaned delays on the part of DCG to come up with a satisfactory plan to repay Genesis creditors, including customers of Gemini’s Earn program. DCG also has missed a payment of $630 million to Genesis.
- Nasdaq Resubmits Blackrock Spot Bitcoin ETF Application, Inks Agreement With Coinbase for Surveillance-Sharing
Last week, a report from The Wall Street Journal revealed that individuals with knowledge of the situation said the Securities and Exchange Commission (SEC) expressed dissatisfaction with the numerous spot bitcoin ETF filings submitted in the past two weeks.
The leading U.S. options exchange, Cboe, informed the WSJ that it intended to revise its filings. Subsequently, Cboe updated the spot bitcoin ETF filings for Wisdomtree, Vaneck, Invesco, and Fidelity.
At that time, it remained undisclosed whether Blackrock had updated its registration for its spot bitcoin ETF. However, on June 29, 2023, records indicate that Nasdaq revised the Blackrock spot bitcoin 19b-4 filing. Like the other ETF resubmissions, Blackrock and Nasdaq designated Coinbase as the fund’s surveillance-sharing agreement (SSA) partner.
- Crypto Exchange Gemini Tables ‘Final’ $1.5B Offer for Barry Silbert’s DCG
Cameron Winklevoss, the co-founder of the Gemini crypto exchange, has made what he called a “final offer” in the debt-restructuring negotiations over the bankrupt digital asset firm Genesis.
This offer aims to bring resolution to months of discussions and mediation and includes a plan for $1.465 billion in forbearance payments and fresh loans denominated in USD, Bitcoin (BTC), and Ethereum (ETH).
In an “Open Letter to Barry Silbert,” the founder of Digital Currency Group (DCG), which owns both Genesis and the crypto asset manager Grayscale, Cameron Winklevoss expressed frustration with the delays from DCG in formulating a satisfactory repayment plan for Genesis creditors.
https://decrypt.co/147257/crypto-exchange-gemini-tables-final-1-5b-offer-barry-silberts-dcg
- US crypto regulatory uncertainty could be Hong Kong’s gain — Yat Siu
Industry experts believe Hong Kong’s shifting attitude toward blockchain technology, cryptocurrencies and Web3 could entice businesses away from the United States.
The city has made a series of moves over the past year to foster the development of the Web3 space and enable retail investment into cryptocurrencies. The latest example of this is the formation of its Task Force on Promoting Web3 Development.
Yat Siu, a co-founder of Web3 investment firm Animoca Brands, is one of 15 industry experts invited to be an adviser to the task force, which will interface directly with key government officials and financial regulators.
- Pepecoin Knockoffs Turn Dollars to Fortunes in Strange New ‘2.0’ Play
The latest flavor of the month in some areas of the crypto market is to bet on microcaps that purport to be the second coming of popular meme coins for those who missed the boat earlier.
Tokens like pepe 2.0, floki 2.0, and bobo 2.0 – which were mostly issued in the past week and are passing themselves off as new versions of the popular pepe, floki and bobo tokens – have seen trading volumes jump to millions of dollars, attracted hundreds of thousands of dollars in liquidity and turned a few dollars to six-figure fortunes almost overnight.
Most of these do not last beyond a few weeks. Last year saw hopefuls bet on articles from the English language and the grimacecoin spurred by a McDonald’s joke tweet.
- Crypto Firms Won’t Leave US Despite Apparent Hostility: Merkle Science CEO
Despite recent narratives suggesting differently, the United States won’t be losing its allure as a crypto hub, according to the CEO of blockchain analytics firm Merkle Science.
A swathe of hostile regulatory actions leveled at crypto firms in the United States in recent months has led many top crypto executives to turn their gaze elsewhere.
Despite this, Mriganka Pattnaik, the co-founder and CEO of Merkle Science believes that crypto activity will remain in the country for at least the medium term.
“My opinion is a little bit contrarian here, but I do think that five years down the line, the majority of activity will still be in the United States.”
https://www.binance.com/en/feed/post/733539
- UK Finance: Digital Pound Holdings Should Be Limited to £5,000 to Avoid Panic
The proposal for issuing a digital pound, a UK-issued central bank digital currency (CBDC), is already being debated by financial organizations in the country. U.K. Finance, one of the largest financial membership organizations in the U.K., has issued its answer to a consultation of the Bank of England on the hypothetical launch of a digital pound.
U.K. Finance, representing more than 300 firms in the financial industry, disagreed with the limits recommended by the Bank of England regarding the maximum amount of funds individuals should be allowed to hold in this proposed currency.
While the bank proposed to cap off these holdings at a temporary limit of £10,000 – £20,000 ($12,700 – $25,400), U.K. Finance proposed this number to be way lower, capping it to £5,000 ($6,350) instead to avoid panic in financial stress situations.
https://news.bitcoin.com/uk-finance-digital-pound-holdings-should-be-limited-to-5000-to-avoid-panic/
- New Bitcoin Standard BRC-69 Plummets Data Limit for Ordinals
Bitcoin Ordinals continue to boom, with a new token standard launched Monday.
The BRC-69 standard brings with it an innovative way to reduce the time and cost it currently takes to make an inscription.
Known as Bitcoin’s version of NFTs, which allow for non-financial data to be stored on the blockchain, Ordinals previously had a 4-megabyte limit on what could be inscribed on Bitcoin.
BRC-69 looks to bypass that limit, through what’s known as “recursive inscriptions.”
Recursive inscriptions are a mechanism that allows users to extract data from existing inscriptions, and use them to create new ones.
https://decrypt.co/147270/new-bitcoin-standard-brc-69-plummets-data-limit-ordinals
- Gemini’s Cameron Winklevoss Tweets $1.5B ‘Final Offer’ in Debt Talks Over Crypto Firm Genesis
Cameron Winklevoss, co-founder of the Gemini crypto exchange, tweeted what he described as a “final offer” in the debt-restructuring talks over the bankrupt digital-asset firm Genesis, bringing months of negotiations and mediation to a head with a plan for $1.5 billion in forbearance payments and fresh loans.
On Monday, Winklevoss posted to Twitter an “Open Letter to Barry Silbert,” the founder of Digital Currency Group (DCG), which owns Genesis as well as the giant crypto asset manager Grayscale. (CoinDesk is also a holding.)
In the letter, Winklevoss bemoaned delays on the part of DCG to come up with a satisfactory plan to repay Genesis creditors, including customers of Gemini’s Earn program. DCG also has missed a payment of $630 million to Genesis.
https://www.binance.com/en/feed/post/733791
- Venture capital’s ICO gambits left Bitcoin ecosystem underfunded – Adam Back
Initial coin offerings (ICOs) may have hampered the development of the Bitcoin ecosystem, with market research reflecting a massive slant towards non-Bitcoin investments by venture capitalists over the past five years.
Blockstream CEO Adam Back highlighted the juxtaposition between the lack of venture investment in Bitcoin in comparison to its dominance of the total cryptocurrency market capitalization in conversation with Cointelegraph’s Joseph Hall in Lugano, Switzerland.
Back, the inventor of Hashcash upon which Bitcoin’s proof-of-work algorithm was derived, pointed to market research published by Trammell Venture Partners which detailed venture capital flows into the ICO craze in the years following the launch of Ethereum and smart contract functionality.
