Crypto This Thursday: Celsius Network Selects Fahrenheit, Bitpanda Teams Up with Coinbase, and More

Latest News
May 25th, 2023 9:57 pm EST

Celsius Network Selects Fahrenheit as winning proposal to get out of bankruptcy

Celsius Network LLC selected Fahrenheit as the winning bid to run a creditor-controlled new company emerging from bankruptcy. Celsius account holders will own 100% of NewCo’s new equity, which will be overseen by a new board of directors.

“ We are delighted that our competitive auction process has yielded a positive result for customers, most notably including hundreds of millions of dollars in savings from lower management fees and greater distributions of liquid cryptocurrency for Celsius customers. We appreciate the strong interest the Celsius platform has received from competing bidders and look forward to working with Fahrenheit to expedite the restructuring and distribute recoveries to creditors ,” said David Barse and Alan Carr, members of the Council’s Special Committee. The backup offer is guaranteed by BRIC. The company filed for Chapter 11 protection in July.

Bitpanda and Coinbase team up to connect European banks to cryptocurrencies

Austrian cryptocurrency platform Bitpanda is teaming up with Coinbase (NASDAQ:COIN) to connect the US exchange giant with European banks interested in offering digital assets to customers. The partnership will allow Coinbase to leverage Bitpanda’s infrastructure to directly connect with banks and fintechs. The demand for cryptocurrencies is growing among European banks following the adoption of the Crypto Asset Markets (MICA) regulatory framework. Bitpanda already has connectivity with several banks and fintechs, facilitating the offer of cryptocurrencies to customers.

“ [Coinbase is] pleased to partner with Bitpanda to jointly serve institutions looking to provide the market and their customers with robust and compliant cryptographic services”, said Guillaume Chatain, Head of Institutional Sales at Coinbase for EMEA and APAC.

Circle launches euro-backed stablecoin on Avalanche

Circle launched its Euro Coin stablecoin on the Avalanche network, making it the second blockchain to support the asset. The integration will be straightforward for Avalanche applications that already support the USDC stablecoin. Several apps on Avalanche have shown interest in adding support for Euro Coin. Circle Account holders can now take advantage of Euro Coin liquidity on Avalanche for a variety of purposes.

“ We launched Euro Coin on Ethereum last year with the vision of making the euro accessible across borders and time zones for anyone with an internet connection. With the launch of Avalanche, we are enabling developers and users alike to experience near-instant and more cost-effective transactions, opening up new possibilities for 24/7 payments, remittances and FX”, said João Reginatto, Vice President of Products at Circle.

Helium and Oxit join IoT network: Oxtech Module connects Helium and Amazon Sidewalk

The Helium Foundation and Oxit have teamed up to create the Oxtech Module, a product that connects IoT devices to the decentralized Helium and Amazon Sidewalk networks. Amazon Sidewalk is a new low-power national network that uses Amazon devices, such as the Echo smart speaker, to create a series of mini mesh networks to allow them to communicate better over long distances. This partnership aims to provide greater connectivity and benefits to the IoT industry by combining the advantages of the two networks.

“ Our mission at the Helium Foundation has always been to democratize access to connectivity for everyone – but we cannot do it alone ,” said Abhay Kumar, Executive Director of the Helium Foundation.

Ripple acquires Bitstamp shares as speculation about SEC battle continues

Ripple has acquired shares in cryptocurrency exchange Bitstamp as part of its international expansion strategy. The transaction was revealed by Galaxy Digital, which advised on the sale of Bitstamp shares by Pantera Capital to Ripple. The purchase raises speculation about Ripple’s plans to expand its liquidity offering. Bitstamp’s location in London was also highlighted as a strategic point.

We have over a billion US dollars in cash on our balance sheet, we want to deploy that to grow organically internally but also inorganically through acquisitions ,” said CEO Brad Garlinghouse onstage during the Dubai Fintech Summit.

In the case between the US SEC and Ripple, lawyer Kylie Chiseul Kim withdrew from the case, raising speculation. However, her departure is unrelated to Ripple and the defense will continue with other lawyers, with a document stating that lawyers from Kellog, Hansen, Todd Figel & Frederick, PLLC and Debevoise & Plimpton LLP would continue the battle. Ripple CEO expects a verdict soon.

Founder of BTC-e exchange seeks freedom through prisoner exchange

The Russian cofounder of the cryptocurrency exchange BTC-e, Alexander Vinnik, seeks freedom through a prisoner exchange deal. His lawyer is trying to include him in a Russia-US trade deal, possibly in exchange for a detained Wall Street Journal reporter, Evan Gershkovich. Vinnik was arrested on money laundering charges and extradited to the US in 2022. BTC-e was seized by US authorities in 2017.

Mr. Vinnik should be allowed to … answer the charges against him and publicly defend his inclusion in a prisoner exchange“, wrote David Rizk, assistant federal defender in the Northern District of California.

Binance launches ETH lending for NFTs, suspends Multichain-bridged token deposits

Binance has launched the Binance NFT Loan feature, allowing NFT holders to secure ETH (COIN:ETHUSD) loans. The platform offers competitive rates, instant liquidity and liquidity protection. Initially, the service will support Ethereum and NFT lending from Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles collections, with plans to expand in the future to other collections. Binance has been expanding its NFT offerings to stay competitive in the market.

We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community ,” said Mayur Kamat, Head of Product at Binance.

In other news, Binance has temporarily suspended deposits for ten Multichain-bridged (MULTI) tokens pending further clarification from the protocol team. Affected deposits include blockchain networks such as Fantom, BNB Smart Chain, Ethereum and Avalanche. The Multichain protocol has blamed transaction delays on “force majeure” and faces uncertainty, resulting in a more than 13% drop in token value (COIN:MULTIUSD).

Coincheck listing on Nasdaq faces possible delay

Coincheck’s listing on Nasdaq (NASDAQI:COMP) through a merger with Thunder Bridge Capital Partners IV may face an additional delay. Thunder Bridge’s board suggested extending the deadline by up to 12 months due to lack of time to complete the merger by July 2. Mergers with SPACs have faced challenges recently, such as the case of eToro and FinTech Acquisition Corp. v.

Process server delivers complaint to Shaquille O’Neal during NBA broadcast in FTX case

A lawsuit server finally officially served Shaquille O’Neal, a former NBA player and TNT analyst, with a complaint in a class-action lawsuit filed by FTX investors, during a playoff basketball game he was commentating, according to The Wall Street. O’Neal had been “dodging” lawyers for months, but now the lawsuit can move forward.

The process server videotaped the event to ensure there is no ambiguity as Shaq has been arguing in the FTX case”, said Adam Moskowitz, an attorney representing FTX investors, adding that O’Neal had the process server “kicked out” of the arena Kaseya Center.

Do Kwon remains in custody in Montenegro after bail is revoked

Do Kwon, co-founder of Terraform Labs, will remain detained in Montenegro following the approval and subsequent revoking of a bail request. The high court overturned the low court’s decision, claiming that the assessment of the value of the defendant’s property was insufficient. The US and South Korea have requested his extradition.

In the renewed proceeding, the court will proceed in accordance with the Superior Court’s grounds for termination and then make a decision based on the defense attorney’s proposal for the defendants to accept bond“, the court said. Kwon, along with former Terra executive Han Chang-joon, will be taken to court for their next hearing on June 16.

Norges Bank defends national cryptocurrency regulation strategy

Norges Bank, the central bank of Norway, said in a report that the country should consider a national strategy for the regulation of cryptocurrencies. The bank believes that it is necessary to develop specific regulations for cryptography, in addition to the European Union guidelines. The collapse of companies like Terra and FTX has also encouraged regulators to accelerate regulatory efforts. Norges Bank is willing to contribute to regulation that promotes responsible innovation and underscores the importance of increasing knowledge about cryptocurrencies in Norway.

Norwegian authorities must assess whether to proceed more quickly rather than waiting for international regulatory solutions. Norges Bank can contribute to these assessments and to regulation that promotes responsible innovation”, Norges Bank Deputy Governor Pål Longva said in a public statement.

Ron DeSantis promised to defend Bitcoin and reject CBDC as president during Twitter Spaces broadcast

Florida Governor Ron DeSantis declared his support for Bitcoin (COIN:BTCUSD) and his opposition to central bank digital currencies during his official presidential candidacy announcement. DeSantis has expressed concern about US regulatory hostility towards Bitcoin and has stated that he will not implement a central bank digital currency if he is elected president in 2024. His candidacy was widely anticipated and his announcement attracted an estimated 2.4 million listeners on Twitter Spaces.

Tools for Humanity raises $115 Million to boost Worldcoin project

Tools for Humanity, developer of the Worldcoin project, completed a $115 million fundraiser led by Blockchain Capital. The funding will be used for the development of the World App, a wallet dedicated to the Worldcoin ecosystem, and for continued research and growth. The project has faced controversy, but it has attracted 1.7 million people ready to claim the token when it launches. With new capital and the launch of the World App, the token is ready to go live.

As we enter the age of AI, it is imperative that individuals are able to maintain personal privacy while proving their humanity. By doing so, we can help ensure that everyone can reap the financial benefits that AI is about to deliver ,” said Alex Blania, CEO and co-founder of Tools for Humanity, in a statement.