Claimants pile into Dogecoin lawsuit against Elon Musk September 8, 2022 A $258bn lawsuit accusing Elon Musk of running a “crypto pyramid scheme” to bolster the price of Dogecoin has expanded to include seven new claimants and six defendants, including The Boring Company. The lawsuit, first filed in a New York federal court in June, accuses the world’s richest man of running a ponzi scheme by [...]
Mastercard strikes deal with Binance to launch crypto payments card August 24, 2022 Mastercard is set to launch a cryptocurrencies payments card, after striking a deal with Binance, the world’s largest crypto exchange. The crypto debit card will let users pay for everyday purchases using various cryptocurrencies, including Bitcoin, that they have stored in their Binance accounts. The payments card, which converts cryptocurrencies into fiat currency, is set [...]
Pensions, crypto and trust: digital assets and retirement funds August 16, 2022 | City Talk Retirement planning is the primary objective of retail investors. Indeed, 47% of respondents in the 2022 CFA Institute Investor Trust Study indicated saving for retirement was their most important investment goal. Yet the conventional pathway to retirement savings — the traditional stock and bond portfolio — is not as effective as it used to be. Weaker diversification, [...]
Abrdn snaps up stake in London crypto startup Archax August 13, 2022 Scottish asset manager Abrdn has bought a stake in the UK’s first regulated crypto trader Archax in a major vote of confidence in blockchain technologies and cryptocurrencies. The acquisition, for an undisclosed sum, will see Abrdn become the crypto startup’s largest external shareholder, the crypto firm said in a statement. Launched in 2018, Archax is [...]
More than 90 per cent of IFAs would not suggest crypto to clients August 11, 2022 Over 90 per cent of Independent Financial Advisors (IFAs) in the UK would not recommend crypto investments to clients. Following the recent crypto crash that saw prices of major cryptocurrencies plunge, 93 per cent of IFAs say they would not advise clients to invest in crypto, research by strategic insight firm Opinium found. The “crypto [...]
Coinbase sheds £0.9bn in second quarter as revenues plunge amid crypto crash August 10, 2022 Crypto giant Coinbase lost $1.1bn ($0.9bn) in the second quarter of the year as revenue dropped declined during the crypto crash. $446mn (£365m) of this loss was due to an impairment charge on the exchange’s crypto and venture investments as the “crypto winter” led to plummeting cryptocurrency prices and caused widespread losses across the industry. [...]
Former CMA chair sues crypto exchanges Binance, Kraken and others for £10bn August 9, 2022 Crypto exchanges Binance, Kraken, and others have been hit with a £10bn lawsuit in a competition dispute by the former chair of the UK’s Competition and Markets Authority. Lord David Currie filed the claim against the two crypto giants as well as exchanges Bittylicious and ShapeShift for delisting the BSV cryptocurrency from their platforms, Financial [...]
Crypto firms spend £1.9bn on sports sponsorships as they rack up advertising expenditure August 5, 2022 Crypto companies have spent $2.4bn (£1.9bn) globally over the last year and a half on sports sponsorships as they splurge on marketing. Major crypto firms have signed deals with big athletes, sporting franchises, and leagues as they seek to rival the marketing prowess of non-crypto brands, according to Bloomberg. Crypto exchange Binance has signed with [...]
Crypto firm puts out 10 per cent bounty for stolen funds after £157m vanishes August 5, 2022 Crypto firm Nomad announce today a 10 per cent bounty for the $190m (£157m) stolen funds it lost in a hack this week. The company said it would give the bounty to hackers who return at least 90 per cent of the funds and will consider them to be “white hats”, meaning Nomad would not [...]
Crypto regulation would promote financial stability and tackle ‘inefficiencies’, says Moody’s August 5, 2022 Crypto regulation would be good for financial stability, consumers, and industry efficiency as regulators around the world decide on appropriate laws, Moody’s says. Clear regulations that seek to prevent fraudulent activity and provide guidance to companies would “protect consumers and ensure that the industry does not become a source of financial instability,” the financial services [...]