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Binance Declares Support for Elon Musk’s Twitter Takeover Via a $500 Million Investment

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Binance Declares Support for Elon Musk’s Twitter Takeover Via a $500 Million Investment

Binance joins other equity investors in providing financial backing for Elon Musk’s Twitter acquisition plans.

World’s largest cryptocurrency exchange by trade volume Binance has committed $500 million to fund Elon Musk’s effort to acquire popular microblogging platform Twitter.

According to a 13D filing with the United States Securities and Exchange Commission (SEC), Binance was spotted among other equity investors who have pledged significant amounts to finance the deal.

So far, a total of 19 equity investors, including Binance, have committed a total of $7.1 billion to finance the Tesla exec’s mission of acquiring the largest microblogging platform.

Commenting on the development, Binance CEO and founder Changpeng “CZ” Zhao described the $500 million financial backing as a small commitment to the cause.

Musk’s Quest to Acquire Twitter

Recall that Musk saw his bid to acquire 100% stake in twitter approved by the company after offering $54.20 for each Twitter share.

With the board accepting Musk’s bid, the Tesla exec will now be required to pay approximately $44 billion in order to acquire the company.

Musk noted that one of the reasons that prompted him to make the move was to make Twitter a major proponent of free speech.

The founder of the American car company also disclosed earlier his intention to take the company private once the deal is complete.

Musk Advocating for Cryptos

While Binance’s intention to provide financial backing for Musk’s Twitter acquisition may come as a shock to many, it is worth noting that Musk has been advocating for the cryptocurrency industry.

Musk is known as one of the top cryptocurrency proponents in the industry, who has always declared his support for Bitcoin (BTC) and Dogecoin (DOGE) on numerous occasions.

The crypto billionaire noted that once he acquires 100% Twitter stake, he would wage war against Twitter bots and their creators in a bid to mitigate cryptocurrency scam posts on the platform.

Musk recently joined Mark Cuban in a petition issued to the U.S. Supreme Court, requesting that the court review the SEC’s gag order that prevents settling defendants, especially cryptocurrency entities, from speaking up.

California Governor Issues Cryptocurrency Executive Order as State Eyes Blockchain Opportunities

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California Governor Issues Cryptocurrency Executive Order as State Eyes Blockchain Opportunities

The California governor has followed in the footsteps of president Biden to issue a cryptocurrency executive order. 

Governor Gavin Newsom, the governor of California, has issued an executive order for the state’s cryptocurrency and blockchain industry.

CNBC reported recently that the executive order lays out the roadmap for regulatory and consumer protection, while examining ways the state can benefit from the nascent asset class.

California Agencies Will Determine Suitable Regulations for Cryptos

The move would see the state’s Business and Development Office collaborate with the Business, Consumer Services and Housing Agency, as well as the Department of Financial Protection and Innovation, to establish regulatory guidelines for the California crypto sector.

The collaborating departments will harmonize federal and state laws to suggest a transparent and consistent environment for crypto and blockchain-related businesses, which will balance the benefits and risks to consumers.

Once the agencies have completed their study, they will submit a formal report and recommend the next steps.

The State Wants to Retain Tech Businesses

Dee Dee Myers, the director of the Governor’s Office of Business and Development, stated that the move is imperative to enable tech businesses to continue operating in the state of Carlifonia.

According to Myers, a quarter of the 800 tech businesses in North America are currently operating in California and following conversations with these companies, it is evident that they want to remain in the state.

“We’ve heard from so many that they want to be here, and we want to help them do that responsibly,” Myers said.

Myers noted that it is imperative to provide a regulatory framework for the state’s blockchain industry due to the unending benefits associated with the sector.

“We can do things like remove middlemen from transactions involving real estate or even automobiles. We can use [blockchain] to protect people’s identity and provide benefits to people through government services,” Myers added.

Government Moves to Regulate Cryptocurrencies

The lack of regulatory clarity has always been a stumbling block toward the growth of cryptocurrencies. Crypto-related businesses and investors have called on lawmakers and political leaders to establish clearer cryptocurrency regulations.

Apparently, governments across the world are now heeding these calls as significant moves have so far been made toward regulating cryptocurrencies.

The latest development comes less than two months after President Joe Biden’s administration published its long-anticipated cryptocurrency executive order.

Interestingly, California’s executive order would align with the Biden’s administration order, where relevant agencies are tasked with examining the risks and benefits associated with the nascent asset class.

Two Ethereum Whales Purchase Over 130 Billion Shiba Inu (SHIB), worth $2.76 Million in the Past 24 Hours

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Two Ethereum Whales Purchase Over 130 Billion Shiba Inu (SHIB), worth $2.76 Million in the Past 24 Hours

Ethereum whales have continued their accumulation spree of Shiba Inu.

A whopping total of 130.58 Billion Shiba Inu (SHIB), worth 2.76 Million USD has been purchased by the two Top ETH Whales, through two separate transactions in the past 24 hours.

“Bombur” Purchased 52.72 Billion SHIB:

An Ethereum (ETH) whale has accumulated over 52.72 billion Shiba Inu (SHIB) tokens amid an ongoing accumulation of the most popular dog-themed cryptocurrency. The whale purchased the SHIB for $1.08 million.

As per data provided by WhaleStats, the 76th-biggest whale labeled “Bombur” acquired a total of 52,722,964,285 (52.72B) SHIB in one significant transaction. 

Shiba Inu appears to be Bombur’s fifth-biggest holding position by dollar value with 1 trillion SHIB tokens held, worth $21.84 million at the time of writing, WhaleStats reports.

“BlueWhale0073” Purchased 77.86 Billion SHIB:

Just a few hours ago, another biggest ETH whale labelled “BlueWhale0073” becomes active and gobbled up a big chunk of 77.86 billion SHIB, worth $1.67M in one significant transaction.

This appears to be the second massive transaction from the world’s fifth-biggest Ethereum whale in the last 48 hours. 

As reported earlier by TheCryptoBasic, the same whale has added 70.60 billion SHIB, worth over $1.44M to her portfolio through one transaction on Tuesday.

Biggest Holding Position Among Top 1000 ETH Whales:

With this accumulation, SHIB manages to retain its top holding position among the top 1000 ETH addresses. As per data provided by WhaleStats, they currently hold a combined $1.28 billion worth of SHIB.

Impact on SHIB Price:

Shiba Inu’s price surged over 3% in the last 24 hours as top major ETH whales continue to add the most popular memecoin to their portfolio. 

At the time of writing, SHIB is seen trading at the price of $0.00002155 across major exchanges, with a 24-hour trading volume of $587.47 million.

Gucci to Accept Dogecoin (DOGE) in Selected U.S. Retail Stores This Month

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Gucci to Accept Dogecoin (DOGE) in Selected U.S. Retail Stores This Month

Dogecoin adoption in payment soars globally, as Gucci joins merchants accepting the cryptocurrency. 

Gucci, an Italian high-end luxury fashion house, has announced that it will be accepting Dogecoin (DOGE) along with ten other popular cryptocurrencies and stablecoins in some of its retail stores in the United States.

The list of other cryptocurrencies includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Shiba Inu (SHIB), and Litecoin (LTC). 

Notably, in addition to these digital currencies, the luxury fashion house will also offer five stablecoins pegged to the US dollar to its customers.

As reported by Vogue Business, Gucci plans to test the crypto payment initiative at five flagship stores including Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas, at the end of this month. 

This is supposed to be a “Pilot Project”. If this goes well with the company, it has plans to extend the pilot to all of its directly-operated North American stores this summer.

Marco Bizzarri, Gucci’s president and CEO made the following statement at this event:

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

Here is How Customers Would Do In-Store Payments

The customer will receive a link sent via email, which will contain a QR code that allows them to execute the payment from their crypto wallet. Once the payment has been made, a retailer will later convert these cryptocurrencies into fiat currency.

Gucci to Allow Its Customers to Purchase Goods Using Shiba Inu (SHIB) Later this Month

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Gucci to Allow Its Customers to Purchase Goods Using Shiba Inu (SHIB) Later this Month

More companies have continued to integrate Shiba Inu following its popularity. 

The rising interest in Shiba Inu (SHIB) has not gone unnoticed by global merchants as they continue to adopt the cryptocurrency as a payment method in order to bolster their sales.

In an interesting development, Gucci, a popular fashion luxury brand, has announced that it will be accepting Shiba Inu across five of its United States-based stores later this month.

The five selected Gucci stores include Rodeo Drive in Los Angeles, Wooster Street in New York, Phipps Plaza in Atlanta, Miami Design District, and The Shops at Crystals in Las Vegas, the luxury brand disclosed in a recent Vogue Business report.

The initiative, which will launch as a pilot by the end of this month, will be extended to Gucci’s other stores in North America in the summer of 2022.

While the pilot program is scheduled to be unveiled to the public later this month, Gucci noted that it would give special preference to owners of two of its non-fungible token (NFT) project developers, SuperGucci and Gucci Grail, to preorder Gucci collections using Shiba Inu before the service goes public.

Commenting on the development, Marco Bizzarri, Gucci president and CEO, said the luxury brand is always on the lookout to adopt innovative technologies that will contribute to enhancing its clients’ experience.

“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them,” Bizzarri added.

Gucci to Add Support for Other Cryptocurrencies

Notably, Shiba Inu is not the only cryptocurrency that will be supported in the upcoming Gucci pilot program. According to the report, Gucci plans to integrate more than ten digital currencies into its payment system later this month.

Some of the cryptocurrencies include bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), dogecoin (DOGE), wrapped bitcoin (WBTC), and five stablecoins.

Growing Adoption of Shiba Inu

Despite launching in August 2020, Shiba Inu has seen its popularity increase tremendously, thus prompting the coin to be added on numerous trading platforms as well as online and physical stores.

As reported, Shiba Inu enthusiasts can use the cryptocurrency to purchase sandwiches and burgers from a Naples-based restaurant, which is themed after the digital currency.

Similarly, Equinox Global stated yesterday that New York residents can use the cryptocurrency to pay for fitness services.

Judge Sarah Netburn Approves SEC’s Request to File Additional Motion to Further Protect William Hinman’s Documents Despite Ripple’s Refusal

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Judge Sarah Netburn Approves SEC’s Request to File Additional Motion to Further Protect William Hinman’s Documents Despite Ripple’s Refusal

Judge Sarah Netburn has granted the Securities and Exchange Commission’s request to file a brief motion supporting its attorney-client privilege claims related to William Hinman’s 2018 documents. 

With Judge Netburn approving the SEC’s request, the agency’s reply brief in support of its claims over Hinman’s documents is now due on May 18, 2022, less than a week after Ripple is expected to submit its response to the securities regulator’s attorney-client privilege claims.

“In a Text Only Order, Magistrate Judge Netburn granted the SEC’s request to file a reply brief in connection with the SEC’s attorney-client privilege claims regarding the Hinman speech documents. The SEC’s reply is due by May 18, 2022,” attorney James K. Filan.

Judge Netburn Ignores Ripple’s Plea 

The approval, which was communicated via text to the parties involved in the lawsuit, comes less than 24 hours after Ripple’s attorneys rejected the SEC’s request to file a reply brief in connection to the agency’s attorney-client claims over Hinman’s 2018 documents.

As reported by TheCryptoBasic, Ripple and Individual Defendants had rejected the SEC’s request to file a reply brief in support of the document due to the agency’s continuous bid to oppose the Defendants’ August 10, 2021 motion to compel the Plaintiff into surrendering the documents.

Ripple Laments SEC’s Incessant Delay in the Lawsuit

Defendants noted that if the Judge approves the SEC’s request, it will be the sixth time the Securities and Exchange Commission will be opposing its motion to compel the submission of the documents.

Describing the SEC’s upcoming response as a sur-reply, Ripple said the move is just part of an effort by the agency to cause further delays in the lawsuit, which is prejudicial to the company as summary judgment is just around the corner.

“At a minimum, the SEC should be required to justify its demands for further briefing after it reviews Defendants’ responsive filing. Defendants respectfully submit that the court should deny the SEC’s request,” Ripple said via its attorney.

Binance Approved to Offer Cryptocurrency Trading Services in France

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Binance Approved to Offer Cryptocurrency Trading Services in France

Binance continues to expand its operations across various parts of the world. 

World’s largest cryptocurrency exchange by trade volume has been approved by the French financial regulator The Autorité des marchés financiers (AMF), to become a digital asset provider in the country.

With the recent development, Binance has officially become a digital asset provider (PSAN) in France, and the exchange will be allowed to provide a range of services going forward.

Some of the services Binance is authorized to carry out include providing safe custody of digital assets, buying and selling digital currencies in exchange for fiat, the exchange of one digital currency for another, as well as functioning as a cryptocurrency trading platform for French residents.

The development was announced by popular cryptocurrency media outlet Wu Blockchain, saying:

“Breaking: On May 4, Binance was approved by the French financial regulator AMF to become a digital asset service provider (PSAN), capable of providing digital asset custody, services, transactions, platforms and other functions.”

Binance Focus on Obtaining Regulatory Approval

Recall that for the most part last year, Binance was slammed with stringent regulatory scrutiny for operating in countries where it lacks the necessary approval. 

Iran and Italy were among the countries that announced that Binance is unauthorized to operate in their respective regions. 

Following the issues that arose last year, Binance has opted to obtain regulatory approval in countries where its services are offered.

Short Term Interests in Cardano (ADA) Surges 186% In 30 Days

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Short Term Interests in Cardano (ADA) Surges 186% In 30 Days

There has been surging interest in Cardano (ADA) among retail traders in recent times following a slight increase in the price of the ninth-largest cryptocurrency. 

Fresh data from IntoTheBlock, a cryptocurrency data analytics platform, shows that Cardano’s address holding ADA for less than a month has surged tremendously in recent times. 

Per the data, the ADA balance held by traders for less than one month has soared as high as 186.19% in just 30 days. IntoTheBlock reports that addresses in this category collectively own 36.14% of the total ADA supply. 

“@Cardano retail interest is rapidly increasing. The balance held by traders – addresses holding for <30 days, has increased by 186% in just 30 days. These addresses now collectively hold 36.14% of the $ADA supply,” IntoTheBlock reports. 

Other Cardano Traders Increase Their Holdings

Similarly, addresses holding ADA between one and 12 months have also increased their position in the ninth-largest cryptocurrency in the last 30 days. 

Data from IntoTheBlock suggests that Cardano addresses holding the cryptocurrency for between one and 12 months have increased their position by 10.49%, while addresses holding Cardano for more than one year boosted their balance by 6.2%. 

Massive ADA Adoption

While there is a huge margin in the growth of balances held by different categories of Cardano traders, the development suggests a surging interest in the cryptocurrency in recent times. 

Following yesterday’s development that saw 757,000 Cardano whales buying a whopping 37.4 billion ADA from the market, many people thought only whale traders were taking advantage of the recent price dip. 

Cardano Traders Expect Price Surge

However, recent developments indicate that different categories of traders are buying the cryptocurrency as they expect its price to surge tremendously in the near future. 

Input Output Global (IOG) has teased that the upcoming Hydra Hard Fork event will onboard more developers to the platform, thus boosting ADA’s utility. 

With this teaser, Cardano investors do not want to miss out on the price increase that will be ushered in by the Hydra upgrade expected to go live towards the end of next month. 

At press time, Cardano is changing hands around $0.82, as the cryptocurrency is up 4.1% in the last 24 hours. 

Australian Zoo Launches Wildlife Warriors Non-Fungible Tokens (NFTs) on Algorand (ALGO) 

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Australian Zoo Launches Wildlife Warriors Non-Fungible Tokens (NFTs) on Algorand (ALGO) 

The adoption of the Algorand network for the development of useful initiatives has continued to soar.

Australia Zoo, popularly referred to as the home of crocodile hunters, has announced that it has tapped the Algorand blockchain to venture into the world of digital arts and Web 3.0. 

According to Australia Zoo, it has adopted the Algorand blockchain to develop its Wildlife Warriors non-fungible tokens (NFTs), adding that the limited digital collectibles will be used to celebrate the zoo’s 20th anniversary.  

In a press release shared today, Australia Zoo said it partnered with Meadow Labs, an Australian-based tech startup focused on developing non-fungible token projects. 

The Zoo Management to Raise Funds via NFT Sales

Per the announcement, the initiative is part of efforts by the zoo management to raise awareness and funds to protect the entire Australia’s wildlife. 

The limited NFT series will be randomly generated, utility-driven, non-deterministic, and unique to buyers who will be investing in the project. 

Notably, the digital collectible will be available to interested investors globally and the NFT can be purchased using fiat on-ramp through Moonpay.   

Martin Kelly, co-founder and CEO of Meadow Labs, said: 

“We’re really excited to partner with Australia Zoo in their first foray into Web3 and their mission of fighting for the planet’s wildlife and wild places, one NFT at a time.”  

Kelly added that the partnership portrays what innovative brands can achieve when they collaborate and explore endless opportunities in the Web3 ecosystem. 

Commenting on the development, Robert Irwin, one of the owners of Australia Zoo, said: 

“Any innovation that can help our conservation efforts, particularly one that shares our vision of protecting the planet, is something we’re thrilled to support. This green chain and new technology allows us a new avenue to continue to fight for the protection of our wildlife and wild places.” 

Widespread Adoption of Algorand

Meanwhile, Algorand has been adopted for a number of initiatives, including the development of non-fungible tokens. 

Algorand is selected among rival networks due to its dedication toward developing a carbon-free blockchain, thus enabling users to pay an insignificant amount in transaction fees. 

Algorand’s blockchain platform has earned quite a reputation globally, with world football’s governing body FIFA announcing that the network has become the official blockchain platform for the upcoming 2022 FIFA World Cup. 

Furthermore, Limewire announced in March the relaunch of its non-fungible marketplace on the Algorand blockchain. .  

Liechtenstein’s Largest Bank Now Offering Bitcoin (BTC) and Ethereum (ETH) Services 

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More banks continue to offer Bitcoin and Ethereum services. 

Liechtenstein-based private bank, LGT Bank, has announced that it has commenced the offering of crypto-related services.

With the recent announcement, LGT Bank clients can now invest in the world’s two-largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH).

Per an official announcement by the bank today, the initiative prompted LGT Bank to partner with Swiss crypto bank SEBA Bank, which is tipped to act as a broker and custodian on behalf of its clients.

LGT Bank noted that it opted to delve into cryptocurrency offerings following the rising demand for the asset class, which can be costly for clients who lack sufficient understanding of digital currencies.

Roland Matt, CEO of LGT Bank, Liechtenstein, expressed the bank’s excitement in offering its clients convenient means to invest in the nascent market while focusing on investors’ protection, adding:

“We worked intensively on this offering. Cryptocurrencies are still in a stage of dynamic development. LGT therefore first created the corresponding, necessary processes and framework for this type of investment.”

It is worth noting that LGT is the largest bank in Liechtenstein with a market share of 46%, according to data from the Corporate Finance Institute.

Details of the Offering

Notably, investing in digital currencies via LGT Bank requires similar procedures like investments in traditional financial instruments.

Investors will receive the same documentation for their tax returns when they invest in Bitcoin and Ethereum via the Liechtenstein-based bank.

“We have the expertise, established processes and, above all, a custody solution that is ISAE-certified and established by independent bodies. The range of services combined with the highest security standards makes SEBA Bank’s service offering unique, and we are very pleased to be able to use our expertise to support LGT in expanding its services for digital assets,” Franz Bergmüller, CEO of SEBA Bank, said.

Per the announcement, the newly-launched service will only be available to clients based in Switzerland and Liechtenstein.

However, plans are being made to launch Bitcoin and Ethereum services to LGT Bank clients based in other regions outside Liechtenstein and Switzerland, the announcement adds.

Banks Offering Crypto Services

Bitcoin and Ethereum have grown in popularity and have also attracted the attention of top financial institutions.

Banks fear that not offering crypto-related services could see their clients move over to their competitors.

Earlier this week, Argentina’s largest private bank announced that it had added a cryptocurrency trading feature to its investment platform.

This comes less than a month after MicroStrategy CEO Michael Saylor predicted that more banks will continue to enter the crypto space.

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