Web Stories

Indonesia’s largest technology company GoTo joins the cryptocurrency market!

Indonesia's largest technology company GoTo joins the cryptocurrency market!

Indonesia’s largest technology company, PT GoTo Gojek Tokopedia Tbk (GoTo), has joined the cryptocurrency market by purchasing a local cryptocurrency exchange called PT Kripto Maksima Koin to broaden its service offerings.

According to a statement released by GoTo on Monday, the company bought one hundred per cent of the shares in PT Kripto Maksima Koin for the price of 124.84 billion rupiahs ($8.38 million). The technology company stated to Reuters that the purchase was essential to achieving its objective of becoming “a varied money management centre.”

goto gojek

Also Read: Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

According to Reuters, GoTo said it plans to invest 1 billion rupiahs into the acquisition and will look for ways to use this money for future growth.

GoTo chairman, Arif Wijaya, said that the purchase of PT Kripto Maksima Koin is part of their long-term strategy of becoming a “varied money management centre.” On the other hand, the IT company did not reveal any more intentions for the newly acquired corporation.
PT Kripto Maksima Koin was purchased through an investment fund with capital from private investors.

Also Read: Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

In its statement released late Monday, GoTo said that the company “believes that blockchain technology may play a widespread role in the future of banking.” The IT company did not reveal any more intentions for the newly acquired corporation.

The total transaction volume of crypto assets in 2021 increased by more than 1,000% to 859.4 trillion rupiahs ($57.70 billion) compared to the previous year, according to data provided by the agency. This indicates that cryptocurrency has gained popularity in Indonesia, the largest economy in Southeast Asia.

Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

Due to the rising electricity cost in Georgia, two of the facilities that Compass Mining used to operate are being shut down. Compass Mining is a mediator that enables individual investors to engage in the bitcoin mining process. 

According to Compass co-CEO Thomas Heller, the owners of the sites are ceasing operations because the local power supplier has raised costs by more than fifty percent, a significant expense associated with bitcoin mining. He said that the owner of the facility made the announcement to the corporation yesterday afternoon.

compass mining banner for news

Individual investors can acquire tiny quantities of mining capacity in locations all around the globe via Compass Mining. It does not have any ownership stake in any of the facilities that are accessible via its platform. The problems the firm has been having with downtime, delays in deployment, and mining rigs delayed in Russia have been so severe that Whit Gibbs resigned from his position as CEO in June, and the new management has eliminated 15% of the personnel.

Also Read: Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

According to Heller, the location in Georgia was hosting over 5,000 machines for Compass Mining clients, which equated to approximately 15 megawatts (MW). According to the co-CEO, the operator operates 8,000 machines for Compass, which translates to 25 MW.

As per a snapshot of an email to consumers circulated on social media, users can have their machines transported to a location in Texas. The shipping procedure is expected to take around one month. According to Heller, Compass will endeavor to reduce the downtime of its customers’ experience and provide credits to those consumers.

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

The facility in Texas has had its share of problems to deal with. Because of the delay in its connection to the energy grid, it was necessary to operate the facility on generators for some time. According to Heller, these, on the other hand, were not always running due to heat and other factors, which caused the mining rigs to experience periods of inactivity. Compass made an offer in July to relocate the machines from Texas to Georgia to improve the site’s availability. Compass Mining subsequently announced that it would not go through with the transfer, citing the high cost of electricity in Georgia as the reason.

Also Read: Avalanche Price Can Touch $30.00?

According to Heller, the uptime at the Texas location since it was linked to the grid back in August has been “extremely excellent.” According to the screenshot, even though it is anticipated that the plant would generate more than 100 MW of energy throughout the operation, Compass will only allocate 25 MW of that total by the end of September.

Because of how skilled the operator was, the Georgia facilities have been described as “extremely solid till now.” According to Heller, Compass anticipates that the same will be valid for the facility located in Texas, which is handled by the same business.

Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

While processing a $100 refund, the crypto exchange platform Crypto.com made an oversight that transferred $10.5 million to an Australian lady. The company was unaware of the mistake for more than seven months.

After paying Hollywood actor Matt Damon to appear in a Super Bowl commercial with the slogan “fortune favours the brave,” the company found out in December 2021 that it had mistakenly transferred the fortune to Melbourne resident Thevamanogari Manivel, seven months after the mistake had occurred. The commercial featured the slogan “fortune favours the brave.”

After a blunder caused Manivel’s account number to be placed into the box for the payment amount, Crypto.com, which in Australia is known as Foris GFS, made the wrong decision to reimburse Manivel for $10.5 million rather than the usual $100.

Also Read: Avalanche Price Can Touch $30.00?

This year, the firm filed a lawsuit in the Victorian supreme court, and in February, it was permitted to freeze Manivel’s account at Commonwealth Bank. However, the majority of the money had already been moved to other charges, which were also eventually blocked by the court.

In February, the court was told that $1.35 million of the money had been used to purchase a house in Craigieburn, located in the northern part of Melbourne. The title of the residence was then forwarded into the name of Manivel’s sister, Thilagavathy Gangadory, who now resides in Malaysia.

Because Gangadory did not respond to emails sent to her by the solicitors working for Crypto.com, the attempts to serve her with the freezing orders were unfruitful. The only piece of correspondence that was turned up to the court was an email response to Manivel’s attorneys that said, “received, thank you.”

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

The attorneys told the court for Manivel that Crypto.com had been advised that Gangadory was “seeking legal assistance.”

Consequently, Crypto.com was granted a default judgement, which required Gangadory to sell the property as quickly as possible. The sale proceeds are to be paid to Crypto.com, with interest in the sum of $27,369.64 and any associated charges. While the matter was still pending in court, Crypto.com refused to speak more on the subject.

Jackson Hole Remark By Powell Stirs Cryoto Investors

The cryptocurrency market was hit hard with losses as a result of Jackson Hole remark made by Jerome Powell, head of the Federal Reserve (Fed), in which he hinted that the Fed may keep hiking interest rates significantly over the next several months. After being above the level for more than a month and a half, the market valuation of cryptocurrencies dropped below the $1 trillion threshold.

“Although lower inflation will result from higher interest rates, stagnant economic growth, and more favourable labour market circumstances, families and companies will nonetheless feel the negative consequences of these factors. These are the unavoidable expenses associated with lowering inflation. However, if we are unable to successfully reinstate price stability, we will experience much more suffering “Powell stated while speaking at the economic symposium in Jackson Hole.

Also Read: Avalanche Price Can Touch $30.00?

The statement caused a significant reaction throughout the world’s financial markets, but the effect was felt most strongly in the cryptocurrency sector. According to statistics from coinmarketcap.com, the total market cap of all cryptocurrencies dropped by almost $50 billion from $1.04 trillion on August 26 to $953 billion on Monday. This represents a drop from the previous high of $1.04 trillion.

Bitcoin, the most valuable cryptocurrency in terms of market capitalization, dropped below $20,000. As of one o’clock on Monday afternoon, the price had increased to $19,887. On August 26, it reached a daily high of $21,800 before falling to a day’s end price of $20,199.

On Monday, the price of Ethereum, the second most valuable cryptocurrency, was 1,453 dollars. According to the statistics from the market, before to Powell’s address on Friday, it had been trading at $1,689.

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128…

Other prominent cryptocurrencies, such as Solana and Avalanche, have seen losses of 13% and 20%, respectively, during the course of the last week.

Bitcoin, on the other hand, has maintained its position as the dominant cryptocurrency in the market. It continues to retain more over 39 percent of the market share for all cryptocurrencies combined. Ethereum has a market share that is close to 19 percent of the whole amount.

Avalanche Price Can Touch $30.00?

Avalanche Price Can Touch $30.00?

In the upcoming time, the Avalanche price can hit to $30.00, and it will not let you avoid it whether bulls run away resistance at $24.00. An assumption of cost for the short term shows that a Bollinger band breakout is around the corner.

The rebound of AVAX must be caught up with the Positive investor sentiment for a sustainable uptrend. Its cost might touch

$30.00 because it is willing to make a comeback in the market, and it occurred seven days after plunging to $21.00. If the token of the smart contracts is willing to get a better result, it needs to be a move to the current consolidation. When AVAX breaks the resistance of $24.00 that is highlighted, the result will turn positive. As a result, it builds tail force to propel the value of worth $30.00.

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

The groundwork is laid by the Avalanche price for $30.00 move

In the previous week, the sell-off decreased the market value excessively, causing it to touch $21.00. After that, the cost of Avalanche instantly eased into consolidation. The starting move has touched the tagging the seller congestion at $24.00. However, the overhead pressure overwhelmed the token, which can compel AVAX to retest its major support.

The chart of four-hour can easily reveal the squeezing Bollinger bands. It is a bullish signal. In this regard, one thing that people doing business should keep in mind is that the outcome will be larger if the constriction is harder. If these are analyzed more by the experts, it will show a good result as the costs can increase and cross the lower boundary level suddenly.

What did Michaël van de Poppe say in this case?

You should first know that he is a famous businessman. He told his followers on Twitter that the cost of Avalanche might enable the uptrend whether it will reclaim the 50-day SMA. In this regard, you should know that the term stands for Simple Moving Average. According to the report from Poppe, AVAX and other altcoins slipped under the Simple Moving Average run for fifty days in the market crash of the earlier week.

Also Read: DEX Platform FTX Acquires Alameda Research VC Department

For the previous week’s correction, multiple altcoins have been dropping under the 50-day SMA. It reclaimed that it might trigger risk, and a similar thing runs for AVAX. People investing money will warm up to AVAX despite the looming breakout to $30.00. As per the Santiment’s Positive Weighted Sentiment, its cost can extend the downtrend to retest support at $21.00 before getting momentum to take the resistance on at $24.00.

People can find choppy markets across all spheres of the global economy, including cryptocurrency market, Jerome Powell, the Fed’s chair, etc. It also warned about additional pain in the coming months during the annual Jackson Hole Symposium on Friday. There was no proper answer to Powell for the investors. But the next decision might rely on the market data.

As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

As Per Forbes, The Industry's Global Daily Bitcoin Volume Was $128 Billion On June 14

A Forbes analysis containing 157 crypto exchanges finds that more than half of the daily bitcoin volume is untrue. While not more than ten thousand tokens exist within the emerging and turbulent cryptocurrency market, bitcoin can display 40% of the $1 trillion in crypto assets. In simple terms, it is the gateway drug of crypto. As per the New York Digital Investment Group, an estimated 46 million adult Americans have bought it already. Therefore, more institutional investors and corporations warm to the nascent alternative value.

Remember that no computing process for daily bitcoin volume is accepted universally. People cannot even find among the industry’s most well-known research firms. CoinMarketCap puts current one-day bitcoin trading at $32 billion, CoinGecko puts it at $27 billion, Nomics at $57 billion, and Messari at $5 billion.

Also Read: DEX Platform FTX Acquires Alameda Research VC Department

These challenges remain persistent fears about the crypto exchanges’ solvency. FTX CEO Sam Bankman-Fried said in an interview with Forbes in late June that plenty of exchange bankruptcies are yet to arrive. The refusal of the Security and Exchange Commission is a major repercussion of this scarcity of faith in the market to approve a spot bitcoin ETF.

But the criticisms are fears valid, unfortunately, for BTC ETF hopefuls. As a part of Forbes’s research into the crypto ecosystem using 2021 data, there are sixty best exchanges in March. According to the reports, over half of all reported trading volumes are non-economic or fake. It is 51% less than $262 billion.

Also Read: Katie Haun Invests $160M In Thirdweb

Tether is the biggest stablecoin worldwide, and it keeps on serving as a dominant player in the crypto trading economy regarding trading against bitcoin. $68 billion is the recent market capitalization instead of having queries about its reserves.

Twenty-one crypto exchanges create $1 billion or more in regular trading activity based on how much bitcoin activity occurs at these firms. On the other hand, the upcoming 33 exchanges came with a price between $200 million and $999 million across all contract types, spots, futures, and perpetual. Perpetual futures or perpetual swaps are futures contracts that do not need investors to roll over their positions. Ensure that the clear leader is Binance having a 27% market share, followed by FTX. If you consider the spot, Bitcoin, Binance, FTX, and OKX share the top position.

Also Read: ASIC Australia To Shield Citizens From The Crypto Harm

In addition, Chicago-based CME Group serves as the market leader in bitcoin futures trading. The largest problem areas regarding fake volume are firms. These can tout large volumes but operate with small regulatory oversight. Besides, it can turn their figures more credible. For example, ut can turn them into remarkable Binance, MEXC Global, and Bybit.

Stablecoins and perpetual futures are examples of the creation of new trading assets and products, which include complications for national authorities seeking to regulate crypto markets. Exchanges in the United States can hardly use the instruments or contracts in any trading. However, offshore exchanges have a significant use of them.

DEX Platform FTX Acquires Alameda Research VC Department

DEX Platform FTX Acquires Alameda Research VC Department

Exchanging cryptocurrencies Alameda Research VC operations business is acquired by FTX. Given the current sluggish crypto market, Alameda Research’s venture capital operations appear to have been bought by the investment section of crypto exchange platform FTX.

According to Caroline Ellison of Alameda Research, the amalgamation happened before previous co-CEO Sam Trabucco retired, leaving Ellison as the only member in that role. According to reports, FTX Ventures’ investment section was in charge of assets totalling $2 billion at the time the Alameda acquisition started.

The analysis found that while the change had little impact on Alameda Research, it had a big impact on the crypto startups market. Over than 150 private companies, including Magic Eden and Anchorage Digital have taken funding from Alameda Research.

Also Read: Katie Haun Invests $160M In Thirdweb

The deal started in January after FTX Ventures collected $2 billion, according to Amy Wu, the fund’s manager. She also mentioned that there was no money exchanged between FTX and Alameda.

According to Amy Wu, who is in charge of the VC fund, the sale didn’t contain any kind of payment, and Alameda’s investment arm was totally under the control of FTX Ventures. According to Wu, the companies ran independently from one another, with the Alameda team making no contributions to the venture side.

Voyager Digital declined a joint offer from FTX and Alameda to purchase out its cryptocurrency assets and outstanding debts in July as part of its bankruptcy processes.

Also Read: ASIC Australia To Shield Citizens From The Crypto Harm

Despite the fact that Alameda offered its own services and supported the bitcoin custody business Anchorage Digital at the time, the company’s legal department released an announcement at the time indicating that the suggested purchase would have hurt clients.

Ellison may consider keeping bailouts for bitcoin businesses who are going through a financial issue in the middle of a market collapse. The more prominent someone is, the more important it would be to attempt to help them, she added.

FTX recorded $270 million in revenue in the first quarter and was projected to create around $1.1 billion, despite the fact that this projection was made before the “crypto winter.”

Also Read: Income Of FTX Soared From $89 Million To $1.02 Billion

It has been a busy time for FTX, which recently agreed to a contract granting it the option to buy lender BlockFi. The company is also in negotiations to purchase the South Korean enterprise Bithumb, and on Thursday it was mentioned as a prospective buyer of the lender Voyager.

Furthermore, FTX is considering expanding its retail trading operations and breaking into the stock market. However, the internal records indicate that “more skilled traders” who employ futures or options still have a place in the market.

Katie Haun Invests $160M In Thirdweb

Katie Haun Invests $160M In Thirdweb

Although there has been a lot of fanfare about the word “Web3,” it is still a relatively new and underdeveloped technology. Startups creating ways to interact with it more conveniently have therefore drawn a lot of interest. One of most latest development reveals thirdweb, a business that has created a development toolkit to make it easier to develop and launch Web3 products including marketplaces, blockchain games, NFTs, and DAOs. This fundraising round brought in $24 million, positioning the worth of company at $160 million.

To design and effectively launch apps to blockchains, developers may use Thirdweb’s pre-built, certified smart contracts as a fast start manual and then track the corresponding data. Applications comprise of blockchain games and non-fungible token (NFT).

Also Read: ASIC Australia To Shield Citizens From The Crypto Harm

After quitting a16z in December, Katie Haun, a retired federal prosecutor, founded her own business. In March, Haun Ventures raised $1.5 billion for 2 new ventures, quickly establishing itself as a big bitcoin investor. Exactly after two months, despite the global bear market, her former employer, a16z, made industry history by investing $4.5 billion to its fourth bitcoin fund.

The cash will be used by Thirdweb, which has headquarters in San Francisco and London, to expand the developer toolkit, which now includes roughly 10 features covering topics like smart contracts, publishing tools, decentralised logins, and much more.

Additionally, it wants to support other blockchains, draw in even more users, and grow its staff by employing new members and maybe making acquisitions. All of these initiatives will aid Web3 in gaining popularity with the general population.

Also Read: Income Of FTX Soared From $89 Million To $1.02 Billion

Even though Thirdweb has only been operational for nine months, it has been viable: To far, 55,000 developers have utilised the company’s platform to build a range of NFT goods, DAOs, games, and other apps, said co-founder Steven Bartlett.

Independent artists as well as businesses like Afterpay is among these developers. Furthermore, as of this week, six blockchains have integrated around 150,000 smart contracts.

The combined $1.5 million in revenue that these ventures generate is not shared with Thirdweb. As according Bartlett, Thirdweb no longer charges any charges or commissions, with the only exception of a few of its business clients who pay a fee in compliance with their procurement policies.

Also Read: FTX Warns Users To Stay Alert High-risk Services

The recent investment also suggests some progress. The investment is being co-led by Shopify, Coinbase Ventures, and Haun Ventures, the company established by former a16z partner Katie Haun.

The above three investors join the extensive list that gave money to thirdweb’s $5 million seed round. When attempting to build their own blockchain application, Bartlett claims he discovered a market requirement that Thirdweb fills.

ASIC Australia To Shield Citizens From The Crypto Harm

ASIC Australia To Shield Citizens From The Crypto Harm 2

ASIC stands for Australia’s Securities and Investments Commission. It is the financial regulator of Australia and has pledged to put crypto assets in the upcoming four years. In addition, DeFi stands for decentralized finance which will be in its sights soon. As per the “Corporate Plan,” which was released by ASIC recently on Aug. 22, the financial regulator asked that their primary focus is basically on “digitally enabled misconducts” because emerging technologies and products change the financial ecosystem. It belongs to the four-year strategic plan that might expand to the following four years by 2026.

What did ASIC chairman Joe Longo say in this regard?

Joe Longo, who is the chairman of ASIC, said the regular might give his primary focus on scams and crypto-assets especially. He added that their regulatory environment is evolving & changing. Climate risk, aging population, emerging data, digital technologies, and volatility in the crypto-assets market come with a transformational impact.

Also Read: Income Of FTX Soared From $89 Million To $1.02 Billion

In addition, he also noted that a networking site named Scamwatch offers information to consumers and businesses about identifying, avoiding, and reporting scams. Moreover, he got 4,783 reports of crypto investment scams and $99 million in reported losses last year.

According to Australia’s Securities and Investments Commission, the actions will protect the investors from harm posed by crypto-assets. Besides, it supports the development of a helpful regulatory framework that implements and monitors the regulatory model for exchange-related products. In addition, it also increased awareness of the risks in people, and they’re inherent in crypto-assets, DeFi, and other actions.

Also Read: FTX Warns Users To Stay Alert High-risk Services

According to an Aug. 23 Sydney Morning Herald report, longo got a warning again for investing in crypto and explaining it as a highly risky and highly volatile task. In this regard, consumers must be cautious before doing this. Additionally, Australia’s Securities and Investments Commission is not against innovation. It will do whatever it can to find lawful ways of using the underlying technology, the distributed ledger, and blockchain technology. But it is impossible to conflate or be confused with investing, inverted commas, in crypto assets.

The announcement from Australia’s Securities and Investments Commission came merely a few days after the new ruling government of the nation announced plans that they are willing to move forward with the crypto sector’s regulation by conducting a token mapping exercise at the year-end.

Regulation is one of the ways to be a step closer:

Cryptocurrencies and digital exchanges are regulated now loosely. In contrast, exchange operators are needed to accept the terms of the Australian Transaction Reports and Analysis Centre’s (AUSTRAC) anti-money laundering laws and the general provisions of the Corporations Act.

The industry has called the government legislation continues to decrease the risk for investors and transform cryptocurrencies into a safe asset class. Plenty of crypto assets or currencies are available. Besides, longo said that regulation is going to come, but they must design a framework that is suitable for them. It can work within their existing legal and regulatory arrangements.

Income Of FTX Soared From $89 Million To $1.02 Billion

Income Of FTX Soared From $89 Million To $1.02 Billion

While income of FTX experienced a billion-dollar revenue from the crypto craze the early year, it expanded the footprint with the help of its flurry of acquisitions. We get to know about them from the internal documents seen by CNBC. The financials provide a rare glimpse into the association’s finances. However, you should know that it gave profits, which has expanded worldwide and experienced a breakneck growth.

The revenue from the crypto exchange faced an excessive growth of over 1,000%, from $89 million to $1.02 billion in the last year. Several start-ups are there which rely on the way of your measurements. While the operating revenue was $272 million, $14 million per year, FTX experienced an average revenue of $388 million the early year, up from only $17 million a year.

The founder of FTX Cryptocurrency Derivatives Exchange, Sam Bankman-Fried, also the chief executive officer, said about an episode of Bloomberg Wealth during an interview with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.

Also Read: FTX Warns Users To Stay Alert High-risk Services

Global footprint:

While Coinbase and Binance two had solidified themselves, FTX was set up as the biggest trading venue worldwide during that time.

Coinbase still has significant control within the U.S. Binance. In this regard, you should know that the trading volume’s biggest exchange began in China. After a while, it transferred its headquarters to the Cayman Islands. Currently, it is using an American subsidiary to increase the U.S. market. It has been gradually creating its fleet of subsidiaries. The headquarter of

FTX Trading Ltd. is in Antigua, and the Derivatives Markets are in the Bahamas. Its trading has purchased Digital Assets DA AG, IFS Group, and Hive out of Australia. Above all, the total number of small companies is fifteen globally. Documents said that the portfolio companies exist in Cyprus, Germany, Gibraltar, Singapore, Turkey, and the United Arab Emirates. The market companies acquire start-ups to achieve the essential regulatory licenses to establish stores in a new country. In addition, documents said that Bankman-Fried set up the trading firm Alameda Research holding almost 6% of FTX’s exchange volumes.

Also Read: Alphabet Inc. Is Heavily Investing Into Blockchain Tech Companies

West Realm Shires Inc, a parent association, can technically purchase FTX’s U.S. business. As of 2021, FTX U.S. has created less than 5% of its whole income. Still, the association is willing to expand in the United States with high-profile ads and sponsorships.

This crypto exchange expands into stock trading. In addition, it also released equities trading weeks after the founder of the Exchange took a 7.6% passive stake in Robinhood. Robinhood and Bankman-Fried said they disagree with the deal available in the works. Although FTX has ramped up the retail expansion efforts, as per the documents, it remains one of the major or probably the vital spots for more sophisticated traders who use futures or options. About two-thirds of revenue came from futures trading fees, while roughly 16% came from so-called spot trading. Futures and derivatives trades tend to be more lucrative for exchanges.

Also Read: DecentWorld Minimizes The Line Between The Physical And Digital World

iPhone 14 Update Suggests Exclusion Of Notch