Bitcoin News and Finance: What You Need to Know

One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency. Enhancing Credibility of the Stablecoin The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, a report has said. According to a Mybroadband report , the stablecoin that Simon Dingle and Kenny Inngs founded in 2021 has been South Africa’s only bank-approved and audited stablecoin. Old Mutual’s coming on board is expected to enhance the credibility of the cryptocurrency, the ...

Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said. Shareholders Want Elon Musk to Take Over Twitter Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to acquire the social media platform. “Based on a preliminary tabulation of the stockholder vote,” the announcement reads: Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement. “The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating: Twitter stands ready and willing to complete the merger w...

According to statements made by the digital asset custody business and financial services provider Bitgo, the firm has filed a lawsuit against the crypto company Galaxy Digital and is seeking damages for more than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit. Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement On August 16, 2022, Bitcoin.com News reported on billionaire investor Mike Novogratz’s Galaxy Digital terminating the company’s proposed acquisition deal for the crypto asset financial services provider Bitgo. Galaxy originally had intentions in May 2021 to purchase Bitgo for a $1.2 billion stock and cash deal. However, Galaxy said that the termination was due to Bitgo’s “failure to deliver” specific financial documents. More specifically, “audited financial statements for 2021” as Galaxy alleges that Bitgo did not turn this information in on a specific date. Immediately after ...

Analysts from JPMorgan believe that the metaverse gaming market could explode in China even with the current state of regulation, which presents certain difficulties for adoption. Companies like Tencent, Netease, and Bilibili are JPMorgan’s picks when it comes to taking advantage of this potential growth, that at best, might pass the $100 billion mark. JPMorgan Analysts Believe Metaverse Gaming Set to Boom in China The metaverse and the market derived from this new industry trend have been objects of study by different institutions interested to enter this newfound market. While it is a loosely structured and defined market, some think there are real growth possibilities. Analysts from JPMorgan believe there is a tremendous possibility of an explosion in this sector in China, even with the current limitations imposed by crypto legislation in the country. JPMorgan has selected the top industries that would benefit from a boom in this sector in China. Among these are Tencent , a con...

According to a recent report produced by Dappradar, the Web3 gaming industry has managed to raise $750 million since August 1st in spite of the crypto downturn, with several important projects registering positive numbers regarding sales and activity. Web3 Gaming Industry Thriving Amidst Economic Downturn The current economic downturn that is affecting the traditional and cryptocurrency markets has had a less significant effect on the Web3 gaming sector. According to a recent report issued by Dappradar, the numbers coming from this industry have been positive, resisting the effect of these variables. The Web3 gaming industry has registered investments of $748 million since August 1st, 135% more than what was invested during July. However, this number is still 19% lower than what was invested during June, showing that the ecosystem is still recovering. These investments include $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million inve...

Abu Dhabi Global Market’s financial regulator, the Financial Services Regulatory Authority (FSRA), recently unveiled six principles that will guide its “approach to virtual asset regulation and supervision.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published framework.” A ‘Basis for Regulatory Cohesion Across Jurisdictions’ Abu Dhabi Global Market (ADGM), a financial center and global free zone based in the United Arab Emirates (UAE), recently unveiled six guiding principles for virtual asset regulation and supervision. The principles, which were announced by its financial industry regulator, the Financial Services Regulatory Authority (FSRA), are intended “to support engagement with other like-minded regulatory agencies in and outside the UAE.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published fra...