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Source: CoinDesk
The post DCG’s Barry Silbert Pitched Genesis-Gemini Merger in a Drastic Bid to Save the Lender in 2022 appeared first on Crypto Breaking News.
The South Korean government has invested 24 billion Korean won ($18.1 million) in a fund dedicated to driving metaverse initiatives in the country, with a total fund of more than 40 billion Korean won ($30.2 million). The Metaverse Fund will support the mergers and acquisitions of various firms in the metaverse ecosystem and help domestic metaverse-related companies compete with global players, as the government sees the metaverse as a new economic growth engine. (Read More)
“The project will find it very difficult to raise with the current token given its value,” he said, referring to the MTA token, which at 2 cents is down 93% in a year. He continued: “The protocol isn’t earning enough from its products to self-sustain; and the [decentralized autonomous organization’s] runway is continuing to decrease [...]
The post DeFi Stablecoin Exchange mStable Expects 4 Buyout Bids: Source appeared first on Crypto Breaking News.
<p>Singapore-based troubled crypto lender, Vauld has confirmed the termination of the talks for acquisition by rival Nexo for failure in responding to due diligence requests for a <a href="https://www.financemagnates.com/terms/s/solvency/" target="_blank" id="d4466a77-4dda-4663-9fb4-a2aced6106ec_1" class="terms__secondary-term">solvency</a> assessment that would assure creditors.</p><p>"We were previously exploring a potential <a href="https://www.financemagnates.com/terms/a/acquisition/" target="_blank" id="3180494d-8751-4a02-9476-86dc1cd4d2e2_2" class="terms__main-term">acquisition</a> by Nexo as part of the proposed restructuring plan," Vauld told crypto-focused publication Coindesk in a private Twitter message. "To provide a very brief summary, our discussions with Nexo have unfortunately not come to fruition."</p><p>Further, <a href="https://www.financemagnates.com/institutional-forex/nexo-prime-enhances-service-with-onezeros-institutional-hub-integration/" target="_blank" rel="follow">Nexo's </a>decision to phase out services in the United States would have jeopardized the fate of Vauld customers with their claims if the acquisition deal had materialized. Additionally, Nexo reportedly failed to offer Vauld customers an exit option which was crucial for restructuring.</p><p>The deal ended only five months after Nexo and Vauld signed an initial agreement to explore the possibility of the acquisition. Though Vauld did not highlight the impact of the deal termination on its ongoing restructuring, it fell through less than a month from its <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lender-vauld-gets-three-months-protection-against-creditors/" target="_blank" rel="follow">deadline to come up with a restructuring plan</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/Nexo?ref_src=twsrc%5Etfw">@nexo</a> <a href="https://twitter.com/AntoniNexo?ref_src=twsrc%5Etfw">@AntoniNexo</a> nexo aquisiation proposal rejected by vauld. Reason is nexo failed to respond for a comprehensive due diligence on them ,including solvency assesment of nexo. Celcius rejected nexo’s proposal.Blockfi rejected nexo’s proposal.Now vauld rejected . <a href="https://t.co/VhLBDyzZbI">pic.twitter.com/VhLBDyzZbI</a></p>— dhruv gupta? | TechnicalAnalyst ? | Traveller ?? (@Dhruvforreal) <a href="https://twitter.com/Dhruvforreal/status/1607281774106931201?ref_src=twsrc%5Etfw">December 26, 2022</a></blockquote><p>Nexo Still Wants to Acquire Vauld</p><p>However, Nexo is not quitting its attempts at this acquisition as of yet. "Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds," Nexo's Co-Founder and Managing Partner, Kalin Metodiev, wrote in an email sent to the crypto publication.</p><p>The two companies reportedly did not mutually agree to end the deal, which is necessary for a formal termination.</p><p>The troubles of Vauld were exposed when the platform <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lending-platform-vauld-suspends-withdrawals-trading-and-deposits/" target="_blank" rel="follow">suspended all activities</a>, including withdrawals, trading, and deposits, in early July, citing financial challenges and looking for restructuring options. Later, the company filed for a moratorium order for protection against creditors in a Singapore court and received one for three months.</p><p>Check out the recent London Summit session on the question "Will Crypto Fizzle Out or Here to Stay?"</p><p>Founded in 2018, Vauld claimed to offer the highest interest rates on major cryptocurrency deposits. It offered borrowing against cryptocurrencies and several other trading-related services.</p><p>According to a court filing in July, Vauld owed $402 million to its creditors, and 90 percent of that debt originated from retail investors. Furthermore, the company's troubles continued as the Indian authorities froze its assets worth about $46.4 million only a month after filing for creditor protection.</p> This article was written by Arnab Shome at www.financemagnates.com.
Robinhood to acquire the UK crypto firm, Ziglu Limited, pending regulatory approval. The size of the deal is undisclosed. Ziglu Limited was founded in 2014 by Mark Hipperson who contributed to the ...
WonderFi Technologies acquires Coinberry, a regulated cryptocurrency exchange in Canada (pending regulatory approval). The definitive agreement is to acquire Coinbery for $25.
The merger between Sphere 3D Corp. and Gryphon Digital Mining, Inc. has been mutually terminated. Both cryptocurrency mining companies terminated the agreement from June 2021 that was later amended...
PrimeBlock and 10X Capital Venture Acquisition Corp. II announced a definitive Business Combination Agreement. The transaction is estimated to be worth $1.
Circle, the issuer of stablecoin USDC, has doubled its valuation to $9 billion after it renegotiated and inked a fresh reverse merger deal with Concord Acquisition Corp, a blank-check acquisition c...
On January 27, Apifiny, a global digital asset trading network based in New York, announced plans to go public by merging with a special purpose acquisition company, Abri SPAC I.
The companies did not reveal the financials of the deal.
BlockTowers venture capital arm, BlockTower Venture Capital, will continue to operate independantly.
"A lot of the projects that have done the best [in 2024] have been meme token projects," EARN'M co-founder Dan Novaes told Cointelegraph.
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