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Swiss Bitcoin App Relai Raises $4.5 Million Led By Jeff Booth’s Ego Death Capital

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The funding will be used to expand the platform’s retail Bitcoin on-ramp in Europe, add zero-fee trading, support for Lightning and more.

Relai, a Swiss non-custodial bitcoin platform, has announced a $ 4.5 million funding round led by Ego Death Capital. 

New investors include Timechain, Cabrit Capital and Lightning Ventures, while participating firms Redalpine and Fulgur Ventures are both previous investors.

In addition to this news, the company announced that Ego Death Capital general partner Andi Pitt will be joining Relai’s board.  Read more...

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Crypto Now Seeing Capital Inflows Of $4.5 Billion Per Month: Glassnode

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Data from Glassnode shows the crypto market is currently observing capital inflows at the rate of about $ 4.5 billion per month.

Crypto Market Recently Flipped From Seeing Outflows To Inflows

According to the on-chain analytics firm Glassnode, the sector had been seeing only outflows since April 2022 until very recently. The relevant indicator here is the “realized cap,” which is a capitalization model that calculates a kind of “true value” for any given asset.

The model puts the value of each token in the circulating supply at the price at which it was last moved (which is different from the usual market cap, which uses the same current price of the asset for the valuation of all the coins).  Read more...

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Citadel Securities Bets On Silvergate Capital, Shares Rise 17%

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The market-making firm Citadel Securities, owned by Ken Griffin, has recently made a big bet on the crypto-friendly Silvergate Bank, worth $ 25 million, according to a filing released by the Securities Exchange Commission (SEC) on February 14. 

According to the SEC file, the market maker hedge fund reported a 5.5% stake in Silvergate for a purchase of $ 0.01 per share for a total of 1.6 million shares. 

Silvergate’s Shares Get Their Valentine 

Valentine’s day has come for Silvergate, the crypto-friendly bank suffering from the tumultuous events in 2022 after the crypto exchange FTX  debacle that led to a crisis within the financial institution.   Read more...

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EU Lawmakers Vote To Impose Strict Capital Requirements On Banks Holding Bitcoin And Crypto

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Banks would be allowed to hold 2% of capital in bitcoin, but required to have one euro in capital for every euro in cryptocurrency held.

European Union lawmakers have voted to impose strict capital requirements on banks that hold cryptocurrencies, per a Reuters article.

In an effort to “prevent instability in the crypto world from spilling over into the financial system,” Markus Ferber, economic spokesperson for the EU parliament’s European People’s Party, says, “banks will be required to hold a euro of own capital for every euro they hold in crypto.”  Read more...

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QCP Capital Posts 2023 Crypto Forecast: 3 Themes To Watch

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Trading desk QCP Capital recently published its 2023 crypto forecast on their latest edition of “Just Crypto.” The firm highlighted this past year’s key moments, their potential impact going into a new year, and possible future digital assets and the global market. 

The report points out 2022’s year-to-date return for global assets. The market has experienced its worst-performing year for benchmark assets, such as Bitcoin, the S&P 500, the Nasdaq 100, and others.

Except for Natural Gas, other assets saw their worst losses since the 1970s. Bitcoin (BTC) alone crashed over 70% from its all-time high, while Ethereum (ETH) saw a 72% loss. This negative performance “was a by-product of the sharpest rate hike cycle in recent history” by the U.S. Federal Reserve (Fed).   Read more...

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Silvergate Capital Slapped With Lawsuit Over Ties With FTX And Alameda

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Several events are still unfolding following the collapse of FTX crypto exchange. The contagion from the exchange’s sudden collapse created panic among other crypto companies, especially those with exposure to the Sam Bankman-fried led exchange. Also, the shutdown of its sister company, Alameda Research, only added to the paranoia.

Silvergate Capital is one of the companies that is now in hot water, including Silvergate Bank and Silvergate Capital CEO Alan Lane, who are all facing a class-action suit for their connection with FTX.

Silvergate Capital is California-based Silvergate Bank’s parent company. The lawsuit was filed in the California Southern District Court.  Read more...

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Sino Global Capital Regrets Investing In FTX Exchange After Losing A Major Sum

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The crypto industry is witnessing another crisis with the distress of one of the top crypto exchanges in the space, FTX. More firms with exposure and collaborations with the exchange have started experiencing some constraints in their various activities.

Following the fall of FTX, the founder and CEO of the company, Sam Bankman-Fried (SBF), has lost its value as a billionaire in the space. With the decline in the FTX Token (FTT), several other crypto assets have been exposed to a bearish trend.  Read more...

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Crypto Exchange Huobi Global Will Sell Its Entire Stake To About Capital

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Huobi Global, which has been China’s top crypto exchange, has mentioned that its founder is now planning to sell his controlling stake to buyout firm About Capital Management (HK) Co.

Huobi has been altering itself ever since its exit from the home market after Beijing banned crypto.

At the current moment, the company is headed towards a takeover by an investment firm, About Capital.

According to the statement, after the completion of the transaction, the buyout vehicle of About Capital will control the majority stake of Houbi founder Leon Li.  Read more...

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XDC Network Acquires $50 Million From LDA Capital to Foster Ecosystem

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The XDC Network has utilized a portion of its personal token allocations to help secure a $ 50 million commitment from global alternative investment firm LDA Capital Limited. This will aid in the development and expansion of Layer 2 projects across the XDC Ecosystem and to enhance network adoption and utility.

The XDC Network, which was introduced in 2019, has recently seen the establishment of DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers and cloud storage, payment dApps, legal document repositories, and tokenized real-world assets. The number of projects built on XDC has already increased relentlessly and exponentially. The inclusion of LDA’s assistance will only accelerate the rate of growth.  Read more...

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Where Is Venture Capital Investing In Bitcoin Companies?

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Rather than trying to convince people that they want bitcoin, investors are looking for products that use Bitcoin to meet people where they are.

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Alyse Killeen to talk about what is happening in the VC space in relation to Bitcoin and what hidden gems are ripe for investment right now.

Watch This Episode On YouTube Or Rumble

Listen To The Episode Here:  Read more...

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Three Arrows Capital Founders Nowhere To Be Found, Liquidators Say

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The founders of Three Arrows Capital are nowhere to be found, a filing by advisory firm Teneo, which is expected to liquidate the remaining assets of the embattled cryptocurrency hedge fund, disclosed.

Late in June, Three Arrows filed for Chapter 15 bankruptcy in the British Virgin Islands as a result of a severe selloff in digital currencies.

The action was intended to shield foreign firms’ assets from US creditors. Three Arrows, co-founded by Kyle Davies and Zhu Su, went bankrupt after defaulting on a $ 670 million loan granted by crypto broker Voyager Digital, which has also now declared bankruptcy.  Read more...

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Crypto Exchange Blockchain.com Faces $270M Hit on Loans to Three Arrows Capital

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Cryptocurrency exchange Blockchain.com stands to lose $ 270 million from lending to Three Arrows Capital, the over-leveraged hedge fund that is now the subject of a liquidation order in the British Virgin Islands.
CoinDesk

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Voyager Announces Large Exposure To Three Arrows Capital

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Voyager Digital lent over half of its loan book to Three Arrows Capital and announced major losses due to this exposure. The company’s stock took a massive hit.

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Voyager’s Loan Book Exposure

Early on June 22, 2022, Voyager Digital, a crypto company which enabled users to deposit on their platform for yield, announced it took large losses from loans extended to Three Arrows Capital.  Read more...

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