NewsBriefs - SoftBank plans $500M investment in OpenAI as part of larger funding round
09/30/2024 23:50
SoftBank's Vision Fund aims to invest $500 million in OpenAI's latest funding round which is expected to boost the company's valuation to $1...
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SoftBank plans $500M investment in OpenAI as part of larger funding round
SoftBank's Vision Fund aims to invest $500 million in OpenAI's latest funding round which is expected to boost the company's valuation to $150 billion. OpenAI is seeking to raise $6.5 billion, with Thrive Capital leading and Microsoft participating. Other potential investors include Tiger Global, Coatue Management, Nvidia, and Dragoneer Investment Group. SoftBank's CEO has reportedly held talks with OpenAI's CEO and Jony Ive about a new AI-based personal device venture.
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SoftBank plans $500M investment in OpenAI as part of larger funding round
SoftBank's Vision Fund aims to invest $500 million in OpenAI's latest funding round which is expected to boost the company's valuation to $150 billion. OpenAI is seeking to raise $6.5 billion, with Thrive Capital leading and Microsoft participating. Other potential investors include Tiger Global, Coatue Management, Nvidia, and Dragoneer Investment Group. SoftBank's CEO has reportedly held talks with OpenAI's CEO and Jony Ive about a new AI-based personal device venture.
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Bithumb considers US Nasdaq listing alongside South Korean IPO plans
Crypto exchange Bithumb is exploring a US Nasdaq listing, expanding on previous plans for a South Korean IPO. The company told shareholders all listing possibilities are open, both domestic and international. This news follows earlier reports of Bithumb's intention to go public on Kosdaq in the second half of 2025, with Samsung Securities as the IPO manager. The exchange's potential Nasdaq listing signals a strategic shift in its public offering approach.
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Binance unveils Explorer's Guide for Telegram mini-game Moonbix
Binance has rolled out the Explorer's Guide for its Telegram mini-game Moonbix. The game offers daily free plays, point-earning opportunities, and tasks like check-ins and account binding. Players can earn points through gameplay, inviting friends, and completing tasks. The game's points determine rankings in the Moonbix Hall of Fame, with top-ranked users receiving rewards. Binance warns users about impersonation accounts and emphasizes following official channels for updates.
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Trump backs new defi project WLFI amid skepticism and concerns
Former US President Donald Trump is launching a DeFi protocol called World Liberty Financial (WLFI) and its token. The project faces skepticism from industry experts, with concerns about its impact on Trump's presidential campaign and the crypto sector's reputation. Critics warn of potential legal troubles and conflicts of interest, while supporters see it as a way to legitimize DeFi. The project's tokenomics and team composition have raised questions, with some calling it a potential pump-and-dump scheme. The launch timing and its implications for Trump's candidacy and the crypto industry remain contentious issues.
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Eigenlayer and restaking protocols gain prominence in defi space
Restaking protocols like EigenLayer are gaining traction in the DeFi space, offering higher yields but introducing potential systemic risks. LRTs saw a 4,900% growth in TVL, surpassing $15 billion in 2024. While restaking maximizes returns, it also increases complexity and vulnerability. Experts warn of smart contract risks, liquidity challenges, and regulatory uncertainties. EigenLayer's dominance raises concerns about Ethereum's security. The long-term effects of yield optimization strategies remain uncertain, with potential for unforeseen issues in volatile markets.
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PayPal enables US business accounts to buy, hold, and sell crypto
PayPal now allows US merchants to buy, hold, and sell crypto directly from business accounts. This expansion covers about 36 million merchant accounts as of 2023. The move includes on-chain sending and receiving of tokens to third-party wallets. PayPal aims to increase crypto utility and accessibility for merchants, building on its crypto features introduced in 2020. The company launched PayPal USD (PYUSD) stablecoin in 2023, recently expanding to Solana blockchain and integrating with Xoom for fee-free international transfers.
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Binance introduces pre-market spot trading with actual tokens
Binance launched a pre-market spot trading service, allowing users to trade actual tokens before official launches. This distinguishes Binance from competitors like Bybit and Coinbase International, which use derivatives or futures contracts for pre-market trading. The service combines Binance Spot and Launchpool, with selected Launchpool tokens available for immediate trading. Pre-market trading is subject to restrictions and unavailable in certain regions, including the US and Canada.
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SEC delays decision on Ethereum ETF options until November
The SEC has postponed its decision on Ethereum ETF options to November, mirroring its cautious approach with Bitcoin ETFs. Polymarket betting odds show 85% expect Ethereum won't reach a new all-time high by 2025. ETH price has consolidated between $2,600 and $2,700, with potential profit-taking expected. The largest altcoin has a $316 billion market cap and $15.7 billion in 24-hour trading volume.
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Visa creates platform to help banks test tokenized assets and smart contracts
Visa launched a new platform to assist banks in issuing and testing fiat-backed tokens. The Visa Tokenized Asset Platform (VTAP) sandbox allows financial institutions to explore tokenization use cases, including real-time money movement, inter-bank transfers, and interaction with tokenized real-world assets. BBVA is already testing the platform, aiming for an Ethereum-based pilot in 2025. Visa aims to establish global standards for tokenization and smart contracts to enhance interoperability between institutions in the growing on-chain capital markets.
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Sky halts plan to phase out WBTC as collateral after BitGo CEO meeting
Sky, formerly MakerDAO, is reconsidering its plan to phase out Wrapped Bitcoin (WBTC) as collateral after a meeting with BitGo CEO Mike Belshe. Concerns over WBTC custody were addressed, with Belshe explaining that Justin Sun wouldn't have unilateral control. BA Labs, Sky's advisor, now feels more comfortable with WBTC operations and key management. The decision comes amid growing competition in the Wrapped Bitcoin market, with alternatives like dlcBTC, tBTC, and Coinbase's cbBTC gaining traction.
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D8X launches leveraged Polymarket prediction markets for US election and more
D8X, an onchain perpetual futures platform, launched five leveraged orderbook markets based on Polymarket data. The markets include predictions on the US election, DNC VP nominee, Super Bowl winner, and highest grossing movie of 2024. D8X aims to build "incorruptible financial machines" that can be used by anyone, including traditional financial institutions. The goal is to expand the underlying social dynamics of prediction markets and offer a decentralized white-label solution. Several other crypto protocols have also recently launched or plan to launch leveraged prediction markets.
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OpenAI's newsroom account hacked to promote fake crypto token
OpenAI's press account on X was compromised by crypto scammers promoting a fake $OPENAI token. The hackers posted about a non-existent blockchain token, linking to a phishing site mimicking OpenAI's official website. This incident follows similar hacks of OpenAI executives' accounts in recent months. Crypto scams on high-profile X accounts have been increasing, with Americans losing $5.6 billion to such schemes in 2023, a 45% rise from 2022.
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Chinese mining pools still control 55% of Bitcoin hashrate despite ban
Chinese Bitcoin mining pools operate 55% of the network, while US pools manage 40%, despite China's 2021 crypto ban. US pools cater to institutional miners, while Chinese pools support smaller Asian miners. China plans to amend AML regulations in 2025 to cover crypto transactions. Bitcoin miner revenue hit an 11-month low in August at $827.56 million, down 10.5% from July. The network mined 13,843 BTC in August, slightly less than July's 14,725 BTC.
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Caroline Ellison likely to avoid prison time according to polymarket traders
Polymarket traders bet Caroline Ellison won't serve prison time, giving a 46% chance of release. Qualcomm's potential Intel takeover faces skepticism, with only a 13% chance of success by October 31. At Token2049, dYdX and Wintermute announced plans to enter the prediction market space, with dYdX launching perpetual futures and Wintermute introducing OutcomeMarket for US election tokens.
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BlackRock demands 12-hour Bitcoin withdrawals from Coinbase for ETF
BlackRock filed an amendment for its Bitcoin ETF, requiring Coinbase to process withdrawals within 12 hours. This follows investor concerns about Coinbase's onchain settlement practices for ETFs. Coinbase CEO Brian Armstrong clarified that all ETF transactions are settled onchain. The amendment aims to address transparency issues in Bitcoin ETF custody. Despite ETF inflows, Bitcoin prices have stagnated, prompting speculation about market dynamics. BlackRock's IBIT remains the largest Bitcoin ETF with over $22.5 billion in holdings.
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