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Last Updated : January 16, 2023 / 08:56 AM IST
Cryptocurrency roundup for January 16: Cathie Wood shares perspective on digital wallets, Hodlnaut’s struggles continue, and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Market Buzz
Cathie Wood: Don’t Ignore the Potential of Digital Wallets and Blockchain in the Equity Market
Cathie Wood, CEO of ARK Invest, has stated that digital wallets and blockchain technology were among the game-changing innovations that the equity market largely overlooked in 2022.
> She highlighted that digital wallets are replacing cash and credit cards and that they already overtook cash as the top transaction method for offline commerce in 2020.
> Wood also pointed out that digital wallets accounted for about 50% of global online commerce in 2021, and should not be overlooked by the equity market.
> Despite the current wall of worry caused by concerns about inflation and interest rates, Wood believes that these innovative technologies should not be ignored. Continue reading.
FTX Fraud Case
FTX Fraud Case: Media Companies Challenge Secrecy of CEO’s Bond Co-Signers
Eight major media companies, including The Associated Press, Bloomberg, Reuters, and Dow Jones have made a request to the Southern District of New York court to release the names and identifying information of the two individuals who guaranteed the $250 million bond for former CEO of FTX, Sam Bankman-Fried.
> In the letter sent to the court, the media companies argue that the public has a strong interest in knowing the individuals who are co-signing the bond for a person accused of perpetrating one of the largest financial frauds in history.
> They further state that transparency is crucial for maintaining trust in the judicial process and that the public interest cannot be overstated. More here.
Wyre
Wyre Lifts Withdrawal Limits, Secures Additional Funding for Continued Operations
Cryptocurrency payment platform Wyre on Friday lifted the 90% withdrawal limit it had placed on its users earlier this week, after securing additional funding from a “strategic partner”.
> The company stated that it will resume accepting deposits and lift the 90% withdrawal limit effective immediately.
> The company, which has not yet revealed the source of the funding, said the additional funds will help it continue operations and “revolutionize the global financial ecosystem.”
> Cryptocurrency wallet provider MetaMask on Jan. 5 stated that it had removed Wyre from its mobile aggregator, which allows users to buy cryptocurrency directly through the digital wallet, following reports of the latter shutting shop. Details here.
Hodlnaut
Hodlnaut’s Struggles Continue as Creditors Push for Liquidation and Police Investigate Potential Fraud
Key creditors of the Singapore-based crypto lender Hodlnaut Pte have rejected a proposed restructuring plan and instead want to liquidate the company, according to a Jan. 11 filing by Hodlnaut’s court-appointed interim judicial managers.
> The creditors believe that their interests are best served by winding up the firm as soon as possible to “maximize the company’s remaining assets available for distribution,” as stated by Algorand Foundation, one of the creditors.
> Hodlnaut, which also has operations in Hong Kong, halted withdrawals in August 2020 and was granted protection from creditors.
> The firm had downplayed its exposure to crypto fugitive Do Kwon’s collapsed Terra digital-token ecosystem, but in reality, it suffered a near-$190 million loss. Full report here.
SingularityNET’s AGIX Token
SingularityNET’s AGIX Token Sees 150% Increase as Platform Unveils Ethereum and Cardano Interoperability Plans
SingularityNET’s token AGIX has seen a significant price increase of over 245% in January, starting at just $0.05 and trading at $0.162 per token on Friday.
> The popularity of AI applications among the masses, such as ChatGPT, has contributed to the soaring of SingularityNET’s token price.
> This trend was further reinforced when Microsoft announced its desire to invest $10 billion in the creators of ChatGPT and OpenAI.
> The cryptocurrency market for AI and Big Data is currently valued at $2 billion, almost double what it was at the start of the year, according to CoinMarketCap.
> The platform, which is an artificial intelligence project being built on the Cardano blockchain, announced plans to enable interoperability between Ethereum and Cardano. Continue reading.
Market Minutes | What to expect this week?
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