Connect with us

Crypto News

Softbank backed startup to offer retail crypto trading

Published

on

Stock brokerage firm DriveWealth has entered the cryptocurrency industry by launching two subsidiaries designed to allow its partners to offer crypto trading to retail investors. 

DriveWealth is a New Jersey-based company backed by Japanese tech giant Softbank and is valued at $2.85 billion.

The push into the crypto space was motivated by traders who are forced to trade across what DriveWealth CEO Bob Cortright told CNBC is an “unsustainable” transaction spread on Coinbase. He continued:

“As regulatory environments tighten around crypto and customers get more focused on spreads and efficiency, we can’t continue in a world where you can charge 200 basis points on a transaction.”
Coinbase is the largest US-based crypto exchange and charges fees as high as 4.5% of the transaction value plus a spread fee on its platform. The exchange earned 88% of its $1.2 billion in total revenue from those transaction fees in Q3, according to its financial report at the time.

Advertisement

The new crypto offerings are made possible by DriveWealth’s recent acquisition of Crypto-Systems, a separate crypto startup. Through that acquisition, DriveWealth launched its DriveLiquidity subsidiary which will provide liquidity for partners wishing to invest in and trade crypto assets.

DriveWealth has also launched DriveDigital as a subsidiary crypto exchange. It plans on providing API (application programming interface) access to its partners to allow retail investors to make trades on Bitcoin (BTC) and Ethereum (ETH).

Cortright said that an increasing number of companies across various fields are requesting access to crypto liquidity to let their users trade or earn crypto rewards. He continued:

“Even the established, large e-commerce players are finding that, when surveying their clients, a huge percentage want to own some crypto.”
If it intends on competing with Coinbase, DriveWealth has a veritable uphill battle to climb. The exchange had over 68 million users as of Q3 2021. Coinbase (COIN) also touts a $39 billion market cap with an enterprise valuation of about $36.5 billion. 

Advertisement

Crypto News

Algorand Has Appointed JPMorgan high-flyer Staci Warden As Its New CEO.

Algorand appoints new CEO Staci Warden

Published

on

By

Warden has been a member of the Algorand Foundation Board since September 2021 following a glittering career with JPMorgan, the Nasdaq stock exchange, and the US Treasury Department.

Algorand is actively targeting ecosystem growth in niches such as global crypto payment platforms, DeFi and NFTs. It is hoped Warden’s appointment will catalyse this expansion.

Speaking on the ALGO appointment, Staci Warden highlighted opportunities in the developing world alongside a commitment to the future of DeFi.

“I am excited to build on everything the Foundation has achieved to date, and will be focused on scaling our commitment to our community and our global partners,” she said.

Advertisement

“1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralisation to address the problem of global financial inclusion at scale.

“By both ratcheting up our global ambitions as well as doubling down on our commitment to the DeFi ecosystem, I know that we will deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports.”


The appointment of a new CEO marks an end to the leadership of outgoing Algorand CEO Sean Lee.

Lee served as CEO of the blockchain for 18 months and played a pivotal role in cementing Algorand’s market position throughout the sensational explosion in crypto markets in 2021.

During his time at the helm of Algorand, Lee prioritised community governance and sewed the seeds for the future of the ALGO ecosystem through the Accelerated Vesting program and launch of Viridis and Aeneas DeFi funding programs.

Advertisement

Commenting on his departure, Lee revealed he will be moving on to other projects in the crypto industry.

“I’ve decided to leave the Algorand Foundation to pursue new opportunities in the blockchain space,” said Lee.

“Seeing the transformative potential of the applications being built on Algorand, now is the time for me to explore those avenues.

“I have deep confidence in Staci’s ability to lead the Algorand Foundation and the Algorand ecosystem through its next growth phase.”

Advertisement
Continue Reading

Crypto News

Manchester United selects Tezos as official blockchain partner

Manchester United selects Tezos as official blockchain partner

Published

on

By

Manchester United has today announced a landmark multi-year partnership that will see Tezos featured on the Club’s range of men’s and women’s training kits.

Tezos-branded training kit will be worn by the first team squad prior to this weekend’s match against Southampton, introducing Manchester United fans to the partnership and Web3 technology through the Tezos blockchain.

Victoria Timpson, Manchester United’s CEO of Alliances and Partnerships, said it was an exciting partnership for Manchester United “because it aligns us with one of the most advanced, reliable and sustainable blockchains in an area of technology which promises to truly revolutionise the way that everyone, including the club and our fans, can interact”.

“We are especially pleased to be partnering with one of the most eco-friendly blockchains, using technology that is energy-efficient, limits carbon emissions and lowers costs, consistent with the Club’s wider efforts to promote environmental sustainability,” she said.

Advertisement

“Partnerships are at the core of our strength as a club, supporting the drive for success on the pitch, and we are delighted to welcome Tezos as the latest industry leader to join our family of partners.”

Edward Adlard, Head of Adoption and Business Development, Tezos Ecosystem added that, throughout its history, Manchester United had constantly evolved, with the support of its global community of fans and partners.

“Tezos will enable Manchester United to use blockchain and Web3 to transform fan, player, team, and partner engagement,” he said.

“The decision by the world’s greatest football club to select Tezos as its blockchain of choice is further validation that thoughtful design paired with strong security, low gas fees, and community-led innovation are the essential factors driving the next wave of adoption in the new digital revolution.”

In addition to the Tezos branding on the club’s training kit, the partnership will also include several new fan experiences built on the Tezos blockchain and a pledge to support Manchester United Foundation with ongoing donations in TEZ – the native currency of the Tezos blockchain – to train, educate and inspire young people within the local community.

Advertisement

Continue Reading

Crypto News

Shiba Inu Announces Virtual Real Estate on Shiberse Ecosystem

Shiba Inu Announces Virtual Real Estate on Shiberse Ecosystem

Published

on

By

In an attempt to enter the metaverse in 2022, the meme coin Shiba Inu has unfurled its virtual real estate ‘Shiba Lands’. The new realm of real estate will be available for public auction or purchase soon.

In this new venture, SHIB token holders can own a part of the Shiberse metaverse. Meanwhile, the meme coin has yet to confirm the advantages of owning the lands in its metaverse. So far, the project said that people owning land in Shiba Real Estate would gain a lot of benefits.

As tweeted by Watcher Guru, a media covering crypto news, Shiba Inu will declare the purchase period of virtual real estate soon.


To prevent high gas fees, which happened in the Shiboshi NFT launch 2021, the Shiberse ecosystem will create a queue system for its land release. The queue system can process the sale more smoothly and in a much fair manner for customers.

Advertisement

LEASH coin holders will get priority access to the queue in the first period of land release. Afterward, the queue will be open to the public.

Shiba Inu has stated in its blog ShibaSwap:

This queue allows exclusivity by requiring interested parties to hold “$LEASH“, which gives priority and exclusive access to this first selling phase of the land plots in our Metaverse. In addition to the queue, we also have worked on an anti-dump system in order to protect $LEASH holders. The remaining lands will then unlock, and become available for the public after this exclusive selling process finalizes.

To highlight, the Shiba Land properties will initially be auctioned. Here, users can bid their land and location soon after the project announces the date of auction.

Earlier, virtual platforms like Decentraland, Gala Games, Sandbox, and Axie Infinity had fixed their position in the metaverse. Now, Shiberse has marked its growth in the metaverse which plows for more competition among other meta platforms.

Advertisement

Despite being the latest entry to the metaverse, Shiba Inu has gained wide attention from investors who believe in its developing potential.

Continue Reading

Top posts

Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates
ban bitcoin2 hours ago

Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates

Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of...

NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us
Andy Kraniak8 hours ago

NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us

In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and...

This Tether update may finally bear some good results in the weeks to come This Tether update may finally bear some good results in the weeks to come
Altcoins10 hours ago

This Tether update may finally bear some good results in the weeks to come

Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief...

Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals
conflict10 hours ago

Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals

Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurrency to fund paramilitary operations and evade sanctions, researchers...

MATIC – The how and why of this buying opportunity MATIC – The how and why of this buying opportunity
Altcoins11 hours ago

MATIC – The how and why of this buying opportunity

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice....

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports
DEX11 hours ago

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Oluwapelumi Adejumo · 11 mins ago · 2...

Can MakerDAO’s latest development drive MKR towards its next bull rally Can MakerDAO’s latest development drive MKR towards its next bull rally
Altcoins12 hours ago

Can MakerDAO’s latest development drive MKR towards its next bull rally

MKR holders that aped in towards the end of September are pleased with their decision considering the healthy run-up in...

Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid
Bankruptcy12 hours ago

Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid

According to a filing published by the U.S. Bankruptcy Court for the Southern District of New York, the crypto lending...

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter DOGE up 8% as Elon Musk makes new acquisition offer for Twitter
Investments13 hours ago

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter Liam ‘Akiba’ Wright · 16 mins ago ·...

Cardano’s [ADA] price reacts this way as Voltaire hint airs Cardano’s [ADA] price reacts this way as Voltaire hint airs
ada13 hours ago

Cardano’s [ADA] price reacts this way as Voltaire hint airs

Late in September, Cardano [ADA] released the Vasil hardfork. Positive feelings persisted after the fork, as the network continued to...

Sears Home Warranty Review Sears Home Warranty Review
Uncategorized13 hours ago

Sears Home Warranty Review

Sears Home Warranty Ratings at a Glance While you likely already know Sears for the company’s series of department stores,...

Riot Blockchain produced over $7.1M worth of BTC in September Riot Blockchain produced over $7.1M worth of BTC in September
Bitcoin mining13 hours ago

Riot Blockchain produced over $7.1M worth of BTC in September

Riot Blockchain produced over $7.1M worth of BTC in September Andjela Radmilac · 2 hours ago · 1 min read...

Crypto giants criticize Twitter on scam, bot accounts impersonating them Crypto giants criticize Twitter on scam, bot accounts impersonating them
Buterin13 hours ago

Crypto giants criticize Twitter on scam, bot accounts impersonating them

Crypto giants criticize Twitter on scam, bot accounts impersonating them Oluwapelumi Adejumo · 2 hours ago · 2 min read...

Will Litecoin’s new update improve its chances of winning the PoW race Will Litecoin’s new update improve its chances of winning the PoW race
Altcoins14 hours ago

Will Litecoin’s new update improve its chances of winning the PoW race

Litecoin [LTC] has been making improvements to its existing technology for quite some time now. In line with the same,...

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory? Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?
ETH14 hours ago

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the...

Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers
Ajay Bhalla14 hours ago

Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers

On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto...

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound
adoption14 hours ago

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Christian Nwobodo · 2...

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10% Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%
Analysis15 hours ago

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone