NYC Web3

FTX led by Sam Bankman-Fried has acquired 30% of SkyBridge Capital, the alternative investment firm run by Anthony Scaramucci.

SkyBridge will use the money from FTX to buy $40 million in cryptocurrencies, which it will hold on its balance sheet. The timing is interesting as the value of SkyBridges current digital portfolio have come down with the rest of the markets so it appears the mooch is doubling down on Crypto all the while other investors have asked for refunds from the fund.

FTX continues its strategy of buying distressed crypto companies at discounts and saving most from bankruptcy.

Written by: WarBiscuitNFT

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MicroStrategy has filed to Sell Up to $500M of Stock to buy more Bitcoin Purchases.

Friday filing with the U.S. Securities and Exchange Commission revealed the stock offering, which will be for “general corporate purposes, including the acquisition of bitcoin.”

At this point the company has become more of a Bitcoin holding company than a enterprise analytics company where its stock price is tethered more to the price of BTC then its software revenue.

On a side note, Saylor and MicroStrategy were recently sued by the District of Columbia for allegedly evading taxes on Saylor’s earnings in the district.

Written by: WarBiscuitNFT

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The devils…I mean CEOS of credit card companies this week announced major partnerships with crypto teams in the midst of a crypto winter. Mastercard announced a partnership with Binance to help failitiate in-store and online payments and Visa has been building out its abilities around crypto payments as well. With the two biggest players jumping in, others are sure to follow suit.

“We can unlock the full potential of blockchain technology when we make it easier to access and easier to use,” Mastercard chief executive Michael Miebach wrote in a LinkedIn post. “One way we do that is by bringing crypto to everyday purchases.”

Binance counted with “The future is here”

Written by: WarBiscuitNFT

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Nearly 75% of retailers plan to accept cryptocurrency payments within the next 2 years according to a June survey conducted by Deloitte titled “Merchants getting ready for crypto.”

The report polled 2000 senior execs in the retail industry across a series of different verticals from electrons to food and beverage.

How the retailers will take payments is still undecided. In traditional finance, credit card processors facilitate the transactions but take fees for their services. In crypto, the merchants can directly interact with the customers for digital payments. But some retailers are not planning to use this major benefit of the technology, instead opting to still use a 3rd party payment process to convert the digital currency to Fiat and lowing the risk to fluctuating crypto prices.

Written by: WarBiscuitNFT

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Industrial miners in Texas have shut down their miners as the state geos through a heat wave with temperatures hitting 110 degrees. The state has already ask citizens to slow down use of AC’s and other heavy electricity hogs.

According to Lee Bratcher, president of the Texas Blockchain Council, “nearly all industrial-scale Bitcoin mining” operations in Texas have shut down their rigs as of Monday, Bloomberg reports, freeing up 1,000 megawatts of electricity to be redistributed by the grid. Bratcher says that’s equal to 1% of Texas’s total grid capacity.

Last week we reported that mining mat not be worth the cost right now, so some believe this is also a cost cutting opportunity and not just the good souls of miners trying to do their part.

Written by: WarBiscuitNFT

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Zhu Su and Kyle Davies are doing their best Carman Sandiego. Lawyers representing the creditors say the physical whereabouts of the founders are “currently unknown”. There is a hearing scheduled for 9 am ET on Tuesday to discuss the liquidation process.

The documents, filed Friday evening, also allege that the founders have not yet begun to cooperate with the liquidation process. On Monday, lawyers requested the court keep the identity of the creditors anonymous.

A federal judge in a New York bankruptcy court has now frozen the remaining assets of crypto hedge fund which was founded over 10 years ago and managed $10 billion in assets just about a month ago.

Written by: WarBiscuitNFT

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