updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Palantir also revealed that it closed the quarter with $1.62 billion in US Treasury securities.
Software company Palantir Technologies (NYSE: PLTR) has sold all the gold bars it acquired in August 2021. The company invested $50.9 million to buy 100-ounce precious metal, which it said will be initially kept in a secure third-party facility in the northeastern United States. At a time when many companies put their money in Bitcoin and other digital assets, Palantir said the gold bars investment was a hedge against economic crisis. The crypto market was booming during the period, and other tech companies pumped cash into equity investments and even BTC. However, Palantir decided to bet on gold bars, noting that it could “take physical possession of the gold bars stored at the facility at any time with reasonable notice.”
The company’s chief financial officer Shyam Sankar said it was necessary “to be prepared for a future with more black swan events.”
Less than two years after purchasing gold bars, Palantir has bid farewell to the precious metal. The company announced the sale in its Q1 financial filing, noting that it resulted in “immaterial realized gain” on its statement of operations.
“During the three months ended March 31, 2023, the Company sold all of its gold bars for total proceeds of $51.1 million.”
The alarming inflation in mid-2021 through mid-2022 took a toll on both individuals and organizations. The princess and food and cost of energy soared from the high levels there were in the middle of 2021 till mid-last year. As a matter of fact, the YoY consumer price index peaked at 9.1% in June, above the Dow Jones estimate of 8.8%. Since then, the numbers have steadily declined to 4.9% in April. Although it was less than expected, it represented the slowest pace since April 2021. The price of gold has increased more than 12% since early August 2021, while the S&P 500 has plunged around 6% over the same period.
In the same press release announcing the gold bars sale, Palantir revealed that it closed the quarter with $1.62 billion in US Treasury securities. This accounts for over 50% of its cash, equivalents, and short-term investments.
“Cash equivalents primarily consist of money market funds and US treasury securities with original maturities of three months or less, which are invested primarily with US financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.”
The disclosure came after the Federal Reserve increased its benchmark rate for the 10th time in a little over a year. The Fed raised the rate by another 0.25 percentage points.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Every crypto investor is keen to know what cryptocurrency is going to be the next one to explode into riches. Shiba Inu (SHIB), EverGrow (EGC), and Ape Coin (APE) have all skyrocketed in recent times and made millions for their early investors.
April is almost upon us, and with it, spring is blooming. New-season equals new opportunities. It is the perfect time to release a new cryptocurrency project, the team behind Mithril Finance (BARS) will hope to capitalize on this. Mithril Finance (BARS), along with established giants Cardano (ADA) and Ethereum (ETH) are the ones to watch this month.
Cardano (ADA) is a proof-of-stake blockchain with the eighth highest market cap of all cryptocurrencies at the time of writing. Its proof-of-stake architecture is less harmful to the environment than Ethereum (ETH), and its founders have claimed that their mission is to give the world a platform for “change-makers, innovators, and visionaries” and bring positive global change.
One of ADA’s missions was to plant one million trees, which they accomplished last month. ADA has previously been high in the rankings and, due to its long-term business outlook, is expected to become even greater, making the “top 10” list.
Everyone in the crypto-sphere and a large number of people who have yet to become connected with cryptocurrency are familiar with Ethereum (ETH). After Bitcoin (BTC), it is the second most popular cryptocurrency in the world. Its market cap is now hovering around $350 billion, more than four times that of Tether (USDT), which is currently ranked third.
Despite heavy competition from Solana (SOL) and Cardano (ADA) for example, Ethereum is still by far the go-to platform for blockchain developers. Furthermore, ETH is the currency through which the great majority of NFTs are acquired and sold.
ETH has some drawbacks, the most notable of which are its fees. Because of the Ethereum Network’s rapid growth, transactions can often take a long time to complete, and as a result, gas fees can be extraordinarily high.
These negatives are expected to change in 2022. The long-awaited ETH 2.0 upgrade is set to be released this year. The Ethereum creators claim that this will significantly improve scalability issues. If this issue is resolved, ETH could be a solid cryptocurrency in which to invest for long-term rewards.
Mithril Finance (BARS) is a decentralized exchange that will be launching its pre-sale soon. With its multi-chain capabilities, it aims to compete with the industry’s titans.
Mithril Finance is a savings and lending platform that allows members to earn interest on their pooled digital assets. BARS, a governance token developed by Mithril Finance, will provide its holders voting power over economic aspects such as interest rates, inflation, and deflation.
Mithril Finance seeks to overcome the problem of other Ethereum-based decentralized exchanges by allowing users to swap tokens at a rate of more than 50,000 transactions per second for less than $0.00001 per transaction, allowing for efficient and quick exchanges.
The BARS presale could follow in the footsteps of other big cryptocurrencies. Shiba Inu (SHIB) and Filecoin (FIL) are still in the top 50 cryptocurrencies by market cap and returned millions in presale, and if Mithril Finance can achieve something similar, early investors could profit greatly.
https://presale.mithrilfinance.io/
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Indian Premier League (IPL), the richest cricket league in the world has barred IPL franchises from associating with crypto companies. The Board of Control for Cricket in India (BCCI) has issued a directive to all IPL teams barring them from signing any sponsorship deals with crypto exchanges. According to a report in ET, two IPL teams have already scrapped their deals with crypto companies and called it a major loss.
“It’s a major opportunity loss. The kind of money they were offering for the main sponsorship was 1.5 times what the current sponsor is paying,” one executive said. “They wanted to build their brand with our association and were ready to pay for that.”
BCCI’s decision to bar crypto advertisements during IPL is primarily because of the lack of regulation in the crypto market. The Indian cricket board also noted that the directive will follow until clear regulations are passed by the government. The decision comes at a time when the Indian crypto bill is scheduled for discussion during the upcoming winter session of the parliament.
IPL franchises were not happy with the latest directive from the BCCI and pointed towards how ICC events have no such issue. Two major Indian crypto exchanges signed an INR 50 crore deal with the ICC for the advertisement slots.
IPL is the biggest sports league in a cricket frenzy country which sees billions in investment from major brands for advertisements slots. Crypto companies ruled the recently concluded ICC T20 event bagging numerous advertisement slots. CoinSwitch Kuber and CoinDCX run multiple ads during the tournament generating a lot of hype and interest from the public.
This is not the first time when crypto advertisements have come under scrutiny in India. Earlier a PIL filed in the Delhi High Court demanded a ban on misleading crypto advertisements. The Indian high court then ordered standardized disclaimers on crypto advertisements running on Indian TV.
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The Securities and Exchange Board of India (SEBI) has issued a circular addressed to investment financial advisors in the country, barring them from offering any financial advice on cryptocurrencies and similar unregulated markets.
SEBI in its circular noted that investment advisors have been found involved in unregulated activity by advising clients on crypto market investment. The circular warned of possible legal action under the SEBI act 1992.
“It has come to the notice of SEBI that some registered Investment Advisers are engaged in unregulated activity by providing a platform for buying/ selling/ dealing in unregulated products including digital gold. Investment Advisers are, hereby, advised to refrain from undertaking such unregulated activities. Any dealing in unregulated activities by Investment Advisers may entail action as deemed appropriate under the SEBI Act, 1992 and regulations framed thereunder.”
The warning from the chief securities regulator in India comes at a time when the country has risen to the second spot in terms of global crypto adoption. One chainalysis report claimed that Indian invested over $4 billion in the crypto market in 2021 compared to just $20 million last year.
The state of crypto regulations in India remains undetermined despite numerous insider reports of possible framework finalization this year. However, the state of regulations doesn’t seem to have impacted the general population as evident from the massive growth in their crypto investment. Apart from a monumental growth in crypto investment, Indian crypto companies are making a name world over with two unicorns in the form of CoinDCX and CoinSwitch Kuber coming this year itself.
Major venture capital firms have their eyes set on India be it a16z or the investment arm of Coinbase and several others. The last report regarding crypto regulations indicated the government would take a measured step and treat Bitcoin as an asset.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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