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 6131FTX’s sister trading firm Alameda has agreed to sell its interest in Sequoia Capital to a UAE-based entity.
Alameda Research appears set to sell its interest in Sequoia Capital to Abu Dhabi for $45 million. According to a recent report, the FTX sister trading firm agreed to sell the Sequoia stake to the Abu Dhabi sovereign wealth fund in cash.
A March 8th United States Bankruptcy Court for the District of Delaware document detailed the sale agreement between Alameda and Abu Dhabi. Part of this filing read:
“[FTX] decided to enter into the Agreement with Purchaser based on its superior offer and ability to execute the Sale Transaction within a short time frame.”
The document also revealed that FTX/Alameda agreed to sell to Abu Dhabi after mulling over interest from four different parties. Furthermore, the court document stated that Alameda’s share buyer, Al Nawwar Investments RSC Limited, is owned by the government of Abu Dhabi. According to reports, the United Arab Emirates-based buyer is already an investor in Sequoia.
The $45 million all-cash deal could close by the end of this month. However, the sale remains subject to approval by the Delaware court bankruptcy judge John Dorsey.
FTX’s attempt to offload its remaining interest in Sequoia Capital is one of a few plans the fallen company hopes will help pay off creditors. The Sequoia interest sale development also reflects concerted efforts by the Alameda/FTX insolvency management to recover assets and funds owned by the exchange.
Dorsey has presided over aspects of FTX’s legal cases following the exchange’s collapse and subsequent bankruptcy filing last November. The Delaware bankruptcy judge granted Bahamian-based FTX permission to sell off some of its assets following its insolvency declaration.
Assets listed for sale included FTX’s stock-clearing platform Embed, and its derivatives platform LedgerX. In addition, the sunken crypto exchange also sought to sell its regional branches, FTX Europe and FTX Japan.
In a related case, court documents revealed that Dorsey mandated defunct crypto brokerage company Voyager Digital to set aside $445 million. This ruling came on the heels of a lawsuit by Alameda Research against the company regarding loan repayments.
In January, reports stated that FTX recovered more than $5 billion in cash and liquid crypto assets amid its bankruptcy case. The embattled exchange revealed plans to rebuild its transaction history at the time. In addition, FTX also said that it was still trying to ascertain the total amount of customer shortfall.
Earlier this week, FTX sued leading crypto asset management firm Grayscale Investments to access $9 billion of shareholder value. In the lawsuit, the once second-largest crypto exchange alleged that Grayscale had charged outrageous management fees. According to FTX:
“Grayscale has for years hidden behind contrived excuses to prevent shareholders from redeeming their shares. Grayscale’s actions have resulted in the Trust’s shares trading at approximately a 50% discount to Net Asset Value. If Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors’ shares would be worth at least $550 million, approximately 90% more than the current value of the FTX Debtors’ shares today”.
However, Grayscale described FTX’s lawsuit as “misguided” and claimed transparency in obtaining regulatory approval to convert GBTC into an ETF.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Sequoia Capital, one of the world’s largest venture capital firms is reportedly looking to move into crypto. The first major hint came in the form of its Twitter bio change where it removed “company” from its bio and added “DAO.” The addition of DAO to their bio filed much speculation and defi proponents even claimed it to be a hint towards a possible move to decentralized governance.
DAO or Decentralized Autonomous Organization is a system created by developers for decentralized decision making. They are not controlled by a single institution like a government or central bank but instead are divided among a variety of computers, networks, and nodes. Defi protocols often incorporate DAO to attain a certain level of privacy and security.
Popular Chinese insider Twitter handles Wu Blockchain also reported that the head of Sequoia China has recently said, “all in crypto” on the social media platform WeChat. It is not yet confirmed whether the head of the company made those comments on a personal basis or from a company’s point of view.
Sequoia Capital, one of the world’s largest venture capital, replaced the “company” in the Twitter profile with DAO. Shen Nanpeng, head of Sequoia China, said in the WeChat community: all in crypto. pic.twitter.com/1vHV8Yhr5i
— Wu Blockchain (@WuBlockchain) December 8, 2021
The growing interest of mainstream firms in crypto is nothing new, but the fact that a top venture capital firm of Sequoia’s stature is hinting at a possible move to decentralized governance would be a piece of massive news if true.
Many were baffled by the change on the internet and many others called it just another Twitter gimmick. One user wrote Sequoia China is quite different from Sequoia
2021 has proven to be a year of crypto adoption in the mainstream, apart from VC firms investing heavily in the crypto startups, many mainstream institutions have also integrated crypto in their system. The crypto adoption is not just limited to institutions and retail, it has also reached governments and countries.
El Salvador became the first nation to make Bitcoin (BTC) a legal tender while Miami city has developed its own coin called Miami coin on top of the Bitcoin network.
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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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Per a press release, Ethereum second layer solution StarkWare has completed a $50 million Series C funding round led by Sequoia Capital. A few months ago, the company conducted a Series B round securing $75 million. Thus, the company has an estimated value of $2 billion.
Related Reading | Ethereum Fees Spike Significantly Following Success Of ENS
One of the most important Venture Capital firms in the financial sector, Sequoia Capital has helped companies, such as Google, WhatsApp, and Apple, to achieve their success. The partnership with StarkWare began in 2018 when the firm took part in its Series A.
StarkWare operates as an Ethereum L2 scaling and privacy solution with a zero-knowledge proof protocol used to power dYdX, Sorare, Immutable X, and other major DeFi protocols running on that network. These protocols leverage a “highly-efficient method for blockchain-based computation”, according to the release. Uri Kolodny, Co-Founder and CEO at StarkWare said:
Congested blockchains and high transaction fees are the biggest impediment to building mass-scale crypto apps for all, to meet the everyday needs of the general population. StarkNet will change this. It will lead to a blockchain building boom that will make blockchain apps as much a part of our everyday lives as smartphone apps.
Their recent funding round will help the company to mitigate one of the most noticeable issues with Ethereum and other blockchains, their transaction speed. This could usher a new era of crypto adoption and consolidate Ethereum’s position as the main hub for the financial sector of the future.
Eli Ben-Sasson, Co-Founder and President At StarkWare, claimed the following on their recent Series C funding round and how this Ethereum solution could create more opportunities for everyone:
The math-based technology invented by StarkWare is the invisible hand that increases blockchain’s bandwidth, giving it the capacity to serve everyone. This valuation makes us more confident than ever in our vision. By empowering blockchains to scale globally, people of any economic status will gradually be able to stop entrusting data into the hands of big companies, and control it themselves instead.
The funds secured in this Series C will be used to support the introduction of the StarkNet platform, the release claims. In that way, any user will be able to design and create their own Ethereum and blockchain-based application. The company expects that this technology be used to “power a new generation” of dApps.
Related Reading | Apple CEO Tim Cook Holds Bitcoin And Ethereum As Part Of Diversified Portfolio
Mike Vernal, a partner at Sequoia Capital, celebrated the firm’s participation in this round and the long-term partnership formed with StarkWare. Vernal believes Ethereum and its multiple use cases need to become more scalable to attract more users and achieve its “potential as a global, decentralized computer”.
We are excited to announce our Series C of $50M at $2B.
A big thanks to our lead investor, @sequoia, our wonderful follow-on investors, and the dozens of ecosystem partners and collaborators who participated in this round, for their vote of confidence in our products and tech. pic.twitter.com/CuaeMSf2s6
— StarkWare (@StarkWareLtd) November 16, 2021
In that sense, Vernal called StarkWare the market leader in terms of scalable solutions, specifically Zero-Knowledge (ZK) roll-ups. The Sequoia partner added:
(StarkWare is) iterating at a breakneck pace to power a wide range of applications (…). The upcoming release of StarkNet – a fully permission-less, decentralized scaling solution for Ethereum – will make it so any developer can build apps that are orders-of-magnitude more scalable than L1-based apps.
As of press time, Ethereum trades at $4,196 and follows the general market sentiment to the downside with a 2.5% loss in the daily chart.
