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    NEW YORK (AP) — The CEO of cryptocurrency exchange FTX has bought a 7.6% stake in Robinhood Markets, according to a filing with U.S. regulators on Thursday. Samuel Bankman-Fried said in the filing that he bought the shares thinking they were an attractive investment and that he doesn’t currently have any plans to change or influence the control of Robinhood. Robinhood shot to fame for its easy-to-use trading app, which brought a new generation of investors to the stock market, perhaps most famously with the meme-stock frenzy that sent GameStop soaring early last year. But crypto has become a major part of its business. About a quarter of the revenue Robinhood made during the first three months of the year from trading by customers came from cryptocurrencies. Robinhood has been bolstering its crypto business, rolling out crypto wallets for its customers and adding new coins to trade on its platform. Bankman-Fried built his stake in Robinhood through a company called Emergent Fidelity Technologies, buying shares steadily from March 14 through Wednesday. The stock’s price fell over that...
    Hong Kong (CNN Business)A cryptocurrency CEO has become one of the richest people on Earth.Changpeng "CZ" Zhao, who runs the crypto exchange Binance, has joined the ranks of the world's top billionaires, with an estimated net worth of at least $96 billion, according to new calculations from the Bloomberg Billionaires Index published Monday.Zhao's projected fortune now rivals that of Oracle (ORCL) founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also soared over the last two years.The ascent of the Chinese-Canadian entrepreneur is emblematic of the rapid creation of wealth in the fast-moving world of digital currencies. Last year, other crypto founders also enjoyed huge gains as the value of virtual coins rallied, with ethereum creator Vitalik Buterin and Coinbase founder Brain Armstrong both becoming billionaires.Read MoreJUST WATCHEDBinance.US wants to make crypto more accessibleReplayMore Videos ...MUST WATCHBinance.US wants to make crypto more accessible 08:01Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange that is backed by Binance, pointed Tuesday to an "unprecedented amount of wealth creation that has occurred in the industry over the last...
    VIDEO13:5813:58What bitcoin futures ETF launches mean for the future of cryptoETF Edge Exchange-traded fund investors are getting even more interested in cryptocurrency exposure — and the advent of things like bitcoin futures ETFs could lead to a demand explosion, one CEO says. "The stars are aligning right now for demand for crypto allocation in the advisor community when you look at 30 years of declining interest rates and ... what that does to your fixed-income allocation," ETF Trends CEO Tom Lydon told CNBC's "ETF Edge" this week. "With inflation, with the demand for alternative investments and the current trend in the cryptocurrency area, there's a lot of pressure on advisors to take a stake," he said in the Monday interview. Eighty-one percent of financial advisors said they received questions about crypto in 2020, up from 76% in 2019, in a survey conducted by Bitwise Asset Management and ETF Trends. The number of advisors who allocated to crypto in their clients' portfolios rose to 9.4% from 6.3%, the survey found. With ProShares and Valkyrie Funds' new bitcoin futures ETFs already making...
    In this article BTC.CB=Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020.Dado Ruvic | ReutersThe chief of a new and rapidly growing platform for crypto offerings sees bitcoin hitting $100,000 by the start of next year. CoinList CEO Graham Jenkin is bullish on the cryptocurrency, which hit a new record high of $66,000 on Oct. 20 following the launch of a hotly-anticipated U.S. bitcoin futures ETF. The digital currency has since pared some of its gains, trading at $59,052 per coin at 6:45 a.m. in London Thursday. But Jenkin was optimistic about bitcoin climbing to even greater heights. "Most of the folks at CoinList will bet that we're at $100,000 by the end of the year. It's getting pretty tight so I'm not sure that we're going to make it there, but that's what we're predicting toward the start of the year." Illustrating the growing demand for crypto holdings, CoinList just announced $100 million in series A funding, which has given it a valuation of $1.5 billion.  A number of financial...
    Puerto Rico is on the brink of a power supply crisis. Protesters demand answers. Biden Gets an Infrastructure Truce With Dems—Just Not a Deal © Thana Prasongsin/Getty Images Thana Prasongsin/Getty Images Users of DeFi lending platform Compound were erroneously sent $89 million worth of cryptocurrency. A glitch in a recent platform update led to some users receiving too much "COMP." "This is the greatest opportunity, and greatest risk for a decentralized protocol," Compound's CEO tweeted. See more stories on Insider's business page. A glitch in an update this week to the decentralized finance platform Compound has led to roughly $89 million worth of a cryptocurrency called COMP to be accidentally sent out to users. Now the CEO is asking users to voluntarily return the funds. "If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock," Robert Leshner tweeted. He also threatened to report to the Internal Revenue Service all of those who did not and later apologized for the "bone-headed tweet." Compound and Leshner did not...
    The CEO of cryptocurrency exchange Coinbase has lashed out at the Securities and Exchange Commission, saying the agency plans to sue the company over an interest-earning lending product for reasons that are unclear. Coinbase shares dropped 3.2 percent on Wednesday, after CEO Brian Armstrong slammed the 'sketchy behavior coming out of the SEC recently' in a series of tweets claiming regulators plan to sue over its new Lend product' Lend is intended to be a high-yield alternative to traditional bank savings accounts.  It comes as US regulators issue sometimes conflicting signals over how strictly they plan to control cryptocurrencies such as Bitcoin, spooking investors and contributing to wild price fluctuations.  Last week, the SEC sent Coinbase a formal notice announcing the agency's intent to sue over the company's Lend product, according to the company's chief legal officer Paul Grewal. Lend, which was set to launch in a few weeks, pays out 4 percent annual interest to customers who agree to lend their holdings of USD Coin, a so-called stablecoin backed by Coinbase that is pegged to the US dollar. According to...
    In 2020, decentralized exchange Uniswap air-launched every user who ever interacted with their smart contract with 400 UNI, their recently launched governance token. This was on top of a period in the crypto space commonly known as the “DeFi Summer”, the expansion in adoption of a sector that offers users a real use case to become financially independent. A few months after that, the price of Bitcoin and other tokens on the cryptocurrency market entered uncharted territory. Many attributed the spike to the new influx of users jumping onto DeFi. We sat down with Pavel Shkitin, CEO of crypto exchange Nominex to discuss the rise of decentralized finance, its integration with exchanges, and its potential futures. This is what he told us. Q: Can you tell us a bit about your experience and about Nominex? Why did you decide to build it and, in particular, why offer DeFi products to your users? A: I am a backend developer by profession. For several years, in large companies, I have been developing various corporate systems in Java....
    VIDEO5:0905:09ESG, cryptocurrency: How innovations in indexing could shape the marketETF Edge Environmental, social and governance investing is making a big splash in the world of indexing. BlackRock's iShares has predicted investment in the space will grow to $1 trillion by 2030. It's already on track for a record year in 2021, with over $21 billion in inflows just in the first quarter. The world's largest index provider also has big plans. "We're ... treating ESG as one of our biggest growth opportunities," S&P Dow Jones Indices CEO Dan Draper told CNBC's "ETF Edge" on Monday. "We're seeing a lot of demand in Europe around climate specifically and now it's starting to translate to the U.S. as well," he said. S&P Dow Jones currently offers 39 ESG-related indexes spanning core ESG, climate-specific and thematic ESG considerations. It also has its own scoring system, bolstered by its 2016 acquisition of data company Trucost. The Securities and Exchange Commission is looking into how index providers define ESG, but with many already using or developing scoring systems of their own, it may prove difficult...
    VIDEO5:0305:03'You can't play perfect defense every day,' says FireEye CEO of ransomware attacksClosing Bell The increase in ransomware attacks is closely connected to the advent of cryptocurrency, FireEye CEO Kevin Mandia told CNBC on Monday.   "There's a direct correlation," the cybersecurity firm executive said on "Closing Bell." "When you look at the rise of ransomware, it absolutely aligns with the rise of anonymous digital currencies." "It's no question it's an enabler that you can break in anonymously and be paid anonymously, and now you can commit crime from 10,000 miles away in a safe harbor," Mandia added. Mandia said that while awareness of cybersecurity issues is at an all-time high, following a series of headline-grabbing incidents including the Colonial Pipeline hack, challenges remain in preventing every single attack. "We're better protected today than ever before. But what we're seeing is, we're just playing goalie. There's an unlimited amount of opportunities to hack us, and no risks or repercussions to those doing the intrusions," Mandia said. "So over time, you're going to see successful intrusions. You know, we can't play...
    In this article TSLAA photo illustration depicting the cryptocurrency bitcoin.Jakub Porzycki | NurPhoto via Getty ImagesThe price of bitcoin climbed back above $40,000 on Wednesday morning, a week after its price tumbled 30% to around $30,000. The world's most popular cryptocurrency was trading at $40,344.50 at 5:24 a.m. ET on Wednesday, up over 5% over the last 24 hours, according to Coin Metrics data. All the other major digital coins were also in the green Wednesday. Ethereum's price has risen over 10% in the last 24 hours to $2,865.61, while Dogecoin's price has climbed a little over 2% to 36 cents a coin. Last week's crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. VIDEO1:2401:24Tesla CEO Elon Musk says he talked to 'North American bitcoin miners' about sustainabilityNews VideosChinese authorities called for tighter regulation on crypto mining and trading on Friday, reinforcing rules announced in 2017, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS. But the cryptocurrency market is trying to recover...
    Noel Quinn, CEO of HSBC, the British investment bank and Europe’s largest bank, said the bank had no plans at the moment. cryptocurrencies Go inside. In an interview with Reuters on May 24, the CEO said that HSBC had no plans to open a commercial division like Crypto. Bitcoin (PTC) The bank does not offer crypto as an investment to its customers. Exclusive HSBC CEO Bitcoin tells us no https://t.co/rWKlL2iy6y pic.twitter.com/gz2CLkfYLB – Reuters (e Reuters) May 24, 2021 Quinn says crypto is as volatile as bitcoin, and he believes there is a lack of transparency. According to the CEO, it is difficult to find out who owns the crypto, and there are issues with converting it to a Fiat currency. “Given its volatility, we do not want Bitcoin to be an asset class. If our customers want to be there, they certainly are, but we do not advertise it as an investment within our asset management.” Over Fixed coins The bank manager was a bit positive, but HSBC did not want to start it: “I see Bitcoin as an asset...
    Kevin Turner, chief operating officer of Microsoft Corp., listens during the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, May 2, 2016. The conference gathers attendees to explore solutions to today's most pressing challenges in financial markets, industry sectors, health, government and education. Photographer: Patrick T. Fallon/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty Images Kevin Turner has stepped down as CEO of crypto mining start-up Core Scientific, the company confirmed to CNBC Wednesday. He will continue on as an adviser to the company and remains a significant shareholder. Core Scientific's co-founder and chairman, Mike Levitt, has stepped in as CEO. According to a Geekwire article, Turner joined Core Scientific in 2018. He spent nearly three years running the blockchain infrastructure and hosting provider, which operates crypto mines across the country. The company has more than 100 employees, according to its profile page on LinkedIn. Turner has championed the company's mission to be 100% carbon-neutral, addressing a common criticism of cryptocurrency mining. Fifty-six percent of the power used at its facilities today is from renewable sources,...
    Dogecoin is now valued at a whooping $78 billion, making the once-comedy cryptocurrency worth almost double that of Ford and Twitter.  The meme-based virtual currency has soared to an all-time high, rising in value 100 per cent in the past week alone, and extending its 2021 rally to become the fourth-biggest digital coin. That's ahead of chief backer and self appointed 'Dogefather' Elon Musk's controversial Saturday Night Live hosting gig.  The Tesla CEO has promised the coin will appear in one of his sketches. Musk has previously tweeted: 'One word: Doge' and 'Dogecoin rulz'.    A market capitalization of $78 billion puts Dogecoin, founded in 2013, ahead of other more well established brands and companies including Sherwin-Williams which is valued at $75.8 billion; Dell Technologies, value $75 billion; Moderna, value $63.1 billion; Ford Motor Company, valued $45.2 billion; and Twitter, value $42.1 billion.   After SNL announced on Saturday that Musk will host the May 8 episode, cast members Bowen Yang and Aidy Bryant posted Instagram Stories taking aim at the billionaire. They are believed to be unhappy that a business tycoon has been chosen to host the...
    In this article COINVIDEO1:3701:37Coinbase CEO on how direct listing could impact broader crypto marketSquawk BoxRegulation is one of the biggest risks when it comes to the cryptocurrency business, Coinbase CEO Brian Armstrong told CNBC. "It's right up there with cybersecurity," Armstrong said in an interview with Andrew Ross Sorkin that aired Wednesday morning. "And especially now that Coinbase is a public company, we're gonna increasingly be having scrutiny about what we're doing and people want to understand the implications of it." "And so, we're very happy to engage, just as we have been over the last 10, you know, nine years really since the start of the company, with everybody in D.C. and really lawmakers, policy folks around the world, because of course Coinbase is in many different countries now, about how we can most thoughtfully build this industry and this company," he added. Coinbase is set to become the first major crypto company to go public in the U.S. after it hits the markets through a direct listing later in the day. The Nasdaq gave the company a reference...
    Yuriko Nakao | Getty Images Governments around the world may start to clamp down on the use of bitcoin and other cryptocurrencies, the CEO of a top crypto exchange has warned. A number of officials — from U.S. Treasury Secretary Janet Yellen to European Central Bank President Christine Lagarde — have sounded the alarm about the use of bitcoin for money laundering, terrorist financing and other illegal activities. "I think there could be some crackdown," Jesse Powell, CEO of Kraken, told CNBC in an interview. Cryptocurrencies have surged in value lately, with bitcoin hitting a record high price of more than $61,000 last month. The world's most valuable digital coin was last trading at around $60,105. Kraken is the world's fourth-largest digital currency exchange in terms of trading volume. The firm is considering going public through a direct listing — similar to Coinbase — next year after achieving record trading volumes in the first quarter, CNBC reported last week. Coinbase is set to go public on Wednesday, and could be valued at as much as $100 billion — more than...
    Faster driving, more traffic deaths in pandemic year; disparities in vaccine access favor the wealthy: Live COVID-19 updates Republican Sen. Ron Johnson forces Senate to read all 628 pages of Bidens COVID bill aloud © R.Tsubin/Getty Images R.Tsubin/Getty Images CEO of investment firmSanders Morris Harris, George Ball, said cryptocurrencies are "attractive" as a part of any portfolio. Ball said he sees cryptocurrencies as an effective hedge against currency debasement. The CEO also argued stock speculators will make the shift to crypto markets if there is a pullback in equities. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. George Ball told Yahoo Finance on Thursday that he believes cryptocurrencies are "attractive" as a "small part" of any portfolio. Load Error Until recently, the chairman and CEO of investment firm Sanders Morris Harris had long been a critic of bitcoin and other cryptocurrencies. In a video call with Reuters last August, Ball told investors that it was time to buy bitcoin. "I've never said this before, and I've always been a blockchain, cryptocurrency...
    Twitter CEO convinced of Bitcoin’s usefulness May the CEO of Twitter be rather a fan of cryptos and Bitcoin (BTC) is not really a surprise. He defends this new sector regularly. His company Square, which also takes cryptocurrencies into account, had also announced record sales in 2019 via its Cash App. Still, Jack Dorsey detailed his vision of BTC in a video published by .. He explains : “I think the internet wants a native currency, and I think Bitcoin is the best manifestation. “ ???? Read our guide: How to buy BTC? Discover BTC on Binance » Making Bitcoin more accessible The CEO of Twitter explains that he believes his role is to promote accessibility to Bitcoin and to explain how it works to neophytes. He draws a parallel between the Internet as a whole, which is based on user consensus, and Bitcoin. Dorsey notes however limitations of Bitcoin, in particular its cost of use, as well as the delays in confirming transactions. Hence a conclusion: “We need to...
    Thousands of Antminers vanished Finally, the moment of respite allegedly observed between the co-founders of Bitmain in their struggle for power did not last long. Last Thursday, the sales team Antminer exercising under the command of Micree zhan, reported the clandestine movement of thousands of mining machines. These include equipment from the series S17 Pro, S17, T17, S15, T15, S9 Hydro, Z11. The batch would consist of both “small currency miners and internal test prototypes”. The coup was allegedly carried out in the Zhenglan Banner mine, located in China, in the Inner Mongolia Autonomous Region. During the night of July 15 to 16, more than 10,600 Mining machines from this farm would have been illegally transferred to another site by Inner Mongolia Maker Cloud Computing, a subsidiary of the Bitmain group. This press release also states that the aforementioned events led to heavy financial losses for the company and its customers. In effect, the majority of these Antminers would be owned by customers and would be held under a colocation contract. After informing the relevant legal authorities, the company...
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