Banq Goes Bankrupt Amid Parent Company’s Crisis
Banq, a crypto custodian Prime Trust subsidiary, has filed for bankruptcy in the Nevada District Court. Prime Trust, Banq’s parent company, is attempting to conclude an acquisition with BitGo after experiencing a financial crisis due to the Celsius bankruptcy. Banq also accuses its former executives of stealing its trade secrets and assets to launch rival NFT […]
Bittrex U.S. to Allow Withdrawals After Court Ruling
The U.S. arm of crypto exchange Bittrex is set to open for customer withdrawals Thursday following a ruling by a Delaware bankruptcy court. After receiving a lawsuit from the SEC for running an unregistered securities exchange, the exchange filed for Chapter 11 bankruptcy in May. On May 8, Bittrex filed for Chapter 11 bankruptcy protection […]
A Comparative Analysis: Money Transfers in Traditional Banking vs. Cryptocurrency
Cash is dead; long live crypto. Although this proclamation is not entirely true, the changes in the financial world hail the adoption of cryptocurrency and the rising power of digital assets. As an alternative decentralized method with ways to keep inflation in check. Take Bitcoin, for example. Namely, its supply is limited and known in […]
Treasury Official Suggests CBDCs Should Have Privacy, Anonymity
US Treasury official Graham Steele at a Texas payments conference, stated that the design of a digital dollar and central bank digital currencies (CBDCs) should take privacy and the ability to conduct transactions anonymously into account. Graham Steele, assistant secretary for financial institutions at the Treasury Department, spoke at a payments-focused conference in Texas on […]
Mistral AI Raises $113M in Seed Funding
Mistral AI, an artificial intelligence startup created by ex-Meta and Google researchers, has recently raised $113M in seed funding. Former Google DeepMind and Meta AI researchers co-founded Mistral AI in May 2023 to develop open-source generative AI models. Two months after its debut, a new artificial intelligence (AI) startup and competitor to ChatGPT’s creator, OpenAI, […]