SEC - Page 149

3474 result(s) found.

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Grand Cayman, Cayman Islands, April 22nd, 2024, Chainwire

Alibaba Cloud, AngelHack and dWallet are among the latest supporters for the global event.

Sui, the Layer 1 blockchain that offers industry-leading performance and infinite horizontal scaling, has seen funding for Sui Overflow, the first-ever global virtual hackathon focused on creating exciting products on Sui, double in recent weeks with enthusiastic supporters contributing funds. 

Initially set at $500k, after a groundswell of support from external backers, Sui Overflow’s funding pool has ballooned to $1,000,000. The sizable rewards pool is drawing builders from around the world to build projects on the Sui network and demo them to a panel of judges. Among the categories eligible for prizes are Consumer & Mobile, Infrastructure & Tooling, Gaming, and DeFi. Developers will also be encouraged to leverage specific technologies from the Sui ecosystem such as zkLogin, Advanced Move Features, Randomness, and Multi-chain capabilities.

Sam Blackshear, Co-founder/CTO of Mysten Labs and creator of the Move smart contract language, said, “Sui Overflow offers both new and experienced developers a chance to show off their Move skills and experiment with powerful Sui primitives like zkLogin, sponsored transactions, kiosk, DeepBook, and native randomness. Some of Sui’s top projects were born in previous local hackathons, so I am genuinely excited to see what the first global hackathon will produce.”

Past Sui-sponsored hackathons have been fertile ground for projects that began as hackathon entries but subsequently grew into sustained businesses on the network. Scallop began at Sui’s Seoul Builder House in June 2023 with a small team of developers that garnered first prize at the event. Today, Scallop has $117M in TVL and is one of the preeminent DeFi protocols on Sui. Navi Protocol is another of Sui’s “Hackathon Heroes.” A month after Scallop, the Navi team emerged, winning gold in the DeFi and Payments category at the Sui X KuCoin hackathon. Navi now has over $130M in TVL and is another leading DeFi protocol on Sui. 

In addition to support from title sponsor dWallet Labs, the hackathon will be sponsored by Elixir Capital, Alibaba Cloud, Comma3 Ventures, MoveBit, Scallop, GSR, Supra, Wormhole, AngelHack, Pyth, Ryze Labs and ZettaBlock. The awards presented in Sui’s hackathon for every category are as follows: $30,000 for first place, $15,000 for second, and $7,500 prizes each for two additional runner-ups. 10 $2,500 University Awards and 10 $2,500 Community Favorite Awards will also be awarded during the hackathon. Moreover, contestants are not limited to a single category. Individual teams can participate simultaneously in multiple tracks, stacking awards in excess of $100,000. Additionally a number of projects in the Sui ecosystem are offering their own separate bounties, adding even more ways for great projects and great teams to benefit.

With the doubling of funding to $1 million, Sui Overflow participants will now be eligible to receive accelerated Sui Foundation Grant Funding along with other benefits including audits and credits to support the successful launch of their projects after the hackathon is completed.

“The homegrown projects that spring from developer meetups and hackathons like Sui Overflow are an essential part of the lifeblood that will sustain the Sui ecosystem into the future,” said Greg Siourounis, Managing Director of the Sui Foundation. “The impact of Overflow has been strengthened substantially by the overwhelming support from the Sui community, which has enabled us to expand the potential rewards beyond our planned tracks to benefit the most promising projects with prudent funding, audit credits and selected accelerated grants.”

“Sui Overflow is more than an event; it’s the starting point for our brightest future blockchain innovators,” said Omer Sadika, Co-Founder of dWallet Network. “We are excited and honored to work together with all of the partners involved and look forward to the results that will come out of this hackathon.”

Users can apply, developers can register on the Sui Overflow portal and find all the further information. For regular updates, everyone is encouraged to join the Overflow Discord Server.

Registration Period: April 21 – May 31

Virtual Demo Day: June 15; 

Announcement of winners: Late June 2024

Contact

Sui Foundation
media@sui.io

Bitcoin’s Fourth Halving Sparks Bullish Outlook Amid ETF Growth and Record Highs

//

The fourth Bitcoin halving, occurring on April 20, might initiate the “most bullish” cycle for Bitcoin, influenced by historical trends and the introduction of spot Bitcoin exchange-traded funds (ETFs).

On March 13, Bitcoin’s value soared to an unprecedented high of over $73,600, anticipating the halving event.

This milestone was historically followed by significant price surges between 518 to 546 days after previous halvings.

According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the confluence of factors surrounding this halving presents an exceptionally optimistic outlook for Bitcoin.

“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before,” Sanghera explained to Cointelegraph.

Despite a minor 5.6% dip in its weekly performance, Bitcoin was trading above $63,600 as of late April, showcasing a modest 2.85% monthly gain and an over 50% increase since the start of 2024, as per TradingView data.

Bitcoin’s price trajectory is predicted to maintain bullish momentum in the long term, despite typical short-term corrections following halvings.

Temujin Louie, CEO of Wanchain, anticipates potential fluctuations but remains optimistic. “Historically, Bitcoin halvings were followed by a slump.

Expect to see continued consolidation so long as support around $58,000 holds.

If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers,” Louie stated to Cointelegraph.

READ MORE: Laughing Shiba Inu to Turn Early Buyers Into Memecoin Millionaires, As SHIB and DOGE Lose Ground

Prior to the halving, Bitcoin ETFs experienced a downturn in accumulation, with net inflows turning negative during the halving week.

The U.S. spot Bitcoin ETFs registered $398 million in net outflows, contrasting with the prior week’s $199 million in net inflows, according to data from Dune.

Nevertheless, these ETFs collectively hold over 835,000 BTC valued at $53.5 billion, constituting 4.24% of the available Bitcoin supply.

Despite this dip in ETF inflows, the broader narrative surrounding Bitcoin remains positive.

Jonas Simanavicius, co-founder and CTO at Syntropy, underscores the continuing interest from major institutional players.

“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows.

“While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation,” he remarked.

Simanavicius also highlighted Bitcoin’s growing reputation as a “hedge against political tensions,” enhancing its appeal as a secure asset amid global uncertainties.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Halving Event Sees Record $2.4 Million in Fees as Users Flock to New Runes Protocol

//

The Bitcoin community recently witnessed a significant event as 37.7 Bitcoins (BTC) were spent in transaction fees, amounting to over $2.4 million, to secure a spot in the highly anticipated fourth Bitcoin halving block.

The halving occurred at 12:09 m UTC on April 20, with Bitcoin miner ViaBTC producing block 840,000, which activated an automatic protocol reducing miner rewards from 6.25 BTC to 3.125 BTC per block.

This block has become a landmark in Bitcoin’s history, seeing unprecedented transaction fees totaling 37.67 BTC, as per data from Bitcoin block explorer mempool.space.

Including the mining reward, a total of 40.7 BTC — approximately $2.6 million — was awarded to ViaBTC for mining the halving block.

The spike in fees was driven by users eager to participate in the Runes Protocol, introduced by Bitcoin Ordinals creator Casey Rodmarmor, which launched concurrently with the halving.

Runes, touted as a more efficient token creation system on Bitcoin compared to the BRC-20 token standard, utilizes the Unspent Transaction Output (UTXO) model for token issuance, contrasting the inscription account model used by Ordinals.

Leonidas, a pseudonymous Ordinals developer, highlighted the impact of this surge on miner income post-halving.

“Runes degens have single-handedly offset the drop in miner rewards from the halving,” he stated in a post on social media platform X on April 20.

READ MORE: Tether Launches Four New Divisions to Expand Beyond Stablecoins, Diversifying into AI, Education, and Energy

The subsequent blocks saw even higher fees, with a total of $3.82 million spent on transaction fees across five blocks following the halving, not including the miner subsidies, according to mempool.space.

Additionally, the competition extended beyond token creation.

Bitcoin mining pools competed for the prestigious “epic” satoshi, the first satoshi mined on the halving block.

In the lead-up to the event, Trevor Owens, managing partner at The Bitcoin Frontier Fund, expressed his willingness to offer between $500,000 and $1 million for the first Bitcoin block post-halving.

The reaction to the halving within the crypto community was mixed.

Trader Hsaka captured the sentiment with a meme indicating a fleeting celebration before returning to usual activities.

Meanwhile, notable Bitcoin skeptic Peter Schiff took a more critical stance, commenting on the halving’s effect on Bitcoin holders.

“I think halving is an appropriate name for what’s happening as soon Bitcoin HODLers will experience a halving of their net worths,” Schiff remarked on X.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Fees Overtake Ethereum as Market Anticipates Halving and Launch of New Token Standard, Runes

//

Recently, Bitcoin (BTC) has experienced a surge in transaction fees, surpassing Ethereum (ETH) for three consecutive days as the market anticipates the upcoming Bitcoin halving and the launch of Runes, a new Bitcoin token standard.

On April 17, Bitcoin miners collected $7.47 million in transaction fees, which was slightly higher than the $7.31 million that Ethereum stakers earned on the same day, as reported by Crypto Fees.

This increase in fees for Bitcoin continued from April 15 to 16, where Bitcoin miners earned $9.98 million and $5.91 million, respectively, outpacing Ethereum by significant margins.

Despite these figures, Ethereum still holds a slim advantage over Bitcoin in terms of the average fees collected over the past seven days, amounting to $8.55 million compared to Bitcoin’s $7.57 million.

The calculation of Bitcoin transaction fees is based on the transaction’s size or data volume and the demand for block space at the time the transaction is processed.

This system has led to the recent increase in fees just as Bitcoin miners prepare for the halving event scheduled for April 20.

The halving will reduce the mining reward from 6.25 BTC per block to 3.125 BTC, significantly impacting miners’ earnings from block rewards.

Currently, about 900 BTC are mined daily, which translates to roughly $57.2 million based on current prices.

With transaction fees of $7.47 million on April 17, these fees represented 11.5% of the total block rewards for Bitcoin miners.

READ MORE: Shiba Inu Sees Surge in Market Interest Despite Mixed Sentiments Among Traders

Post-halving, the importance of transaction fees is expected to increase as daily mining output halves to about 450 BTC.

The introduction of Ordinals inscriptions in January 2023 has already contributed to higher revenue from transaction fees for Bitcoin miners.

This trend is anticipated to continue with the release of Runes at block 840,000, coinciding with the halving event.

Runes aims to simplify the creation of fungible tokens on Bitcoin, targeting memecoin enthusiasts and other community-driven segments.

Casey Rodarmor, the creator of both Ordinals and Runes, explained that Runes are fully UTXO-based, meaning they should not overload the Bitcoin network as much as Ordinals have.

This development comes as prices for BRC-20 tokens, including Ordinals (ORDI) and Sats (SATS), the two largest by market capitalization, have declined by 38% and 43% respectively over the last week, as noted by CoinMarketCap.

This shift in trader focus towards Runes may also be influencing the recent rise in Bitcoin fees.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Cryptocurrency Investor Predicts Bullish Targets for Major Tokens, Including SHIB, BTC, and ETH

/

Armando Pantoja, a renowned cryptocurrency investor active on social media platform X, has shared his optimistic price targets for several cryptocurrencies over the next 12 to 18 months.

His predictions include a significant rise for SHIB, the native token of the Shiba Inu ecosystem, forecasting it to surpass $0.001.

In a detailed post, Pantoja outlined his expectations for major cryptocurrencies:

“My #crypto targets for next 12-18 months:$BTC: $100k-$250k$ETH: $10k-$15k$XRP: $3-$6$SHIB: $0.001+$DOGE: $1$SOL: $500-$1000$AVAX: $100+$ICP: $100+$INJ: $100-$200$PRO: $10-$20”

Pantoja included Bitcoin in his predictions, a cryptocurrency that recently reached a new all-time high (ATH) even before its next halving event.

He anticipates that Bitcoin will trade between $100,000 and $250,000 during the forthcoming bull cycle.

This optimism was buoyed by Bitcoin’s performance following the SEC’s approval of a spot Bitcoin ETF in January, which saw the cryptocurrency hitting a new ATH of $73,794 before consolidating.

READ MORE: Sector Analysis: Fibonacci Support Boosts Atom, XLM; Scapesmania Ushers in Possible Bullish Era

There is widespread belief among investors that Bitcoin will continue its upward trend post-halving.

Apart from SHIB and Bitcoin, Pantoja’s list features several other significant cryptocurrencies.

He believes that Ethereum, the leading altcoin, will surpass $10,000 for the first time, predicting a trading range of $10,000 to $15,000 during the bull cycle.

Pantoja suggests that Ethereum’s success will likely spur growth in other altcoins, notably XRP, which he predicts will rise above $3, potentially reaching up to $6.

Furthermore, Pantoja is bullish on DOGE, expecting it to reach $1. He also foresees substantial rises for SOL, which might surpass $500 and could even reach $1,000.

Additionally, he predicts AVAX and ICP will both exceed $100. For INJ, he anticipates a trading range of $100 to $200, and for PRO, he expects a range of $10 to $20.

These predictions reflect Pantoja’s confidence in the cryptocurrency market’s potential growth in the near future.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Ransomware Group ‘Akira’ Hits Over 250 Organizations, Nets $42 Million in Ransoms

//

Akira, a ransomware group only a year old, has already infiltrated over 250 organizations and secured roughly $42 million in ransoms, as reported by leading global cybersecurity agencies.

The FBI’s investigations indicate that Akira has been active since March 2023, attacking businesses and critical infrastructure in North America, Europe, and Australia.

Originally targeting Windows systems, the FBI has now identified a Linux variant of Akira’s ransomware as well.

In response, the FBI, along with the Cybersecurity and Infrastructure Security Agency (CISA), Europol’s European Cybercrime Centre (EC3), and the Netherlands’ National Cyber Security Centre (NCSC-NL), issued a joint cybersecurity advisory.

This advisory aims to raise public awareness about the Akira threat.

The advisory outlines that Akira typically gains entry through virtual private networks (VPNs) that are not secured with multifactor authentication (MFA).

After gaining access, Akira extracts user credentials and other sensitive data before locking the system and displaying a ransom note.

Notably, the advisory states, “Akira threat actors do not leave an initial ransom demand or payment instructions on compromised networks, and do not relay this information until contacted by the victim.”

READ MORE: Shiba Inu Sees Surge in Market Interest Despite Mixed Sentiments Among Traders

Victims are then asked to pay a ransom in Bitcoin to regain access to their systems. Akira also takes steps to disable security software soon after infiltration to remain undetected.

To combat such threats, the advisory recommends several mitigation strategies, including the implementation of MFA, a recovery plan, filtering of network traffic, disabling of unused ports and hyperlinks, and the use of system-wide encryption.

The agencies emphasize the importance of continual testing of security measures.

“The FBI, CISA, EC3, and NCSC-NL recommend continually testing your security program, at scale, in a production environment to ensure optimal performance against the MITRE ATT&CK techniques identified in this advisory,” they advise.

Previously, the FBI, CISA, NCSC, and the U.S. National Security Agency (NSA) had also warned about malware targeting cryptocurrency wallets and exchanges.

This recent report points out that Akira’s malware extracts data from various cryptocurrency applications like Binance, Coinbase, and the Trust Wallet, emphasizing that it exfiltrates every file type found within the targeted directories.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Institutional Investors Hold Steady Amid Bitcoin Volatility, Suggesting Minimal Selling Pressure Ahead

//

The recent behavior of institutional investors and Bitcoin exchange-traded fund (ETF) holders indicates a relatively stable market with minimal selling pressure expected in the near term.

Despite the recent drop in Bitcoin’s price below $60,000, current data suggests that these major players are not positioned for significant sell-offs, which could have indicated a local bottom for Bitcoin’s price.

According to CryptoQuant, short-term Bitcoin whales—defined as investors holding at least 1,000 BTC for no more than 155 days—show an unrealized profit of only 1.6%.

This minimal gain contrasts sharply with long-term holders of the same Bitcoin volume, who have been holding for over 155 days and enjoy an unrealized profit of 223%.

Ki Young Ju, the CEO of CryptoQuant, highlighted this disparity in an April 19 X post, emphasizing the significant profit margins experienced by different investor cohorts.

Further insights from CryptoQuant reveal that while small miners have an unrealized profit of 131%, larger mining firms have accrued 81%.

Notably, the top five mining firms have refrained from selling their holdings in anticipation of the upcoming Bitcoin halving, contributing to a reduction in sales to a two-year low as of the first quarter of 2024.

Bitcoin’s price fluctuations have also caught the attention of market analysts. After falling below $60,000 twice in April, Bitcoin recovered, approaching $65,000.

This pattern has led some analysts to suggest that a “double bottom” may have formed, potentially signaling a rebound in price.

READ MORE: Sector Analysis: Fibonacci Support Boosts Atom, XLM; Scapesmania Ushers in Possible Bullish Era

Additionally, technical indicators like the relative strength index (RSI), which had previously shown Bitcoin as overbought in March, adjusted back to a neutral level of 46 in recent measurements.

This reset in technical indicators supports the notion that Bitcoin might have reached a local bottom earlier in the week, as posited by Arthur Cheong, founder of DeFiance Capital, in another April 19 X post.

On the technical front, Bitcoin recently broke out from a significant trading channel on the 4-hour chart, prompting predictions of a possible rise to $72,000, as noted by crypto trader Satoshi Flipper.

However, the market dynamics are also influenced by the ETF sector, where institutional net inflows into U.S. spot Bitcoin ETFs turned negative around the time of the halving, with more than $147 million in net outflows recorded on April 18.

This trend contributed to Bitcoin’s price dip, though Denis Petrovcic, CEO of Blocksquare, remains optimistic.

He told Cointelegraph, “While some might anticipate a drop post-halving, the sustained institutional interest and decreased block rewards should keep BTC prices stable or slightly bullish, avoiding the typical ‘sell the news’ fallout.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Tether Launches USDT and Tether Gold on Telegram’s TON, Expanding Web3 Ecosystem

//

Tether, a prominent stablecoin operator, has recently announced its plan to integrate its U.S. dollar-pegged stablecoin, USDT, into Telegram’s Web3 platform, The Open Network (TON).

This integration, declared on April 19, also includes the launch of the gold-pegged Tether Gold (XAUT) stablecoin on TON.

These developments were unveiled alongside keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event in Dubai.

In his speech, Ardoino emphasized the aligned visions of TON and Tether regarding an open, decentralized internet and a borderless financial system.

He expressed that the introduction of USDT and XAUT on TON will facilitate seamless value transfers, thereby enhancing activity and liquidity in the ecosystem.

This move is intended to provide a financial experience comparable to traditional systems, stating, “The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system.”

Tether’s expansion continues to be significant, with the stablecoin now being supported on 15 different blockchain platforms, including popular ones like Tron and Ethereum.

This expansion is pivotal for TON as well, especially since its native token, Toncoin, recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market cap.

The integration with TON is particularly strategic due to its direct connection with Telegram, which boasts over 900 million users globally.

The TON blockchain’s compatibility with Telegram is set to enhance the usability of USDT and XAUT, providing a straightforward, borderless payment experience for Telegram users.

READ MORE: ScapesMania Surging in Market Momentum: Will It Surpass NEAR PROTOCOL’s Growth?

The announcement highlighted the potential of this integration: “The TON blockchain works with Telegram, meaning USDT and XAUT on TON have the potential to provide a simple, borderless experience for peer-to-peer payments for Telegram’s user base.”

Jack Booth, the marketing head of TON Foundation, shared insights with Cointelegraph about the unique capabilities of the TON ecosystem, which not only supports transfers between fiat and crypto but also aims to surpass the efficiency and convenience of traditional financial systems.

Booth revealed plans for accessible fiat on-ramps at launch and forthcoming global off-ramps to bank cards and accounts, emphasizing the groundbreaking potential for mass adoption of crypto infrastructure for global payments.

This initiative marks yet another intersection between Tether and Telegram, with USDT already being a default option in Wallet, a third-party custodial wallet for Telegram users.

Halil Mirakhmed, chief operating officer of Wallet, noted that while TON-based USDT will be introduced as an additional option, the Tron network will continue to be the primary blockchain for TRC-20 USDT transactions, which currently represents the largest issuance volume of USDT.

The news of this launch comes shortly after Tether introduced a recovery tool in March 2024, facilitating the migration of USDT across various blockchains.

As of early March, USDT achieved a record-high market cap of $100 billion.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Swedish Crypto Miners Face $90 Million Tax Bill Following Extensive Government Audit

//

Swedish crypto miners have incurred a significant tax debt exceeding $90 million, following a comprehensive audit by the Skatteverket, Sweden’s Tax Agency.

The agency scrutinized 21 crypto-mining firms from 2020 to 2023, uncovering tax discrepancies in 18 of these firms.

The investigations brought to light various misrepresentations and omissions that enabled these firms to exploit tax incentives improperly.

The Skatteverket‘s findings indicated that several crypto firms manipulated their business descriptions to evade value-added tax (VAT) on eligible operations.

Additionally, some managed to dodge import taxes on their mining hardware and income tax on the revenues generated from mining activities.

The issues highlighted involve not only unpaid taxes but also improperly claimed rebates and underreported crypto assets.

The Tax Agency elucidated the situation, stating, “The described approach leads to tax disappearing from the country in the form of incorrect payments of input VAT, unpaid output VAT and unreported crypto assets.”

As a result, the implicated crypto mining firms have been collectively ordered to repay up to 990 million Swedish krona (about $90 million).

READ MORE: Stock and Crypto Sectors Face Potential Correction Amid Economic Uncertainty, Says Expert

This sum includes 932 million krona ($85.4 million) in VAT discrepancies and an additional 57.9 million krona ($5.3 million) in tax penalties.

Despite the hefty tax demand, several of these firms appealed the decision.

The administrative court reviewed these appeals, ultimately upholding the claims of two firms while dismissing the remainder.

Adjustments to the originally stated amounts were made based on these verdicts.

In a related development in November 2023, Hive Digital Technologies, a player in the crypto-mining industry, expanded its operations in Sweden.

The firm purchased a commercial property along with a data center in Boden. Johanna Thornblad, the country president for Sweden at Hive, remarked on this strategic move: “The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest ‘green’ energy powered data center.”

This facility is set to accommodate the latest generation of ASIC servers, thereby boosting the company’s Bitcoin production capabilities.

Hive Digital Technologies is known for its dedication to green energy solutions, operating data centers in Canada, Sweden, and Iceland to facilitate eco-friendly crypto mining.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Tether Launches Four New Divisions to Expand Beyond Stablecoins, Diversifying into AI, Education, and Energy

/

Tether, the operator of the world’s largest stablecoin by market value, is undergoing significant restructuring to diversify its offerings beyond stablecoin development.

The announcement, made on April 18, introduces four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu, signaling a broad expansion of the company’s scope and mission to provide a variety of new infrastructure solutions, investments, and services.

Tether Data will delve into strategic investments focusing on cutting-edge technologies such as artificial intelligence and peer-to-peer platforms, including notable projects like Holepunch, Keet, and Pear Runtime.

Tether Finance is set to remain the core of the company’s operations, concentrating on its traditional stablecoin products and financial services with the aim of democratizing the global financial system.

The newly formed Tether Power will enhance the company’s efforts in mining and energy, whereas Tether Edu is dedicated to advancing digital education and fostering regional and global blockchain adoption.

Paolo Ardoino, Tether’s CEO, emphasized the transformative vision of the company: “We disrupted the traditional financial landscape with the world’s first and most trusted stablecoin,” he stated.

Ardoino further elaborated on the company’s forward-thinking trajectory: “With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world.”

READ MORE: Stock and Crypto Sectors Face Potential Correction Amid Economic Uncertainty, Says Expert

Since its founding in 2014, Tether has grown into a key player in the cryptocurrency ecosystem, operating USDT, the largest stablecoin by market capitalization and the highest in trading volumes.

The company also manages a variety of other stablecoins including the Euro-pegged Tether Token EURT, the offshore Chinese Yuan CNH₮, and the gold-backed Tether Gold XAUt.

Tether’s recent endeavors include actively expanding into the Bitcoin mining sector throughout 2023, establishing its own mining operations and developing proprietary software.

In early 2024, Tether inaugurated an educational division offering courses and workshops aimed at enhancing blockchain-related skills.

Moreover, Tether’s engagement in Bitcoin has been substantial, purchasing 8,888 BTC for $618 million in late March 2024.

By the end of that month, the company’s holdings amounted to 75,354 Bitcoin, acquired at an average price of $30,305.

This strategic diversification and accumulation highlight Tether’s ongoing commitment to influencing and shaping the financial and technological landscapes.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

1 … 147 148 149 150 151 … 348