While there has been a funding winter in fintechs and tech startups over the past year, fintech funding has witnessed a steep downfall in calendar year 2023, matching the numbers of pandemic year 2020 in terms of funds raised and funding rounds. Here’s what data suggests:
Bankrupt crypto lending platform Genesis has sued cryptocurrency exchange Gemini to recover $689 million.
The diversification strategy may include products such as education loans, loans against property, SME/micro-SME loans, and other forms of secured lending.
“Silvergate continues to focus on implementing the Bank Liquidation,” it said in a statement on Wednesday.
Following Zhao’s news, pressure on major cryptocurrencies increased, resulting in the overall crypto market cap falling below $1.4 trillion on Wednesday. However, on Thursday’s trade, the crypto market cap bounced back and surged nearly 3% to $ 1.42 trillion.
“Silvergate continues to focus on implementing the Bank Liquidation,” it said in a statement on Wednesday.
There’s a lot of churn happening in the startup ecosystem. Data sourced from market research firm PrivateCircle Research showed that as many as 3.6 lakh employees across India’s 111 unicorn startups left their jobs during the September 2022-July 2023 period.
Genesis in the lawsuit said up to 230,000 users in the two companies’ “Earn” investing program withdrew more than half of billion dollars from the crypto lending platform in the 90 days before it filed for bankruptcy in January.
Celsius declined to comment on Tuesday. The SEC did not immediately respond to a request for comment.
Richard Teng, a Singaporean businessman and former regulator, has been announced as the new CEO of Binance, the world’s largest cryptocurrency exchange. Teng brings extensive experience in the financial industry and the crypto space. He previously held senior positions at the Monetary Authority of Singapore and the Singapore Exchange. Teng later became the CEO of …
