Business News
Bitcoin, the altcoins it spawned, and the blockchain technology that powers them have evolved to form a huge industry with an estimated market size of $1.6 billion. Noteworthy business deals are being made on a daily basis, and TradeCrypto is here to report about all the latest updates from the crypto business world.
We cover everything: from finance to technology and marketing. Read our business news to keep up with the latest industry trends, and if you want to learn more, take a look at our helpful Crypto Business Academy articles.
Silvergate cuts off 200 jobs to cover last year’s net losses
Fintech company primarily providing services for cryptocurrency businesses cut nearly 40% of its workforce to cover $8.1 billion of customers’ withdrawals. As reported by the Wall Street Journal, the company’s decision is primarily related to FTX and BlockFi collapses. Yet, back then, the crypto bank reassured its users that the exposure to both bankrupt firms […]
Visa plans auto payments for self-custody wallets
According to Visa Crypto Thought Leadership’s proposal, the payments giant plans to enable auto payments for customers using self-custodian wallets. As blockchain adoption increases, Visa says it is time to enable recurring payments for bills on a blockchain. While paying bills via phone banking application is a common practice, Visa proposes a new way of […]
Signature bank cuts deposits to crypto companies
One of Wall Street’s crypto-friendly firms, Signature Bank, will cut its corporate deposits by $10 billion, distancing itself from the digital asset industry. Signature bank CEO Joe DePaolo stated on Tuesday: We are not just a crypto bank and we want that to come across loud and clear. About 23% of Signature’s $103 billion in […]
Telegram adds registration without SIM card
The latest update to messaging app Telegram introduces the ability to register an account without a SIM card, through anonymous blockchain-based numbers. Until today, Telegram users could register to the app with their phone number. That phone number also served as a login. Users could find one another knowing contact details. The company emphasized that […]
Goldman Sachs to invest billions in crypto companies
Investment banking giant Goldman Sachs is ready to invest billions of dollars in crypto companies overcoming the FTX contagion. GS plans to buy or invest in companies that have lost investor interest and whose valuations have fallen, Reuters reports. Mathew McDermott, head of digital assets at Goldman Sachs, told Reuters that the FTX collapse has […]
Circle cancels SPAC Concord deal
USDC stablecoin issuer Circle terminated the deal to go public with the special purpose acquisition company Concord, due to Circle’s incomplete SEC qualification. Initially announced in July 2021, Circle planned to go public by Concord Acquisition Corp. with a valuation of $4.5B. Later in Feb 2022, the company made a new deal of $9B due […]
Stripe offers fiat-to-crypto to web3 businesses
Financial services giant, Stripe, now offers web3 businesses a fiat-to-crypto onramp feature to seamlessly buy with fiat directly on the platform. A customizable onramp presented by Stripe can go live on any web3 application involved in paying with crypto, whether it’s an NFT marketplace, a decentralized exchange, or a non-custodial wallet. Stipe explained the rolling […]
Walmart CTO says crypto will become a ‘major’ payments disruptor
Suresh Kumar, global CTO of Walmart, believes cryptocurrencies will be a “huge” area of disruption in the future, particularly in how customers pay for virtual and tangible things. Walmart’s CTO stated that the company is preparing to enable consumers who wish to pay with digital assets for both real and virtual items. On October 17th, […]
Canadian Pension Manager CDPQ Loses Its $150 Million Celsius Investment
CDPQ, one of the biggest Canadian pension funds, has officially written off the $150 million investment it made in the now bankrupt crypto lender, Celsius. The company is not expecting to receive any of that sum back. CDPQ’s representative stated that the company has underestimated the challenges of dealing with crypto, which is yet again […]
