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Sequoia and Paradigm invest $1.15 billion in Citadel securities

By
Obrian
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0

Paradigm Capital and Sequoia Capital is investing $1.15 billion into Citadel Securities valuing the company at $22 billion. Citadel Securities is a behemoth within the space of electronic trading. They are fundamental to Robinhood’s success as they assist in market making.

Paradigm Capital is one of the new venture capital funds on the marketplace with a keen focus on Web3 and cryptocurrency investments. It was co-founded by Fred Ehrsam who is also a co-founder of Coinbase and Matt Huang, who previously worked at Sequoia handling crypto investments.

Ken Griffin who is chairman of Citadel securities has created a company that now handles approximately 27% of the shares traded in the U.S stock market each day. It’s an amazing feat given the fact that his parent company Citadel has started 2 decades ago in 2002.

An interesting thought experiment to think about is whether Ken Griffin finally wants a piece of the crypto pie after staying away from this space for so long.

Given the fact that he handles the market making, he has all the data available. This will allow him to see that it can be a very profitable industry if he was to dip his toes inside.

Robinhood, which is an electronic trading company has tumbled 80% since its peak. It was basically a pandemic stock and as the stimulus checks dried up from Uncle Sam, it will be interesting to see how it “hodls”.

Citadel Securities is probably working on its own platform to get in on the action and become a competitor for Robinhood and other exchanges.

Bitcoin ETF ProShare is underperforming

By
Obrian
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0
NEW YORK, NEW YORK - OCTOBER 19: An electric banner for the newly listed ProShares Bitcoin Strategy ETF is displayed on the floor of the New York Stock Exchange (NYSE) on October 19, 2021 in New York City. Trading under the ticker ‘BITO, the first Bitcoin-linked exchange-traded fund in the U.S rose 3% when trading began and last traded 2.3% higher at $40.94. (Photo by Spencer Platt/Getty Images)

A Bitcoin ETF, which had appeared on the New York Stock Exchange with a bang, has now crashed. With more prominent commitment from Wall Street financial backers, the ProShares Bitcoin Strategy ETF (BITO) started exchanging on the NYSE.

In any case, after its breathtaking presentation, the ETF has proceeded to turn into a major loser. The ETF is currently one of the 10 worst performing as it relates to returns after two months in the wake of being public, with a 30 percent drop, show a Bloomberg Intelligence report.

The ETF, at first, started exchanging on October 19. Each share was valued at $40 then, at that point. Toward the finish of Day 1 of exchanging, it had outperformed $1 billion in volumes, making it the second-best introduction, just behind a fund that had pre-seeds at the time. Yet, presently, in this week alone, BITO is down almost 9%, expressed a Bloomberg report.

In any case, ProShares claims that the ETF’s present execution won’t really affect the business’s future development. Repeating this reality, SEC Chairman Gary Gensler said that a few different ETFs, as well, had an unpleasant beginning but can still be able to raise assets.

The BITO ETF permits financial backers to invest in Bitcoins through a futures contract rather than buying them on a digital currency exchange.

At the end of the day, rather than purchasing Bitcoin straightforwardly, financial backers can now put resources into an asset that tracks Bitcoin futures. By taking part in this new ETF fund, financial backers are basically wagering on the ETF’s portions expanding in esteem later on.

Let’s see how the future outlook of the firm stays over time as the market is currently on a downward trend.

Panasonic reports hackers had access to job candidates’ data

By
Obrian
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0

Japanese tech monster Panasonic has affirmed that programmers got access to individual data. These data belonged to work applicants and assistants during a November cyberattack.

At the hour of the information break, which the organization initially confirmed on November 26, the organization couldn’t say whether programmers had gotten to any touchy data.

Notwithstanding, in an update distributed on January 7, Panasonic said some private data connecting with up-and-comers who applied for work or partook in temporary positions at specific divisions of the organization was gotten to during the occurrence. Panasonic said it was advising those impacted.

When reached, Panasonic representative Dannea DeLisser declined to say the number of individuals were affected and the idea of the data got to.

Panasonic’s update likewise affirmed that the information break — which started June 22 and finished on November 3, preceding being distinguished on November 11 — saw the at this point anonymous programmers acquire records containing unknown “business-related data” given by colleagues, just as data about colleague staff.

The discoveries of the organization’s interior examination, which was completed with the assistance of an outside security counselor, affirmed that an outsider illicitly got to a document server in Japan by means of the server of an abroad auxiliary.

Panasonic says that in the wake of identifying the unapproved access, it “quickly executed extra security countermeasures,” including fortifying access controls from abroad areas, resetting pertinent passwords, and reinforcing server access observing.

Panasonic said it was fortifying its safety efforts to forestall a recurrent assault.

The November information break that hit Panasonic came only months after the organization’s Indian auxiliary succumbed to a ransomware assault that saw programmers release 4 gigabytes of information, including monetary data and email addresses.

PayPal exploring possible stablecoin

By
Obrian
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0
paypal

PayPal is showing interest in developing a possible stablecoin. The news broke out when Steve Moser who is a developer took to his Twitter platform and indicated that he saw references of “PayPal Coin” within the company’s iOS app. Speculations started to swirl within the financial world to see if this was indeed true.

Bloomberg finally adds credibility to the news by interviewing Jose Fernandez, who is the senior vice president for crypto and digital currencies at PayPal. He confirmed that the rumors are true.

“We are exploring a stablecoin,” Bloomberg quoted Fernandez da Ponte as saying. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.”

Despite the news, at the moment it does seem like it’s only a concept as a company spoke person said that what Mr. Moser found was from a hackathon that took place within the company.

A hackathon is a competition that is normally held within tech companies. Within these hackathons, programmers get to work on new and exciting projects that can benefit the company.

This process is good for ideation and quick implementation of prototypes. PayPal is not the first company to want a piece of the crypto pie. Facebook tried to implement a digital currency program for its social media ecosystem and the regulators never took that idea lightly.

It’s going to be interesting to see how PayPal can navigate through the convoluted yet muddled financial landscape. Especially in a period filled with uncertainty within the crypto landscape.

Over the last few years, PayPal had been slowly integrating cryptocurrency into its business with different features.

Kosovo seizes crypto mining operation as energy situation becomes dire

By
Obrian
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0
mining
Racks of illuminated mining rigs at the Minto cryptocurrency mining center in Nadvoitsy, Russia, on Friday, Dec. 17, 2021. Bitcoin extended its five-week slide from an all-time high with risk sentiment across global financial markets dwindling. Photographer: Andrey Rudakov/Bloomberg via Getty Images

Cryptocurrency has now become a double-edged sword where on one hand it’s perceived to be promoting decentralized finance. On the other hand, the mining process which is fundamental for the major protocols such as Ethereum and Bitcoin is facing a backlash for environmental reasons.

Recently we have seen Kazakhstan going through an energy crisis because of crypto mining.

Kosovo currently is going through a much similar situation. Over the last few days, they have seized hundreds of machines that are related to crypto mining around the country.

On Tuesday the government decided to put a stop to all crypto mining operations to stabilize the energy consumption which is crippling the country at the moment.

Herukan Murati, took to Facebook to shed some light on the issue. In a post, he stated that the confiscated equipment uses enough energy to power at least 500 homes per month. He also stated that crypto mining is only benefiting a handful of persons at the expense of honest taxpayers.

“We cannot allow the illegal enrichment of some, at the expense of taxpayers.”

The situation in Kosovo is concerning, the country had to shut down two of its power plants in order to placate the energy situation.

At the moment, as the crypto market continues to tumble, it remains to be seen what will happen. Energy consumption is a debate that has taken center stage within the crypto space. It’s just not sustainable and it’s a problem that key players within the industry will have to think about.

Bitcoin trades slightly below the $40,000 mark

By
Obrian
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0
A coin representing Bitcoin cryptocurrency in the U.K. Photographer: Bloomberg Creative Photos/Bloomberg

Bitcoin is feeling the pressure from bears as it trades below the $40,000 mark for a brief time today. At one point it was priced at 39,827.70, it’s now trading 41,587.10 at the time of writing.

Bitcoin is not the only cryptocurrency that is coming under pressure, the entire industry has been encapsulated by a feeling of pessimism from retail investors.

Ethereum is trading at $3,065.40 which is a far cry from when it broke the $4000 mark less than a month ago. It will be an interesting year for cryptocurrencies as countries are clamping down on crypto mining which is deemed to be energy-intensive. Recently we have seen Kazakhstan and Kosovo are feeling the heat because of this.

Despite the negativity, industry participants are still bullish on the industry and companies are slowly integrating some of the architecture within their programs.

For example, news broke recently that PayPal is considering its own stablecoin. It remains to be seen what will come of this if it will ever leave the ideation or prototype stage.

8 Ways to Make Extra Money at Home

By
Contributor
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0

Are you looking for a side hustle to make a little extra cash?

What would you do with a little extra money each week? Pay bills? Buy groceries? Perhaps save it for a vacation or a deposit for a house?

Luckily, it’s never been easier to make extra money from the comfort of your own home!

Consider these ideas:

  1. Become a virtual assistant – If you can copy and paste data, then you can easily become a virtual assistant. While some of the tasks involved may be more complicated than copying and pasting, most tasks will not need much skill or experience, yet can earn you a healthy amount if you find the right client.
    • There are dedicated sites online, such as Upwork, where you can bid for virtual assistant jobs. You can also find work on social media if you keep your eyes open.
  2. Sell on eBay, Craigslist, or Facebook Marketplace – We all have things around our homes that we no longer want or need. Rather than leaving them to gather dust, you could list them for sale online.
    • You could even buy from other sellers cheaply before relisting the items for a small profit yourself.
  3. Trade cryptocurrency – While cryptocurrency is still relatively new, there are still plenty of people online making money by trading Bitcoin or digital currency. As with anything else you want to sell, the way to profit is to sell at a higher price than you bought it.
  4. Sell services on Fiverr – If you have any skill, such as writing, design, or many others, you can offer your services on Fiverr or one of the many marketplaces online.
    • Work may be slow when you first start selling on these sites, but once you start making sales and your reputation grows, you can start to make more money.
  5. Start a blog – Do you have a particular passion or subject that you know a lot about? If you do, consider writing a blog. Whether your passion is dogs or fashion, if you can write about the subject, then your audience will grow.
    • Before long you’ll be able to earn money from commissions from products you recommend or from accepting advertising, like Google Ads, on your site.
  6. Social media management – Nowadays, most people and businesses have a social media presence. If a company wishes to reach their target audience, it’s important to keep posting content to their social media accounts. This is where you can come in and offer your social media management services.
    • If you have any experience at growing a social media following, you can charge these companies to grow their channels for them.
  7. Affiliate marketing – Affiliate marketing involves creating content to promote various product offers and services. You receive a commission from any product bought from your affiliate link. You can promote these products on your blog or social media accounts.
    • There are thousands of niches to choose from, with plenty of money to be made from selling in-demand products.
    • You can find products to promote from marketplaces like Clickbank, Amazon, or JVZoo. You can also find many websites that offer affiliate programs for their products.
  8. Create online courses – This can also be a great way to make money at home by teaching others how to do any skill that you know. There are many ways to do this.
    • You can create a digital product that you could sell, like an eBook.
    • You could create a YouTube channel where you teach your skills to others. With YouTube, you may not make much money to start, but if you stick with it, creating new videos on a regular basis, then you could grow a following and create a passive income stream that could last for years.
    • Create courses to upload to course marketplaces like Udemy, Teachable, Kajabi, or many more. You make money by selling access to your courses.

Basically, if you know how to do anything online or know more about a topic than the average person, you can monetize that skill or knowledge online.

So which side hustle do you fancy? Making money at home is certainly possible, and for some of the ideas, you need very little skill or expertise, making them suitable for just about anyone.

Mozilla faces backlash over crypto based donations

By
Obrian
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0

Mozilla Foundation pulls back on its crypto donating strategy as they face outcry over the move. One of the main reasons behind this action is the fact that cryptocurrency is deemed to be environmentally unfriendly.

Mining farms that are sucking up an exorbitant amount of energy resources to crack computer codes within the crypto space have been facing an ever-growing backlash from environmentalists. Companies have been steadily distancing themselves from the space because of this very reason.

Earlier last year, Elon Musk who is the CEO of Tesla announced that they were going to accept bitcoin to purchase vehicles. That plan never lasted 2 months as he was forced to backtrack on that strategy.

He cited environmental reasons as to why he never wanted his company to support bitcoin. The irony in his initial acceptance of the cryptocurrency left critics wondering which side of the playing field was he on.

One of Mozilla’s founders Jamie Zawinski expressed his disappointment in the move in a Twitter tweet. His tweet had in a lot of expletives but to chop out those parts, he basically said, “Everyone involved in the project should be witheringly ashamed of this decision to partner with planet-incinerating Ponzi grifters,”.

Kazakhstan currently is in turmoil basically over the increase in energy prices which has been escalating over the last few months. Ever since China pushed aside the crypto miners, a good portion of them set up shop in Kazakhstan which was seen as a viable place to do it based on conditions.

It seems it was only a dream as the government had to shut down the internet which has disrupted the crypto market.

Bankaya continues to upend the Mexican fintech market

By
Obrian
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0

Bankaya has been growing rapidly and increasing its outreach toward the unbanked. They are a Mexican financial company that was founded in 2019 by CEO Mauricio Cordero, Ramón Chedraui, and Diego Vargas.

Over time they have grown into a brand that has grown to over 450,000 customers targeting a market of 50 million. It’s pretty impressive and it shows that they have room for growth.

In December the company processed more than 800,000 transactions from customers. This includes withdrawals, purchases, and other banking activities. Mr. Cordero explained his strategy for what is leading to Bankaya’s success.

“We’re working with the truly unbanked customer. So we’re about building trust and financial education. The human element in these cases is so important. Just really critical. And that impact agenda is our competitive advantage.” He said.

Another important factor that led to Bankaya’s success is the fact that its platform is built via banking as a service system. This allowed them to take a different angle on the market from other incumbents.

“We’re something in between,” Cordero said. “We’re one of the first BaaS platforms connected to one of the 50 banks, and that has allowed us to have a really strong product. Fintech laws say that IFPEs are not allowed to touch consumer deposits — they can’t lend with them or share returns. But we are allowed to because we use the BaaS license of Consubanco.”

Bankaya is challenging the traditional market leaders within the finance industry to rethink their strategy in a new age of disruption.

Currently, their marketing strategy of having sales reps on the ground and interacting with the unbanked is doing wonders for the company. While their competitors are doing all things digital, they target different consumers with a mindset that doesn’t trust mainstream banks.

Coinbase stock trades lower as crypto market cools

By
Obrian
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0

As the crypto market cools leaving traders to reshuffle their decks and shine their future prediction orbs. Stocks that are solely dependent on dependent on the crypto market such as Coinbase in this case are feeling the heat at the moment.

Currently, they are trading approximately 12% lower than it was a month ago at $232. Other companies within the market that are tied to the cryptocurrency market, such as Marathon Digital (MARA) fell 2.7% on Friday.

MicroStrategy which is led by Michael Saylor, fell 3.1% on Friday. It’s trading at 18.1% lower than a month ago. Despite Coinbase’s drop in price and uncertainties, analysts and investors are still bullish on the company. BoFa Global Research is still bullish on the company and maintains its price at $340 for the company.

One of the metrics that seem to justify that price is the fact that the company is expanding beyond the crypto market is NFTs, cloud infrastructure, and other investments.

If the crypto market continues to trade within a bear market, it would be interesting to see how the stocks will perform and the perception analysts will have on the entire market.

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