Category: Capital Markets

The surge of crypto SPACs is drawing comparisons to the ICO era

The surge of crypto SPACs is drawing comparisons to the ICO era

Quick Take SPACs are getting popular in the crypto industry, with Bakkt, Circle and Bullish leading the way. To some industry insiders, the trend looks similar to the beginning of the ICO era. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block. Get […]

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‘Flash Boys’ exchange IEX dives into DeFi through Solana-based data project

‘Flash Boys’ exchange IEX dives into DeFi through Solana-based data project

Brad Katsuyama’s IEX has long been critical of how exchanges like Nasdaq and Intercontinental Exchange charge for market data. So it’s not surprising the New York-based trading firm is jumping on the bandwagon of Pyth Network, a new decentralized finance data project. IEX Group gained exchange status for IEX in 2016 from the Securities and […]

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Goldman Sachs reports nearly half of its rich family office clients want to get into crypto

Goldman Sachs reports nearly half of its rich family office clients want to get into crypto

Family offices—the investment firms overseeing the wealth of the richest families in the world—are eyeing the crypto market, according to a survey by investment banking giant Goldman Sachs.  The firm—which recently has been making its own big moves in crypto–surveyed its family office clients and found that 15% of them have already invested in crypto, […]

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Circle reveals majority of USDC reserves are in cash and cash equivalents

Circle reveals majority of USDC reserves are in cash and cash equivalents

Circle revealed on Tuesday that the majority of the stablecoin USDC’s reserves are held in cash or cash equivalents. As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. The attestation report notes that “[c]ash includes deposits at banks and Government Obligation […]

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After pocketing £1 billion off bitcoin, Ruffer describes it as a ‘risky, speculative asset’

After pocketing £1 billion off bitcoin, Ruffer describes it as a ‘risky, speculative asset’

British asset manager Ruffer has outlined how the excesses of the crypto bull market triggered the sale of its exposure to bitcoin in April.   “Bitcoin may yet fulfil its potential, but the market displayed many signs of froth — retail speculation, excessive leverage, the Coinbase IPO, Tom Brady’s laser eyes, Dogecoin, Elon Musk hosting […]

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DriveWealth set to raise up to $400 million from SoftBank and Insight Partners: sources

DriveWealth set to raise up to $400 million from SoftBank and Insight Partners: sources

DriveWealth, a fintech startup fuelling the boom in retail stock trading, is set to raise up to $400 million in a Series D round led by SoftBank and Insight Partners, according to four people familiar with the matter. The exact size of the raise is still being finalized, according to one of the people close to […]

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LMAX Group to sell stake to New York private equity firm, valuing firm at $1 billion

LMAX Group to sell stake to New York private equity firm, valuing firm at $1 billion

JC Flowers & Co, the multibillion-dollar private equity firm, is set to acquire a 30% stake in cryptocurrency and FX exchange operator LMAX Group.  The deal — first reported by the Financial Times — is still subject to regulatory approval, but it would value LMAX at $1 billion, the announcement said. LMAX will work with […]

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