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Blockchain cloud infrastructure company W3BCloud to go public via $1.25B SPAC
The firm, whose data centres are located in the United States, generated $40 million in sales last year.
On Monday, W3BCloud, a firm building global data centres for the Web3 and blockchain sectors, announced that it was going public via a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I.
Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust and has received commitments from AMD, ConsenSys, SK Inc., and others for an additional $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion.
Last year, W3BCloud's seven data centres, all of which are located in the United States, generated $40 million in sales, with 85% operating on renewable energy. Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently serves on W3BCloud's board of directors. The firm is tailored to the storage, staking, and computing infrastructure in anticipation of a Web3 boom, projecting 685% growth in its revenue in 2023 compared with 2021.W3BCloud targets decentralized finance, nonfungible tokens and Metaverse projects, as well as tech firms seeking to enter the blockchain space as its core clients. Historically, its decentralized computing and bandwidth segment has generated most of its revenue. Regarding the development, W3BCloud CEO Sami Issa said:
"This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy's anticipated significant growth." Read More
The rise of fake cryptocurrency apps and how to avoid them
Scammers are using fake crypto apps to steal funds from investors. Some malicious apps find their way into official app stores.
Scammers have been taking advantage of blockchain’s decentralized and immutable nature to swindle crypto investors since the advent of the technology.
And, according to the latest FBI fraud report, fraudsters are using fake crypto apps to steal money from unsuspecting crypto investors. It highlights that American investors have lost approximately $42.7 million to swindlers through fake apps.
The schemes reportedly take advantage of heightened interest in cryptocurrencies, especially during bull market runs, to beguile crypto users.
How fake crypto app scammers lure users: Fake crypto app scammers use myriad techniques to entice investors. The following is a breakdown of some of them. Read More
What Bitcoin Miners Are Doing to Survive the Bear Market
The Bitcoin market downturn has halted construction on mining sites and dropped the price of mining equipment—but also created opportunities for a few companies.
Cryptocurrency miners have a lot of fixed costs, like power, real estate, and the souped-up computers, or rigs, that do the actual mining.
That’s why it can be hell for their margins when the market takes a nosedive and dramatically drops the value of whatever funds they were holding in crypto, such as Bitcoin. And now that the crypto market is in what appears to be a prolonged bear market, miners are being forced to adjust.
The global market capitalization of crypto is roughly $1 trillion today—half what it was in April, according to CoinMarketCap. Markets took their first big dive when Terra began to meltdown in May, then again in June when Celsius became the first big crypto lender to freeze customer withdrawals to stave off a bank run.
In June, Arcane Research published a report that revealed publicly-traded Bitcoin mining companies sold more Bitcoin than they mined in May. At the time, it was a shocking statistic.
But now, in July, the data shows that public miners sold 400% of their production in June and have reduced their overall BTC holdings by 25%, according to Arcane Research analyst Jaran Mellerud. Read More
Colombia Enlists Ripple Labs to Put Land Deeds on Blockchain
Using XRPL, Colombian leaders can make real estate transactions more equitable.
Colombia’s government has launched a partnership with Ripple Labs, the company behind the cryptocurrency XRP, to put land titles on the blockchain, part of a plan to rectify land distribution efforts so unfair they’ve led to decades of armed conflict.
The project, built by blockchain development company Peersyst Technology and Ripple, will permanently store and authenticate property titles on XRPL—Ripple’s public blockchain.
This will help eliminate bureaucracy and hopefully make land distribution more equal, Ripple Labs and Peersyst Technology told Decrypt.
Why would Colombia’s government want to do this? Because land ownership in the South American country is among the most highly concentrated in the world. Read More
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Entrepreneur One To Be Phased Out - Premium Upgrade To be Phased In
As Markethive, the Market Network operating on the blockchain, moves forward, our Entrepreneur One Loyalty upgrade (the ultimate loyalty program for Markethive’s early adopters) will be phased out and unavailable to new members. However, this makes way for our next phase, the Premium Upgrade, which is in preparation for launch and will be released about the same time the Markethive wallet is integrated.
Currently, the Entrepreneur One Upgrade (E1) is still available to new members. There will be a countdown ticker badge of 30 days placed on the Markethive home page for you to view, giving you ample notification of its cessation to new members.
There is also a moratorium for cancelled or lapsed E1 accounts, starting simultaneously with the countdown badge. This allows former Entrepreneur One members to resume their membership as though they never left. The months that lapsed will be compressed to show a continuation of a paid year to date.
Once this 30-day period has ended, the wallet and Premium Upgrade will be released. We have a lot going on now; it’s thrilling that Markethive is coming out of BETA with this launch. The innovative visions and tireless work of the Founders’ are coming to fruition for all of us. Read More
Social Token Platform Socios.com Inks $100,000,000 Deal With Famous Soccer Team FC Barcelona
One of the largest sporting brands in the world is making a deal to dive deeper into crypto.
FC Barcelona, one of the biggest soccer clubs in the world, is selling social token platform Socios.com a 24.5% stake in Barca Studios for $100 million.
“Barça Studios is leading the Club’s creation of NFTs [non-fungible tokens] and metaverse projects and spearheading FC Barcelona’s digital strategy to deliver projects that engage, reward, and build connections with its global fanbase. The new partnership will enhance the Club’s ability to deliver meaningful digital products to fans and build new long-term sustainable revenue streams.”
Socios.com began its business relationship with Barcelona in 2020 with the creation of the FC Barcelona Fan Token (BAR), which has so far sold over $39 million worth of tokens, according to the announcement.
Barcelona currently finds itself in over $1 billion worth of debt despite a busy offseason that saw them add several expensive superstars. Read More
Rock on, Gibraltar: Pro-crypto regulation pulls Binance and big players
Crypto experts on The Rock of Gibraltar shed light on the crypto-friendly jurisdiction; it could explain why Binance is now recruiting on the British Overseas Territory.
Gibraltar's 6.8-square-kilometre territory houses 35,000 people and several large international crypto companies. The British Overseas Territory of Gibraltar, ruled by the United Kingdom and an important gateway to Europe, is an attractive jurisdiction for distributed ledger technologies (DLT) or simply crypto.
The world’s largest cryptocurrency exchange, Binance, is now hiring for four roles in the “Rock of Gibraltar,” up from two roles one week ago. CZ, CEO of Binance, met with Chief Minister of Gibraltar Fabian Picardo in December 2021 after it was revealed that Picardo had the Binance app on his laptop:
Reportedly, CZ visited "The Rock" in 2022, and Binance Gibraltar job openings have since popped up on the exchange's website. Cointelegraph approached Binance to query when the Gibraltar office would open. A spokesperson from Binance, which has no official headquarters internationally, told Cointelegraph that the group “is a remote-first organization with many of our employees working remotely.”
“Binance will be establishing multiple regional offices. France and Dubai will be our offices in the Europe and Middle East regions, respectively.” Read More
Blockchain.com wins registration next to parent firm on the Cayman Islands
Blockchain.com is working to seek registrations in countries like Italy, France, Spain, The Netherlands and cities like Dubai.
Blockchain.com, one of the oldest Bitcoin (BTC) infrastructure firms, is strengthening regulation and compliance efforts by securing registration in the Cayman Islands.
The blockchain wallet and cryptocurrency exchange platform Blockchain.com is expanding operations in the Cayman Islands after receiving registration from the Cayman Islands Monetary Authority (CIMA).
Issued on July 6, the registration officially authorizes Blockchain.com to provide custodial services, operate an exchange and offer over-the-counter crypto brokerage services for institutional clients under the CIMA’s regulatory framework.
Blockchain.com’s chief business officer Lane Kasselman pointed out that the Cayman Islands is an important jurisdiction for the company’s business as the local community and regulators have fostered a “robust blockchain business ecosystem.”
Kasselman also told Cointelegraph on Tuesday that the Cayman Islands is the home of Blockchain.com’s parent firm, Blockchain Group Holdings, stati:
“Cayman Islands is a key jurisdiction for us — our parent company is domiciled there and it is a recognised global financial services hub.” Read More
Oxford City Football Club to accept Bitcoin for matchday tickets
In a first for the sixth-tier English football league, the club will wear the BTC logo on their shirts and fans will be able to buy tickets with Bitcoin over the Lightning Network.
United Kingdom Bitcoin (BTC) payments adoption just recruited a new player. Oxford City Football Club looks to become the first National League football club to accept matchday payments in BTC when the season kicks off on Aug. 6.
Fans will be able to purchase tickets, food and drink at Oxford City’s RAW Charging Stadium with Bitcoin over the Lightning Network. Legacy payment methods such as cash and card are still accepted.
Oxford City Football Club (OCFC) currently plays in the sixth tier of English football, the National League South. The club struck a multi-year partnership with CoinCorner, an Isle of Man-based Bitcoin company. CoinCorner will be a back-of-shirt sponsor for the club and released a limited edition Oxford City FC Bolt Card to mark the occasion.
The Hoops, as they are known locally, will sport a BTC logo on the back of the matchday shirts as part of the partnership between CoinCorner and the team. CoinCorner is also the official match sponsor for Oxford City FC’s (OCFC) opening game on Aug. 6.
On the same day, Peter McCormack’s pro-Bitcoin football club, Real Bedford, will accept Bitcoin for matchday tickets. However, the Bedford team plays in a lower local league, the Spartan South Midlands League.
CoinCorner CEO Danny Scott explained that OCFC is the “first adopter of Bitcoin payments in the National League.” Scott continued:
“We believe this move will set a trend across Non-league and Football League divisions as digital currency establishes itself as the new normal for sports fans and event-goers across the U.K.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
