Tag Archives: Acquires

Business

Morgan Stanley acquires more GBTC, Alibaba to halt crypto mining gear sales, and a possible scenario for $6 million BTC: Hodler’s Digest, Sept. 26

Leave a comment

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

DOGE co-founder sets sights on Ethereum bridge and NFTs for mass adoption

Billy Markus, the co-founder of the beloved Dogecoin (DOGE), emphasized the importance of completing an Ethereum-to-Dogecoin bridge on Thursday, citing that the asset could be integrated for payments on Ethereum-based NFT marketplaces.

Markus stated that there is “high demand” to purchase NFTs within the crypto community and that enabling NFT purchases with DOGE “greatly increases its utility.”  

The development of a Dogecoin–Ethereum bridge would mark a significant milestone for the meme coin, as it would enable users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain, and utilize the asset in the DeFi and NFT sectors via ERC-20 DOGE token contracts.

 

JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

Jamie Dimon, the CEO of JPMorgan Chase and staunch crypto critic, has slammed Bitcoin’s appeal despite admitting that its price could multiply by 10 within five years, presumably because he doesn’t like making good returns on his investments. 

During an interview with The Times of India, the CEO was asked whether Bitcoin (BTC) or other crypto assets should be banned or regulated. Dimon answered by taking a swing at the hype surrounding the asset, stating:

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin. […] That does not mean it can’t go 10 times in price in the next five years.”

 

Morgan Stanley doubles exposure to Bitcoin through Grayscale shares

Speaking of large investment banks, it was reported on Monday that Morgan Stanley has more than doubled its exposure to the Grayscale Bitcoin Trust (GBTC) since April. 

According to a recent SEC filing, the Morgan Stanley Europe Opportunity Fund owned a total of 58,116 GBTC shares as of July 31. The holdings are worth around $1.96 million at the time of writing, representing an 18.3% decrease on the $2.4 million Morgan Stanley said it has splurged on GBTC. 

Previous filings show that Morgan Stanley has increased its shares of GBTC by more than 105% since April, suggesting that market volatility over recent months affected its appetite for Bitcoin via Grayscale.

 

Visa working on blockchain interoperability hub for crypto payments

On Thursday, payments giant Visa announced an ambitious project that aims to be a “universal adapter” of blockchains that can connect multiple crypto assets, stablecoins and “spawn of satan” central bank digital currencies (CBDCs).

The project, dubbed the “Universal Payment Channel,” is hoping to serve as an interoperable blockchain hub that can connect to multiple blockchain networks and enable transfers of different crypto from various protocols and wallets. 

“Imagine splitting the check with your friends, when everyone at the table is using a different type of money — some using a central bank digital currency […] like Sweden’s eKrona, and others preferring a private stablecoin like USDC,” Visa wrote, as it emphasized the benefits to users without revealing how centralized the hub may be.

 

White hat hacker paid DeFi’s largest reported bounty fee

Automated market maker protocol Belt Finance said it paid a white hat hacker the largest bounty in DeFi history. The Binance Smart Chain (BSC)-based protocol, which operates a yield optimization strategy, said that white hat programmer Alexander Schlindwein discovered the vulnerability in Belt Finance’s protocol this week and reported the news to the team.

Schlindwein, who appears to have no intent on swindling, was paid $1.05 million for his work, which consisted of $1 million from Immunefi and $50,000 from BSC’s Priority ONE program. 

“I went through the list of bug bounties on Immunefi and picked Belt Finance as the next one to work on,” Schlindwein told Cointelegraph, adding:

“While I was studying their smart contracts, I noticed a potential bug in the internal bookkeeping, which keeps track of each user’s deposited funds. Playing the attack through with pen and paper gave me more confidence in the existence of the bug. I continued by producing a proper proof-of-concept (PoC) which undoubtedly confirmed its validity and economic damage.”

 

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $47,351, Ether at $3,226 and XRP at $1.02. The total market cap is at $2.05 trillion, according to CoinMarketCap. 

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are dYdX (DYDX) at 86.90%, OMG Network (OMG) at 42.04% and Axie Infinity (AXS) at 39.19%.

The top three altcoin losers of the week are Celo (CELO) at -19.59%, Huobi Token (HT) at -13.58% and Avalanche (AVAX) at -8.27%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

 

 

Most Memorable Quotations

 

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin. […] That does not mean it can’t go 10 times in price in the next five years.”

Jamie Dimon, CEO of JPMorgan Chase

 

“The most difficult aspect of Bitcoin to grasp is that it’s completely unique — nothing like it has ever existed. There’s nothing for the media to compare it to, and they’re unable to fully understand the magnitude of the coming paradigm shift that Bitcoin will bring.”

Samson Mow, chief strategy officer of Blockstream

 

“There is no doubt that the crypto assets market is becoming more mainstream in the institutional and wealth management sectors.”

Henry Howell, head of business development for Nickel Digital Asset Management

 

“Millennial gamers hold 55% of all crypto assets, compared to just 5% of all millenials, showing that gamers are far more likely to hold crypto than the average person. Eighty percent of gamers who own crypto are also interested in using cryptocurrency to purchase games and in-game items.”

David Gan, founder of OP Crypto Capital Management Ltd.

 

“Not only is Saule Omarova, Biden’s pick to lead the OCC, a threat to our traditional economy, she also wants to regulate crypto into oblivion. Crypto faces future-defining government regulations. This nomination needs to be stopped.”

Ted Cruz, U.S. senator

 

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”

Elon Musk, CEO of Tesla

 

“Sooner or later, ETH will outpace Bitcoin and become the global standard.”

Sandeep Nailwal, co-founder of Polygon

 

Prediction of the Week 

 

Former Bitcoin lead dev predicts demise of BTC network… with a major silver lining

Gavin Andresen, one of the earliest developers of the Bitcoin network, published a blog post recently about one of the potential outcomes for Bitcoin many years down the road. Andresen, however, included the caveat that the future he described is possible, yet unlikely. 

Andresen’s forecast saw BTC in 2061 having a hefty price tag of $6 million per coin, complete with $7,500 transaction fees. Bitcoin’s price will not have risen to that valuation solely of its own accord, however, but largely as a result of inflation by a factor of six. He predicted that, by 2061, $6 million will have the purchasing power of $1 million at today’s dollar value. Large holders of BTC will run the coin’s blockchain by then, with most transactions taking place on other blockchains via wrapped versions of BTC. 

Fast-forward another 39 years to 2100, and Bitcoin will see very little activity on its main blockchain since, by that time, the mining reward will have been cut in half so many times that mining and maintaining the network are not worth the effort. At that point, the whales ruling Bitcoin would halt the network, and BTC would then simply live on other blockchains in wrapped form.

FUD of the Week 

 

Second-largest Ethereum mining pool to suspend all operations

Following the latest crackdown from the Chinese government, Ethereum mining pool Sparkpool suspended access to new users in China and abroad on Thursday.  

According to an announcement on Monday, the measures are being put in place to ensure the safety of users’ assets in response to China banning crypto yet again. “Further details about the shutdown will be sent out through announcements, emails, and in-site messages,” Sparkpool said.

Launched in China in early 2018, Sparkpool emerged as one of the largest Ether mining pools in the world. As of Wednesday, Sparkpool’s mining power represented around 22% of Ethereum’s global hash rate. However, following the suspension, it now accounts for 0%. According to PoolWatch, Ethermine leads the mining pool pack, making an estimated 25% of Ethereum’s global hashrate.

 

Alibaba to ban crypto miner sales amid Chinese crackdown

Alibaba also faced some crypto mining-related issues this week amid the crackdown in China, announcing on Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8.

The company’s decision was tied to regulatory compliance issues with crypto. The e-commerce giant is also halting sales of crypto mining devices and imposing a ban on using its platforms to sell major cryptocurrencies, such as Bitcoin, Ether (ETH) and Litecoin (LTC). 

Alibaba stated that any sellers who continue to list banned crypto-related products and services after Oct. 15 will face a range of penalties including blocking stores, and freezing and closing merchant accounts.

 

CFTC hits Kraken with $1.25M in fines over alleged illegal offering

The United States Commodity Futures Trading Commission (CFTC) announced Tuesday that it is ordering top crypto exchange Kraken to pay $1.25 million in civil penalties over allegations that the firm exchange is violating the Commodity Exchange Act.

The CFTC attests that Kraken has failed to register with the regulatory body as a futures commission merchant (FCM), and is therefore offering illegal margined retail commodity trading via crypto assets. 

The CFTC said the action was a “part of broader effort to protect U.S. customers” and emphasized that exchanges that offer “margined, leveraged or financed digital asset trading” must register as an FCM or face the regulatory hammer.

 

Best Cointelegraph Features

The next generation of data-driven healthcare is here

Implementing artificial intelligence and blockchain technology into healthcare and medicine is key to unlocking human longevity.

Before NFTs: Surging interest in pre-CryptoPunk collectibles

“They’re looking for these antiquities but keep hitting a wall because they’re so used to using OpenSea.”

Cool green mayor giving a grand in Bitcoin to each resident

“I never thought so many people would care about this tiny little town in Missouri.”

Read original article here

Technology

Netflix acquires its first games studio, “Oxenfree” developer Night School – TechCrunch

Leave a comment

A screenshot from Night School Studio game “Oxenfree”

Night School Studio, the independent game developer known for narrative-driven titles like “Oxenfree,” announced today it has been acquired by Netflix. This makes it the first games studio the streaming giant has purchased.

In Netflix’s announcement, Mike Verdu, vice president of game development, wrote Night School’s “commitment to artistic excellence and proven track record make them invaluable partners as we build out the creative capabilities and library of Netflix games together.” He added that Netflix plans to add “exclusive games designed for every kind of gamer and any level of play” that will be included with its membership, and have no ads or in-app purchases.

Night School Studio was founded in 2014 by Sean Krankel, a former senior game designer at Disney Interactive, and Adam Hines, who was a lead writer at Telltale Games. (Telltale Games was a Netflix partner, working on interactive shows like “Minecraft: Storymode” adventure before shutting down).

In a statement on Night School’s site, Krankel wrote “Netflix gives film, TV and now game makers an unprecedented canvas to create and deliver excellent entertainment to millions of people. Our explorations in narrative gameplay and Netflix’s track record of supporting diverse storytellers was such a natural pairing.”

For fans of Oxenfree and other Night School titles, Krankel reassured them that it will keep working on Oxenfree II and “cooking up new game worlds.”

“The Netflix team has shown the utmost care for protecting our studio culture and creative vision,” he wrote.

News of the acquisition comes less than a day after Netflix launched three new casual mobile games in Poland, Italy and Spain, a month after it released two games that were tie-ins to the “Stranger Things” series.

In Netflix’s second-quarter shareholder letter, the company said it is in the early stages of exploring its gaming model, and views gaming as another content category, like its original films, animation and reality TV shows.

Before working on mobile games, Netflix first ventured into interactive storytelling four years ago, when it launched “choose-your-own-adventure”-style children’s shows. The next year, it took the format to content for adult viewers with Black Mirror’s “Bandersnatch” episode. Since then, it’s added other interactive children’s shows like “Minecraft: Story Mode,” and “Emily’s Wonder Lab.”

Read original article here

Technology

Microsoft acquires video-editing software start-up Clipchamp

Leave a comment

Satya Nadella, chief executive officer of Microsoft Corp., speaks during the Future Decoded Tech Summit in Bengaluru, India, on Tuesday, Feb. 25, 2020. Microsoft will open a new data-center region in Spain, expanding their strategic partnership with Telefonica SA, according the the statement by Telefonica.

Photographer: Samyukta Lakshmi/Bloomberg via Getty Images | Bloomberg | Getty Images

Microsoft said Tuesday it has acquired Clipchamp, a start-up with software that consumers and corporate workers can use to edit videos. Terms of the deal weren’t disclosed.

The technology lines up with Microsoft’s years-long effort to widen its productivity software offerings for both individuals and corporate users. When Microsoft announced upcoming price increases for its Office 365 subscriptions in August, it pointed to additions to the bundle, including the Teams communication app.

While Clipchamp offers a Windows app, part of the service’s power is its ability to draw on online computing resources.

“Clipchamp’s technical approach is to combine the simplicity of a web app with the ability to process video using the full computing power of a PC with graphics processing unit (GPU) acceleration, something that was formerly limited to traditional video applications,” Chris Pratley, corporate vice president for the Office Media Group at Microsoft, wrote in a blog post.

The Clipchamp services are not yet available through a Microsoft licensing program, a Microsoft spokesperson told CNBC in an email.

“As we get further through the integration planning, we will have a process to eventually convert existing Clipchamp users/customers to Microsoft subscribers,” the spokesperson said.

Clipchamp was founded in 2013, is based in Brisbane, Australia, and has 92 employees, according to LinkedIn data. Investors include Ten13 and Tola Capital.

In July Clipchamp said it had 17 million registered users, with adoption at over 390,000 companies, up 54% year over year. The Clipchamp website says Deloitte, Google, Microsoft and Zendesk are among the companies that use its software.

The start-up reported 140% growth in exports in the 9:16 aspect ratio, which works with Facebook’s Instagram Stories and TikTok. People also used Clipchamp for screen recording and webcam recording. As the pandemic continued in the second quarter, Facebook said it had 3.51 billion monthly users of its family of apps, up 12% year over year.

The announcement comes three weeks after Adobe said it was acquiring Frame.io, whose software allows people to comment on videos during the editing process, for $1.275 billion. Microsoft itself has demonstrated an interest in video before, having participated in talks last year to acquire TikTok’s U.S. operations. TikTok wound up deciding not to go forward with that deal. And in 2018 Microsoft acquired education-oriented video start-up Flipgrid.

WATCH: Microsoft president on pledging $20 billion to battling cyber attacks

Read original article here

Technology

Embracer Group acquires Borderlands maker Gearbox Entertainment for $1.3 billion

Leave a comment

Borderlands maker Gearbox Entertainment said it is being acquired by the Embracer Group for up to $1.3 billion.

Frisco, Texas-based Gearbox will become a wholly-owned subsidiary of the Karlstad, Sweden-based company. The transaction gives Gearbox access to new capital to help it make more games and become a significant part of the Embracer Group, which has 5,500 employees around the world.

Now it is adding Gearbox’s team of 550 in Frisco, Texas, and Quebec City, Canada, to its roster. Gearbox will become Embracer Group’s seventh operating group. Embracer Group made headlines in November when its buying spree exploded; the company announced it had acquired 12 game studios and a PR firm in a single day. And at the same time that Embracer Group announced the Gearbox deal, it also said it was buying Easybrain, a mobile game maker in Cyprus, for $640 million.

Over the years, Gearbox has worked on the Borderlands and Brothers in Arms franchises and it helped with the development of Half-Life, Counter-Strike, Tony Hawk’s Pro Skater, 007 James Bond, and Halo.

“Lars’s vision of Embracer as an allied partner group committed to fueling and accelerating the ambitions of a series of decentralized, successful entrepreneurial companies while magnifying the collective value and advantages of diversification across the entire group is the most brilliant strategy and design for short, medium, and long-term success in this industry that I have ever encountered in my 30 years in this industry,” said Randy Pitchford, founder of Gearbox, in a statement. “The feeling at Gearbox is that we are just getting started and this transaction is not merely a stimulant for the talent of our employee-owned company, but a propellent for the exciting future we have planned.”

Above: Randy Pitchford cofounded Gearbox Software in 1999.

Image Credit: Gearbox Software

The Gearbox team has developed and engaged a plan for immediate and long-term growth that includes the expansion of talent at both studios, the creation of new Gearbox studios, and expanded partnerships. This merger enables Gearbox to do more with its existing brands, create new brands, and, potentially, undertake the merger and acquisition of other successful industry and industry-adjacent entities and properties.

“Gearbox is arguably one of the most creative and valuable independent developers in the world,” said Lars Wingefors, founder and CEO of Embracer Group, in a statement. “We believe that the resources offered by Embracer will position Gearbox for significant growth in the years to come.”

Above: Borderlands 3

Image Credit: Gearbox Software

Gearbox confirmed that Pitchford will continue in his current role as head of Gearbox. Juno Capital Partners and Union Square Advisors  acted as M&A and financial advisors to Gearbox on this transaction and Fenwick & West acted as legal counsel.

Embracer Group is the parent company of game businesses with a catalog of over 200 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory, Wreckfest, Insurgency, and World War Z, amongst many others.

Embracer Group’s other groups include THQ Nordic GmbH, Koch Media GmbH/Deep Silver, Coffee Stain AB, Amplifier Game Invest, Saber Interactive, and Deca Games. Embracer Group has 57 internal game development studios in 40 countries.

GamesBeat

GamesBeat’s creed when covering the game industry is “where passion meets business.” What does this mean? We want to tell you how the news matters to you — not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it.

How will you do that? Membership includes access to:

  • Newsletters, such as DeanBeat
  • The wonderful, educational, and fun speakers at our events
  • Networking opportunities
  • Special members-only interviews, chats, and “open office” events with GamesBeat staff
  • Chatting with community members, GamesBeat staff, and other guests in our Discord
  • And maybe even a fun prize or two
  • Introductions to like-minded parties

Become a member

Read original article here

Technology

Tencent Acquires Majority Stake in Don’t Starve Developer Klei Entertainment

Leave a comment

Tencent has acquired a majority stake in Klei Entertainment, the studio behind such games as Don’t Starve

and Mark of the Ninja.Klei Entertainment founder Jamie Cheng took to the the studio’s forums to announce the news and to assure its fans that “as part of this agreement, Klei retains full autonomy of creative and operations across all aspects of the studio, including projects, talent, and more.”As for what’s going to change, Cheng mentions that while there are some “boring accounting changes” that will need to be adjusted to, he will still be running the studio as before, with “no changes to staffing, projects, or other operations.”

Cheng continued to discuss why this decision was made and, among other things, how it will help Klei Entertainment continue to do what it does best – “making unique experiences that no one else can.”

“Klei has been around for 15 years, and we have made many changes over the years in order to respond to a changing world,” Cheng wrote. “Consistently, my wish has been to enable people to do their best creative work, to learn and grow, to not have to worry about finances, and be able to enjoy their lives outside the studio. This has not changed. This partnership helps us navigate a changing industry, and helps us focus on what we do best: making unique experiences that no one else can.”

Tencent, which has invested in other companies that have produced such titles as Path of Exile, League of Legends, PlayerUnknown’s Battlegrounds, Clash of Clans, Fortnite, and more, helped Klei distribute its games in China in 2016. Furthermore, Don’t Starve Together was the first game to launch on Tencent’s WeGame platform.

These past collaborations helped make the decision for Klei to allow this acquisition, as Cheng feels that it is the only company that “would let us retain the level of control that we demand.”

Klei Entertainment’s newest title, Griftlands, is currently available on PC in Early Access and is also expected to be released on Nintendo Switch later this year.

Have a tip for us? Want to discuss a possible story? Please send an email to newstips@ign.com.

Adam Bankhurst is a news writer for IGN. You can follow him on Twitter @AdamBankhurst and on Twitch.



Read original article here