The crypto ecosystem went agog this past week with a suite of activities ranging from Robinhood’s AI foray, Ripple’s latest acquisition, Terraform’s settlement with the United States Securities and Exchange Commission (SEC), and MicroStrategy’s effort towards bagging more Bitcoin (BTC).
MicroStrategy Seeks $500M to Acquire BTC
After acquiring 214,400 units of the largest cryptocurrency by market capitalization, business intelligence, and software firm MicroStrategy is planning to purchase more Bitcoin. To fund this purchase, it plans on securing an additional $500 million in debt. Precisely, the fund will be generated through private issuance of Convertible Senior Notes with a 2032 maturation date.
The move is a show of MicroStrategy’s commitment to a Bitcoin strategy that it adopted in 2020.
SEC Requests $4.47B as Penalty From Terraform Labs
The U.S. SEC has demanded that Terraform Labs and estranged co-founder Do Kwon pay the sum of $4.47 billion to resolve their 2-year-old legal tussle which started with the implosion of the Terra and LUNA coins. The sum is broken down into $3.58 billion in disgorgement and $420 million in a civil penalty.
In the SEC’s defense, it aims to combat such fraud by imposing these significant penalties on the Defendants. The regulator also sees it as a means of swiftly recovering the lost billions for the investors.
Ripple Labs Complete Acquisition of Standard Custody
Standard Custody, an enterprise-grade regulated custodian for digital assets, is now owned by blockchain payments firm Ripple Labs Inc. The firm completed the acquisition this past week, marking a significant milestone in its expansion strategy. With the deal sealed, Ripple is now looking towards launching a USD-backed stablecoin which will be issued on the XRP Ledger.
This will contribute to increased liquidity on XRPL’s native DEXs and support a variety of financial use cases for developers, users, and businesses.
Robinhood Launch Harmonic for MSI
American commission-free brokerage platform Robinhood Markets Inc. made its foray into the Artificial Intelligence (AI) space with the launch of Harmonic. This is a commercial AI Research Lab that is focused on building Mathematical Superintelligence (MSI), a fusion of AI and mathematics.
Robinhood says Harmonic would correct the hallucinations from modern-day Large Language Models (LLMs) like ChatGPT.
With the start of another week, more exciting news is expected to happen in the crypto ecosystem. Watch out as Crypto-Vanguard will cover all the updates that matter. Stay Tuned!!
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