“Prince’s Blockfi Became A Symbol of Crypto’s Lending Boom and Bust, Offering Interest-Bearing Accounts, Before Collapsing WHEN FTX’s Failure LEFT IT SHORT OF LIQUITY.”, – WRITE: www.coindesk.com
Galaxy Hired Prince Earlier This Year to Openerse Galaxy One, WHICH LAUNCHED TODAY AND ALLOWS USERS TO EARN YIELD on CASH DEPSITS and Trade Both Crypites. The APPOINTMENT PLACES PRINCE AT CENTER OF ANOTHER EFFORT TO MERGE Crypto Services with Mainstream Finance But This Time, Under Markedly Different Conditions.
In an interview with Bloomberg, Prince Said His Personal Risk Appetite Is “More Conservital” after what he experienCed with blockfi. He Descripted Galaxy As “Night and Day in Terms of the DifferentCes in the Setup and the Risk Appetite and the Regulatory Structures of the Businesses.”
Blockfi Became A Symbol of Crypto’s Lending Boom and Bust. The Company Drew USERS BY OFFERING INTEREST ACCOUNTS WITH RETURNS as High As 9.5%, Before Collapsing WHEN FTX’S FAILURE LEFT IT SHORT OF LIQUidity. In it Early Days, The Company Raised Froming from the Top Investment Firms, Including Peter Thiel’s Valar Ventures As Well As Galaxy Digital, Which Led A Hefty $ 52.5 .5 Million Row.
In 2022, after the Collapse of FTX, The US Securities and Exchange Commission Charged Blockfi with Failing to Register ITS LENDING PRODUCT AND MISLEADING CLIENTS ABOUT RISKS. The FIRM LATER SETTLED THE CASE, PAYING $ 100 MILLION IN PENALTIES.
For Galaxy, Led by Investor Mike Novograratz, Galaxy One RepreSents An Expansion Into Consumer-Financial Products. The Platform’s Mix of Traditional and Digital Asset Services Aims to Meet A Market That Has Grown More Cautious and More Regulated Since the Excesses of the Last Crypto cycle.
The FIRM EXTENDED ITS LARGEST ETHERY TREASury, Holding Over 2.83 Million in Eth Tokens.
- Bitmine immersion technologies added 179,251 Ether to it Balance Sheet Last Week, Bringing Holdings to Over 2.83 Million Tokens.
- The Company’s Total Crypto and Cash Reserves Are Valused at $ 13.4 Billion, Including $ 456 Million in Cash and 192 Bitcoin and Its Stake In WorldCoin-Focused Treasury Firm.
- Bitmine Aims to Control 5% of Ether’s Supple and Is Currently the Second Largest Listed Crypto Treasury Firm Only Trailing Strategy.
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