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Crypto Biz: Twitter’s DOGE bet, Canada’s new crypto conglomerate, UK banking news

April 7, 2023No Comments


Twitter CEO Elon Musk has made another marketing move to unite the social media platform with the crypto community by changing its logo icon to the Shiba Inu dog: Dogecoin (DOGE) digital symbol. The movement, however, appears to be more than just a participatory strategy. It comes just two days after Musk asked a judge to throw out a $258 billion lawsuit alleging the operation of a pyramid scheme to promote Dogecoin.

Intentionally or not, the new icon caused another increase in DOGE prices during the week.

A less rosy reality faces crypto businesses in the UK, where financial institutions are limiting the ability of crypto-related businesses to access banking services. The move goes in the opposite direction of Prime Minister Rishi Sunak's plans to prioritize fintech disruption and turn the UK into a global crypto hub.

This week's Crypto Biz explores Canada's newest crypto conglomerate, the recent untimely passing of the Cash App creator in San Francisco, as well as DOGE news and UK crypto challenges.

Elon Musk changes Twitter icon to Doge after seeking dismissal of lawsuit

Dogecoin fans, and investors, welcomed the new Twitter icon with the popular meme token. The social media platform updated its avatar on April 3, two days after its chief executive, Elon Musk, asked a US judge to throw out a $258 billion lawsuit filed by investors alleging the operation of a pyramid scheme to promote Dogecoin. Multiple market studies in the past have suggested that Musk's tweets about DOGE tend to increase its price. Musk's lawyers, however, argued that the "funny images" and "supportive words on Twitter" do not amount to a claim of fraud. In the case of this week, at least, the marketing move had a positive impact on the altcoin's price, with the token rising more than 22% within an hour of the icon change.

WonderFi merges with Coinsquare and CoinSmart to form a regulated crypto asset platform

A new cryptocurrency conglomerate has emerged in Canada as WonderFi Technologies, Coinsquare and CoinSmart Financial have announced their merger. to become the largest regulated cryptocurrency trading platform in the country, with more than 1.65 million registered users. The newly merged company promises to offer Canadians a wide range of diversified products and services, including retail and institutional cryptocurrency trading, staking products, business-to-business crypto payment processing, sports betting, and gaming. The companies “conducted more than $17 billion in transactions since 2017 and have more than $600 million in assets under custody.” The new company is estimated to have approximately $50 million in cash and investments and has no outstanding debt.

UK Banks Are Rejecting Crypto Clients

crypto companies have difficulties accessing banking services in the United Kingdom. The few banks that still work with crypto firms are asking for more documentation and information on how they monitor customer transactions. Challenges include rejected applications, frozen accounts, and overwhelming paperwork. Cryptocurrency companies are turning to payment service providers such as BCB Payments and Stripe to maintain their business operations in the UK. Just a few weeks ago, HSBC Holdings and the Nationwide Building Society cryptocurrency purchases prohibited through credit cards for retail customers in the country, joining a growing list of UK banks in tightening restrictions on digital assets.

Cash App creator dies after being stabbed in San Francisco

Tragic news came from San Francisco when Bob Lee, former CTO of Square and creator of Cash App, found dead after stabbing in the early morning of April 4. TO warning of the San Francisco Police Department explained that officers responded to a report of a stabbing at approximately 2:35 am local time and found a "43-year-old adult male victim who appeared to be suffering from stab wounds." Lee was a cryptocurrency advocate who gained prominence in the technology industry for being the first CTO of the payments platform Square, later renamed Block, and for creating the popular mobile payment service Cash App.

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