Cryptocurrency Daily Thefoxposts.com

A tight regulatory environment in the United States coupled with soaring interest rates is forcing crypto companies to rethink their business strategies. A combination of escalating interest rates and a tight regulatory environment in the United States has driven a $417 million outflow from the crypto industry in the past eight weeks, with halts in trading for many altcoins draining liquidity and prolonging the ongoing crypto winter. This environment is forcing crypto companies to rethink and adapt their business strategies. Crypto exchange Binance, for instance, is moving forward with efforts to diversify its sources of revenue amid legal challenges with regulators. The company is launching a new subscription-based cloud mining product dedicated to Bitcoin (BTC), allowing users without equipment to purchase Bitcoin hash rates via Binance’s cloud mining service. Also taking a new direction is venture capital firm Andreessen Horowitz (a16z), opening its first office outside the U.S. i...

An apparent business partner of Rebase's co-founder claims he was pushed out of the firm and funds he owned were moved from a joint crypto wallet. The co-founder of the nonfungible token (NFT) project Rebase is facing a lawsuit from his apparent business partner accusing him of going “rogue” by stealing $2 million from a joint crypto wallet and ousting an apparent co-founder out of the firm. An April 17 filing in a United States District Court in California from Krzysztof Gagacki, who says they’re the co -founder of Rebase, made eight separate complaints against the firm's other co -founder Edmond Truong. Gagacki is demanding a jury trial for breach of contract, breach of fiduciary duty, defamation and trademark infringement. While it is unclear exactly when the professional relationship between the two deteriorated, Gagacki alleged Truong breached a partnership contract on Oct. 27. 2022 by misappropriating $2 million into a separate wallet owned and controlled by Truong wit...

Due diligence has always been an issue in the venture capital space according to a VC executive, but crypto offers a solution: A public and immutable ledger. Venture capitalists battling with the difficulties of proper crypto firm due diligence should be looking at getting back to the basics — to "trust the chain," a crypto-focused venture fund executive argues.  Speaking to Cointelegraph, John Lo, head of digital assets at Recharge Capital — a $6 billion fund with crypto and decentralized finance (DeFi) projects on its portfolio — said that FTX shook the "confidence in this industry." "There will be a lot of soul-searching," he said. According to Lo, due diligence has always been a problem in the venture space, even outside of crypto. He said the action plan taken by crypto venture capital ists in response to the FTX collapse will be a crucial deciding factor for either an effective recovery or a deepening of the industry crisis. However, Lo argues ...