Home / Trend News /Venom Ventures Fund Commits A $5 Million Strategic Investment In The Everscale Blockchain

Venom Ventures Fund Commits A $5 Million Strategic Investment In The Everscale Blockchain

31 Jan 2023

FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials from the United States.

According to a recent bankruptcy court filing, FTX debtors have submitted a motion to remove the company’s Turkish entities from the Chapter 11 proceedings. The FTX-related units named in the court filing include FTX Turkey and SNG Investments. The debtors claim that FTX Turkey was a locally operated crypto exchange and SNG Investments was a wholly-owned Alameda Research subsidiary that acted as a market maker.

FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings

Shortly after FTX collapsed, lawyers say “Turkish authorities froze and seized substantially all the assets of the Turkish debtors.” FTX’s lawyers insist the two entities should be expelled from the bankruptcy proceedings, as they “believe it is in the best interests of the debtors and their stakeholders.” Furthermore, the debtors do not think the Turkish government will comply with the U.S. bankruptcy process.

“The debtors do not expect the Turkish authorities or any liquidator in Türkiye to seek recognition of their actions in the United States, and the debtors would intend to object to such recognition if reciprocity is not established,” the filing explains.

The news follows FTX lawyers asking the court’s permission to subpoena FTX co-founder Sam Bankman-Fried (SBF) and his inner circle. The filing notes that while SBF has publicly stated he’d like to “explain what happened” and “try to help customers,” he has “not responded to or complied” with requests. “As a result, a court-authorized subpoena is necessary,” the attorneys explained in the motion. In the latest filing, the debtors stress that dismissal of the Turkish debtors’ Chapter 11 cases “is warranted.”

Moreover, given that Turkish authorities froze the debtors’ assets, a Chapter 7 conversion “would not serve the best interests” of the debtors’ estates and creditors, the filing adds. The court document also details that the funds were seized by the Turkish government because the Turkish Financial Crimes Investigation Board (MASAK) was conducting an investigation into FTX’s business dealings. The lawyers conclude the bankruptcy court would not have any “legal or practical effect” in Turkey.

What are your thoughts on the recent motion by FTX debtors to dismiss their Turkish subsidiaries from Chapter 11 bankruptcy proceedings? Share your opinions in the comments below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials from the United States.

According to a recent bankruptcy court filing, FTX debtors have submitted a motion to remove the company’s Turkish entities from the Chapter 11 proceedings. The FTX-related units named in the court filing include FTX Turkey and SNG Investments. The debtors claim that FTX Turkey was a locally operated crypto exchange and SNG Investments was a wholly-owned Alameda Research subsidiary that acted as a market maker.

FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings

Shortly after FTX collapsed, lawyers say “Turkish authorities froze and seized substantially all the assets of the Turkish debtors.” FTX’s lawyers insist the two entities should be expelled from the bankruptcy proceedings, as they “believe it is in the best interests of the debtors and their stakeholders.” Furthermore, the debtors do not think the Turkish government will comply with the U.S. bankruptcy process.

“The debtors do not expect the Turkish authorities or any liquidator in Türkiye to seek recognition of their actions in the United States, and the debtors would intend to object to such recognition if reciprocity is not established,” the filing explains.

The news follows FTX lawyers asking the court’s permission to subpoena FTX co-founder Sam Bankman-Fried (SBF) and his inner circle. The filing notes that while SBF has publicly stated he’d like to “explain what happened” and “try to help customers,” he has “not responded to or complied” with requests. “As a result, a court-authorized subpoena is necessary,” the attorneys explained in the motion. In the latest filing, the debtors stress that dismissal of the Turkish debtors’ Chapter 11 cases “is warranted.”

Moreover, given that Turkish authorities froze the debtors’ assets, a Chapter 7 conversion “would not serve the best interests” of the debtors’ estates and creditors, the filing adds. The court document also details that the funds were seized by the Turkish government because the Turkish Financial Crimes Investigation Board (MASAK) was conducting an investigation into FTX’s business dealings. The lawyers conclude the bankruptcy court would not have any “legal or practical effect” in Turkey.

What are your thoughts on the recent motion by FTX debtors to dismiss their Turkish subsidiaries from Chapter 11 bankruptcy proceedings? Share your opinions in the comments below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

Dogecoin climbed to an eight-week high on Jan. 31, as prices broke out of a key resistance level on Tuesday. The meme coin surged ahead following the release of the latest consumer confidence report in the United States. Shiba inu also moved higher, rebounding from losses to start the week.

Dogecoin (DOGE) raced higher on Tuesday, as the meme coin broke out of a key resistance level.

Following a low of $0.08578 to start the week, DOGE/USD rose to an intraday high of $0.095 earlier today.

As a result of the surge, dogecoin rose to its strongest point since December 11, when prices were at a high of $0.0972.

Since the move, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with a ceiling of its own.

As of writing, the index is tracking at 65.03, which is marginally above a resistance level at 65.00.

Providing bulls are able to maintain current momentum, their next target will likely be $0.099.

Another notable mover was shiba inu (SHIB), which rebounded following losses to start the week.

SHIB/USD rose to a high of $0.00001195 in today’s session, which comes a day after the token was at a low of $0.00001134.

Tuesday’s surge saw SHIB climb back above a key support level of $0.00001165, and came as the RSI also rebounded.

As of writing, the index is currently tracking at 62.57, which is marginally above a floor at 60.00.

Should momentum continue to move higher, the next target for shiba inu bulls will likely be a ceiling at 68.00

Providing this mark is hit, it is a strong possibility that SHIB/USD will be trading above $0.00001220.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Doge, dogecoin, shib, shiba inu

Could we see meme coins continue to rally in the coming days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Dogecoin climbed to an eight-week high on Jan. 31, as prices broke out of a key resistance level on Tuesday. The meme coin surged ahead following the release of the latest consumer confidence report in the United States. Shiba inu also moved higher, rebounding from losses to start the week.

Dogecoin (DOGE) raced higher on Tuesday, as the meme coin broke out of a key resistance level.

Following a low of $0.08578 to start the week, DOGE/USD rose to an intraday high of $0.095 earlier today.

As a result of the surge, dogecoin rose to its strongest point since December 11, when prices were at a high of $0.0972.

Since the move, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with a ceiling of its own.

As of writing, the index is tracking at 65.03, which is marginally above a resistance level at 65.00.

Providing bulls are able to maintain current momentum, their next target will likely be $0.099.

Another notable mover was shiba inu (SHIB), which rebounded following losses to start the week.

SHIB/USD rose to a high of $0.00001195 in today’s session, which comes a day after the token was at a low of $0.00001134.

Tuesday’s surge saw SHIB climb back above a key support level of $0.00001165, and came as the RSI also rebounded.

As of writing, the index is currently tracking at 62.57, which is marginally above a floor at 60.00.

Should momentum continue to move higher, the next target for shiba inu bulls will likely be a ceiling at 68.00

Providing this mark is hit, it is a strong possibility that SHIB/USD will be trading above $0.00001220.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Doge, dogecoin, shib, shiba inu

Could we see meme coins continue to rally in the coming days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

PRESS RELEASE. BNB Chain decentralized exchange Biswap has published its 2023 roadmap which includes a number of proposed improvements and upgrades. It includes details of a new AMM, route optimization, and perpetual trading.

Take a look at the main Biswap benefits: https://biswap.org/.

A new AMM protocol with concentrated liquidity will allow Liquidity Providers to accumulate their capital to smaller price intervals than from 0 to infinity, increasing capital use efficiency and providing users with more profitable exchange conditions with less slippage.

Improved routing to find the best trading pairs will allow users to execute larger transactions with less slippage and increase capital efficiency, as well as receive greater rewards from trading fees for Liquidity Providers.

To reduce pressure on the price of the native Biswap token and provide opportunities for more earnings for long-term BSW token holders, the Biswap team has developed several initiatives. In the future, they will be explained and put forward to BSW holders for voting.

Evolving market trends have also prompted the Biswap team to implement decentralized futures trading (with an on-chain order book on the BNB network). To implement this idea in a safe manner, the team has decided to connect a ready-made solution from ApolloX at this stage of product development.

As part of the Biswap ecosystem expansion, there are plans to create a widget that will increase trading with Biswap Liquidity and make it more convenient for users to exchange tokens. This will be available for implementation on third-party products.

Biswap’s progressive DEX on BNB Chain features a Multi-type Referral Program and low trading fees of 0.1%. The platform provides various services with cryptocurrencies, such as Exchange, Farming, and Staking. Moreover, the project has its native BEP-20 token, BSW, which allows users to join the most popular features on the platform. The primary BSW function is to incentivize liquidity provision to the Biswap platform.

High LP rewards allow Liquidity Providers to get 0.15% back from token swap transactions. Also, Liquidity Providers can stake LP tokens on farms to earn BSW tokens with competitive APYs. Up to 50% trade fee reimbursement returns users the transaction fee when they exchange tokens. The system automatically gives back the fee in the form of BSW tokens. Explore Biswap NOW

About Biswap

Biswap is the progressive DEX platform on the BNB Chain network with a Multi-type Referral Program and the lowest trade fee of 0.1%. The platform provides various services with cryptocurrencies, such as Exchange, Farming, Staking and others.

Contact

Marketing Biswap

Biswap

marketing@biswap.org

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

PRESS RELEASE. BNB Chain decentralized exchange Biswap has published its 2023 roadmap which includes a number of proposed improvements and upgrades. It includes details of a new AMM, route optimization, and perpetual trading.

Take a look at the main Biswap benefits: https://biswap.org/.

A new AMM protocol with concentrated liquidity will allow Liquidity Providers to accumulate their capital to smaller price intervals than from 0 to infinity, increasing capital use efficiency and providing users with more profitable exchange conditions with less slippage.

Improved routing to find the best trading pairs will allow users to execute larger transactions with less slippage and increase capital efficiency, as well as receive greater rewards from trading fees for Liquidity Providers.

To reduce pressure on the price of the native Biswap token and provide opportunities for more earnings for long-term BSW token holders, the Biswap team has developed several initiatives. In the future, they will be explained and put forward to BSW holders for voting.

Evolving market trends have also prompted the Biswap team to implement decentralized futures trading (with an on-chain order book on the BNB network). To implement this idea in a safe manner, the team has decided to connect a ready-made solution from ApolloX at this stage of product development.

As part of the Biswap ecosystem expansion, there are plans to create a widget that will increase trading with Biswap Liquidity and make it more convenient for users to exchange tokens. This will be available for implementation on third-party products.

Biswap’s progressive DEX on BNB Chain features a Multi-type Referral Program and low trading fees of 0.1%. The platform provides various services with cryptocurrencies, such as Exchange, Farming, and Staking. Moreover, the project has its native BEP-20 token, BSW, which allows users to join the most popular features on the platform. The primary BSW function is to incentivize liquidity provision to the Biswap platform.

High LP rewards allow Liquidity Providers to get 0.15% back from token swap transactions. Also, Liquidity Providers can stake LP tokens on farms to earn BSW tokens with competitive APYs. Up to 50% trade fee reimbursement returns users the transaction fee when they exchange tokens. The system automatically gives back the fee in the form of BSW tokens. Explore Biswap NOW

About Biswap

Biswap is the progressive DEX platform on the BNB Chain network with a Multi-type Referral Program and the lowest trade fee of 0.1%. The platform provides various services with cryptocurrencies, such as Exchange, Farming, Staking and others.

Contact

Marketing Biswap

Biswap

marketing@biswap.org

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

PRESS RELEASE. Abu Dhabi, 31 January 2023 Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has announced a strategic partnership with Everscale, a premier blockchain that aims to solve the scalability issues bogging down the Web3 industry.

Venom Ventures Fund has committed a $5 million investment in Everscale to help it further expand its development teams and boost the number of projects. The investment will be in stages, based on the progress and cooperation indicators.

Everscale has been diligently working on expanding its reach and integrating its technology solutions in Asian countries over the past two years, while also building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and practical option for creating large-scale Web3 and other types of applications.

The Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).

Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, said, “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Venom and Everscale teams will be working together on the further development of the core and the ecosystem bringing the adoption of blockchain closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a full framework for CBDCs and stablecoins and payment solutions with crypto to fiat gateways are already making good headway.

Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said, “This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”

Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the Layer 2 level and no limit to the economy type or operation at the Layer 2. This particular architecture means that mass adoption is now achievable on the Venom blockchain.

About Everscale

Powered by an infinite sharding mechanism, the Everscale network adapts to any workload it is tasked with, without the size of the load affecting transaction times or processing fees. This makes it the ideal blockchain for hosting high-scale web3 and other load-intensive projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.

More About the Everscale network:

Website | Twitter | Whitepaper | Github | Telegram Ann | Telegram | Discord

About Iceberg Capital

ICEBERG Capital Limited is regulated by FSRA as a Prudential Category 3C investment manager based in ADGM. ICEBERG capital is a fast-growing alternative asset management company that provides diversified investment management platforms that includes direct and private equity, venture capital, technology, and virtual assets. ICEBERG capital also offers traditional asset management services such as investment portfolios as well as specialized platforms for securities, and blockchain technology.

For media inquiries, please contact: Abdullah Al Weshah, abdullah@icebergcapital.ae

For more information about Iceberg Capital, visit: Website | LinkedIn

About Venom Foundation

Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now harbors the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.

For media inquiries, please contact: Adam Newton, pr@venom.ventures

For more information about Venom Ventures, visit: Website | Twitter

For more information about Venom Foundation, visit: Website | Twitter

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

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