Category: crypto

Polymarket is using PrizePicks’ user base and regulatory standing to re-enter the U.S. market. The partnership will integrate event contracts into PrizePicks’ platform, offering predictions on various events. Polymarket is also working with DraftKings to become a core infrastructure for prediction markets, showing significant growth and attracting institutional capital.

Internet Computer and NEAR Protocol, two top artificial intelligence-related cryptocurrencies, experienced significant drops on Nov. 11. SoftBank Group sold all its Nvidia stake, causing NVDA stock to plummet. ICP and NEAR prices fell, as did other AI tokens, with the overall market cap dropping by 7%. Bitcoin also saw fluctuations.

Bitdeer Technology Group faced a challenging week as Tether, its cornerstone investor, reduced its stake by 7.7 million shares following Bitdeer’s announcement of a $266 million net loss. This led to a significant drop in Bitdeer’s stock price, which closed at $15.02 per share, down 14.9%.

Tether hired two senior executives from HSBC, a bank known for overseeing a large gold vault. The stablecoin issuer currently holds over $12 billion in physical gold reserves, with plans to expand. This move comes as Tether increases its gold holdings and becomes one of the largest non-state buyers of gold.

Coinbase has called off its $2 billion acquisition of BVNK, a U.K.-based stablecoin startup, after weeks of exclusivity discussions and due diligence. The deal would have been Coinbase’s largest move into the stablecoin market, but the decision to end talks has caused COIN shares to drop. Despite this, Coinbase remains interested in expanding its stablecoin…

Sonic Labs, under CEO Michael Demeter, is shifting focus to sustainable growth with a new long-term strategy. The company will expand to the U.S. with a New York office, introduce a fee and burn model, and prioritize fundamentals and utility over speculation. The goal is to create long-term value for builders, validators, and token holders.

Kalshi, a prediction market platform, has successfully defended against a legal challenge from three California tribes, allowing it to continue offering sports-event contracts on tribal lands. Despite facing legal pressure in multiple states, Kalshi has attracted significant venture capital and is now valued between $10 billion and $12 billion.

Startale Group has launched a super app for the Soneium ecosystem, providing TGEs, airdrops, and rewards. The app simplifies Web3 processes, allowing users to participate in Soneium activities without seed phrases or gas fees. It aims to attract mainstream users to Sony’s blockchain network and comply with Japan’s regulatory framework.

Cardano, down over 32% year-to-date, is launching the Cardano Card with Wirex, allowing users to spend ADA and over 685 crypto assets globally. The partnership aims to bridge traditional finance with blockchain, offering users access to financial services like yield-generating accounts and loans against digital assets through the Wirex platform.

Despite a $540 million private investment and listings on major exchanges, the Canton Network’s price dropped by over 30% after trading began. The project aims to bridge traditional and decentralized finance for institutional investors. Despite the setback, the network has received significant funding and support from major financial institutions.