Connect with us

Blockchain

eToro Submits Draft Registration for Its SPAC Merger

The broker is expecting to close the deal by the third quarter of 2021.

Published

on

Israeli brokerage, eToro has filed a draft registration statement with the US Securities and Exchange Commission (SEC) for its merger with FinTech Acquisition Corp. V, a blank check company.

Announced on Wednesday, this is the first official filing of the broker relating to the upcoming merger with the US financial markets regulator. However, it was only a draft registration statement on Form F-4 and not a prospectus for public listing.

After many rumours, eToro officially confirmed its decision to go public with the SPAC merger earlier this year. Both eToro and FinTech Acquisition Corp. V will operate eToro Group Ltd, which will have an estimated implied equity value of around $10.4 billion at the closing of the deal. This valuation will put the enterprise value of eToro at $9.6 billion on its public debut.

Both the companies are now expecting to close the merger deal by the third quarter of 2021.

Suggested articles

Sheer Markets Among First to Launch Long-Awaited Retail NDF TradingGo to article >>

“The business combination is expected, subject to customary closing conditions, including the approval of FTV’s stockholders and the listing of eToro’s securities on The Nasdaq Capital Market, to close after the SEC completes its review process of this confidential submission and any subsequent public filing and declares such public filing to be effective,” the announcement stated.

Public Listing Will Make Business Transparent

eToro has grown into one of the largest brokerage platforms with regulated operations across many countries around the world. Established as a social trading platform, the broker is offering trading services with all popular asset classes, including stocks and cryptocurrencies.

Additionally, the rise of the Israeli broker was pushed by the retail trading boom in 2020 that added 5 million new users to the platform. Furthermore, eToro generated gross revenue of $605 million last year, which jumped by 147 percent year-over-year.

The upcoming IPO prospectus of the broker will be interesting as it will give much insight into its business operations.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/forex/brokers/etoro-submits-draft-registration-for-its-spac-merger/

Blockchain

EOS: Why there’s a question mark attached to its long-term trajectory

Published

on

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The lack of buyers for EOS has certainly hurt its price progression on the chart. Facing strong competition from the likes of Solana, Cardano, and Ethereum, the smart contract operator has gone relatively unnoticed since the wider crypto-crash on 19 May. This was evident from its recent trading volumes which were nowhere near levels seen during its run-up to May highs.

While a bullish pattern did attempt to change this situation, 7 September’s flash crash came at an unfortunate time. Since then, while EOS did regain some lost ground, it was yet to fully convince observers of a speedy recovery.

At the time of writing, EOS was trading at $5.27 with a market cap of $4.94 billion.

EOS Daily Chart

Source: EOS/USD, TradingView

A falling wedge breakout in early September set EOS for higher price levels but 7 September’s flash crash played spoilsport. Since then, EOS began to take shape within a bear flag which presented chances of a breakdown. A close under the daily 20-SMA (red) and the $4.8-support would set EOS on a southbound path below 7 September’s swing low of $4.15.

The support areas of $4 and $3.5 would look to stem further bleeding in the market.

To shatter this outlook, EOS would need to register a close above $5.7 on strong volumes. This would allow the digital asset to target previous highs formed at $6 and $6.4.

Reasoning 

Now, the Relative Strength Index has been forming higher peaks over the past week and a half – A positive sign. However, the index is yet to assert itself in bullish territory. In a weak market, the RSI normally finds resistance between 55-60 and drops lower once again.

Similarly, the MACD was inching higher but at a relatively slow pace. A bullish outcome cannot be expected till the index rises comfortably above its half-line. The On Balance Volume presented a wider picture. According to the index’s downtrend, sell volumes have been higher than buy volumes over the past month.

Conclusion 

Since EOS was trading within a bear flag pattern, a breakdown can be expected going forward. In such a case, expect buyers to respond at support levels of $3.5 and $4. To overcome this situation, buyers need to maintain EOS within its current pattern. This would heighten the chances of a break in the opposite direction.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/eos-why-theres-a-question-mark-attached-to-its-long-term-trajectory

Continue Reading

Blockchain

EY Taps Polygon Network to Improve Enterprise Clients’ Experience 

Published

on

Major multinational professional services company Ernst & Young (EY) announced the adoption of the Polygon protocol for the deployment of its blockchains to provide faster transactions and lower costs for its enterprise clients who transact on the Ethereum mainnet.

EY Clients Can Now Access Polygon Network

The “Big Four” consulting firm stated in the press release from earlier this week that it has integrated its flagship blockchain services such as EY Blockchain Analyzer and EY OpsChain into Polygon’s permissionless commit chain, making it easier for clients to access the latter’s network.

Increased transactions happening on the Ethereum network have led to congestion and higher costs. Meanwhile, EY believes that connecting to Polygon’s commit chain solutions will provide the company’s enterprise clients with “increased transaction volumes with predictable costs and settlement times.”

Commenting on the latest development was EY’s Global Blockchain leader, Paul Brody, who said:

“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”

Polygon co-founder Sandeep Nailwal also made a statement, saying:


ADVERTISEMENT

“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. No other organization has made the same scale of commitment to the ecosystem and to open systems, or brings the depth of technology that the EY organization has in this space.”

Also, both EY and Polygon are working towards developing “permissioned, private industry chains” that would utilize Optimistic rollups, which enable cheaper transactions and robust efficiency.

More Partnerships for Polygon

Polygon, a layer-2 scaling solution for Ethereum, continues to be one of the widely adopted blockchains. In July, US-based cryptocurrency exchange giant Coinbase connected its wallet mobile app to the Polygon network.

Formerly known as Matic Network, the protocol was rebranded to become Polygon back in February 2021. Later in June, the Ethereum scaling solution announced that it was planning to launch an all-purpose blockchain network for standalone chains, sidechains, and other Layer-2 solutions, called Avail.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/ey-taps-polygon-network-to-improve-enterprise-clients-experience/

Continue Reading

Blockchain

Sorry, Everyone. Walmart and Litecoin Have NOT Formed a Partnership

Published

on

Walmart has been making a real name for itself in the crypto space. Many analysts were thrilled when the retailer announced not too long ago that it was looking to hire a crypto product specialist for its new blockchain division, suggesting that the firm was following in the steps of Amazon, one of its biggest competitors.

Walmart and Litecoin… If Only!

According to a recent news release, the company had engaged in a partnership with leading altcoin Litecoin, which emerged in the year 2011 following a hard fork of bitcoin, the world’s most popular digital currency. Following the issuance of the release, crypto fans celebrated on social media platforms and the price of Litecoin shot up by as much as 20 percent. It seemed like the asset was unstoppable… until it was revealed just moments later that the release was a hoax, and no partnership of any kind had been formed.

The initial nature of the press release was that Walmart would accept Litecoin for payments. Already, one had to assume that something was a little fishy about the statement. The company made no mention of bitcoin, meaning it was allegedly not willing to accept BTC – the largest and most powerful crypto asset in the world – but was willing to give the greenlight to payments initiated through a smaller competitor? That doesn’t make a whole lot of sense when one puts two and two together.

Either way, it looks like the release was widely distributed and believed before Walmart could get the news under control. At the time of writing, it is unclear who issued the release or who wrote it. It is also not clear how the news came about, though Walmart has explained on its website that it is now looking into the matter while also assuring its customers that there is no partnership whatsoever between it and Litecoin.

A Walmart spokesperson explained in an interview:

We are digging into it further to understand what happened.

The situation seems innocent enough. After all, if the perpetrator is found out, all he would have to do is issue an apology and promise never to do anything like that again, right? Well, as it turns out, situations like these can wreak havoc on the allegedly issuing company, in this case Walmart. As the retailer is a publicly traded business, Walmart could potentially face liabilities from organizations and agencies such as the Securities and Exchange Commission (SEC), which could open its own investigation into the company to discover what happened.

This Can Be a Serious Problem

Speaking with The New York Times, Andrew Calamari – a lawyer with Finn Dixon & Herling and a former securities director with the SEC’s New York office – mentioned in a statement:

It is a misrepresentation involving a public issuer.

Tags: Amazon, litecoin, walmart
Click here for Free Trial.
Source: https://www.livebitcoinnews.com/sorry-everyone-walmart-and-litecoin-have-not-formed-a-partnership/>

Continue Reading
Uncategorized5 days ago

All Ironworks Hand vendor locations in Final Fantasy XIV from A Nocturne For Heroes event

Uncategorized3 days ago

Wicked Craniums are now Nifty Gateway!

Blockchain3 days ago

Gate.io Introduces OpenPunks, A Community-Based NFT Collection

Uncategorized5 days ago

Natus Vincere wins ESL Pro League Season 14

Uncategorized2 days ago

Swissquote Confirms European Expansion Plan, Focusing on Crypto

Blockchain3 days ago

Biggest Crypto Adoption Rumours: Apple, Amazon, and Walmart

Uncategorized3 days ago

Head of Australian Crypto Exchange Says Regulations Are Beneficial

Blockchain4 days ago

DeFiPie (PIE) Price Prediction 2021-2025: Will PIE Rise to $1 by the End of 2021?

Uncategorized3 days ago

Investor: Coinbase’s $2 billion junk bond deal shows crypto ‘supercycle’ is in place

Blockchain3 days ago

The Signal and the Noise

Blockchain2 days ago

Massive NFT and Token Giveaway from Polker as Staking is Announced!

News2 days ago

Gods Unchained and Guild of Guardians Layer 2 Solution Immutable Raises $60 Million

Blockchain4 days ago

This is how NFT mania pumped Litecoin, MATIC, and other alts

News4 days ago

Here’s What It Would Take for Shark Tank Investor Kevin O’Leary Says To Put More Capital Into Bitcoin and Crypto

Uncategorized4 days ago

How to fix the Party Member Preloading error in Apex Legends

Uncategorized3 days ago

Acorns Hires Former Amazon Executive as President, Hints at Crypto Options

Uncategorized2 days ago

Nickelodeon All-Star Brawl will include DLC fighters post-launch

Blockchain3 days ago

Public.com Inks Deal with NFL Star to Advise on Financial Literacy Programs

Uncategorized2 days ago

Bingbon Launches its Carbon Free and Afforestation Project

News3 days ago

Evaluating Credit Card Debt Relief Options

Trending