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Coinbase CEO Is Planning To Sell 2% Of His Stake To Fund Scientific Research 

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Coinbase CEO Is Planning To Sell 2% Of His Stake To Fund Scientific Research 
  • Coinbase CEO Brian Armstrong is selling 2% of his stake to fund scientific research 
  • Armstrong will be selling his stake to fund research at NewLimit and Researchhub, the two research-based companies co-founded by Armstrong himself.

The CEO of cryptocurrency exchange Coinbase, Brian Armstrong, took to Twitter to reveal his plans, which include fostering scientific innovation to combat big world problems and challenges.

Armstrong intends to sell his 2% stake in the firm to fund scientific research and innovation in his newly co-founded firms such as Newlimit and Researchub.

Coinbase CEO Wants To Help Solve Some Of The Biggest World Challenges By Funding Scientific Research-Related Endeavours 

Coinbase’s CEO, Brian Armstrong, took to Twitter to reveal his future plans, adding that he feels passionate about solving some of the “biggest challenges in the world.” Armstrong later revealed how Coinbase’s CEO is planning to sell 2% of his stake to fund scientific research and innovation in his co-founded companies, notably the Researchhub and NewLimit.

I’m passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I’m planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like @newlimit + @researchhub

— Brian Armstrong (@brian_armstrong) October 15, 2022

Apart from launching Coinbase, Armstrong has also co-founded two new companies called Researchhub and NewLimit.

Researchhub has been described as a platform that “accelerates the pace of scientific research, where people can collaborate on scientific research in a more efficient way, similar to what GitHub has done for software engineering.”

“The project is aimed towards creating a community of open science, including discussions about papers and funding. Scientists post papers in a Reddit-like manner and can receive funding from any source. Users are rewarded with RSC upon contributing. ” Nomics.com

On the other hand, NewLimit has been dubbed as “a radical extension of human healthspan using epigenetic reprogramming.”

“NewLimit will start by deeply interrogating epigenetic drivers of aging and developing products that can regenerate tissues to treat specific patient populations. We will start by using primary human cells and reference species to develop machine learning models on what chromatin features change with age, which of these changes may be causal to the aging process, and finally develop therapies that could slow, halt, or reverse this process. ” Brian Armstrong on NewLimit.

Armstrong further stated how he is super bullish on Coinbase and crypto and is fully dedicated to growing Coinbase to help it advance to a whole new level. However, Armstrong later added that he intends to bolster innovation and research in his mission to contribute to the ecosystem “in a different way.”

For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way.

— Brian Armstrong (@brian_armstrong) October 15, 2022

Per the company’s proxy statement for the year 2022, Armstrong owns a nearly 16% stake in the firm and controls 59.5% of the voting rights in Coinbase.

I’m sharing this as I want you to hear it from me first.

— Brian Armstrong (@brian_armstrong) October 15, 2022

Coinbase has recently been experimenting with its crypto-related services to help expand its existing portfolio. The firm has recently partnered with Google to facilitate crypto payments to some of its selected users and is also moving forward with plans to bolster its advanced trade feature on the platform to make the exchange’s service portfolio more extensive for crypto-savvy users.

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections
  • Elon Musk hints on his official Twitter account that SBF may have donated more than $1B to the Democratic elections.
  • SBF the ex-CEO of FTX confirmed that he has made undisclosed donations to the republican party, and donated the same amount to both parties.
  • Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

Sam Bankman-Fried, the ex-CEO of now-bankrupt exchange FTX and FTX.US, is said to have donated “dark money” to the democratic party. Elon Musk took to Twitter to say that he believes the undisclosed number of democratic party donations probably reached over $1B, whereas only $40M were disclosed.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

In a recent interview with crypto journalist Tiffany Fung, SBF stated that he donated to both parties equally.”I donated to both parties. I donated about the same amount to both parties,” Bankman-Fried tells Tiffany Fung on a phone interview.

“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons; it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

As SBF admits that some of the donations were not publicly disclosed, it seems likely that more non-publicly disclosed donations to the democratic party.

Undisclosed donations have been made possible by the supreme court’s decision in the Citizen United case, which allows donors to donate anonymously. Since this decision, more than $1bn have poured into federal elections since 2010.

Elon Musk is very vocal on Twitter regarding the SBF case and the FTX bankruptcy scandal. On 13th of November Musk tweeted to hint that SBF is a major donor on the democratic party therefore he believes there will be no investigation by the SEC towards the exchange.

Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

On December 1st Senate held a hearing to discuss and urge lawmakers to act quicky in installing a regulatory framework for digital assets.The hearing was hosted by the Senate Agriculture Comittee and did not include the main person at the center of this scandal, CEO Sam-Bankman Fried. The person invited to testify was Rostin Banham, the Chairman of Commodity Futures Trading Commission (CFTC), agency that regulates the derivate markets. Benham called on immediate oversight of most crypto markets and “comprehensive market regulation.”

Benham’s testimony is controversial as he had a very close working relationship with Bankman-Fried over the last year. The Bill advocated in the hearing was the same one that Bankman-Fried encouraged himself earlier this year which has been questionable.

Denis Keheller, the president of advocacy group Better Markets argued over the influence SBG would have had on the CFTC. It is unclear how much access influence Sam-Bankman Fried may have bought at the agency.

“When something like this happens, typically you have an overreaction of elected officials of the need to crack down on the industry,” he says. “Instead, this hearing is to push a bill that was endorsed and pushed by FTX.”

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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