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Orpheus Media Acquires 24.5% Of Barca Studios In A 100 Million Euros Deal

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Orpheus Media Acquires 24.5% Of Barca Studios In A 100 Million Euros Deal
  • Barca studios have sold its 24.5% stake to Orpheus Media
  • According to a tweet shared by Socios CEO Alexandre Dreyfus, the following acquisition will help boost web3, and NFT content development. 
  • Sharing more details, Dreyfus added that the firm will now be known as Barca Digital and Entertainment. 

In a recently published statement today, a prominent football club, FC Barcelona colloquially known as Barça Studios announced that it had sold 24.5% of the firm to Orpheus Media, a reputed audiovisual production company in a 100 million euros deal. 

Orpheus Media Set To Acquire 24.5% of Barça Studios

Per an announcement made by Barcelona, Orpheus Media, led by Mediapro founder James Roures, has paid nearly 100 million euros to acquire a 24.5% stake in Barca Studios. 

FC Barcelona announces the sale of 24.5% of Barça Studios to the company Orpheus Media for an amount of 100 million euros. This sale will serve to accelerate the growth of the Club’s digital, NFT, and Web3 strategy.

More information 👉 https://t.co/Q7v9c8WFy7

— FC Barcelona (@FCBarcelona) August 12, 2022

“The agreement complements the one signed on 29 July with Socios.com and will help to accelerate the growth of the club’s digital, NFT, and Web.3 strategy.” The announcement later adds

Barca Studios had earlier made a similar transactional deal with Socios.com, permitting the firm to own a 24.5% share of the company. The following agreements have come to light to stir and stabilize Barca’s declining financial infrastructure and help the firm register new players and comply with LaLiga’s national competition rules. 

With this investment, the strategic partners in Barça Studios show confidence in the value of the project and the future of digital content in the world of sport” the statement adds

According to Reuters, the firm has been actively employing several techniques to bolster its funds to comply with LaLiga’s financial fair play rules, followed by ways to register new players including Polish striker Robert Lewandowski and Brazilian winger Raphinha.

Socios founder and CEO Alexandre Dreyfus took to Twitter to share the news of the said acquisition, adding that the firm will be renamed “Barca Digital and Entertainment,” set to exclusively focus on driving NFT, web3, and digital content in a global setting. 

Dreyfus further added that the Barca-Orpheus deal will be powered by FC Barcelona token $BAR and Chiliz blockchain.  

Breaking: Orpheus Media 🇪🇸 acquires 24.5% of Barca Studios for 100M Eur. The company will be renamed “Barca Digital & Entertainment” (BDE) and will focus on Web3 growth, powered by @FCBarcelona Fan Token ($BAR) x @socios x @chiliz ($CHZ) blockchain.

— Alexandre Dreyfus (@alex_dreyfus) August 12, 2022

Barca’s cross-stake transactions can be defined as fractions of a bigger divestment, which will help the firm redeem its losses, debts, and its existing financial voids. 

The particular divestment has been referred to as “levers” by its president Joan Laporta. According to Laporta, Barca has recently activated its fourth economic lever to equalize its balance sheet. 

According to SBNation, the latest move will certainly help Barca recover its funds, but it is still unknown whether the funds will be sufficient enough to sign new players. Barca is yet to register Robert Lewandowski, Jules Kounde, and Raphinha as well as Ousmane Dembele and Sergi Roberto, and commence their first game of the season tomorrow.

Image: FCbarcelona/Twitter

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Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 

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Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 
  • Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report adds
  • In a statement shared with the crypto news outlet, the exchange cites the prolonged crypto winter as its reason for slashing its workforce by 40%. 

Per a Coindesk report, Indian cryptocurrency exchange WazirX has slashed its workforce by 40%, citing the ongoing crypto market phase. 

WazirX Cuts 40% of Its Workforce

In a statement shared with Coindesk, WazirX, one of the leading cryptocurrency exchanges in India, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly laid off 50–70 people, three people familiar with the matter told Coindesk.

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The statement later adds that these employees will be paid for additional 45 days, and after that, the workers are not expected to attend the company anymore.

WazirX, which is dubbed as one of the leading cryptocurrency exchanges in India, has cited the prolonged crypto winter as its primary reason, leading the firm to slash its workforce by almost 40%.

“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems concerning taxes, regulations, and banking access. This has led to a dramatic fall in volumes on all Indian crypto exchanges. ” The statement reportedly added

The firm further stated that it prioritises consumer protection and its decision to lay off 40% of its staff has been taken to “weather the ongoing crypto winter phase.”

“As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers,” the company said. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018. At that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build. “We are confident that we will come out stronger when the bull market arrives,” the statement later adds

With WazirX slashing its workforce by 40%, the firm has joined the growing league of cryptocurrency exchanges that have recently decided to lay off their employees to stay afloat during the ongoing crypto winter phase. Crypto exchange Coinbase had earlier cut back on its workforce, citing the prolonged crypto winter. Similarly, exchanges like Bybit, Gemini, BitPanda, BlockFi, and Robinhood have also slashed their workforce to sustain the ongoing bearish crypto market phase.

Image: WazirX/Twitter

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Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter

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Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter
  • Cardano founder Charles Hoskinson was seen making fun of Solana’s recent network outage.
  • Solana went through another crypto network meltdown today, leading Hoskinson to mock its recent network performance.

The founder of Cardano cryptocurrency, Charles Hoskinson, took to Twitter to share a funny crypto meme that mocked Solana’s recent network outage.

Charles Hoskinson Trolls Solana’s Recent Network Outage

Solana, dubbed as a potential Ethereum killer, experienced another network outage today that ended up disrupting the network’s day-to-day transactional output. The blockchain took to Twitter to announce that its developers are currently examining the potential causes of the outage, leading the crypto community to share an array of opinions on Solana’s frequent network upheavals.

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Charles Hoskinson, the founder of Cardano cryptocurrency, was also noted mocking Solana’s recent network outage. The ADA founder retweeted Solana’s network disruption tweet by sharing a crypto meme, picking on the chain’s constant network meltdowns.

Hoskinson’s tweet was met with a hint of criticism on crypto Twitter. Several users were quick to point out Hoskinson’s habit of making fun of other blockchain platforms. Some of the users also urged the Cardano founder to stop picking on other blockchain platforms when they encounter occasional network issues.

What did you get from mocking other chains?

— Aduck (@nonkatian) October 1, 2022

Charles you often speak about other crypto leaders attacking you on cardano and how we should work together ,so first step is not pick on crypto platforms when they go down as everybody is building stuff like you and others.This is not the right way for leader to behave.

— Manish Shukla (@maanav6427) October 1, 2022

Solana Encounters Another Network Outage Today

Solana experienced another network outage today, resulting in the blockchain’s disrupted transactional volume. The Solana team took to Twitter to announce the network outage issue, adding that the blockchain is temporarily unable to process transactions.

This isn’t the first time Solana has experienced significant network downtime issues. The blockchain has reported multiple network outages throughout 2022, leading investors to question the blockchain’s structure and functionalities.

It’s not a chain… It’s pretty much a centralised ponzi database with such glaring security flaws that you are probably safer to just leave your money in a bank.

— RobinSG (@kaptinspudz) October 1, 2022

However, at press time, the network has resolved its network outage problem and is currently up and running again.

Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC.

Network operators an dapps will continue to restore client services over the next several hours.

— Solana Status (@SolanaStatus) October 1, 2022

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Uniswap Labs To Raise Venture Capital at $1B Valuation

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Uniswap Labs To Raise Venture Capital at $1B Valuation
  • Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services.
  • The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama.
  • Uni’s new funding is indicative of the company’s ambitious plans

Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services, according to four sources familiar with the matter as reported by TechCrunch, and continues to gain mindshare among traders.

The company is currently seeking investors including Polychain and one of Singapore’s sovereign funds to raise an equity round of $100 million to $200 million at a valuation of about $1 billion.

The deliberations of the round haven’t reached final stages, so terms of the deal may change, sources cautioned.

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Uni’s new funding is indicative of the company’s ambitious plans to expand its offerings. The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama. And the exchange protocol’s token has a market cap of nearly $5 billion despite the market downturn. (During the peak bull cycle last year, Uni’s market cap exceeded $22.5 billion.)

In recent months, Uniswap Labs has shared plans to add “several new products.” One of the new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces, Uniswap Labs COO Mary-Catherine Lader told Decrypt.

Lader told TechCrunch in an earlier interview that their mission is “to unlock universal ownership and exchange.” If you can embed the ability to swap value and have people join the community and exchange value with your project, or your company or organization — that’s a powerful way to allow more people to engage in this ownership.

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