Twitter’s DOGE Bet, Canada’s New Crypto Conglomerate, UK Banking News

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Twitter CEO Elon Musk has launched another marketing effort to bridge social media platforms and the cryptocurrency community by changing the logo icon to a digital symbol for Dogecoin (DOGE), the Shiba Inu dog. But the move appears to be more than just an engagement strategy. It comes just two days after Musk asked a judge to dismiss his $258 billion lawsuit alleging manipulation of a pyramid scheme to promote Dogecoin.

Whether intentional or not, the new icon caused DOGE’s price to skyrocket even more that week.

A less optimistic reality faces UK crypto companies. In the UK, financial institutions are restricting the ability of crypto-related companies to access banking services. The move goes in the opposite direction of Prime Minister Rishi Sunak’s plans to make the UK a global crypto hub, prioritizing financial tech disruption.

In this week’s Crypto Biz, we cover Canada’s new crypto conglomerate, the recent untimely death of a cash app creator in San Francisco, DOGE news, and the UK crypto challenge.

Elon Musk changes his Twitter icon to Doge in a call for lawsuit to be dismissed

Dogecoin fans and investors welcomed the new Twitter icon featuring the popular meme token. The social media platform updated the avatar on April 3rd. This comes two days after CEO Elon Musk asked a U.S. judge to dismiss a $258 billion lawsuit filed by investors alleging manipulation of a pyramid scheme promoting Dogecoin. . Multiple past market studies suggest that when Musk tweets about his DOGE, its price tends to go up. However, Musk’s attorneys argued that “tweeting funny pictures” or “tweeting words of encouragement” does not constitute a fraud allegation. In this week’s case, at least, the marketing move had a positive impact on the altcoin’s price, with the token skyrocketing by more than 22% an hour after the icon change.

as promised pic.twitter.com/Jc1TnAqxAV

— Elon Musk (@elonmusk) April 3, 2023

WonderFi merges with Coinsquare and CoinSmart to form regulated cryptocurrency platform

A new crypto conglomerate has emerged in Canada as WonderFi Technologies, Coinsquare and CoinSmart Financial announced a merger to become the nation’s largest regulated crypto trading platform with over 1.65 million registered users. The newly merged company promises to offer Canadians a wide range of diversified products and services, including retail and institutional crypto trading, staking products, business-to-business crypto payment processing, sports betting and gaming. . The two companies have “transacted more than $17 billion and have more than $600 million in assets under custody since 2017.” The new company is estimated to have approximately $50 million in cash and investments and no outstanding debt.

UK banks turn down cryptocurrency customers

Cryptocurrency companies are having trouble accessing UK banking services. The few banks still working with cryptocurrency companies are asking for more documentation and information about how they monitor their clients’ transactions. Challenges include rejecting applications, freezing accounts, and overwhelming paperwork. Crypto companies are turning to payment service providers such as BCB Payments and Stripe to maintain their operations in the UK. Just a few weeks ago, HSBC Holdings and the Nationwide Building Society joined a growing list of banks in the UK to ban credit card purchases of cryptocurrencies for domestic retail customers, tightening restrictions on digital assets. .

Cash App creator stabbed to death in San Francisco

Tragic news has arrived from San Francisco that former Square CTO and Cash App creator Bob Lee has been found dead after being stabbed in the early hours of April 4. . news The San Francisco Police Department said it received a stabbing call around 2:35 a.m. local time and found “a 43-year-old adult male victim suffering from an obvious stab wound.” Lee is a cryptocurrency advocate, the first CTO of payment platform Square (which he later renamed to Block), and the creator of the popular mobile payment service Cash App. , has attracted attention in the technology industry.