Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips

Just over six months after the dramatic collapse of FTX, the crypto industry can finally start analyzing the impact of the debacle. The crypto winter has dragged on as liquidity has dried up from the industry due to its rapid ripple effect on other crypto businesses. Among them were Silvergate Bank, BlockFi and Genesis Global Capital, among others that were hit by the collapse of the exchange.

FTX’s bankruptcy has also impacted the crypto regulatory landscape, with authorities cracking down on companies, sometimes in controversial ways, to avoid a deepening blend of traditional finance and cryptocurrencies.

Companies that have closed their U.S. operations in the past few months due to regulatory pressure include Bittrex, Nexo and Unbanked, to name a few. Coinbase CEO Brian Armstrong said this week that China would be the biggest beneficiary of US restrictive cryptocurrency policies, but time will tell if this is true. deaf.

Increased regulatory scrutiny is also causing companies to reassess their business operations. Binance has even considered buying a bank in the past few months after cryptocurrency companies closed bank accounts, CEO Changpeng Chao said. Currently, cryptocurrency exchanges are preparing to cut jobs to strengthen compliance and regulatory capacity.

While the industry digests recent events, FTX’s new management believes that FTX 2.0 could launch as early as next year, and that the cryptocurrency company hopes to continue operating beyond November 2022. He claims he could be in time to join the club.

In this week’s Crypto Biz, we also cover Tether’s Bitcoin (BTC) mining operations in Latin America, Tavi’s funding round, and NVIDIA’s efforts to power the next generation of Artificial Intelligence (AI) machines.

Buying Banks Won’t Solve Crypto Debanking Problem — Binance CEO

While Binance is unlikely to buy a banking institution, it does plan to make minority investments in financial institutions, which it hopes will influence them to become more crypto-friendly. Zhao commented on growing concerns that currency companies would be stripped of their bank accounts. The collapse of several U.S. banks in 2023 has raised concerns that the number of crypto-friendly banks is dwindling. Former major banking partners Silvergate, Silicon Valley Bank and Signature Bank all surrendered this year. The exchange is also reportedly seeking a solution to mitigate counterparty risk by allowing institutional investors to store trading collateral in banks rather than cryptocurrency platforms.

Tether Enters Uruguay Bitcoin Mining

Stablecoin issuer Tether has announced that it will launch a bitcoin mining operation in Uruguay in collaboration with a local licensed company. According to Tether, the venture will utilize renewable energy sources and hire additional team members for “sustainable” bitcoin mining purposes. The mining announcement follows Tether’s plan to “allocate up to 15% of its profits to BTC purchases on a regular basis.” Tether cited Uruguay’s ability to generate 94% of its electricity from renewable sources such as wind, solar and hydropower, as well as its highly reliable power grid. Job listings on the company’s website also hinted at expansions to South Africa and Brazil.

Nvidia Introduces AI Supercomputer To Create Successor To ChatGPT

Nvidia has revealed plans to release more products, continuing the race to develop AI tools and applications. The company’s CEO Jensen Huang recently unveiled a new AI supercomputer platform called DGX GH200, which will help tech companies develop successors to the popular AI chatbot ChatGPT. Big tech companies such as Microsoft, Meta and Alphabet are expected to be among the pioneering users of supercomputing equipment. Microsoft, too, is developing its own AI chips and claims it intends to address rising development costs internally and for OpenAI projects.

BNB NFT Marketplace Tabi Raises $10M In Angel Funding

Tabi, a non-fungible token (NFT) marketplace formerly known as Treasureland, is a $10 million angel seeded by venture capital firms Animoca Brands, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures and Youbi Capital. Completed a funding round. In addition to NFT trading and Launchpad functionality, Tabi can convert users’ on-chain activity into “experience points” that can be redeemed for future airdrop rewards and earnings. The protocol also includes a gaming platform that aggregates blockchain game transactions and entertainment. The funds will mainly be used to develop his Tabi game ecosystem and build an on-chain ID protocol.

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