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Crypto mining rig manufacturer Canaan has obtained over $50m from preferred share financing to boost research and development and expand its production scale. In a recent filing, The Nasdaq-listed firm announced that it generated the capital by issuing and selling up to 125,000 series A convertible preferred shares to an institutional investor whose identity was not revealed. Canaan plans to allocate the net proceeds towards enhancing its research and development activities, scaling up production, and covering general corporate expenses. The company, known for its ticker symbol “CAN,” made its debut on the Nasdaq Global Market in 2019 through an initial public offering (IPO). The IPO, held on Nov. 21, 2019, helped Canaan raise $90 million. However, since its market entry, the value of CAN’s shares has plummeted by 88%, with a 41% decrease recorded in the current year. You might also like: Bitcoin mining stocks rise as S&P 500 and Dow Jones hit all...

Coinbase Global Inc. (NASDAQ: COIN) stock is often considered a leading indicator of the cryptocurrency market. The centralized exchange became a public company in 2021, and the crypto bear market massively impacted its price in 2022, which is now recovering. Nevertheless, the price recovery opens an exit opportunity for major players like Ark Invest. Reportedly, Cathie Wood’s investment firm has dumped around $56.6 million of Coinbase shares in the past two days. According to The Block , Ark Invest sold 180,422 share s on December 6 for around $24.3 million. Previously, the investment company sold $33.3 million worth of COIN one day before and $15 million last week. Interestingly, Ark Invest has also liquidated other cryptocurrency-related investments, such as part of its position on GBTC. COIN stock price analysis Stocks AI predicts Amazon stock price for January 1, 2024 Stocks This trading bot buys stocks of companies spending most on lo...

Bitfinex hack victim from 2016 received iFinex shares as a form of compensation as the crypto exchange didn’t have enough cash at hand to make users whole. Bitfinex's parent company iFinex has proposed to buy back $150 million worth of the company’s share s from users who were offered these share s as part of compensation for the $71 million hack on the Bitfinex crypto exchange in 2016, reported Bloomberg. iFinex revealed its plans to buy back $150 million worth of shares in a shareholder letter dated Sept. 22. The digital asset firm offered a price of $10 per share to shareholders for the 15 million shares distributed in the aftermath of the 2016 Bitfinex hack. Bitfinex lost nearly 36% of the user balance all in Bitcoin, the crypto exchange at the time didn’t have enough cash in hand to compensate users for their losses. Instead, Bitfinex offered recovery-right-tokens (RRT) and equity (iFinex shares) to make the users whole and fill the gap in their balances caused by the hack....

XGo and TapiocaDAO discussed the revolutionary potential of omnichain solutions and their impact on Web3 mass adoption. The Web3 landscape is undergoing swift evolution, with omnichain solutions emerging as vanguards poised to redefine the crypto world. Just recently, Cointelegraph hosted an AMA session to discuss the potential of omnichain solutions and their impact on crypto mass adoption. This engaging conversation featured two distinguished guests –– Josh Cowell, head of product at XGo ID, and Matt Marino, co-founder of TapiocaDAO. The power of omnichain solutions The discussion began with a deep dive into the distinctions between cross-chain, multichain and omnichain technologies. Cowell and Marino highlighted the significance of omnichain s in furnishing a mega-multichain ecosystem, seamlessly linking all chains without bias toward smart contract technology. This comprehensive strategy holds the potential to tackle the blockchain trilemma head-on, alleviating the challenges of ...