Elon Musk, CEO of Twitter, has made another marketing move to unite the social media platform with the cryptocurrency community by changing his logo icon to the Shiba Inu dog, the digital symbol for Dogecoin (DOGE). The move, however, appears to be more than just a compromise strategy. It comes just two days after Musk asked a judge to throw out a $258 billion lawsuit alleging the operation of a pyramid scheme to promote Dogecoin.
Intentional or not, the new icon caused another DOGE price spike during the week.
A less rosy reality is facing crypto businesses in the UK, where financial institutions are limiting the ability of those institutions to access banking services. The move runs counter to Prime Minister Rishi Sunak’s plans to prioritize fintech disruption and turn the UK into a global hub for cryptocurrencies.
This week’s Crypto Biz explores Canada’s newest crypto conglomerate, the recent untimely passing of the Cash App creator in San Francisco, as well as DOGE news and challenges for UK crypto businesses.
Elon Musk Changes Twitter Icon to Dogecoin After Asking to Dismiss Lawsuit
Dogecoin fans -and investors- welcomed the new Twitter icon with the popular token meme. The social media platform updated its avatar on April 3, two days after CEO Elon Musk asked a US judge to throw out a $258 billion lawsuit filed by investors alleging the operation of a pyramid scheme. to promote Dogecoin. Multiple market studies in the past have suggested that Musk tweeting about DOGE tends to drive its price higher. Musk’s lawyers, however, argued that “funny photos” and “tweeting words of support” do not amount to a fraud lawsuit. In the case of this week, at least, the marketing move had a positive impact on the altcoin’s price, which was up more than 22% within an hour of the icon change.
as promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
WonderFi merges with Coinsquare and CoinSmart to form a regulated crypto asset platform
WonderFi Technologies, Coinsquare and CoinSmart Financial have announced their merger to become the largest regulated cryptocurrency trading platform in the country, with more than 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 cryptocurrency trading, staking products, B2B cryptocurrency payment processing, sports betting and gaming. The companies “transacted more than $17 billion since 2017 and have more than $600 million in assets under custody.” The new company is estimated to have approximately $50 million in cash and investments and no outstanding debt.
UK Banks Reject Crypto Client
Cryptocurrencies have difficulty accessing banking services in the UK. The few banks that still work with crypto companies are asking for more documentation and information on how they control their customers’ transactions. Problems include application rejections, account freezes and overwhelming paperwork. Crypto businesses are turning to payment service providers like BCB Payments and Stripe to maintain their business operations in the UK. Just weeks ago, HSBC Holdings and the Nationwide Building Society banned cryptocurrency purchases via credit cards for retail customers in the country, joining a growing list of UK banks tightening restrictions on digital assets.
Cash App creator stabbed to death in San Francisco
Tragic news comes to us from San Francisco: Bob Lee, former Square CTO and creator of Cash App, was found dead after being stabbed in the early hours of April 4. A notice from the San Francisco Police Department explained that officers responded to a report of a stabbing at approximately 2:35 a.m. local time, finding a “43-year-old adult male victim suffering from apparent stab wounds.” Lee was a cryptocurrency advocate who rose to prominence in the tech industry for being the first CTO of the Square payments platform—later renamed Block—and for creating the popular Cash App mobile payments service.
RIP brother #bobLee pic.twitter.com/Hxd3lZmhyl
— Jake Shields (@jakeshieldsajj) April 5, 2023
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