The reason behind the decision to leave the Canadian market was not revealed by Bitstamp. Notably, the exchange follows Binance, OKX, and Bybit which announced their exit from Canada earlier.
Luxembourg-based crypto exchange Bitstampis planning to stop providing services in the Canadian market in January 2024. The deadline for withdrawing customers’ funds is January 8. Afterward, Bitstamp will deactivate Canadian users’ accounts.
The announcementwas shared by Bobby Zagotta, Bitstamp’s US CEO and Global Chief Commercial Officer:
“After initially informing our valued customers in March, Bitstamp will officially discontinue its services to customers in Canada starting Jan. 8, 2024. As a result, all Canada accounts will be closed and customers will no longer have access to their accounts.”
“This is not a decision we took lightly, and we thank our Canadian customers for their loyalty over the years. We hope to be able to serve Canada again at some point in the future,” added he.
Previously, Bitstamp also shedits Ethereum (ETH) staking service for United States customers due to regulatory constraints. In particular, the United States Securities and Exchange Commission (SEC) has long been on a warpath against staking, saying it meets the criteria of investment contracts under the Howey Test. The latter acts as a litmus test to ascertain whether a transaction or investment meets the definition of a security. Consequently, investments falling into the securities category are subject to specific regulatory guidelines. This becomes particularly relevant given that many cryptocurrencies remain unregistered as securities.
Canada Tightening Crypto Trading Regulation
The reason behind the decision to leave the Canadian market was not revealed by Bitstamp. Notably, the exchange follows Binance, OKX, and Bybit which announced their exit from Canada earlier. Crypto firms Paxos, Blockchain.com and Deribit announced their departures as well. All of them stopped operating in Canada several weeks after the country revealed new crypto company guidance. To continue operations, the Canadian authorities mandated crypto trading platforms to secure Canadian Securities Administrators (CSA) approval.
The new regulatory guidance proposed by the authorities claims that the CTPs in Canada should be a part of the new version of preregistration undertaking (PRUs), which are legally binding manuscripts. Principal regulators will then reach out to these CTPs to discuss compliance with the new requirements.
In addition, the Crypto asset trading platforms were forbidden from allowing clients to trade and deposit stablecoins, or any other type of “Value Referenced Crypto Assets” (VRCAs), without the CSA’s prior written authorization.
When leaving, Binance commented:
“Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
“While our platform will no longer support Canadian customers in the immediate term, we will reassess our presence in this region in partnership with our clients’ evolving needs,” wrote Paxos.
Meanwhile, Canadian authorities were explaining their decision by the need for protection when trading securities or derivatives, as well as principles of fairness, efficiency, and innovation in the markets.
nextBlockchain News, Cryptocurrency News, News
Author Darya Rudz
Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.
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Birkenstock’s IPO marks a significant event in the financial industry, following in the footsteps of Arm Holdings, Klaviyo, and Instacart, despite a challenging IPO market in recent years.
Birkenstock Holding Ltd., the renowned German maker of high-end sandals with a history dating back to 1774, has priced its Initial Public Offering(IPO) at $46 per share, valuing the brand at a whopping $8.64 billion. While this valuation fell slightly short of its initial expectationsof up to $9.2 billion, it still firmly places Birkenstock in the upper echelons of the footwear industry.
The Birkenstock IPO Pricing
On Tuesday, Birkenstock announced the pricing of its IPO, placing its shares squarely within the middle of the expected price range of $44 to $49 per share. The company is set to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “BIRK,” creating a buzz among investors and fashion enthusiasts alike.
According to reports, Birkenstock’s IPO consists of two segments, with the company selling approximately 10.8 million shares in the offering, which raised roughly $495 million in capital. Additionally, existing shareholders are offering an additional 21.5 million shares, further enhancing the brand’s presence on the public market.
Birkenstock IPO pricing, set within the range of $44 to $49 per share, establishes a market capitalization that sits above the well-known brand Crocs and falls in line with the Swiss shoe brand On Running.
Birkenstock’s plan to go public comes just two years after private equity firm L Catterton purchased a majority ownership in the company for $4.85 billion. Through this decision, Birkenstock aims to increase its valuation and acquire access to capital markets.
This decision to go public is not only a huge financial step for Birkenstock, but it also highlights the brand’s ongoing appeal. Birkenstock has been a trusted name in the footwear market for decades. While it is a brand steeped in history, it has demonstrated a remarkable capacity to stay relevant, most recently enjoying a surge in popularity after appearing in the “Barbie” film.
Birkenstock’s Incredible Journey
Birkenstock’s IPO marks a significant event in the financial industry, following in the footsteps of Arm Holdings Plc (NASDAQ: ARM), Klaviyo Inc (NYSE: KVYO), and Instacart(NASDAQ: CART), despite a challenging IPO market in recent years.
What has driven Birkenstock’s impressive growth is the company’s adaptability. Between fiscal 2020 and 2022, the brand experienced a notable surge in sales, increasing from 728 million Euros ($771 million) to 1.24 billion Euros ($1.32 billion).
This growth is largely attributed to Birkenstock’s strategic shift towards a more direct-to-consumer approach, the careful exit from certain wholesale partnerships in key markets, and an emphasis on selling items with higher price points.
The company’s financial results have been equally impressive. In fiscal 2022, Birkenstock posted a net income of about 187 million Euros ($198 million), a clear indication of its financial health and profitability.
nextBusiness News, IPO News, Market News, News
Author Benjamin Godfrey
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Amid the macro developments and geopolitical tensions, Bitcoin has continued to outperform the rest of the crypto market.
Despite the current selling pressure, billionaire investors continue to bet on Bitcoin (BTC) and see it as a potential hedge against the current geopolitical tensions. On Tuesday, October 10, billionaire hedge fund manager Paul Tudor Jones said that it’s extremely risky now to invest in risk assets, however, he has his hopes alive in Bitcoin.
Paul Tudor Jones and His Stance on Bitcoin
In an interview with CNBC, Tudor Jones said:
“It’s a really challenging time to want to be an equity investor and in US stocks right now. You’ve got the geopolitical uncertainty… the United States is probably in its weakest fiscal position since certainly World War II with debt-to-GDP at 122%.”
Speaking about Bitcoin, apart from the geopolitical tensions, Tudor Jones also pointed out the concerning macro developments. As interest rates rise in the United States, a troubling cycle ensues. Elevated interest rates lead to increased borrowing costs, which in turn result in higher debt issuance.
This surge in debt issuance prompts additional selling of bonds, subsequently driving rates even higher. This sequence of events places us in an unsustainable fiscal predicament, remarked Jones. “I can’t love stocks,” he said, “but I love bitcoin and gold”. He added that both assets should “probably take on a larger percentage of your portfolio than historically they would.”
The billionaire hedge fund manager has been bullish on Bitcoin over the last few years. Back in 2021, Jones said:
“Bitcoin is math, and math has been around for thousands of years”.
He has also expressed that the largest cryptocurrency by market capitalization was a means for him to invest in predictability. During an appearance on CNBC, he disclosed his heightened investment in Bitcoin, considering it a wager on predictability amidst uncertain economic circumstances.
Bitcoin Shows Strong Performance
Over the last week, the broader cryptocurrency has been under strong pressure with the Bitcoin price facing a rejection at $28,000. At press time, Bitcoin is trading 2% down at a price of $27,084 and a market cap of $528 billion.
But despite this, Bitcoin has outperformed in comparison to other top altcoins. As a result, Bitcoin’s share in the broader cryptocurrency market has shot past more than 50% as of now. In total, Bitcoin has surged by 66% this year, whereas Ether has experienced a 32% increase
Bitcoin is more likely to outperform amid the uncertain macro developments, in comparison to the broader markets. However, knowing the fact that it’s a risk asset, investors should still maintain caution.
nextBitcoin News, Cryptocurrency News, Ethereum News, News
Author Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Through this partnership, Immutable will be able to grow its business further as AWS provides it with a large pipeline of potential gaming studio partnerships worldwide.
Immutable, a leading company in web3 gaming, has announced a strategic partnershipwith Amazon Web Services (AWS), a major cloud computing services provider, to achieve its goal of making Web3 gaming go mainstream. This cooperation is part of the company’s wider vision of making game development safer, easier, and more accessible using blockchain technology.
Benefits of the Immutable-Amazon Web Services Collaboration
Through this partnership, Immutable will be able to grow its business further as AWS provides it with a large pipeline of potential gaming studio partnerships worldwide. AWS account managers are encouraged to find gaming studio leads for Immutable. Also, the cloud computing service provider offers up to $100,000 in promotional cloud credits to gaming studios through AWS Activate, and this will allow Immutable to provide cloud service coverage, make deals with studios, and build more interesting games.
For game developers and studios, this collaboration unlocks the combined potential of Immutable’s Web3 gaming platform and AWS’s cloud infrastructure. Developers can build and run games that use blockchain verification and true digital asset ownership—key parts of a viable blockchain gaming model.
As part of the collaboration, Immutable has joined the Amazon ISV Accelerate Program, which helps software partners expand their businesses on AWS. Immutable gets access to expert resources and support to efficiently secure customers and close more deals.
John Kearney, head of startups at Amazon Web Services, Australia, and New Zealand, while commenting on the cooperation, said:
“Today, web3 gaming is one of the fastest growing sub-sectors of the blockchain industry and is already enjoyed by millions of gamers worldwide… AWS is supercharging Immutable’s development by onboarding new game studios and providing them with resources through our flagship AWS Activate startup program and AWS’s ISV Accelerate Program, which give them the tools to accelerate their global launch.”
Immutable’s Growth and Future Plans
Immutable’s growth has been substantial as demand for web3 gaming rises. By teaming up with industry leaders like AWS, it will be able to incorporate its solutions into existing game development processes. The company has used AWS services like Amazon EventBridge and AWS Lambda to build a flexible architecture that scales well. This has allowed it to handle more partnered games and improve reliability as its user base grows.
Immutable chose AWS for its security, performance, proximity to users, and ability to scale, and the partnership will significantly move the Web3 gaming ecosystem forward by empowering builders and gamers. Combining blockchain’s ownership features with AWS’s cloud infrastructure unlocks new possibilities.
Looking ahead, Immutable plans to continue investing in its AWS-powered infrastructure to support upcoming offerings. This includes Immutable zkEVM, which will enable Ethereumcompatibility and blockchain gaming without needing to learn a new programming language. With AWS’s backing, the company is positioned to help lead the future growth of web3 gaming.
nextBlockchain News, Cryptocurrency News, Gaming News, News, Technology News
Author Temitope Olatunji
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
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