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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.
Quick weekly news
With 11 blockchain companies, Google Cloud expands its Web3 startup program
Alphabet, the technology conglomerate, has extended its Google for Startups Cloud Program to include Web3 firms such as Alchemy, Aptos, Base, Celo, Flow, Hedera, Nansen, Near, Polygon, Solana, and Thirdweb, as of April 25. Nansen, a blockchain analytics company, also announced its partnership with Google Cloud to offer real-time blockchain data for startups.
Startups can receive up to $2,000 Google Cloud credits valid for two years with access to events such as Paris Blockchain Week, Consensus, and TOKEN2049 Singapore. Seeded startups are eligible for benefits including $200,000 over two years for Google Cloud and Firebase usage, as well as $12,000 in Google Cloud Enhanced Support credits and 12 months of free Google Workspace Business Plus.
Moreover, Web3 projects would provide grants of up to $1 million each in fiat or tokens to seeded startups, including Aptos, Celo, Flow, HBAR Foundation, Near, and Solana Foundation.
Binance.US withdraws from $1 billion Voyager asset sale, blaming regulatory climate
Binance.US has decided to back out of its agreement to purchase $1 billion of bankrupt cryptocurrency brokerage Voyager Digital assets, citing the “hostile and uncertain regulatory climate in the United States,” according to a tweet from Binance.US. This comes after an agreement was reached on April 19 between Voyager, the Voyager Official Committee of Unsecured Creditors, and the U.S. government for the purchase to proceed after the deal had been blocked on March 28 by an emergency stay granted by a judge while the U.S. Department of Justice appealed Voyager’s bankruptcy plan.
Both Voyager and the Voyager Official Committee of Unsecured Creditors expressed disappointment with Binance.US’s decision in tweets, with the committee stating that it is investigating potential claims against Binance.US.
Binance.US stated that it had decided to “exercise its right to terminate the asset purchase agreement,” and cited the uncertain regulatory environment in the United States as the reason for its decision, stating, “the hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community.”
The Twitter crypto community had mixed reactions to Binance.US’s decision, with some expressing sympathy for the exchange while others condemned it. Voyager and the creditors’ committee have now stated that they will work on the “toggle option” of distributing cash and crypto to customers directly via the Voyager platform.
Voyager declared bankruptcy on July 5.
New creditor demands sabotage the Genesis settlement
Genesis Capital’s settlement agreement has been disrupted by creditors just two months after the initial agreement was reached.
Genesis’ parent company, Digital Currency Group (DCG), announced on April 25 that the settlement could be in trouble due to renewed demands from creditors. While the original settlement saw Genesis creditors receiving 80% recovery of funds lost due to the bankruptcy, a subset of creditors has raised its demands, disrupting the court process.
DCG said it remains committed to reaching a fair settlement deal for all parties involved but acknowledged that this new development would prolong the court process.
Genesis filed for Chapter 11 bankruptcy in the Southern District of New York in January 2023, with liabilities estimated to be between $1 billion to $10 billion.
A Miami-based affiliate of the exchange holding business purchases LedgerX from FTX for $50 million
LedgerX, the futures and options exchange and clearinghouse owned by FTX, has been sold to an affiliate of Miami International Holdings for approximately $50 million, pending approval by the US Bankruptcy Court.
M7 Holding, a family private equity investment firm, reached a deal with FTX. The bankruptcy court approved the sale of LedgerX and other FTX assets, including Embed, FTX Europe, and FTX Japan. FTX.US purchased LedgerX in August 2021 to expand its spot trading services.
FTX filed for bankruptcy in November, and the sale of LedgerX represents its efforts to monetize assets and deliver recoveries to stakeholders, according to FTX CEO John Ray III.
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