Solana (SOL) has recorded a 5% gain in the last 24 hours amidst certain concerning developments in the crypto space. On Wednesday, the United States published its Consumer Price Index (CPI) data for August, which shows that inflation rose from 3.2% to 3.7%, higher than the predicted outcome by analysts. In addition, the bankrupt FTX exchange obtained court approval to liquidate its crypto holdings worth $3.4 billion as it looks to offset its debt. Normally, developments such as this are expected to induce a selling pressure on crypto assets. However, the majority of the market is staying afloat with slight gains in the last few hours, while Solana has even embarked on a rally, drawing much attention from investors. Interestingly, popular crypto analyst Michaël van de Poppe has given possible reasons as to why the crypto market may not be moving as widely expected. Most of FTX’s Solana Are Staked And Inaccessible – Analyst Explains According to an X post on Wednesday, Michaël van de Poppe states that there should not be much reaction from the crypto market despite the latest CPI data and the court approval for FTX’s liquidation. Related Reading: Solana Potential Rebound: Can Bulls Hit Their $30 Target? The analyst explains that most of the Solana, which makes up the bulk of the FTX crypto holdings, with a value of $1.2 billion, is currently staked and thus cannot be liquidated. Van de Poppe states that only 7 million SOL is available to FTX for liquidation, and most of these tokens have been sold in the past week. Given these circumstances, the analyst predicts a “sell the rumor, buy the news” scenario would likely occur. In relation to the other crypto holdings of FTX, Michaël van de Poppe states the exchange is only allowed to sell $200 million worth of assets per week. Furthermore, the current market prices have been factored on during the calculation of this liquidation rate; thus, it will likely not produce a high level of selling pressure. In addition to Solana, FTX also looks to liquidate other assets such as Bitcoin (BTC), Ethereum (ETH), Aptos (APT), and XRP, among others. Van De Poppe’s Take On CPI Report Explaining the crypto market’s response to the latest CPI data, Michaël van de Poppe explains that while inflation rates rose higher than predicted in August, the core CPI value was 4.3% as expected, which is lower than July’s value of 4.7% Related Reading: SOL Price Prediction: Solana Takes Hit and Could Dive To $15 Therefore, the analyst postulates that the US Federal Reserve would likely not be introducing any interest rate hike. This is because the Fed is known to focus more on core CPI data, which provides a long-term outlook on the nation’s inflation rate. At the time of writing, Solana trades at $18.69, with a loss of 0.29% in the last hour based on data from CoinMarketCap. Meanwhile, the token’s trading volume is up by 47.89% and is now valued at $446.52 million.

U.S. Bankruptcy Judge Dorsey approves FTX’s crypto asset liquidation, which holds $3.4 billion. FTX has received permission to sell up to $100 million in cryptocurrency per week. Bankrupt cryptocurrency exchange FTX has received approval from a U.S. court to liquidate its cryptocurrency holdings. This move aims to facilitate the repayment of customers in U.S. dollars and reduce exposure to price volatility in the crypto markets. The U.S. Bankruptcy Judge John Dorsey’s decision allows FTX to sell up to $100 million worth of cryptocurrency per week. Further, FTX, which disclosed holdings exceeding $3.4 billion, has been granted the ability to sell, stake, and hedge its crypto assets and generate passive income from assets like bitcoin and ether. During the hearing, Judge Dorsey overruled concerns about potential market disruptions, as per the CoinDesk report. Also, FTX had emphasized its awareness of the risks associated with its liquidation efforts and had even enlisted U.S. crypto firm Galaxy as an investment advisor to address these concerns. Moreover, FTX’s holdings include $1.16 billion in solana (SOL), worth about 16% of the token’s total supply. As well as around $560 million in bitcoin (BTC). The remaining holdings consist of less-known, illiquid tokens. This court approval signifies a crucial step for FTX in its efforts to navigate bankruptcy proceedings and return funds to its users. Will the liquidation affect the crypto market? Tweet to us at @The_NewsCrypto and let us know your thoughts.

Tron (TRX), the blockchain platform founded by Justin Sun, has been showing a good performance for the most part of 2023. The project, which was launched just six years ago, recently registered an impressive surge in transaction activity, underscoring the increasing organic demand for the TRX cryptocurrency. Recent data from a Nansen report reveals that Tron has been processing a remarkable average of over 4.8 million daily transactions, a testament to its rapid expansion within a relatively short period. Driving Forces Behind Tron’s Surge Tron’s growth can be attributed primarily to its steadfast pursuit of utility and, notably, the burgeoning demand for cost-effective and reliable stablecoin transactions. The stablecoin marketcap has exhibited aggressive growth in 2023, reaching a pinnacle of over $45 billion between May and June, with daily transactions peaking at an impressive 13 million transactions around the same period. What’s particularly noteworthy is that these daily transaction volumes have been achieved during a relatively subdued phase in the cryptocurrency market, suggesting the potential for even higher transaction counts during bullish market conditions. This robust adoption underscores Tron’s resilience and appeal within the blockchain ecosystem. The cryptocurrency market has reacted positively to Tron’s outstanding performance. At the time of writing, TRX is priced at $0.081092, according to CoinGecko, showing a modest 0.8% gain over the past 24 hours and a 2.6% increase in the seven-day period. FTX Liquidations Pose Potential Risks However, it’s essential to exercise caution as Tron continues its upward trajectory. According to cryptocurrency data provider Messari, TRX is one of the digital assets that could face price fluctuations due to impending FTX liquidations. FTX and Alameda Research hold significant amounts of TRX, totaling $33 million, along with $37 million worth of Dogecoin (DOGE) and $22 million worth of Polygon (MATIC). These holdings raise concerns about potential market volatility, as large liquidations can impact the price of these assets. Implications For The Future As the cryptocurrency market continues to evolve, Tron’s pursuit of utility and its growing adoption rates indicate a promising future. However, investors should remain vigilant amid potential price fluctuations linked to FTX liquidations, underscoring the need for careful risk management in the cryptocurrency space. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Goodreturns

Venturing into the world of Web3 and blockchain technology can be a thrilling yet complex journey. Several countries and governments are standing out with their unique approaches to embracing innovation native to this groundbreaking tech space. At Coinfest Asia 2023, TheNewsCrypto met Parth Chaturvedi, Investment Lead of CoinSwitch Ventures, to discuss the rapidly evolving Web3 space and its investment landscape. He shares key insights on the challenges and opportunities it presents and the unique initiatives driving its growth. Discover why LevitateX, CoinSwitch’s Web3 scaling program, is turning heads, and gain a deeper understanding of the global and India-specific dynamics of this transformative industry. Developers and builders are proactive in bringing numerous innovative projects to the evolving Web3 space. Challenges and problems are rapidly evolving in parallel. What kind of project solutions capture significant attention on the radars of investors and venture capitalists? Parth Chaturvedi (PC): Right now, we are witnessing a dynamic shift in the Web3 landscape. Despite some recent slowdown in venture funding, certain themes within this space have captured investors’ attention. One notable theme that I can highlight is real-world asset (RWA) tokenization. This goes beyond just tokenizing real estate; it includes financial assets like bonds, equities, and funds. The potential for retail users to access these traditionally exclusive assets is a compelling prospect. Another focus area is enhancing the onboarding experience for newcomers entering the Web3 realm. This has been a challenge due to factors such as managing private keys and the recovery phase. However, recent technological innovations such as multi-party computation (MPC) and account abstraction have made it easier for users to navigate this space. Additionally, during bear markets, infrastructure companies that are building the underlying framework for users tend to attract investments. These include projects building validator networks, wallets, and the foundational frameworks necessary for mass adoption. Can you highlight more about the Web3 scaling program, LevitateX, that CoinSwitch Ventures launched in the Web3-positive month? PC: So, we recently partnered with GravityX. I was also part of their incubator before, which was called Graviton. But what we’re seeing right now is that more than early-stage companies, even companies that have raised money are not able to scale. So, think of “LevitateX” as a scale-up program. Money to grow to the next stage. This includes commercializing products, revenue generation, marketing strategies, legal assistance, and various support services. One thing that we are trying to focus on is ecosystem funds. Many blockchain projects, including layer one and layer two solutions, have ecosystem funds that provide grants and support. By collaborating with these funds, we are trying to tap into that market because VC funding has slowed down, at least for this phase of the market. While CoinSwitch’s focus is primarily on India, what’s your perspective on the global Web3 landscape and the opportunities it presents? PC: CoinSwitch Ventures’ primary focus is on India and projects with relevance to the Indian market. We support the nation’s founders in building projects not just in India but also in other regions, such as Dubai and Singapore. If a product has a huge market in India, we can be strategic partners for its distribution. Globally, there are numerous Web3 funds, but India-specific funds are relatively scarce. We are trying to be pioneers in India-focused Web3 investments. What’s your perspective on what could be the best advice for startups to commercialize their ideas and become market-ready? PC: Right at the top of my mind, you need to focus a little bit more than broader ideas. You can’t just have a DEX. You need to figure out if your DEX is going to focus on perps. to focus on options. So try to focus on one particular segment of the market, because there are a lot of bigger players who have taken the lead for an all-out offering. If you’re working with wallets, your gaming community or you want to target like Metaverse or NFTs, just target that. I think something that will help startups in this particular market. India is a protagonist in blockchain and Web3, but an antagonist in the context of cryptocurrencies. What’s your take on this? PC: We know that there are a lot of users of crypto in India. When regulatory clarity emerges, the government is taking a very slow and steady approach trying to build global consensus using the G20. Once that happens, I think there’s going to be an explosion of adoption for Web3. We already have the third-largest developer base. India is one of the leading players in web3 developers and we saw that last year at ETHIndia, 4000 developers turned up and built 400 projects in one day. So I think we have the talent pool. If we start getting the right frameworks in place, capital is going to flow. Lastly, in your view, what’s that one solid reason why Web3 players should not miss attending events like Coinfest Asia 2023? PC: CoinFest Asia 2023 offers a unique opportunity for attendees on multiple fronts. Personally, Personally, for me, there are three primary aspects. First, it’s a chance to connect with startups that may create products beneficial to Indian users. Second, it’s a chance to network with venture capitalists (VCs). At CoinSwitch Ventures, we’re working on establishing a partner VC network to share deal flow and garner more attention for early-stage projects. Lastly, there’s the ecosystem component I mentioned earlier, which involves discussions with ecosystem funds. We have a lot of presence, such as ICP, Aptos, and Algorand. So, basically talking to the foundations to set up operations in India operations would help Indian startups in their scaling missions. Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research.

In a recent series of exchanges on X, prominent XRP community influencer, Crypto Eri, addressed the controversial theory that the XRP price can be artificially set by a central authority. The debate has ignited discussions among enthusiasts, experts, and Ripple insiders. Eri’s initial tweet emphasized the decentralized nature of cryptocurrencies, stating, “Decentralized crypto-assets like XRP, cannot be ‘price set’. Price is determined by supply & demand dynamics in the global open market, sometimes with Influence factors like trading, sentiment, adoption, news & liquidity.” She further warned against the “deceptive false price hype” that has been circulating within the community. Can XRP Price Be Set? In a hypothetical scenario presented by a user, the idea of “setting the price” was explored, suggesting that if a powerful entity like OPEC decided to trade a barrel of oil for 1 XRP, it would effectively set the price. Eri responded, “Granted, artificial price setting has been tried, but If the price is above the equilibrium level, then the quantity supplied has always exceeded the quantity demanded… In the Crypto Market, you can’t ignore arbitrage.” Khaled Elawadi.XRP, another community member, argued that the tokens price could be set in different ways, either directly by Ripple or by determining a face value through various parties. Eri swiftly countered, clarifying the distinction between XRP, the XRP Ledger, and RippleNet, a software solution created by Ripple. She emphasized, “Fact 1: The digital asset XRP is not a unique software product… Fact 2: Ripple does not control XRP or the Ledger… Fact 3: Ripplenet is the name of a software created by the Company Ripple, that can use XRP (or any asset) in a solution.” Jesse Hynes, a renowned community lawyer, humorously questioned the persistence of the price set theory, “Are people still saying that there’s going to be a price set?”, to which Eri simply replied, “Yes.” Neil Hartner, a Senior staff software engineer at Ripple for On-Demand Liquidity (ODL), weighed in on the debate as well, questioning the logic behind two parties artificially setting a price, stating, “Why would 2 parties do that unless they want to lose a lot of money? Unless those 2 parties are willing to defend the price and not run out of money, it won’t last.” The debate took another turn when Vandell Aljarrah, founder of Black Swan Capitalist, drew parallels between XRP and gold, suggesting that the token could achieve a stable value similar to gold in the future. He cited the capped supply of 100 billion tokens as a potential factor for increased demand as the market matures. Another perspective emerged from a community member who believed that a decentralized asset’s price could be pegged or fixed, drawing comparisons to the former “gold window” of the Federal Reserve. They posited that entities like the IMF or Ripple could act as central authorities in such a scenario. As the debate continues, it’s clear that the community remains divided on the issue. While some believe in the potential for a centralized price setting, others, like Eri, firmly stand by the principles of supply, demand, and market dynamics. At press time, XRP traded at $0.4806.

Bitcoin price is moving higher above the $26,200 resistance. BTC could gain bullish momentum if there is a daily close above the $26,500 resistance. Bitcoin is showing a few positive signs above the $26,200 level. The price is trading above $26,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a close above $26,500 and then a move above $27,000. Bitcoin Price Eyes Upside Break Bitcoin price remained well-bid above the $25,500 support zone. BTC formed a base and recently started a fresh increase above the $26,000 resistance zone. There was a sharp spike above the $26,500 resistance zone. However, there was no close above the $26,500 resistance zone. The price traded as high as $27,212 and there was a nasty bearish reaction. The price reversed its gains and traded below the $26,650 level. There was a move below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,500 level. The first major resistance is near the $26,650 level. Source: BTCUSD on TradingView.com The next key resistance could be near the $27,200 level. A proper close above the $26,500 level and then a break above $27,200 might start a decent increase. The next major resistance is near $28,000, above which the bulls could gain strength. In the stated case, the price could test the $28,800 level. Fresh Drop In BTC? If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level and the trend line. The next major support is near the $25,800 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. A downside break and close below the $25,800 level might send the price toward the key support at $25,550. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $26,050, followed by $25,800. Major Resistance Levels – $26,500, $26,650, and $27,200.

Ethereum price is slowly moving higher above $1,600 against the US Dollar. ETH could gain bullish momentum unless there is a nasty drop below $1,550. Ethereum is showing a few positive signs for a move above the $1,650 resistance. The price is trading above $1,600 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if there is a close above $1,650 and $1,670. Ethereum Price Shows Bullish Signs Ethereum’s price remained well-supported above the $1,550 level. ETH climbed higher slowly above the $1,580 and $1,600 resistance levels, like Bitcoin. There was a break above a key bearish trend line with resistance near $1,610 on the hourly chart of ETH/USD. The pair even broke the $1,620 resistance. However, the bears are still active below the $1,650 level. A high is formed near $1,638 and the price is now consolidating gains. Ether is now trading above $1,600 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,530 swing low to the $1,638 high. On the upside, the price might face resistance near the $1,635 level. The next resistance is near the $1,650 level. A close above the $1,650 resistance might send the price toward the $1,670 resistance. If the price reclaims the $1,670 resistance, there could be a steady increase. Source: ETHUSD on TradingView.com The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880. Another Drop in ETH? If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the 100-hourly Simple Moving Average. The first key support is close to $1,585 and the 50% Fib retracement level of the recent increase from the $1,530 swing low to the $1,638 high. The next key support is $1,550. A downside break below $1,550 might spark a fresh round of selling. In the stated case, the price could even decline toward the $1,500 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,650

Solana is eyeing a fresh increase above the $19.00 resistance against the US Dollar. SOL price must settle above $19 and $20 to start a fresh increase. SOL price is attempting a bullish breakout above the $19 resistance against the US Dollar. The price is now trading below $20 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $18.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum if it settles above the trend line and $20. Solana Price Eyes Bullish Breakout In the past few days, Solana’s price extended its decline below the $22 support. SOL even traded below the $20 level to move further into a bearish zone. Finally, it tested the $17.40 zone. A low was formed near $17.37 and the price is now attempting a fresh increase, like Bitcoin and Ethereum. There was a move above the $18.50 resistance zone. The price even spiked above the 50% Fib retracement level of the downward move from the $20.60 swing high to the $17.37 low. However, the bears are protecting a close above the $19 resistance. There is also a major bearish trend line forming with resistance near $18.80 on the 4-hour chart of the SOL/USD pair. Solana is now trading below $20 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $19.00 level. The first major resistance is near the $19.40 level or the 100 simple moving average (4 hours). It is close to the 61.8% Fib retracement level of the downward move from the $20.60 swing high to the $17.37 low. Source: SOLUSD on TradingView.com The next key resistance is near $20. A clear move above the $20 resistance might send the price toward the $21.20 resistance. Any more gains might send the price toward the $22 level. Another Decline in SOL? If SOL fails to settle above $19.00 and $19.40, it could start another decline. Initial support on the downside is near the $18.10 level. The first major support is near the $17.40 level. If there is a close below the $17.40 support, the price could decline toward the $16.50 support. In the stated case, there is a risk of more downsides toward the $15.00 support in the near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $18.10, and $17.40. Major Resistance Levels – $19.00, $19.40, and $20.00.

Despite Bitcoin’s recent recovery to the key level of $26,100, signaling a crucial point for its future gains and preventing further decline, there are worrisome signals that could raise concerns for Bitcoin bulls in the short term. The combination of factors presents a potential perfect storm for a market correction. One contributing piece is the higher-than-expected US August headline inflation, coming in at 3.7% up from the previous month’s 3.2%. Although not a game-changer, it implies that the odds of another rate hike are marginally up, now standing at 53%. Jeroen Blokland, a multi-asset investor, highlights this development. Additionally, Bloomberg’s senior macro strategist, Mike McGlone, suggests that Bitcoin may be leading a downward trend. McGlone emphasizes that Bitcoin is an “exceptionally liquid” asset that has experienced significant appreciation without being tied to specific projects or liabilities. However, since it emerged during a period of historically low-interest rates, its position as a potential frontrunner for a market reversion is noteworthy. US Inflation Data And Rising Interest Rates Pose Challenges For Bitcoin Bull Run One key indicator highlighted by McGlone is the rollover of Bitcoin’s 20-week moving average (MA), which has implications for all risk assets. Being one of the best-performing assets in history, Bitcoin’s reversion lower is a significant observation. McGlone’s analysis reveals that federal funds futures for the next year hover above 5%, indicating limited expectations for liquidity from the Federal Reserve (Fed). A similar pattern was observed in Bitcoin’s mean reversion at the beginning of 2022 when futures began pricing for the current tightening cycle. As the lower bound of the federal funds rate rapidly rises from zero to 5.2% and is expected to continue increasing, significant pressure on all risk assets, including Bitcoin, may ensue. McGlone also highlights the historical relationship between Bitcoin and the broader market. Following the liquidity injection resulting from the shift to zero interest rates in early 2020, Bitcoin’s 20-week moving average reached its bottom before the S&P 500 experienced a similar trend in the third quarter of that year. Mike McGlone’s analysis raises concerns about Bitcoin’s future performance amid changing interest rate dynamics and the potential impact on all risk assets. As Bitcoin’s 20-week moving average shows signs of rolling over, investors and market participants will closely monitor its price trajectory and its ability to withstand the pressures of rising interest rates. BTC’s Battle With Resistance, Will It Break Through Or Face A Seven-Month Low? At the time of writing, the leading cryptocurrency in the market, Bitcoin (BTC), is facing a challenge in surpassing the resistance wall at $26,400, as highlighted by NewsBTC. Over the past 24 hours, BTC has managed to gain a modest 0.3%, while the most significant gains in the last 30 days have occurred within the seven-day timeframe, with a modest surge of 1.9%. Should BTC succeed in surpassing its immediate resistance, it will encounter the formidable 200-day and 50-day moving averages (MA) at levels of $27,000 and $27,100, respectively. These levels pose significant hurdles for the cryptocurrency’s prospects and potential future gains. Conversely, if BTC experiences an extended decline and relinquishes its current modest gains, Bitcoin bulls must closely monitor the crucial threshold at the $25,150 level. A breach of this level could potentially drive BTC down to a seven-month low of $22,000, jeopardizing the cryptocurrency’s bull run and the gains achieved since the beginning of the year.

Despite the less-than-impressive performance over the last few months, Bitcoin investors are still digging their heels deeper into the digital asset. This is evidenced by the continuous rise in wallet activity that has been recorded during this time. Bitcoin Wallet Activity Hits Highest In 5 Months In a Tuesday post, on-chain data aggregator Santiment revealed that there has been a significant uptick in Bitcoin wallet activity despite the BTC price downtrend. Apparently, while the market had fluctuated heavily due to regulatory uncertainties, Bitcoin investors held their own, especially in terms of new wallet address activity. The Santiment reports show fluctuations in this metric over the months. However, the one consistent thing was the tendency to jump back up even after dipping significantly. In September alone, the metric has moved from a low of around 860,000 to over 1.1 million unique daily Bitcoin addresses active. Interestingly, this figure is the highest this metric has been since April, proving that the BTC price downtrend has not served as a deterrent for Bitcoin investors. Rather, it looks as if investors are using the current low prices as a way to increase their footprint. The uptick can also be explained by the euphoria triggered by asset manager Franklin Templeton filing for a Spot Bitcoin ETF. While the hype around the filing was short-lived, it triggered a brief uptick in the price of the digital asset, and likely aided the rising wallet activity rate as investors rushed to take advantage of the growth. Will BTC Price Follow Wallet Activity? Even though wallet activity is up, the BTC price is still straining below $26,000. This could suggest that this metric does not really have much bearing on the price of Bitcoin. Rather, it just points to investors not slowing down usage of the network despite low prices. Presently, investors are still eagerly awaiting a decision on the numerous Spot BTC ETFs that have been filed by fund managers. The outcome of these filings, whether rejected or accepted, will likely be the defining factor for the Bitcoin price going forward. For now, there are no big moves to be expected for the digital asset, especially given the fact that it is still ranging below its 50-day and 100-day moving averages. Mounting resistance between $26,000-$27,000 suggests that Bitcoin might continue to trade sideways for the better part of September. At the time of writing, Bitcoin is treacherously holding above $26,000 with meager gains of 0.64% in the last day.

Data shows the Bitcoin Net Taker Volume has turned significantly positive recently, a sign that may be bullish for the asset. Bitcoin Net Taker Volume Has Risen To Positive Values Recently In a new post on X, the CryptoQuant Netherlands Community Manager, Maartunn, pointed out that buying activity appears to be occurring in the market. The relevant indicator here is the “Net Taker Volume,” which measures the difference between the Bitcoin taker buy and taker sell volumes. When this metric has a positive value, the taker’s buy volume is greater than the taker’s current sales volume. This suggests that the investors are willing to pay more than the spot price to buy the asset; thus, the majority of the market is bullish. On the other hand, negative values imply a bearish mentality is the dominant force in the BTC sector, as the holders are willing to sell coins at a lower price. Now, here is a chart that shows the trend in the Bitcoin Net Taker Volume over the last few weeks: As displayed in the above graph, the Bitcoin Net Taker Volume had a negative value when the dip toward the $25,000 level occurred a few days back. Still, before long, the indicator had registered a rise and entered positive territory. With this switch towards a bullish mentality, the BTC spot price had observed a sharp recovery below the $26,000 mark. The chart shows that the metric’s value has only grown more positive since the surge, suggesting that significant buying could be occurring right now. The price, however, has only consolidated sideways while this has happened. As for what this may mean, the analyst notes, “either limit sellers are taking control, or this thing will explode soon.” Signs of dropping values of the Net Taker Volume may be worth watching out for, as the Grayscale rally last month had initially seen a sharp surge in the indicator. Still, soon enough, the metric had started to slide back down, potentially resulting in the asset’s retrace. A few days back, another analyst shared a chart showing that the miners had made significant deposits to the spot exchanges. Generally, miners transfer their coins to these platforms for selling purposes, so this spike could have been a sign that these chain validators had been gearing up for a dump. The spike had occurred after BTC’s drop to $25,000, implying that the miners had perhaps panicked at the drop, and, hence, had made the deposits as a reaction. It would appear that the market outweighed the selling pressure caused by this cohort in the end, as the net taker volume had turned positive, and the market had registered a successful rebound. BTC Price While Bitcoin has registered some uptrend in the past two days, the overall picture hasn’t changed for the cryptocurrency; its price remains in tight consolidation.

In a recent move that intensifies the Securities and Exchange Commission’s (SEC) crackdown on the Non-Fungible Token (NFT) sector, the SEC has charged Stoner Cats 2 (SC2) with conducting an “unregistered offering of crypto asset securities.” The charges specifically target Stoner Cats’ sale of non-fungible tokens, which raised approximately $8 million from investors to finance the production of an animated web series. SEC’s Legal Earthquake Hits NFT Market Once Again The SEC order reveals that on July 27, 2021, SC2 sold over 10,000 NFTs to investors at approximately $800 each, with the entire supply being sold out within a mere 35 minutes. The SEC alleges that SC2’s marketing campaign highlighted the potential benefits of owning the NFTs, including allowing owners to resell them on the secondary market. Furthermore, the SEC claims that SC2 emphasized its Hollywood producer expertise, knowledge of crypto projects, and involvement of well-known actors in the web series, which led investors to anticipate profits from the potential rise in resale value. According to the SEC, SC2 configured the NFTs to provide a 2.5% royalty for each secondary market transaction, incentivizing individuals to buy and sell the NFTs. Subsequently, purchasers allegedly engaged in over 10,000 transactions, amounting to more than $20 million. The SEC alleges that SC2 violated the Securities Act of 1933 by offering and selling these SEC-denominated “crypto asset securities” to the public without registering the offering or qualifying for an exemption. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasizes that the determination of whether an investment contract qualifies as security lies in the economic reality of the offering, rather than the labels attached to it. Grewal stated: Stoner Cats Settles Charges, Agrees To NFTs Destruction While the SEC’s actions are intended to “protect investors” by ensuring proper disclosures, some critics argue that the SEC’s language and terminology surrounding the NFT market are biased and lack clarity. Crypto enthusiast and investor Adam Cochran expressed his concerns, highlighting that there is no such thing as an “unregistered offering of NFTs” since registration requirements typically apply to securities. Cochran believes that the SEC’s communications should accurately reflect the law to avoid a chilling effect through fear-mongering. In response to the charges, SC2 has agreed to a cease-and-desist order and to pay a civil penalty of $1 million. The order also establishes a Fair Fund to return funds to injured investors who purchased the NFTs. Additionally, SC2 has committed to destroying all NFTs under its possession or control and publishing notice of the order on its website and social media channels. The SEC’s lawsuit against Stoner Cats underscores the ongoing regulatory battle surrounding the NFT sector. As the industry evolves, stakeholders are calling for clearer guidelines and unbiased regulatory practices to strike a balance between investor protection and fostering innovation in the digital asset space. Featured image from iStock, chart from TradingView.com

Bitcoin price managed to rise all the way till $26,300. The CPI data will impact the Fed’s decision to raise interest rates in the future. U.S. inflation reached 3.7% annually in August, according to the latest CPI statistics issued today by the U.S. Bureau of Labour Statistics, which beat the consensus expectation of 3.6%. Inflation has risen for two months in a row, according to the most recent figures. The Consumer Price Index (CPI) rose 3.2% in July, from 3% in June, marking its slowest rate of increase since March 2021. After a rise of 0.2% in July, inflation increased 0.6% in August on a seasonally adjusted basis. Investors were anticipating the publication of the CPI data because of its potential impact on the Federal Reserve’s decision to raise interest rates in the future. All Eyes on Federal Reserve It’s worth noting that the Fed of the United States raised interest rates by 25 basis points the previous month. Investors were nonetheless wary, even though many experts predicted the Fed would soften its hawkish stance. The CPI was expected to be 3.6% by Wall Street giants. While Barclays and Citi expected a 3.7% rise in the CPI for the last month, Visa and CIBC were anticipating a 3.5% spike. The CME FedWatch Tool predicted a 91% chance of a pause from the Federal Reserve at the forthcoming FOMC meeting on September 20. The crypto market turned green post the announcement. Bitcoin price managed to rise all the way till $26,300. Moreover, Ethereum managed to climb to $1615 as per data from CMC. Highlighted Crypto News Today: Ethereum Price Witnesses Brief Uptick as Bulls Fight Back

Huobi has already updated their social media profiles to reflect the change. Social media users were quick to point out the similarities to FTX. In a contentious marketing effort for its 10th anniversary, crypto exchange Huobi is changing its name from “Huobi” to “HTX.” The name change was announced by Huobi on September 13. The “H” stands for Huobi, the “T” for Justin Sun’s Tron blockchain project, and the “X” stands for the exchange itself. Alternatively, “HT” might stand for the exchange’s native Huobi Token (HT), while “X” could be read as the Roman numeral for 10, honoring the company’s tenth anniversary. The new tagline for the company is “HTX, Just Trade It.” Similarities to Defunct FTX Huobi has already updated their social media profiles to reflect the change before making the announcement public. Both the official Telegram group and the new Twitter handle for the exchange have been updated. Social media users were quick to point out the similarities between Huobi’s new moniker and FTX, the collapsed exchange. Despite this, Huobi is not the only startup to ostensibly take inspiration from the FTX crisis with its own name. The defunct crypto hedge company Three Arrows Capital’s founders announced at the start of this year their intention to raise $25M for a new crypto exchange dubbed GTX. Additionally, a few in the community pointed out that Huobi changed its name “after getting into legal trouble.” Since the exchange has denied having any legal problems, it is unclear what problems were suggested. It refuted rumors of impending bankruptcy and Chinese police arrests of company officials in early August. Highlighted Crypto News Today: Hong Kong Monetary Authority Forges Key Partnerships for CBDC Pilot

The foundation renews its commitment to advancing Web3 technologies through key leadership changes. ZUG, Switzerland–(BUSINESS WIRE)–#ceo–Today, Web3 Foundation, whose flagship project is the Polkadot blockchain protocol, announces the appointment of Fabian Gompf as CEO. Fabian brings with him a wealth of web3 experience, a deep understanding of the industry, and a vision to bolster the Polkadot ecosystem. He succeeds Bertrand Perez, who effectively led the Foundation for two years and will be transitioning into an advisor role. “We are thrilled to welcome Fabian into this new role. Fabian’s deep experience and understanding of Polkadot and the web3 space will be an incredible asset as the Foundation renews its focus on cutting-edge technology and building and supporting a vibrant Polkadot ecosystem,” said Dr. Gavin Wood, Founder of the Web3 Foundation and creator of Polkadot and Kusama. Fabian joins the executive team of the Web3 Foundation from his current role as a member of the Supervisory Board. Until 2022, he served as VP of Ecosystem Development at Parity Technologies, where he played a crucial role in building and launching the Polkadot network. Speaking on his appointment, Fabian Gompf said, “It is an honor to take on this new role at the Web3 Foundation at a pivotal time as we work to expand the reach of the Foundation. I look forward to collaborating with the Polkadot community to embark on this exciting journey towards a more transparent and user-controlled internet.” “On behalf of the Foundation, I would like to thank outgoing CEO Bertrand Perez, who leaves a legacy of strong leadership which forms the basis for our future path,” said Mr Gompf. About Web3 Foundation The Web3 Foundation nurtures and stewards technologies and applications in the fields of decentralized web software. It was established in Zug, Switzerland by Ethereum co-founder and former chief technology officer Dr. Gavin Wood. Polkadot is the Foundation’s flagship project. For more information, visit web3.foundation About Fabian Gompf Fabian Gompf is no stranger to the world of blockchain technology or the Polkadot community. Up until June 2022, he held the position of VP of Ecosystem Development at Parity Technologies. In that role, he was key in shaping both Parity Technologies as a company and Polkadot as a network and ecosystem. About Polkadot Polkadot is the blockspace ecosystem for boundless innovation. It enables Web3’s biggest innovators to get their ideas to market fast, with flexible costs and token options. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web. Contacts Ursula O’Kuinghttons [email protected]

Ripple may be in the process of leaving the United States market for good as the prominent crypto firm has stated that it will be acquiring the majority of its employee candidates from countries outside the US. Ripple Will Recruit A Workforce Overseas US-based cryptocurrency solutions provider, Ripple has enacted plans to conduct its hiring processes outside US borders. The cryptocurrency firm has stated that over 80% of its workforce will be recruited from countries outside the US that encourage crypto adoption and innovation. The decision to hire the majority of its workforce internationally can be seen as a strategic move to counteract the effects brought about by the regulatory changes enacted by the United States Securities and Exchange Commission (SEC). In light of the legal dispute between Ripple and the US SEC, the Chief Executive Officer of Ripple, Brad Garlinghouse expressed his enthusiasm about the crypto firm’s expansion in new regions. He stated that the firm will be focusing on hiring candidates in regions like Singapore, Hong Kong, and Dubai which have favorable outlooks and regulatory conditions on cryptocurrency. “It’s super frustrating that you see markets like we have here in Singapore, where governments are partnering with the industry, providing clear rules, and you’re seeing growth. That’s why Ripple is hiring there,” Garlinghouse stated in an interview with Bloomberg. Presently, the United States does not have a clear regulatory framework for cryptocurrency assets, and the US Congress has also been relatively slow in clarifying the status of cryptocurrencies. SEC Lawsuit Developments Ripple has been embroiled in a lawsuit with the US SEC since 2020. The SEC had previously sued Ripple for allegedly raising over $1 billion in unregistered securities offerings by selling XRP. In July 2023, Ripple secured a victory after Judge Analisa Torres ruled in favor of Ripple and stated that XRP was not a security. The SEC responded by filing an interlocutory appeal, however, it is unsure if Judge Torres will grant the SEC’s request. Over the years, Ripple has reportedly spent over $200 million defending itself against the SEC allegations. The cryptocurrency’s native token XRP was delisted from several exchanges in 2021 while its price declined significantly and lost the majority of the gains it had accumulated over the years. However, since Judge Torres’s ruling, leading exchanges such as Coinbase and Bitstamp have already moved to relist XRP since the court did not deem programmatic exchange sales to qualify as securities offerings.

Per a report from TheBlock, Digital Currency Group (DCG) reached an agreement with crypto exchange Gemini. The two parties have been negotiating for months after the collapse of crypto lender Genesis, a DCG subsidiary, and the Gemini Earn program. The event left thousands of users without funds, leading to several lawsuits and the destruction of the relationship between the Digital Currency Group and the trading venue. The founders of Gemini, Cameron and Tyler Winklevoss, were public about their negotiations and their objective of making their clients whole. DCG And Gemini Could Exceed Expectations The report claims that the partners proposed a new creditor agreement to return “all of the crypto held by the platform,” when it filed for bankruptcy protection. According to the report, the new strategy aims to compensate clients with the following strategy and methodology: In addition, unlike similar processes, the new agreement would allow users to benefit from a potential upside in the price of Bitcoin and Ethereum. If these cryptocurrencies rise to $85,000 for BTC and $8,500 for ETH, clients would still receive an equivalent amount. In other words, clients will receive their funds as they were when Genesis filed for bankruptcy rather than freezing the amount in US dollars. Genesis’ parent company described the agreement as a: TheBlock indicates that the new agreement is yet to be voted by creditors. The above clause, to allow clients to benefit from a potential crypto bull run, is aimed at incentivizing creditors to vote in favor of the proposal. GBTC Gains Ease Recovery For Gemini Earn Users DCG’s $630 million loan to provide respite for its subsidiary would be repaid in cash, partially, and via a financial instrument to be settled by 2025. In addition to this loan, Genesis owes over $1 billion to Gemini’s clients. The report also notes that Genesis posted 60% of this amount as collateral as shares for the Grayscale Bitcoin Trust. The possibility of the US Securities and Exchange Commission (SEC) allowing the latter to convert into an exchange-traded fund (GBTC) has positively impacted its value. Therefore, the discount between the GBTC and the spot price for Bitcoin has been declining and could continue to do so in the coming months for the benefit of Gemini Earn clients. The agreement stated as the report noted: As of this writing, Bitcoin trades at $26,100 with sideways movement in the last few days. Cover image from Unsplash, chart from Tradingview

98% Treasury Allocated to Staking, and on-track to exceed C$98 million of treasury exposure to staking activities by early in the fourth quarter 2023 Management’s restructuring efforts are nearing completion and positions the Company towards being cash flow positive from an operating perspective and reaching profitability by the fourth quarter of 2023. The Company continues to be active with its NCIB and has purchased a total of 261,400 shares as at September 12, 2023. Net equity value per share as at September 12th is $2.96 TORONTO–(BUSINESS WIRE)–Ether Capital Corporation (“Ether Capital” or “the Company”) (NEO: ETHC), a technology company within the Ethereum ecosystem, today announced that the Company has successfully reached a corporate milestone in its mission towards securing the Ethereum blockchain in its allocation of an additional 9,120 ETH (having a current value of approximately C$19.7 million) to yield-generating staking activities. The newly staked ETH will run on the Company’s proprietary in-house infrastructure. This latest tranche follows an initial deployment of 320 ETH (having a current value of approximately $694, 000) on its own infrastructure in July. This allocation reaffirms the Company’s commitment made in June 2023 to maximize treasury exposure to staking and internalizing operations with custom built intellectual property (IP) supporting its staking activities. The approximately $20 million allocation of ETH to staking using proprietary infrastructure is in addition to the 36,000 ETH (having a current value of approximately $78 million) staked using a third-party service provider. Year-to-date yield on the staked ETH has averaged 5.04% on an annualized basis (as at August 31, 2023). The price of ETH at present is up 33% from the start of the year. Brian Mosoff, CEO of Ether Capital, commented, “Ether Capital remains committed to staking its treasury and using ETH as a core strategic asset to drive balance sheet growth. The Company’s unique structure consistently allows it to take advantage of the most attractive revenue activities, which is holding ether, staking, and continuing the build out of its proprietary infrastructure. As the digital asset ecosystem continues to evolve, staking and blockchain security remain core base layer activities that reinforce our decision to internalize the infrastructure to continue developing our institutional grade IP to support our staking activities and be leveraged into future growth opportunities.” “Over the past 12 months, our technical team has diligently addressed the complexities of monitoring, reporting, and validating within the evolving digital asset landscape,” commented Jillian Friedman, Chief Operating Officer and interim CFO. “We remain well positioned, committed and very enthusiastic about our business and where we sit in the ecosystem. With our restructuring efforts nearing completion, our near-term objectives are on track to have the Company reach profitability and be cash flow positive through cost management and optimal allocation of resources.” Restructuring Update The Company announced a strategic restructuring in June 2023. This process is near completion with the majority of the cost-cutting measures having been made. The Company is on track to realize a $2 million reduction in normalized operating cash expenses over projected operating expenses for the current fiscal year. Staking generates yield denominated in ETH and yield fluctuates on a daily basis. The price of ETH is volatile and as such, the Company’s future revenue from staking has the potential of being volatile as well. Note that any material reduction in the future staking revenue will have an impact on the net cash flow generated after Company expenses. Normal Course Issuer Bid (NCIB) Update As at September 12, 2023, Ether Capital has purchased and cancelled a total of 261,400 shares pursuant to its NCIB announced on June 15, 2023. About Ether Capital Corporation Ether Capital is a technology company within the Ethereum ecosystem with a mission to be the premier access point in the public markets for investment in Ethereum’s native token, Ether. The Company generates yield on its Ether treasury through staking, a process that allows Ether holders to participate in securing the Ethereum network and earn rewards in the form of additional Ether tokens. The Company’s strategy is to hold and stake Ether, build intellectual property related to staking and Ethereum infrastructure in general, and supplement staking income with consulting and sub-advisory mandates in the digital asset sector. For more information, please visit http://ethcap.co. Ether Capital Corporation is a publicly traded company trading on the Canadian NEO Exchange under the symbol “ETHC”. The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained in this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement, or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information in this press release is current only as of the date provided and Ether Capital is under no obligation to update this information, other than in accordance with applicable securities laws. Forward-Looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “on pace,” “anticipates,” or “does not anticipate,” “believes,” and similar expressions or state that certain actions, events or results “may,” “could,” “would,” “should,” “might,” or “will” be taken, occur or be achieved. Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to the risk factors discussed in the Company’s Annual Information Form dated March 23, 2023, the Risk Factors section in its most recently filed Management Discussion and Analysis and its other filings available online at www.sedarplus.com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. In addition, the Company cautions the reader that information provided in this press release is provided to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws. Contacts For more information: Jillian Friedman Chief Operating Officer and interim Chief Financial Officer [email protected] Brian Mosoff Chief Executive Officer [email protected]

LONDON–(BUSINESS WIRE)–B2Prime, a global PoP multi-asset liquidity provider, is renowned for adhering to high standards, striving to be the best and ensuring its products meet the client’s changing needs. To improve the product offering, B2Prime has implemented changes to regulatory requirements, leverage packages and more. Regulatory requirements The regulatory framework of B2Prime has been improved with two more jurisdictions. B2Prime Mauritius (FSC Mauritius) B2Prime Mauritius is a new regulation helping institutional market players and corporate clients outside Europe with an innovative settlement flow. Now, settlements to margin accounts on platforms such as Prime XM and OneZero can be made in fiat currencies (EUR/USD) and cryptocurrencies (major coins + stablecoins). Brokers in Mauritius can now work with a trusted liquidity provider in the same area, allowing them access to various types of financial contracts, like crypto CFDs, NDF CFDs, and other CFD assets. B2Prime Cyprus (CySec) This jurisdiction is added for European clients. A trustworthy liquidity provider regulated by the European Union offers a wide range of crypto CFD pairs, NDFs, and other traditional and unique instruments to European brokers and institutional market players, including those in Cyprus. Additionally, B2Prime Cyprus has permission to welcome business and institutional clients from countries outside the EU, such as Malaysia, the Cayman Islands, Hong Kong, India, Indonesia, Kuwait, and Vietnam (the complete list of countries can be found here). Margin Requirement Updates B2Prime offers multi-asset liquidity at the most competitive price and best terms. The company provides the following advantages: The setup of the Prime Margin Account: Free. The monthly minimum liquidity fee: is $1,000 (includes one FIX API or Hub-to-Hub). Monthly fee for optional MT Gateway/Bridge: $1,000. Minimum account deposit: $10,000 (can be used for trading). You can find more information about the B2Prime commissions by leaving a request on the website. More Liquidity Options A wide range of instruments for the following asset types was presented: Forex Crypto CFD NDFs CFD Spot indices Precious metals Commodities All the instruments are accessible via a single margin account. The 24/7 streaming liquidity for our 93 crypto CFD pairs is especially noteworthy: the feature is accessible via FIX API and available on platforms like PrimeXM and OneZero. Moreover, it is a competitive 10% margin on major pairs. B2Prime also lowered margin requirements on ten more crypto CFD instruments. Reducing margin requirements means brokers can borrow more money with less initial investment. In simpler terms, the margin requirement now is only 10% or 1 to 10 leverage. These new opportunities would help you make the most of your capital and have an advantage since B2Prime offers the most competitive fees. Upgraded Distribution Methods If you use Metatrader, B2Prime offers Bridge Gateways for MT5 and Bridge Plugin for MT4. If you have Trading Liquidity Hub, you can access these using OneZero/PXM solutions or Hub-to-Hub connections. Furthermore, using the FIX API protocol, B2Prime has integrations with platforms such as cTrader, Centroid HUB, T4B Trading engine, YourBurse Hub, and FxQubic Bridge. Once a broker finishes the initial process with B2Prime, they can start using a single prime margin account within just one day. This means allowing specific IP addresses and accessing all pairs mentioned in the specification list. Website Updates In addition to the service updates, B2Prime reworked its website, making it more structured and clear and ensuring easy navigation and quick access to essential information. Visual distractions were minimised, ensuring a more focused user experience. Blocks display has been improved, ensuring each block is short and easy to read and navigate. The B2Prime website can automatically redirect visitors to the right page based on their geographical location, ensuring a better user experience. The website’s header and footer were upgraded per the latest UX/UI standards. The Future Of B2Prime B2Prime, a reliable liquidity provider, has done a great job improving its features and redesigning the website. It offers 93 Crypto CFD pairs with competitive 10% leverage available 24/7, and the company’s innovative website showcases its top positions in the industry and innovative approach to liquidity provision. B2Prime will showcase its latest innovations at the iFX Cyprus Expo, attended by industry professionals, showing their comprehensive offerings. Contacts Nick Chryspcus [email protected] +357 25 582 192

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Chia Network, Inc., (“Chia”), founded by Bram Cohen to provide an open-source, public blockchain optimized for real-world adoption, today announced the election of Noor Menai to its Board of Directors, effective immediately. For over 30 years across three continents, Menai has been at the center of the world of finance, banking and technology. Currently President and CEO of CTBC Bank USA, he also serves on an Advisory Board of the Federal Reserve Bank of San Francisco and on the Federal Deposit Insurance Company’s Subcommittee for Supervision Modernization. “Noor Menai has deep experience in banking, financial services and technology and he’s demonstrated a passion for understanding regulation, consumer markets and people,” said Gene Hoffman, President and CEO of Chia Network. “Noor will add great value to our board and our leadership team. We are looking forward to working with Noor and learning from him, and we’re delighted to welcome him to our team.” Prior to CTBC, Menai held positions of increasing responsibility and scope at JPMorgan Chase, Bank of America, and Citigroup, – across consumer and commercial banking – where he helped build several of today’s most recognized tech-enabled platforms. Menai has also served as CEO of Charles Schwab Bank, punctuated by a five-year tenure in private equity in the Middle East and Africa. “I’m thrilled to join Chia’s board,” said Menai. “Chia is led by a world class, smart and responsible team, and the company’s focal point is very correctly on bringing all stakeholders along for the journey to a world where on-chain solutions will be much more commonplace. Chia’s technology will enable marketplaces and exchanges, which can only be described as inefficient today. I look forward to join Chia’s talented and diverse board and leadership team.” Menai holds an MBA in finance, computers and information systems and a bachelor’s degree in economics, computers and information systems from the University of Rochester. He also serves on the Board of Councilors of USC’s Rossier School of Education and on the Leadership Council of Children’s Hospital Los Angeles. About Chia Network Chia Network built a better blockchain to drive real-world use and application. Founded by Bram Cohen, inventor of BitTorrent, Chia provides a secure, sustainable and regulatory compliant blockchain setting the standard for the infrastructure of digital currency and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Network’s public, open source blockchain leverages hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009. For more information, visit: https://chia.net/ Contacts Media: FTI Consulting Parveen Singh & Keara Hanlon E: [email protected] Investor Relations: Jordan Schmidt E: [email protected]