Crypto

Today in Crypto: Binance.US Seeks to Raise $50M

Crypto exchange FTX announced on Tuesday (June 21) that it will buy Embed Financial Technologies, which will provide it with Embed’s white-label brokerage services and application programming interfaces (APIs).

The acquisition will also include the Embed Clearing subsidiary. This will see the company expand its financial services to US customers, allowing it to route, execute, clear and custody all customer stock and option accounts with Embed.

According to FTX US President Brett Harrison, the goal is to “provide a comprehensive trading application that spans all asset classes.”

“For stock and options trading, this necessarily includes services like clearing and custody, and our partnership with Embed showed us that they have built excellent technology and infrastructure to provide these services,” continued Harrison. “We look forward to working together to integrate both our teams and our technology as we continue to build FTX Stocks.”

Meanwhile, political donations from crypto brokers, venture capitalists and investors have surged in recent months, Bloomberg reported Tuesday.

Donations reached $52 million through the end of May for the first 15 months of this midterm election cycle. The report said this saw a doubling of the amount put into donations from these companies.

Bloomberg noted that FTX co-CEO Ryan Salame donated $8 million in May to American Dream Federal Action, which has backed Republicans with $7.6 million. In addition, his colleague, Sam Bankman-Fried, has donated $500,000 to the Senate Majority PAC, which supports Democrats.

In other news, Reuters reported Tuesday that Celsius’s decision to stop making withdrawals has hurt some crypto investors.

“He was probably making $100 a week,” Jeremy Fong, a 29-year-old civilian aerospace worker, was quoted as saying by Reuters. “That covered my purchases.”

Celsius made the decision last week to freeze withdrawals for all 1.7 million customers, due to what it said were extreme market conditions and the massive issues with the crypto market over the last month or so. As such, Fong has seen about 30% of his long-term crypto holdings shrink, which he said was “very uncomfortable.”

Finally, Binance.US is looking to raise $50 million in additional funding to help continue the exchange’s seed round, CoinDesk wrote on Tuesday.

Binance.US is the US arm of the Binance cryptocurrency exchange. The raise will target “strategic partners,” according to the report, and would not be a new Series A round.

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DATA OF NEW PAYMENTS: THE TAILOR-MADE PURCHASE EXPERIENCE STUDY – MAY 2022

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