Acquisition of previously owned FTX tokens

Pantera Capital, which manages $5.2 billion in assets, is aiming to acquire up to $250 million worth of SOL tokens. This acquisition could account for a significant share of the tokens previously owned by FTX, offering a discounted rate to investors willing to commit to a four-year vesting period.

The initiative to secure a large stake in Solana stems from the availability of 41.1 million SOL tokens within the FTX estate. By acquiring these tokens at a 39 percent discount, Pantera aims to provide its investors with a lucrative opportunity while also assisting FTX liquidators in reallocating assets to creditors without destabilizing the token’s market value.

This strategic acquisition is particularly significant given Solana’s impressive performance on the cryptocurrency market. Over the past year, Solana has seen a nearly 650 percent increase, demonstrating its potential as a high-growth digital asset.

Pantera Capital, founded by Dan Morehead, a former head at Tiger Management, has a rich history of pioneering in the cryptocurrency investment space. The firm launched the United States’ first cryptocurrency fund in 2013 and has been a leader in blockchain venture funding. Its portfolio management strategy spans passive, hedge, and venture investments in digital currencies and blockchain technology.

Solana’s market value has shown remarkable growth, surging by a whopping 14 percent in the last 24 hours alone. It is currently trading at $147.05. This surge is part of a broader trend that saw the cryptocurrency’s value multiply following the FTX collapse in November 2022. It is currently the fifth biggest cryptocurrency by market capitalization.

While the acquisition of a substantial stake in Solana by Pantera Capital marks a new chapter in Solana’s journey, it also reflects the dynamic and evolving nature of the cryptocurrency market. As Pantera Capital concludes this acquisition, the broader market will be watching closely, highlighting the importance of strategic decision-making in the high-stakes world of cryptocurrency investment.

Stop Press – AIBC Africa takes place in Cape Town between 11-13 March !

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JetBlue has been working diligently to return to profitability following a post-Covid travel surge and a blocked merger with budget carrier Spirit Airlines. The company has been cutting costs and improving operations, efforts that are likely to continue following Icahn’s involvement.

Who is Icahn?

Carl Icahn, an American businessman, investor, and philanthropist, is the founder and controlling shareholder of Icahn Enterprises. Born on February 16, 1936, Icahn has been shaking up corporate America for decades. He is known for his strategy of taking large stakes in companies that he believes will appreciate from changes to corporate policy. Subsequently, Icahn pressures management to make the changes that he believes will benefit shareholders. This strategy has earned him the reputation of being one of the most successful hedge fund managers of all time and one of the greatest investors on Wall Street.

This is not Icahn’s first investment into the airline industry. In the late 1980s, he took TWA private in one of his more infamous activist campaigns, only to see the airline struggle and file for bankruptcy. Despite this setback, Icahn’s involvement in JetBlue signals his continued belief in the potential of the airline industry.

JetBlue argued it needed the merger with Spirit Airlines to help it compete against the largest American carriers. However, a federal judge ruled against the combination of the two airlines last month, citing reduced competition. JetBlue and Spirit are appealing the judge’s ruling.

In the last 12 months, JetBlue’s stock was down more than 27 percent. Despite this, the NYSE Arca Airline index, which tracks the broader sector, is up nearly 7 percent over the same period. With Icahn’s involvement and the appointment of new CEO Joanna Geraghty, JetBlue is set to work through the challenges ahead and get the company back on track.

Activist hedge fund

Carl Icahn, known for his strategy of taking large stakes in companies and pushing for change, has invested in a variety of companies across different sectors–?As of the end of 2023, some of the top holdings in his portfolio included:

In the past, Icahn has also had significant positions in companies like eBay. In 2014, he took a significant position in eBay, calling it one of the worst-run companies he’d ever seen. He urged the company to spin off PayPal, which it announced it would do in August 2014.

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Despite glimmers of profitability, a deeper analysis reveals persistent challenges that most neobanks on the continent are facing, mirroring struggles faced by their counterparts in more mature markets like the U.K. and the U.S.

Recently, South African digital bank TymeBank, majority-owned by African billionaire Patrice Motsepe’s African Rainbow Capital, made headlines by declaring profitability for the first time in December 2023. However, the celebration might be short-lived as the bank did not disclose full-year financials and remains one among many African neobanks struggling to achieve sustained profitability.

TymeBank’s funding pursuits

Strategically leveraging this moment of profit, TymeBank aims to attract more investors. Having undergone mega funding rounds over the past two years, the startup is eyeing an additional $100 million in funding, potentially valuing the company at over $1 billion. Despite having 8.5 million users in South Africa, its acquisition rate seems to be slowing, raising questions about the sustainability of growth for neobanks in the region.

The journey to profitability for neobanks in Africa is diverse. TymeBank, FairMoney, and Carbon have taken distinct paths, reflecting the dynamic nature of the market. While TymeBank initially focused on delivering zero-to-low-fee bank accounts and savings products before venturing into credit services, FairMoney and Carbon began as online lenders, later expanding their offerings to include accounts and cards.

Acquisitions and capital markets

TymeBank’s acquisition of Retail Capital as its business banking arm and FairMoney’s launch of a private note programme worth N10 billion ($23 million) in Nigeria’s capital markets highlight the importance of stable balance sheets and robust lending propositions for neobanks to achieve profitability. However, it’s crucial to note that despite these strategies, African neobanks predominantly remain loss-making entities. One of the significant challenges facing African neobanks is the impact of bad debt. TymeBank’s recent profitability announcement came at a cost – a substantial increase in the credit impairment charge, indicating the challenges in maintaining a stable lending portfolio. Similarly, FairMoney faced challenges in 2022, influenced by a surge in impaired loans, impacting its net revenue despite substantial top-line growth.

Addressing credit challenges

As neobanks strive to grow into their valuations, addressing credit impairment challenges becomes paramount. FairMoney’s net impairment accounting for 82 percent of its net interest income in 2022 underscores the urgency. TymeBank’s 200x increase in credit loss expense from the previous year emphasizes the need to strengthen credit quality amidst economic headwinds.

While TymeBank’s momentary profitability offers a glimmer of hope, the challenges persist for most African neobanks. Navigating economic uncertainties, credit quality issues, and evolving business models present a complex landscape. As investors seek the next hotbed for fintech investments, African neobanks must strike a delicate balance between growth aspirations and the realities of achieving sustainable profitability.

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This remarkable compensation demonstrates Robey Warshaw’s position as a leading player in European dealmaking, managing the complexities of mergers and acquisitions with unparalleled success.

Global downturn

Despite a global downturn in dealmaking that has seen major financial institutions trim bonuses and shed staff, Robey Warshaw has defied the odds. The firm’s annual accounts, released recently, reveal a 5.7 percent surge in operating profits to ￡31.8 million for the year ending March 2023.

Against the backdrop of a challenging economic climate, Robey Warshaw’s ability to generate robust returns is a testament to the requirements of a resilient team with strategic acumen.

Deals included acquisition of Silicon Valley Bank?

Robey Warshaw’s success is further illuminated by its involvement in pivotal deals, including the ￡2.5 billion acquisition of Chelsea Football Club, United Health Group’s ￡1.2 billion purchase of health information supplier EMIS, and HSBC’s ￡1 rescue deal to acquire Silicon Valley Bank UK.

Advisory for Microsoft’s purchase of Activision?

The firm’s influence extends beyond national borders, with pivotal roles in transactions such as Microsoft’s $75 billion purchase of Activision, successfully navigating regulatory hurdles to secure approval in October.

Sir Simon Robey’s ￡20.4 million payday underscores not only individual success but also the collective achievements of Robey Warshaw’s founding partners.

Since its inception in 2013, the firm, led by industry veterans Simon Warshaw and Philip Apostolides, has consistently delivered exceptional results. Former Chancellor George Osborne, who joined as a partner in 2021, has proven instrumental in tackling mandates entangled in government and policy intricacies, exemplified by his role in the Chelsea FC deal.

As a limited liability partnership, Robey Warshaw’s financial structure positions it uniquely, with each partner responsible for their own tax obligations. The firm’s commitment to equitable compensation is evident, with employees experiencing a substantial increase in total wages from ￡6.7 million to ￡9.4 million, reflecting the shared success and growth within the organization.

During times where economic uncertainties prevail, Robey Warshaw stands out as a beacon of stability in the B2B financial services sector.

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Specialised in respiratory virus

Icosavax, specializing in developing a potential vaccine targeting respiratory syncytial virus (RSV) and human metapneumovirus, aligns seamlessly with AstraZeneca’s mission.

The vaccine’s success in the phase 3 trial could position AstraZeneca as a strong contender against established RSV vaccines by GSK and Pfizer, and potentially Moderna. Notably, AstraZeneca’s prior expertise in RSV, through collaboration with Sanofi for an infant protection antibody, adds depth to this strategic acquisition.

Evinova’s pioneering role in clinical trials

Simultaneously, AstraZeneca Plc has unveiled its foray into health technology with the launch of Evinova, a dedicated division aiming to integrate digital solutions and artificial intelligence into clinical trials. This innovative move, announced on Monday, promises to revolutionize clinical trial processes, offering potential cost and time reductions.

Collaborations with Parexel and Fortrea

Evinova has already attracted major players in the drug-testing arena, with Parexel and Fortrea entering collaborations to leverage its digital solutions. AstraZeneca envisions substantial growth in the digital health market, with a focus on research solutions and remote patient monitoring, along with contributions from screening, diagnostics, disease prevention, and digital pharmacies.

By concentrating on the power of digital solutions and AI, Evinova aims to address the longstanding challenges in clinical trials. AstraZeneca emphasizes that, on average, clinical trials take over 7 years to complete, and a staggering 80 percent fail to meet recruitment guidelines.

Evinova’s introduction marks a significant step toward enhancing efficiency and efficacy in the clinical trial landscape, propelling AstraZeneca into the forefront of health technology innovation.

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Earlier this year Visa increased its offer for the cloud-based platform provider of banking services and payments. Visa’s original offer of US $1 billion was rejected by the partners in the Sao Paulo-based fintech company. Pismo then raised the offer US $1.4 billion.

Pismo’s technology enables banks and fintechs to rapidly launch card and payment products, digital wallets and marketplaces linked to LatAm retailers. It also produces and provides its B2B clients with financial data organization and management services.

Backed by Amazon

Since its inception, Pismo has acquired backing from Amazon, Falabella Ventures, Redpoint Ventures and Softbank. Its strategy for global expansion continues as the company opened offices in North America and the UK, followed by India and Singapore. Its longer-term growth plan has been the completion of the acquisition by Visa.

Pismo processes 74 million accounts and 38 million cards, an increase of over 30 percent in the past year. Pismo’s series B fundraising of US $108 million in October 2021 highlighted its growth path.

Visa’s growth strategy includes a focussed expansion in the LatAm region where it maintains a leading position in the payments sector.

The acquisition of Pismo will accelerate Visa’s progress to grow its presence in Latin America.

Pismo has retained Goldman Sachs as an advisor.

Founded in 2016

Pismo was founded in 2016 by Daniela Binatti and Ricardo Joshua together with an experienced team of entrepreneurs and technology experts. They were joined by Juliana Motta and Marcelo Parise who is Daniela’s husband. The company demonstrated potential right from the beginning. After leading their Seed round in 2016 from Redpoint eVentures, now known as Headline Brazil, the company went on to lead a Series A through the US Early Stage fund. This helped the company expand into the US market.? Headline continued to support Pismo in its Series B with an investment from a global growth fund.

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Stop Press!? AIBC Americas Summit takes place in Brazil this month

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Microsoft has confirmed it will appeal the UK regulator’s decision.

The UK’s Competition and Markets Authority (CMA) opposed Microsoft’s proposed acquisition of Activsion Blizzard’s portfolio as it had a number of concerns that the deal would hurt competition in the cloud gaming market. The Authority blocked the Microsoft takeover of Activision Blizzard’s catalogue with its premium titles that include Call Of Duty, Overwatch and World Of Warcraft.

Microsoft has been in the United Kingdom for 40 years and we play a vital role, not just supporting businesses and non-profits but even defending the nation from cyber-security threats,” said Smith. “But this decision, I have to say, is probably the darkest day in our four decades in Britain. It does more than shake our confidence in the future of the opportunity to grow a technology business in Britain than we’ve ever confronted before.” Brad Smith, President – Microsoft

Smith went on to condemn the CMA for opting to “torpedo” the transaction for cloud gaming fears, describing it as a “small” component of Microsoft’s company.

The CMA, for its part, indicated that it blocked the purchase because it sees the cloud gaming sector as “fast-growing,” and believes that if Microsoft’s acquisition would go ahead, it would create a “risk undermining the innovation that is crucial to the development of these opportunities”.

Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming and this deal would strengthen that advantage giving it the ability to undermine new and innovative competitors,” Martin Coleman, Chairman of the independent panel of experts who investigated the acquisition.

For the benefit of consumers

The UK cloud gaming market is growing fast. Monthly active users in the UK more than tripled from the start of 2021 to the end of 2022. It is forecast to be worth up to ￡11 billion globally and ￡1 billion in the UK by 2026. By way of comparison, sales of recorded music in the UK in 2021 amounted to ￡1.1billion.

The Competition and Markets Authority is the UK’s competition authority. It works to promote competition for the benefit of consumers, both within and outside the UK.

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SEBC is a Japan Financial Services Agency regulated exchange that offers both brokerage services and consultancy, Binance said in a blog post. It supports 11 trading pairs. Terms of the acquisition were not disclosed.

“The Japanese market will play a key role in the future of cryptocurrency adoption,” said Takeshi Chino, general manager of Binance Japan. “As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

Hitomi Yamamoto, CEO of SEBC said the tie up with Binance would help towards building a compliant atmosphere for users in Japan.

Binance CEO Changpeng Zhao has been calling for greater transparency in the industry following the collapse of FTX, which triggered a round of new bankruptcy protection filings from smaller crypto exchanges.

The exchange had initially announced plans to buy the ailing FTX, but in a turbulent week pulled out of the transaction just days later after seeing more of the exchange’s finances.?

Earlier this month, Binance said it would set up an industry recovery fund to help those facing cash shortages as a result of the FTX crisis.?

The acquisition of SEBC sees Binance enter Japan as a regulated entity about a year after it was warned by regulators there for conducting unauthorised transactions.?

Japan was one of the first countries to regulate crypto after the high-profile collapse of Mt. Gox in 2014. Now all companies operating in the country must be authorised by the FSA.?

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In a statement on Twitter, Binance said FTX had asked for help and to protect users it has signed a non-binding letter of intent. It gave no financial details.

“We will be conducting a full DD (due diligence) in the coming days,” Binance CEO Changpeng Zhao said in the tweet.?

Prices of crypto currencies were rocked in trading on Tuesday amidst mounting speculation over the financial health of FTX, which is backed by billionaire billionaire Sam Bankman-Fried.?

Binance had earlier said it was offloading all of its holdings of FTX’s FTT token due to recent revelations, without being more specific .?

Altogether, Binance holds about $2.1 billion in FTT following its exit from FTX equity last year.?

“There is a lot to cover and will take some time,” Zhao said. “This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in coming days as things develop.”

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FTX US shines the silver lining for firm and customers

FTX US, the bitcoin exchange founded by billionaire Sam Bankman-Fried, is set to acquire cryptocurrency lender Voyager Digital’s assets after winning a bankruptcy auction. This is welcome news to worried customers of the hard-pressed crypto trader.

In a statement late Monday, it was announced that FTX US was selected as the highest bidder for Voyager’s assets, with a bid valued at approximately $1.422 billion. The bid comprises $1.3 billion for the fair market value of the digital assets, and a further $111 million in anticipation of incremental value.

A number of factors have contributed to Voyager Digital’s downfall. Besides the crypto market’s current bear run, the collapse of Three Arrows Capital, a hedge fund which included Voyager Digital’s assets and engaged in risky gambles on tokens, was also partially responsible for the fall. Amongst these tokens include the now collapsed stablecoin terraUSD.

Three Arrows Capital defaulted on borrowings from Voyager amounting to $670 million earlier in June. Voyager Digital’s claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate’s creditors.

Moving forward, FTX US’s $1.4 billion bid aids in maximizing the asset value and reducing Voyager Digital’s restructuring period. Voyager have suggested the possibility of merging its customers with FTX US’s own. CNBC reported them saying the exchange “will enable customers to trade and store cryptocurrency after the conclusion of the Company’s chapter 11 cases.” FTX US’s market-leading, secure trading platform will enable customers to trade and store cryptocurrency after the conclusion of the Company’s chapter 11 cases.

Besides aiding FTX US’s transitional period and opening the door for future trading, the merger is a fresh source of hope for the beleaguered crypto customers. With few legal avenues for the customers due to their treatment as ‘unsecured creditors’, FTX US has placed the possibility of compensating users of Voyager back on the horizon. It may be their best chance yet. Comparatively, creditors of Mt.Gox have been waiting for any form of recompense since 2014, the year the exchange went down.

This is not the first time FTX US 30-year-old Founder Bankman-Fried has come through as a beacon of hope this stretch of the crypto bear market. As numerous companies and exchanges suffered from the market’s fourth largest drawdown in Bitcoin’s history, Bankman-Fried has been seeking the best bargains, easing the transition period of many firms post their downfall.

Up Next: AIBC Malta Week 2022

After the successful completion of the AIBC Toronto and Dubai Summits, SiGMA Group is working diligently on this year’s edition of Malta Week. From the 14th to the 18th of November, the company’s most prominent brands will be brought together under one roof for the?AIBC Europe Summit, the premier networking opportunity of the year. The Summit at MFCC Ta’Qali is a stellar expression of European innovation in the Gaming, Esports and Emerging Tech sectors, featuring numerous panels and conferences by leading experts. Interested in joining our long list of speakers, exhibitors or sponsors? Please contact?Sophie?to reserve your spot, or visit our?website?for more information.

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