Tag: arrington capital

Algorand Foundation Joins Forces with Borderless Capital, Arrington Capital, and DWF to Invest in Pera Algo Wallet

The Algorand Foundation, in partnership with Borderless Capital, Arrington Capital, and DWFLabs, has announced a strategic investment in the Pera Algo Wallet. This investment aims to expedite the expansion and adoption of the Algorand ecosystem by enhancing the capabilities of this self-custodial wallet.

Pera Algo Wallet, an open-source platform, empowers users to securely store, purchase, and trade cryptocurrencies on the Algorand blockchain. The Algorand Foundation’s commitment to providing essential tools and support for ecosystem growth is exemplified by its decision to support and nurture Pera Algo Wallet.

Under the leadership of CTO HYigitGuler, the core engineering team of Pera Algo Wallet will continue to advance the platform’s features and functionality. Oversight of Pera Algo Wallet will be assumed by the Algorand Foundation’s EVP of Ecosystem Growth, mintwt, and Principal Architect, Bruno Martins, who brings a wealth of experience in wallet architecture, mobile applications, applied cryptography, and encrypted messaging systems.

The Algorand Foundation reaffirms its dedication to fostering a diverse ecosystem by pledging continued support for various Algorand wallets, including Defly, Exodus, Fireblocks, Ledger, MyAlgo, DaffiWallet, and more.

Pera Algo Wallet, which recorded over 1 million new app downloads in 2023, will maintain uninterrupted wallet services and customer support for existing users following this strategic partnership.

This investment by the Algorand Foundation underscores its commitment to bolstering the cryptocurrency ecosystem. It is anticipated that this collaboration will pave the way for further advancements within the Algorand network, potentially expanding opportunities for cryptocurrency adoption and utilization.

For those interested in gaining deeper insights into this partnership and its implications for the Algorand ecosystem, the Algorand Foundation will host a live event on their Spaces channel at 12:00 pm EDT.

The Algorand community has enthusiastically received this announcement, with members expressing optimism about the potential use of $Algo for payments on platforms like Shopify. This showcases the growing enthusiasm within the Algorand community.

The Algorand Foundation’s dedication to nurturing the Algorand ecosystem through strategic investments exemplifies its commitment to the blockchain industry’s growth and development.

US Bitcoin Corp-Hut 8 Merger Progresses Amid Celsius Plan Approval

U.S. Data Mining Group, Inc., doing business as US Bitcoin Corp (USBTC), today announced two pivotal developments: the progression of its merger with Hut 8 Mining Corp (“Hut 8”) and the court approval of the Celsius bankruptcy restructuring plan.

USBTC is advancing its all-stock merger (the “Transaction”) with Hut 8, a leading North American digital asset mining and high-performance computing infrastructure provider. The Securities and Exchange Commission (SEC) declared the registration statement for the merger effective on November 9. Asher Genoot, President and Co-Founder of USBTC, expressed enthusiasm about the merger, stating, “Joining forces with Hut 8 marks a new phase of growth for our shared company. This merger shows our ongoing dedication to operational excellence and provides a strengthened platform for our shared future.”

The merger is anticipated to be finalized by November 30, 2023, pending approval from USBTC stockholders and other customary closing conditions. Post-merger, the common stock of the new entity, Hut 8 Corp. (“New Hut”), is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.

In another significant development, USBTC, alongside consortium partners Arrington Capital, Proof Group, Steve Kokinos, and Ravi Kaza, acknowledges the court’s approval of the Celsius bankruptcy restructuring plan. This approval marks a crucial step for the consortium to begin managing Celsius’s assets and operations. The plan received overwhelming support from creditors, with a 95% approval rate.

The approved plan outlines a strategy for establishing and operating a new public, regulatory-compliant company to manage Celsius’ illiquid assets. This move signifies USBTC’s commitment to shaping the future of the cryptocurrency industry through operational excellence and innovative solutions.

USBTC, founded by visionary entrepreneurs and experienced executives, is a prominent North American mining company known for its efficiency, eco-friendliness, and large-scale operations. With campuses in New York, Nebraska, and Texas, USBTC aims to set industry standards.

Recently, Hut 8 Mining Corp has received the green light from the Canadian Supreme Court for the merger with USBTC. This approval further solidifies the merger’s progression and highlights Hut 8’s commitment to transparency and regulatory compliance in the cryptocurrency mining sector.

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