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NVIDIA-Backed CoreWeave Hires Ex-Google, Oracle Vets for AI Growth

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1 month ago

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CoreWeave, a startup in the artificial intelligence cloud-computing sector backed by Nvidia, has made changes to its leadership structure, naming Chen Goldberg as Senior Vice President of Engineering and Sachin Jain as COO.

The two executives who are new to the company have had leadership experience from their previous positions at Google and Oracle respectively. These strategic hires are in line with CoreWeave’s mission to advance the creation and implementation of its AI cloud platform, thus enhancing its position in the competitive AI market.

CoreWeave Hires Ex-Google, Oracle Vets for AI Growth

CoreWeave has expanded its executive team with the appointment of Chen Goldberg and Sachin Jain, indicating that the company is stepping up its investments in AI cloud solutions. Goldberg, who has more than 25 years of experience in managing the global engineering team and product development, comes to IBM from Google where she recently has been working as General Manager and Vice President of Engineering for Kubernetes and Serverless.

In her new role at CoreWeave, she will be the engineering force of the company as well as spearhead the advancement in the company’s AI cloud solutions.

Sachin Jain who will be joining as Chief Operating Officer has worked previously as Senior Vice President at Oracle Cloud. While at Oracle, Jain oversaw the AI enablers, data center capacity and the infrastructure product groups. His managerial experience as the head of Google Cloud and Amazon makes him suitable to improve CoreWeave’s operations and strategic plans.

Strategic Investments and Expansion Efforts

Besides enhancing the leadership team, CoreWeave is also allocating resources to its global growth and AI technology. Lately, the company was able to secure $7. 5 billion in debt financing to increase investments in its cloud data centers. This funding will also allow CoreWeave to expand its infrastructural facilities in order to fulfill the increasing requirements of AI cloud services from the enterprises, as well as from AI startups.

CoreWeave had also made an attempt of a $1 billion acquisition bid of Core Scientific, another major company in the blockchain and AI solutions industry based on report from Coingape. This potential acquisition is expected to help CoreWeave establish itself further in the AI market through the addition of more data centers and improved services.

Therefore, the recent executive appointments, strategic investments, and the potential acquisition of CoreWeave indicate the company’s intent to be a key player in the AI cloud infrastructure market. This is seen through the company’s commitment to innovation and operational efficiency as it seek to expand its data center operations with an intention of doubling the data center capacity by the end of 2024.

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Texas Court Dismisses Consensys Suit Against SEC on Procedural Basis

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3 hours ago

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September 20, 2024

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The United States District Court for the Northern District of Texas dismissed Consensys Software Inc.‘s case against the Securities and Exchange Commission. This was after a long legal battle to determine the status of Ethereum and other similar software products.

Texas Court Ends Consensys Suit Against SEC

The U.S. District Court in Fort Worth has thrown out the allegations made by Consensys against the Securities and Exchange Commission in a recent legal move. The court, presided over by Judge Reed O’Connor, ruled on procedural grounds. The judge determined the claims concerning Ethereum classification and the regulatory approach to MetaMask were not ripe for judicial review. This decision effectively puts an end to the current litigation initiated by Consensys in April of this year.

The dismissal focused particularly on the lack of final agency action from the SEC, which the court noted was a requisite for a substantial legal challenge. This procedural dismissal indicates that despite the issues raised, the court decided not to proceed with evaluating the merits of the case.

Initially, Consensys challenged the SEC’s classification of Ethereum and its derivatives as securities. The complaint highlighted concerns over the SEC’s focus on MetaMask, a software service provided by Consensys that facilitates crypto transactions and staking. 

Despite an earlier notification in June about the SEC dropping its investigation into Ethereum, the broader implications of this regulatory scrutiny remained a contentious issue.

Subsequent to the initial lawsuit, the SEC initiated a separate enforcement action in June, accusing Consensys of operating its MetaMask swaps service without proper registration. 

In addition, according to Judge O’Connor, this case lacked the necessary finality from the Securities and Exchange Commission side to be considered ready for court adjudication.

Reactions and Future Regulatory Steps

The court’s decision to dismiss on procedural grounds does not conclude the legal issues surrounding the regulation of Ethereum and other blockchain technologies. 

More so, Consensys has expressed its intention to continue advocating for blockchain developers and to challenge the SEC’s actions in other jurisdictions, indicating that the struggle over crypto regulation in the U.S. is far from over. The case’s dismissal in Texas does not preclude the blockchain company from pursuing other legal avenues to address their grievances.

In addition, most recently, a US Bankruptcy judge Brendan Shannon approved Terraform Labs plan to liquidate its assets following an ongoing SEC lawsuit.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?

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8 hours ago

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September 19, 2024

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A crypto whale has sold his entire Pepe coin, FLOKI, and Worldcoin holdings amid the recent price surge in the market. The digital asset market notched increased sentiments following interest rate cuts by the Federal Reserve. However, some users point to profit taking which can reduce the projected uphill movement.

PEPE Whale Dumps Assets 

A digital asset whale has sold his holdings in three assets raking in profit. On-chain data shows the trader has sold  $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit. The whale raked in $110,000 from Pepe coin holdings while netting $45,000 and $44,000 from FLOKI and WLD respectively. 

According to crypto analysts, the trader suffered losses at some point to due price swings after Bitcoin traded below $55K. The drop in Bitcoin price sparked a decline in altcoins and meme coins as the wider market faced a slight correction. Following the Federal Reserve’s decision to slash policy rates by 50 BPS on Sept 18, prices of crypto assets surged leading to traders looking to make a profit. 

Generally, whale movements send a bearish signal to the market due to their total number of holdings with smaller traders moving in the same direction. Recently, the market has seen similar movements from traders to reposition assets amid price swings. This week, an Ethereum whale dumped $38 million worth of ETH sparking negative pressure. 

What’s Next For The Assets? 

The crypto market is soaring off the Fed’s decision to cut interest rates. Several traditional investors projected growth in the market after the September rate cuts as funds flow to risky assets. At press time, the total market cap is up 6% with the market cap hitting $2.1 trillion. In the last 24 hours, PEPE surged 13%, alongside other meme coins.

FLOKI price is up 10% in the same time frame while Worldcoin moved up 8%. Most commentators point to increased gains in the price of crypto assets as macro factors flip positive.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance CEO Says Institutional Investors Grew 40% This Year

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17 hours ago

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September 19, 2024

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Binance CEO Richard Teng has revealed that the crypto exchange’s institutional and corporate investors grew by 40% this year. This development again highlights how much institutions have continued to gain exposure to crypto assets, especially since the spot Bitcoin and Ethereum ETFs launched.  However, Richard Teng is confident that institutional crypto adoption is just getting started.

Binance CEO Says Exchange Recorded 40% Growth

Teng revealed during an interview at the Token2049 conference in Singapore that the crypto exchange has recorded a 40% increase in institutional and corporate investors this year. However, he added that institutional allocation to crypto is just the tip of the iceberg and is only getting started.

The Binance CEO expects that more institutions will crypto to invest in crypto assets as time goes on. He added that many of them are still doing their due diligence, which is holding them back from gaining exposure to these digital assets.

Richard Teng believes that regulatory clarity will provide certainty to these institutions and other mainstream users, increasing liquidity in the crypto space. Meanwhile, he highlighted the effect of institutions investing in crypto assets as one of the reasons why Bitcoin hit a new all-time high (ATH) of $73,000 earlier in March.

Indeed, these institutions played a major role in Bitcoin hitting a new ATH before the halving event. The approval of the Spot Bitcoin ETFs in January this year caused new money from these institutions to flow into the BTC ecosystem. These inflows ultimately led to a parabolic price rally for the flagship crypto, reaching $73,000.

Spot Bitcoin ETFs Are Far From Their Peak

Nate Geraci, the President of the ETF Store, shared a sentiment similar to the Binance CEO when he recently suggested that the Spot Bitcoin ETFs have yet to reach their peak. SoSoValue data shows that the Bitcoin ETFs have recorded net inflows of $17.44 billion since they launched. BlackRock and Fidelity, the most successful ETF issuers, already have over $21 billion and $10 billion in assets under management (AUM).

However, Geraci is confident they can still achieve much more success, noting that most wirehouses have yet to approve these Bitcoin ETFs. These wirehouses refer to major brokerage firms that have a global reach. Therefore, just like the Binance CEO predicts, more institutional investors will continue to allocate to crypto as time passes.

It is worth mentioning that other crypto ETFs besides Spot Bitcoin and Ethereum ETFs could launch soon enough. Asset managers VanEck and 21 Shares already filed to offer a Spot Solana ETF. Meanwhile, Grayscale has launched its Grayscale XRP Trust, which the asset manager could eventually convert to a Spot XRP ETF.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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