An update on Binance

tZERO announced a definitive merger agreement to go public via SPAC with FG Imperii Acquisition Corp. (FGII). The proposed transaction values tZERO at a pre-money valuation of $350 million. Upon closing, the combined entity plans to list its stock on the NYSE under the ticker TZRO. Existing tZERO equity holders are rolling 100% of their equity into the combined company. Key backers include Overstock parent Neighborhood Intelligence (NXH), which holds roughly 38% of tZERO, and Intercontinental Exchange (ICE). Read more →

Last night, Binance began allowing customers to resume withdrawals from its exchange after last weeks $6 billion hack. The company also said it has now replaced ~95% of the stolen assets. Nine and a half hours after allowing withdrawals, the exchange said it had seen a net outflow of $3.64 billion ($4.65 billion in withdrawals and $1.1 billion in deposits). To stimmy the losses, Binance has boosted its market maker incentives and completed a latest proof of reserves. Follow this link for live updates →

Last week, we reported that 33 companies had objected to having their shares tokenized on OKXICE, the platform planned by crypto exchange OKX and NYSE owner ICE. That number is now 50, including Nvidia, Nike and Costco – and 43 of the original 62 companies have opted out, shrinking its proposed stock lineup by nearly 70%. Crypto in America reports that an executive at one Nasdaq-listed company said a Nasdaq representative encouraged it to object. This makes sense, especially since Nasdaq is developing its own tokenization model with Kraken. Overall, the fight now includes two rival exchanges pursuing different ways to bring stocks onto blockchains, while OKXICE’s initial lineup keeps getting smaller. Read more →

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