The cryptocurrency exchange FTX, which was in financial difficulty, reached an agreement to settle a dispute related to its European division. As a result, the company was returned to its previous owners.

According to a Reuters report, FTX agreed to sell FTX Europe to its founders for 32.7 million US dollars. This agreement suggests that the company had difficulty finding other interested buyers.

It is important to remember that FTX Europe was originally acquired in 2021 by Swiss startup Digital Assets AG (DAAG) in a deal that amounted to 323 million dollars.

Before accepting the sale, FTX attempted to recoup the funds it had invested in the acquisition. The exchange filed a lawsuit alleging that the purchase had been financed with client funds and arguing that the purchase price was a “massive overpricing”.

The founders of the startup, Patrick Gruhn and Robin Matzke, denied the allegations and counterattacked, requesting $256.6 million from FTX. According to Reuters, the dispute was finally resolved on February 21.

FTX Europe was also part of FTX’s presentation at Chapter 11 in the United States in November 2022. Several cryptocurrency exchanges showed interest in acquiring the European division after its bankruptcy, hoping to gain a share of the regional market that FTX had left.

K. Tovar

Source: iHold

(Reference image source: Kachanara, Unsplash)

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La entrada FTX to sell its European subsidiary apareció primero en Bitfinance.

Kevin Systrom and Mike Krieger, the founders of Instagram, created Artifact, a personalized news app that uses artificial intelligence (AI) technology to deliver this information.

Systrom and Krieger left Facebook at the end of September 2018, with the goal of “re-exploring” their “creativity and curiosity” as well as “building new things” and finding out what would inspire them to “combine it with what the world needs.” “, as the first pointed out in a statement.

The founders of Instagram are now back with Artifact, a platform that presents itself as a personalized news feed and uses machine learning technology to learn and understand the interests of users.

The operation of this application, available for both iOS and Android devices, is similar to TiktTok, although instead of videos it introduces text and offers users a series of articles of interest, based on user activity recorded while using it.

Those who sign up for the waitlist for this service will initially see a single feed, while the beta version for testers already has two more personalized features.

Source: dpa

(Reference image source: RTVE)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada IG founders create news app apareció primero en Bitfinance.