Crypto exchange FTX will refund all of its digital assets to its customers after receiving court approval. Shareholders could also benefit from this decision.

Customers will have access to all of their assets that were blocked when FTX filed for bankruptcy more than a year ago and Sam Bankman-Fried was subsequently found guilty of the charges in court.

The order was approved by US bankruptcy judge John Dorsey. It is estimated that shareholders could receive “part of the $1 billion in seized assets.”

As you may recall, in November 2022 it was said that the platform’s customers could receive only a fraction of the funds. However, “by June 2024, FTX had accumulated $12.6 billion in assets, a figure that could increase to $16.5 billion once all the platform’s assets are sold. These assets include stakes in various companies, such as the artificial intelligence company Anthropic.”

According to attorney Ken Pasquale, representing the creditors, this decision could be the result of the cryptocurrency market’s rally over the past year, which has been beneficial to an increase in the price of FTX’s assets.

As a result, the exchange has been able to “negotiate agreements with creditors and regulators, improving customers’ recovery prospects.”

Customers have been critical of the refund, as it will be made in cash and not in cryptocurrency. “Payments will not be immediate either, as FTX is in the process of establishing a trust and hiring a company to oversee the distribution of funds.”

M.Pino

Source: cripto247

(Reference image source: Kanchanara in Unsplash)

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La entrada FTX to refund clients funds in full apareció primero en Bitfinance.

In a recent statement, Citigroup CEO Jane Fraser noted that radical changes are coming in order to simplify the bank.

The executive spoke of a “major management reorganization that will allow her to more directly supervise her businesses, in an attempt to simplify the bank.”

According to Fraser, from now on, the directors of the bank’s five businesses become directly dependent on her orders. “Among them, Shahmir Khaliq, who heads services, Andrew Morton in markets, Peter Babej for investment and corporate banking, Gonzalo Luchetti in consumer banking in the United States, and Andy Sieg in wealth, when he joins the company at the end of this month”.

With the adjustments that will be applied in Citigroup it will be possible to comply with all its obligations to shareholders. Among the transformations is the division of the Institutional Clients Group, in addition to the elimination of the leadership of that business.

“The new model will eliminate some international leadership functions, as well as its personal banking and wealth management divisions,” Fraser stressed.

It is speculated that there will also be plans to cut staff to adjust to the radical changes in search of the aforementioned simplification of the bank.

M.Pino

Source: finanzasdigital

(Reference image source: Declan Sun, Unsplash)

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La entrada Citigroup will seek for simplification with radical changes apareció primero en Bitfinance.

It is presumed that Match Group, the company owned by Tinder, is delaying its plans for the launch of the metaverse announced in February of this year.

According to a letter sent by the company’s shareholders, these plans would be interrupted by the disappointing results that the application has obtained in recent times.

Executive director Bernard Kim showed through a letter a more cautious and conservative approach regarding the integration of Tinder services and the metaverse.

“However, given the uncertainty over the ultimate contours of the metaverse and what will or won’t work, as well as the more challenging operating environment, I have instructed the Hyperconnect team to iterate but not invest heavily in the metaverse at this time”, Kim indicated.

K. Tovar

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Source: Diariobitcoin

La entrada Tinder delays its metaverse project apareció primero en Bitfinance.

According to a dispatch from the EFE agency, this operation, announced in October 2019, obtained 99.15% of the votes of the shareholders present at the FCA meeting and 99.95% of those of PSA, which were held without public and were transmitted by videoconference.

Fiat Chrysler announced moments after the vote that both car firms plan to complete the merger on January 16 and that “trading of Stellantis common shares will begin on Monday, January 18 at Mercato Telematico Azionario in Milan and at Euronext Paris, and on Tuesday, January 19, at the New York Stock Exchange.

The union of equals will give birth to the fourth largest manufacturer in the world in terms of sales volume, only behind the German Volkswagen, the Japanese Toyota and the French-Japanese alliance Renault-Nissan-Mitsubisthi.

It will have more than 400,000 employees and a market capitalization of more than 49,113 million dollars and will generate synergies estimated at 6,139 million dollars per year.

By business volume, it will be the third largest car manufacturer in the world, with $ 205,050 million, based on 2019 figures (FCA had a turnover of about $ 132,615 million at the current exchange rate, and PSA of $ 72,451 million at the exchange rate. current, excluding Faurecia).

But, in addition, adding the data from Fiat Chrysler and PSA for 2019 (not counting Faurecia), Stellantis will have an estimated adjusted operating profit of about 14,735 million dollars; an adjusted operating margin of around 7% and an operating free cash flow related to the automotive segment of more than 6,139 million dollars, as noted by the CEO of FCA, Mike Manley, at the Fiat Shareholders’ Meeting Chrysler.

“It is a historic merger”, described the president of Fiat Chrysler, John Elkann, in his speech at the beginning of the assembly of the Italian group, which has increased fivefold in value in the last 10 years.

“Stellantis is a union of two like-minded partners, coming together to build something unique and great,” continued the Italian businessman, who will also be Chairman of Stellantis.

The new entity will be based in the Netherlands, but will continue to be listed on the Paris, Milan and New York Stock Exchanges.

G. Febres

With information from EFE and international media

La entrada Fiat Chrysler and PSA shareholders approved their merger almost unanimously apareció primero en Bitfinance.