Twitter CEO Elon Musk has made another marketing move to connect the social media platform with the crypto community by swapping out its logo icon for a Shiba Inu the token for Dogecoin. However, the move appears to be more than just an engagement strategy. Just two days ago, Musk asked a judge to dismiss a $258 billion lawsuit alleging that Dogecoin was promoted through a pyramid scheme.
Intentional or not, the new icon caused DOGE prices to spike again this week. Crypto companies in the UK face a less rosy reality, with financial institutions restricting the ability of crypto-related businesses to access banking services. The move runs counter to Prime Minister Rishi Sunak's plans to prioritize financial technology disruption and make the UK a global crypto hub.
This week's Crypto Biz explores Canada's new crypto group, the recent untimely death of the San Francisco-based Cash App creator, as well as DOGE news and crypto challenges in the UK.
Elon Musk changes Twitter icon to Doge after seeking dismissal of lawsuit
Dogecoin fans and investors welcome a new Twitter icon for the popular meme token. The social media platform updated its avatar on April 3, two days after its chief executive, Elon Musk, asked a U.S. judge to dismiss a $258 billion lawsuit from investors accusing it of promoting Dogecoin through a pyramid scheme. Multiple past market studies have shown that Musk’s tweets about DOGE tend to drive up its price. However, Musk's lawyers argued that the "funny pictures" and "supportive tweets" did not constitute a fraud claim. In at least this week’s case, the marketing move had a positive impact on the altcoin’s price, with the coin surging more than 22% within an hour of the icon change.
WonderFi Merges with Coinsquare and CoinSmart to Form Regulated Crypto Asset Platform
With the announcement of the merger of WonderFi Technologies, Coinsquare and CoinSmart Financial, a new cryptocurrency conglomerate has emerged in Canada, making it the country’s largest regulated cryptocurrency exchange with more than 1.65 million registered users. The newly combined company promises to provide Canadians with a wide range of diversified products and services, including retail and institutional crypto trading, staking products, business-to-business crypto payment processing, sports betting and gaming. The companies “have more than $17 billion in transactions since 2017 and over $600 million in assets under custody.” The new companies are estimated to have approximately $50 million in cash and investments and no outstanding debt.
UK Banks Are Turning Back Cryptocurrency Customers
Cryptocurrency companies struggle to access banking services in the UK. The handful of banks that are still working with cryptocurrency firms have requested more documents and information on how they monitor customer transactions. Challenges include rejected applications, frozen accounts, and onerous paperwork. Cryptocurrency firms are turning to payment service providers such as BCB Payments and Stripe to maintain business operations in the UK. Just weeks ago, HSBC Holdings and the Nationwide Building Society banned the country’s retail customers from buying cryptocurrencies via credit cards, joining a growing list of banks in the U.K. seeking to tighten restrictions on digital assets.
