According to estimates, the US inflation rate slowed to 6.5% in December

News • 2023/01/12 • by Remitano

Jack Ma cedes leadership of the massive fintech company Ant Group.

As part of the organization's ongoing restructuring and corporate governance optimization, Ant Group formally declared that Ma had consented to relinquish leadership of Ant Group. No one stakeholder would have control over Ant after the restructuring is finished, the business said in a statement. According to the company, significant shareholders like Hangzhou Junhan and Hangzhou Junao would independently exercise their voting rights in Ant. The business is one of several digital behemoths from China that have formed blockchain alliances in recent years for related purposes. In order to launch new products in 2022, the company has been actively building its AntChain blockchain business. Ant has however taken action to conform to China's unfavorable stance on cryptocurrencies, despite its evident interest in blockchain and related technology. Ant has however taken action to conform to China's unfavorable stance on cryptocurrencies, despite its evident interest in blockchain and related technology. According to a March 2022 article, Ant Group was one of the companies imposing some limitations on their nonfungible token platforms out of concern about a government crackdown.

Over $3 billion in debt, $500 million VC portfolio sale being considered by DCG

Apparently owing its creditors more than $3 billion is cryptocurrency broker Genesis Global, claims a recent Financial Times article from January 12. Another parent company, Digital Currency Group (DCG), which also controls Grayscale Investments and a number of its digital asset trusts, is attempting to make up the difference by selling a portion of its venture capital holdings. Genesis Global stopped withdrawals on November 16, 2022, claiming "extreme market instability," according to a previous Cointelegraph story. The company apparently had $175 million in money trapped on FTX at the time and had already obtained an equity infusion for $ 140 million to cover losses.

According to estimates, the US inflation rate slowed to 6.5% in December

In December, the consumer price index (CPI) decreased by 0.1%, roughly in line with forecasts for a flat result. The CPI increased by 6.5% on an annualized basis, which was lower than the 7.1% increase seen a month before and was expected. In accordance with expectations, the core CPI, which excludes volatile goods like food and energy, increased by 0.3% in December. The annualized core CPI increased by 5.7%, which was lower than November's 6% increase but still in line with projections. Trading in the cryptocurrency increased in the days prior to this morning's report on the hopes that inflation would continue to fall. As a result of the news, Bitcoin (BTC) has lost roughly $150. The U.S. inflation rate, which peaked in June at 9.06%, has slowed for six months running, but it is still much higher than the Federal Reserve's target rate of 2%.