Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

Desy Papper

SAN FRANCISCO — Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream.

Traditional banks are helping investors put their money into cryptocurrency funds. Companies like Tesla and Square are hoarding Bitcoin. And celebrities are leading the way in a digital-art spending spree using a technology called an NFT.

On Wednesday, digital or cryptocurrencies will take their biggest step yet toward wider acceptance when Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq. Coinbase shares received a reference price of $250 each on Tuesday evening, which would

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Tesco counts cost of Covid trading as profits drop

Desy Papper

Bloomberg

TikTok Founder’s $60 Billion Fortune Places Him Among The World’s Richest People

(Bloomberg) — Just last year, the world’s most valuable startup, ByteDance Ltd., was being squeezed from all sides.The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Beijing was cracking down on tech businesses, and India blacklisted some of its social-media apps.For all the obstacles, ByteDance kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people — a distinction that lately has carried increased risks in China.Shares of the company trade in the private

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SAP Jumps After Lifting Full-Year Guidance on Cloud Business

Desy Papper

Photographer: Alex Kraus/Bloomberg

Shares of SAP SE hit a six-month high in early trading after the company released preliminary first-quarter results that showed customers are beginning to pick up information technology spending after cutting back during the pandemic.

The Walldorf, Germany-based software company said late Tuesday it saw a 7% rise in first-quarter cloud revenue and raised the lower end of its full-year forecast for cloud sales. Adjusted cloud revenue was 2.15 billion euros ($2.57 billion) in the period ended March 31.

SAP rose 3.8% to 116.46 euros in Frankfurt trading at 9:41 a.m., their highest level

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Archegos Ripples Through Banks’ Lucrative Hedge Fund Units

Desy Papper

The collapse of Archegos Capital Management LP, an investment firm that few even on Wall Street had heard of until it imploded last month, is changing a lucrative, decades-old part of global banking.

Nomura Holdings Inc. and Credit Suisse Group AG, the two lenders hit hardest, have started to curb financing in the business with hedge funds and family offices. European regulators are looking at risks banks are taking when lending to such clients, while in the U.S., authorities started a preliminary probe into the debacle.

Together, steps taken from Washington to Zurich and Tokyo could portend some of the

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This Startup Is Building a Chip to Save Traders Vital Microseconds

Desy Papper

That’s a bold claim in the absence of a completed prototype, but fitting for a company named Rebellions because Park wants to disrupt the industry like the French Revolution upended the European country more than two centuries ago.

It could also be a big deal if it pans out. Such is the state of speed in financial markets after traders spent the past decade shaving milliseconds — or thousandths of a second, an eternity compared with the time scale Rebellions operates in — off their reaction times by constructing nearly light-speed wireless networks spanning continents and crossing oceans.

Since

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