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Former BlockFi VP to lead Google’s Web 3.0 efforts

By Darius McQuaid

11:44, 22 December 2022

Google logo is seen during the reopening of Google office in a historical building at the Main Square in Krakow, Poland on 29 November, 2022
Google MD says he is “super thrilled” to welcome the new arrival – Photo: Getty Images

Rishi Ramchandani, the former vice-president (VP) of Asia for bankrupt crypto lender BlockFi, has become the Asia-Pacific (APAC) Web 3.0 lead at Google.

Ramchandani said in a LinkedIn post that he is “excited for the next step” in his career and looking forward to working with some “great people”.  

Mitesh Agarwal, managing director at Google with a focus on its cloud service customers, partner engineering and Web 3.0, said he was “super thrilled to welcome Ramchandani to lead Google Cloud’s efforts in Web 3.0”.

BTC to USD 

BlockFi bankruptcy and FTX exposure

On 14 November 2022, BlockFi announced that it could “no longer operate business as usual” in the aftermath of the cryptocurrency exchange FTX filing for bankruptcy on 11 November.   

In June 2022, FTX bailed out BlockFi with an injection of $250m (£207m) and then partnered with the crypto lender.

At the time Sam Bankman-Fried, then CEO of FTX, revealed in a series of tweets that he had chosen to help BlockFi because it had “careful risk management and great leadership”.

BCH/USD

376.70 Price
-3.000% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

XRP/USD

0.62 Price
+5.720% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,416.39 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

64,486.25 Price
-0.390% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

He said: “Sometimes leadership means acting decisively and that’s what BlockFi did. We take our duty seriously to protect the digital asset ecosystem and its customers.”

After the collapse of FTX, BlockFi said the “most prudent decision” for all its clients was to “pause many of our platform activities”.

BlockFi admitted that it had “significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda Research, assets held at FTX.com, and undrawn amounts from our credit line with FTX.US.”

Recently, BlockFi asked the US Bankruptcy Court for the District of New Jersey to allow customer withdrawals so they can access their crypto held by the lender.

BlockFi described this move as an “important step toward our goal of returning assets to clients”.

A hearing will be held on 9 January 2023 to decide if the motion should be passed or not. 

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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