In a busy week for news, let’s take a look back at the news stories that dominated the worlds of forex, fintech and crypto, in our best of the week segment.
eToro Confirms Public Listing with SPAC Merger
The biggest news story of the week was undoubtedly eToro’s confirmed plans to merge with blank check company, FinTech Acquisition Corp. V for making its public debut on Nasdaq.
The combined companies will operate as eToro Group Ltd, and the estimated implied equity value will be around $10.4 billion at closing, which is a value that was expected from earlier reports.
The official announcement detailed that $650 million will be raised from private placement in the public equity and another $250 million from FinTech V’s cash in trust. Private investors, including ION Investment, Softbank and Fidelity will receive the equity at $10 per share.
Read more on the eToro SPAC here.
CFTC Hits Coinbase with $6.5 Million Fine over Wash Trades
Coinbase has been ordered to pay $6.5 million in restitution to resolve civil charges brought by the US Commodities Futures Trading Commission for inaccurate reporting as well as wash trading on its institutional platform.