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Digital investment brokerage Webull Corporation faced significant obstacles in its quest to go public, largely attributed to its cryptocurrency offerings, as disclosed by the companys U.S. CEO on Wednesday.

The online brokerage, aiming for a U.S. listing through a merger with special purpose acquisition company (SPAC) SK Growth Opportunities Corp. SKGR , has seen its journey marked by regulatory challenges and strategic shifts, particularly around its crypto operations.

The proposed merger, valuing the combined entity at approximately $7.3 billion, is set to elevate Webull onto the Nasdaq, contingent upon approval from shareholders and regulators.

This development followed several thwarted attempts at an initial public offering, with Anthony Denier, Webulls U.S. CEO, citing various impediments, including the platforms exposure to cryptocurrency, as significant obstacles.

The SEC has not been friendly, which is widely known, Denier remarked in an interview with Bloomberg News.Webull Steers Away From Crypto To Secure Nasdaq Listing

Founded by Wang Anquan, an alumnus of Alibaba Group Holding Ltd. BABA and Xiaomi Corp., Webull ventured into crypto trading in 2020, aiming to compete with platforms like Robinhood Markets Inc. HOOD .

However, the regulatory landscape concerning crypto trading prompted Webull to divest its digital asset business and eliminate cryptocurrency trading from its offerings globally by the end of the third quarter, as stated by Denier. This decision underscored the regulatory ambiguities faced by registered broker dealers in the crypto space, leading to a cautious retreat from these offerings.

Despite these challenges, Webull maintained crypto- and forex-related information on its website, providing market data and educational content for informational purposes only, without offering actual trading in these products, as specified by the company.

Webull has a robust 20 million registered users across 15 regions worldwide and manages $370 billion in equity notional volumes. Recently, the broker announced a partnership with the NBA's Brooklyn Nets and the WNBA's New York Liberty as the official basketball jersey patch partner.

Now Read: Webull To Go Public With SPAC Merger: What Investors Need To KnowLoading… Loading…

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Betting markets predict bullish 2025 for crypto

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Betting markets predict bullish 2025 for crypto

Prediction markets Kalshi and Polymarket anticipate a slew of wins for crypto in 2025.

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New discovery explains how gold forms in Earth’s volcanic zones!

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New discovery explains how gold forms in Earth's volcanic zones!

A breakthrough discovery by an international team of scientists has highlighted the role of a gold-sulfur complex in the formation of gold deposits on Earth. The study, co-authored by Adam Simon, Professor of Earth and Environmental Sciences at the University of Michigan, was recently . It details the previously unknown conditions under which gold is transported from deep within the Earth’s mantle to the surface.

Role of the Gold-Trisulfur Complex

According to the research, published in the Proceedings of the National Academy of Sciences (2024), a unique gold-trisulfur complex forms under specific pressure and temperature conditions in the mantle, situated 30 to 50 miles beneath active volcanic zones. This complex, which has been debated in scientific circles, plays a significant role in the enrichment of gold in magma that travels to the surface. The findings shed light on why certain subduction zones, where tectonic plates converge, are particularly rich in gold deposits.

Volcanic Activity and Gold Deposits

The study highlights subduction zones around the Pacific Ring of Fire, where volcanic activity is prevalent, as key areas for gold formation. These regions, including locations such as New Zealand, Japan, Alaska, and Chile, provide the ideal geological environment for magma to carry gold from the mantle to surface deposits. The researchers link the processes behind volcanic eruptions to the mechanisms that concentrate gold in these zones.

Scientific Findings and Practical Applications

The researchers developed a thermodynamic model to simulate mantle conditions and confirm the existence of the gold-trisulfur complex. This model not only validates earlier theories about gold-sulfur interactions but also provides a clearer picture of the conditions required for gold-rich mineral systems to form.

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First Perentie Lizards Hatched at Los Angeles Zoo: A Major Breeding Milestone

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First Perentie Lizards Hatched at Los Angeles Zoo: A Major Breeding Milestone

Two perentie lizards, among the largest species of lizards globally, have hatched at the Los Angeles Zoo, marking the first time this species has been bred there. Native to Australia, these carnivorous reptiles are known for their impressive size, often exceeding 8 feet in length and weighing over 40 pounds. The zoo, which is one of the few facilities outside Australia to successfully breed them, is now home to the newly hatched pair, who are being carefully monitored in a controlled environment.

First Breeding Success Highlighted by Experts

According to reports from usnews.com, the perentie lizards were bred and hatched for the first time in the facility’s history. Byron Wusstig, curator at the Los Angeles Zoo, shared with the Associated Press that achieving this milestone is a significant accomplishment for the team. These lizards, classified as Varanus giganteus, are rarely seen in zoos outside their native Australia, despite not being endangered.

Special Care for Hatchlings in Early Stages

Reports confirm that the hatchlings are thriving under close observation by the zoo’s staff. They are being kept off-exhibit in a specially managed setting to ensure their health during these crucial initial months. The lizards will eventually join the Australia section of the zoo, near the Komodo dragon habitat, where the father is currently on display.

This species is characterised by its distinct brown skin adorned with cream or yellow markings. Their diet, as stated in reports, includes turtle eggs, insects, birds, small mammals, marsupials, and other reptiles, all of which are consumed whole. As per zoo officials, this breeding success highlights the capabilities of the institution in conserving and caring for unique species, contributing to the understanding of their behaviour and needs in captivity.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who’sThat360 on Instagram and YouTube.


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