No products in the cart.
- Latest
- Trending
ADVERTISEMENT
ConsenSys, a Web3 company and developer of MetaMask, has integrated PayPal into its MetaMask wallet to improve Ethereum purchase efficiency.
This PayPal integration will allow US users to not only purchase cryptocurrencies through MetaMask, but also easily explore the Web3 ecosystem, he said. Lorenzo SantosMetamask Product Manager.
This new feature is now available to some US users. However, rollout to all eligible US customers is expected in the coming weeks.
The MetaMask and PayPal integration is ConsenSys’ latest attempt to improve and diversify payment options for MetaMask users.
In addition to making cryptocurrency entry points more accessible, ConsenSys is also working to reduce the carbon footprint of Ethereum. The company said he convened the launch of his Ethereum Climate Platform in November, microsoft also installed.
But while easing the needs of its most active user base across the pond, the company found itself in need of a solution in the Swiss courts.
It begins with ConsenSys signing and executing a Sales and Contribution Agreement (SCA) in 2020. This SCA transfers a number of assets from ConsenSys AG to ConsenSys Software Inc., a then newly created entity. Did.
These assets include Metamask, Infura, Truffle, Codefi, Pegasys, and various regional consulting businesses. However, shareholders claim the SCA was implemented without notice.
ConsenSys Software Inc. has since raised three investment rounds totaling $715 million from both private and institutional investors, with a reported final valuation of $7 billion.
On November 16, 2022, the judge of the Swiss cantonal court of Zug ruled in favor of the shareholder group. This group is requesting a vote to approve or reject the transaction.
Shareholders also argue that: Joseph Rubin He acted under a conflict of interest as he was a director and major shareholder in both entities.
Lubin claims he was not a director of ConsenSys Software Inc. when the deal was signed. However, the fact that he was the majority shareholder is undisputed by both companies. This may contribute to conflicts of interest.
Likewise, the shareholders are directors of ConsenSys AG, Frithoff Weinertwas not validly elected by the shareholders at the time of the transaction.
They say this is due to an illegal two-year suspension of annual shareholder meetings. As a result, the ConsenSys AG transaction was not successfully completed.
“It doesn’t look silly at all [to suggest] The board had a conflict of interest when it signed the SCA,” said a translation of the court’s ruling. Therefore, the items on the agenda are to be submitted to the General Assembly for resolution.
Regardless of the outcome, once the vote is taken, the transaction is subject to resolution at the shareholders’ meeting. Under Swiss law, resolutions can be challenged in court.
Shareholders can legally claim that their most valuable assets have not been validly transferred and are still owned by ConsenSys AG.
Concurrent claims for special shareholders audit SCA’s decision is expected to be made in the coming weeks. The request was made to him in March 2022, but the verdict has been delayed due to repeated challenges by ConsenSys AG. A successful audit is expected to further strengthen the legal position of shareholders.
Many team members received significant pay cuts in exchange for generous equity packages. Some staff deliberately chose not to purchase Ethereum between 2015 and 2017. . Arthur waterfall.
Falls explains that Lubin’s actions have “virtually dissolved” ConsenSys AG. In other words, investors are left with nothing.
Of course, Rubin is the majority owner of the assets his employees have built, he concludes.
