Early bitcoin investor and billionaire Chamath Palihapitia has filed a $ 250 million in the blank-check company “American Extrubableism Acquisition Corp A”, targeting decentralized finance, AI, energy and defense sectors.
Special objective Acquisition Company (SPAC) will be led as CEO and Chairman of Palihpitia as Social Capital Management Partner Steven Triyu, According Registration details filed with US Securities and Exchange Commission on Monday.
The New York Stock Exchange has increased by $ 250 million under Tick Aexa.
Palihapitiya and Trieuu are betting on decentralized finance, not bitcoin, to lead the next wave of financial innovation, focusing on traditional markets with blockchain technology focusing on solutions to bridge the markets:
“While Mr. Palihapitia has long been a proposer of bitcoin as an alternative to a inflation hedge and fiat currencies, we believe that the next stage of development is an increased integration between traditional finance and decentralized finance.”
Circle showed
The pair pointed to the success of the recent public listing of the StableCoin issuer Circle Internet Group, stating that “it showed how decentralized finance can be used to disappoint traditional finance mediator and provide a clear price for customers through low friction.”
The enterprise capitalists have accepted the route towards the approval of the mainstream of crypto and stabechoids, “it has been taken more than expected,” but that path “now seems unavoidable.”
Palihapitiya has given mixed results with previous SPACS
Palihapitiya led several high-profile Spacs during 2020 and 2021, including a successful merger including Social Capital Suvretta Holdings I and Social Capital Headosopia Holdings V, who are now working as Sofi technologies.
However, other species led by Palihapitia, such as social capital Suvrea Holdings II, III and IV, were liquid, which gave them a mixed record.
SPACs face challenges as they are tied to a tough time limit to combine a private company, often struggling to identify high -assessable companies, and quite working under regulatory investigation.
Palihapitia once condemned Crypto as dead in America
The naming of Pali’s US-US SPAC comes after two years when he declared the crypto industry “dead in the US”, which indicates a finger on former SEC President Gary Gainser to pursue dozens of high-profile cases against crypto firms.
Connected: See Crypto products $ 3.75B flow as ether eTF smash record
Critics labeled the crackdown part of the Genslar of “Operation Chok Point 2.0” – an alleged coordinated effort by regulators to remove themselves from crypto firms.
Many of the cases, including against coinbase and ripple, have been dismissed under the new Crypto-friendly SEC led by Paul Atkins, which has also created a crypto task force to provide clear rules while balanced innovation with consumer protection.
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