CoinFLEX to Resume Withdrawals After $47M Token Offering
- CoinFLEX paused all withdrawals on the platform on 24 June due to extreme market conditions, and an account going into negative equity without being liquidated.
- Called Recovery Value USD (rvUSD), the new token will be worth $1 each, and will come with a 20% APR paid daily in rvUSD.
2 days ago
Shutterstock
Crypto.com Granted In-Principle License in Singapore
- One of the advantages of receiving a Major Payment Institution license is that it allows companies to provide Digital Payment Token services to customers in Singapore.
- In order to acquire the license, Crypto.com was obliged to act in accordance with AML and CFT legislations, as well as comply with a number of legal demands.
June 22, 2022, 1:33 PM
Kris Marszalek, Co-Founder and CEO at Crypto.com, on the MoneyConf Stage during day two of RISE 2018 at the Hong Kong Convention and Exhibition Centre in Hong Kong. Seb Daly/RISE via Sportsfile
Circle to Launch Euro-Backed Stablecoin on 30 June
- The so called Euro Coin (EUROC) will be fully backed by euro-denominated reserves, with the initial custodian being San Diego-based Silvergate Bank.
- Circle noted that the Grant Thornton LLP will be issuing attestations of EUROC’s reserves on a monthly basis, starting July.
June 16, 2022, 5:15 PM
Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum on January 20, 2014 in Munich, Germany. Hubert Burda Media/Picture Alliance
Tether Denies Rumors About its Commercial Paper Holdings
- Tether said the rumor its commercial paper portfolio was 85% backed by Chinese commercial papers was “completely false and likely spread to induce further panic”.
- The company also noted that it has reduced its portfolio to $11 billion, down from $20 billion in March, and that the goal was to eventually reduce its commercial paper backing to zero.
June 15, 2022, 2:31 PM
Shutterstock
Jun 13, 2022
Celsius Pauses Withdrawals and Transfers, CEL Drops 55%
- The company said the move was made “to protect and preserve assets”, and was caused by “extreme market conditions”.
- Over the last few days the company has also moved massive amounts of wBTC and ETH from the Aave platform to the FTX exchange for unknown reasons.
Jun 6, 2022
CAKE Jumps in Price Following Binance Labs’ Investment
- While far from its all-time high of $43.96, the price of CAKE did jump by 7% following Binance Labs’ investment, and is now traded for around $4.7.
- As the largest dapp on BNB Chain, PancakeSwap has been leading the development and adoption of the blockchain, which is one of the reasons behind the investment.
Jun 3, 2022
Japan Passes Stablecoin Bill to Protect Investors
- After the bill takes effect in 2023, only licensed banks, registered money transfer agents, and trust companies will be allowed to issue stablecoins in Japan.
- The bill notes that in order for stablecoins to be considered digital money, they must be linked to the price of yen or another legal tender.
Jun 1, 2022
Binance’s VC Arm Raises $500M to Fund Web3 and Crypto Adoption
- The fund is the first in Binance Labs’ history to be created with outside capital, namely from DST Global Partners, Breyer Capital, unnamed private equity funds, and others.
- The new $500 million fund will invest in cryptocurrency companies in three stages of development, from incubation, to early-stage venture, and finally late-stage growth.
May 31, 2022
Singapore’s MAS to Explore Blockchain and DeFi Use Cases
- Called Project Guardian, the new MAS pilot will be led by financial heavyweights J.P. Morgan, DBS Bank, and Marketnode.
- The first pilot of the project will explore DeFi applications in wholesale funding markets through the creation of liquidity pool of tokenized bonds and deposits.
May 27, 2022
Terra to Burn 1.3B UST From Community Pools Following a Vote
- The proposal noted that burning UST will “reduce the outstanding bad debt of the Terra economy”, and could help restore UST’s dollar peg.
- Submitted on 20 May, and suggesting the burning of roughly 11% of UST’s total supply, the proposal received 99.3% of the total cast votes in favor of it.