Crypto Calendar News

2023-03-17 07:43:02 TrueUSD (TUSD) Moves $1 Billion Reserves To Bahamas Due To US Banking Crisis

According to Bloomberg, Archblock oversees about $2 billion in reserves that back its stablecoin TrueUSD (TUSD). After the reserve transfer, Capital Union Bank now holds more than $1.4 billion, a real-time attestation by an independent accounting firm showed Wednesday. This is up from $438 million on March 10. Archblock began transferring funds after New York-based Signature Bank.

Archblock was founded in 2017 under the name “TrustToken” when it succeeded in making a name for TrueCurrencies (TUSD). September 2022, TrustToken decided to focus on research and development of DeFi products for businesses and financial institutions under a new brand of Archblock. Alex de Lorraine, Archblock’s chief financial officer and chief operating officer, told Bloomberg News that the decision to move funds to Capital Union in recent days was the result of worsening banking conditions for money businesses electronics in the US.

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2023-03-16 08:17:02 A16z Crypto Startup School invests in crypto wallet infrastructure startup Capsule

Capsule, a crypto wallet infrastructure startup, emerged from stealth with funding. Andreessen Horowitz (via its accelerator Crypto Startup School) and Geometry co-led the funding, Capsule said Tuesday, without disclosing the raised amount. A16z's CSS accelerator program typically invests $500,000 in participating startups in exchange for 7% equity, according to its website.

Capsule was founded last year by Nitya Subramanian, a former head of product at the Layer 1 blockchain Celo, to help developers create wallets with interoperable transacting. Rivals include Web3Auth and Coinbase's recently announced Wallet as a Service product. Capsule's closest competitors build embedded wallets that are limited to specific applications and onboarding," Subramanian told The Block. "Capsule's main difference is the ability to create wallets that interact with every app to maximize the benefits developers gain by building on crypto rails.

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2023-03-15 08:56:02 Helium: The Wallet Will Instantly Redeem Native Sub DAO Tokens After Migration

The decentralized wireless communication network Helium published a post titled “Response to Binance.US” on March 14, indicating that Binance.US revealed plans to delist HNT/USD and HNT/USDT transactions on March 21, 2023, prior to the Solana migration. While the Foundation is sad that Binance.US opted to take this move before the relocation.

The Foundation will continue to communicate with Binance.US and educate them on the network’s fundamental goals and development path. The Foundation remains dedicated to the migration, which will dramatically increase network utility and allow us to devote more resources toward our ultimate goal: a ubiquitous, cheap communication layer for all people and devices. Helium will begin moving to Solana on March 27, according to earlier Coincu reporting. The Foundation produced a whitepaper on February 19th saying that the Helium Network.

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2023-03-14 08:04:02 USDC Stablecoin Repegged To $1, Boosting Your Crypto Portfolio

The Circle USDC stablecoin has regained its peg and is now trading at $1 following its exposure to the closure of Silicon Valley Bank. Circle company’s exposure to SVB Financial, the Circle-issued stablecoin plummeted in value on Friday. The FDIC sale of SVB’s assets will provide uninsured depositors with a dividend, which should be a positive for depositors as 90% of funds held in Silicon Valley Bank were uninsured.

Coincu initially reported on the stablecoin’s recovery after the bank failure last week. Meanwhile, the Federal Reserve announced that it would make all depositors affected by the SVB closure whole, and those depositors now have access to funds.The Silicon Valley Bank closure is one of the most concerning developments in the financial sector in recent years. However, the US government is intervening to protect depositors from the potential fallout of the largest banking failure since 2008. After users learned of the Circle company’s exposure to SVB Financial, the Circle-issued stablecoin plummeted in value on Friday. The company acknowledged holding around $3.3 billion of funds backing USDC in the now-closed bank, representing approximately 8% of the overall funds.

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2023-03-13 09:48:02 USDC Backed To $0.99 As Traders Gain Profits Amid Silicon Valley Bank Concerns

As USDC remains a popular digital dollar, investors may be wondering whether it will survive after the recent collapse of Silicon Valley Bank. If the USD Coin eventually survived, this would be a suitable opportunity to buy at the bottom when USD Coin falls. Experts suggest that the proportion of USD Coin reserves affected by the bank’s collapse is no more than 10%.

In addition, Circle, the issuer of USDC, has announced that it will use company resources to make up for any shortage in funds if Silicon Valley Bank cannot repay 100%. USDC liquidity operations are expected to return to normal after U.S. banks open on Monday. While some investors may be concerned about other U.S. banks following in Silicon Valley Bank’s footsteps, the Federal Reserve and FDIC are considering setting up a fund to guarantee deposits for struggling banks. It is important for investors who buy at the bottom to keep track of real-time dynamics to avoid unfair positions.

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2023-03-12 08:34:02 Circle’s USDC Withdrew And Burned In A Large-scale Panic

The US financial crisis has spread to the crypto market, which can be clearly seen by the fact that Circle’s USDC is losing its $1 peg. 0xScope tweeted that USDC is decoupling, and statistics show large-scale panic withdrawal/burn. Among them, 7.66 billion USDC was withdrawn from CEX in the past 24 hours, Jump cashed out 150 million USDC, Wintermute/FalconX deposited USDC into Coinbase.

In addition, the data collected by 0xScope shows that Voyager has the most exposure. Before USDC was depegged, Voyager was the largest Externally Owned Account (EOA) holder. Total confirmed losses are currently $31 million. This consequence is attributed to the fact that Circle, the second-largest issuer of stablecoins in the market at the moment, was directly exposed to the crisis of Silicon Valley Bank. Circle employs the bank as one of six banking partners to manage the 25% share of USDC reserves stored in cash. The stablecoin issuer confirms that it is awaiting clarification on how the FDIC receivership of SVB would affect its depositors and that it is continuing to function regularly.

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2023-03-11 08:38:02 Bakkt's Q4 earnings dragged down by goodwill impairment charge of $272 million

Bakkt reported an increase in revenue and expenses in the fourth quarter, driven by another large impairment charge. Revenue came in at $15.6 million, below FactSet estimates of $16 million, but still an increase of 14% year-over-year. Adjusted earnings before interest, tax, depreciation and amortization came in worse.

Operating expenses rose to $341 million from $86 million, or an increase of almost 300% from the fourth quarter of 2022. Expenses were driven by non-cash goodwill and intangible assets impairment charges of around $272 million. Bakkt reported a net loss of $1.5 billion for the third quarter, driven mainly by its previously announced goodwill impairment charge. The firm revealed plans to invest in custody to meet its goals in 2023. It will also look to complete its acquisition of Apex Crypto and expedite the integration. Another goal is driving utility through earning, reward and pay features.

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2023-03-10 08:49:02 Aave Community Ignites Controversial “BUSD Delisting” Vote, Sparks Heated Debate

The Aave community has voted in favor of ARFC’s “BUSD delisting plan,” which proposes an exit strategy for BUSD on the Ethereum Aave V2 market. The proposal aims to decrease the liquidity of BUSD and encourage users to switch to other stablecoins. The community received 99.99% of the votes in favor of the plan, which includes modifying BUSD’s risk .

The voting will close on March 9, at which point the plan will be put into action. It’s worth noting that the proposal’s disclaimer states that Aave-Chan Initiative founder Marc Zeller does not hold any BUSD. While the proposal may have a significant impact on the liquidity of BUSD, it’s unclear what the long-term effects will be. Some analysts believe that BUSD’s delisting could lead to a decrease in its value relative to other stablecoins, while others argue that it could ultimately increase the stability of the Aave platform. Earlier in February, the Aave community voted in favor of another proposal to “freeze BUSD reserves on Aave V2.”

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2023-03-09 07:46:02 Binance Boosts Security With Proof-of-Reserves System Update, Now Covers 24 Tokens

The world’s largest cryptocurrency exchange, has upgraded its proof-of-reserves (PoR) system to include 24 tokens. This upgrade comes as part of Binance’s commitment to providing greater transparency to its users. The PoR system is a way for users to verify that their assets are held for them 1:1 in Binance’s custody.

The upgraded PoR system now includes 11 new tokens: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE. The overall amount of funds now verifiable via Binance’s PoR system has now exceeded $63 billion across these 24 assets. To ensure user security and privacy, the exchange implemented zk-SNARKs, zero-knowledge protocols, in their PoR system. This is the first time a centralized crypto exchange (CEX) has implemented this kind of technology in their PoR work. The exchange has made the code open-source, allowing the rest of the industry to benefit from this innovative application.

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2023-03-08 09:26:02 Vitalik Buterin Acquired $ 700,000 By Selling A Series Of “Free” Coins

Vitalik Buterin, the inventor of Ethereum, recently sold a huge number of “free” currencies, including CULT, SHIK, MOPS, and others, for around 700,000 USD. Because of this drop, the price of SHIK fell by more than 95%. Vitalik Buterin is the well-known creator of Ethereum, the core technology that underpins numerous other projects.

This gesture might be seen as “thanks” or as an attempt to grab the attention of the community, which has always followed Vitalik’s wallet address. It might also imply demonstrating that this project will run smoothly. Maybe the most notable example is when Shiba Inu (SHIB) handed him 50% of the total supply of SHIB, explaining in the whitepaper that the goal was to remove those tokens from circulation. SHIB quickly increased by more than 100%, generating a profit of $8 billion for Vitalik. Because the community assumed the Ether founder was uninterested in these “free” coins.

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