COIN BUREAU NEWSFLASH! – (20/05/22) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (20/05/22)
Here are some of today’s most important headlines:
Revolut’s “Revcoin” Will Reward Customer Loyalty: CEO Nik Storonsky
UK neo-bank Revolut announced that its proposed native crypto token will reward customers for their loyalty. CEO Nik Storonsky stated that the “Revcoin” will function in a way similar to airline miles, except the Revcoin can be publicly traded unlike airline miles.
Users will earn Revcoin based on the frequency of app usage. Storonsky also stated that the company is planning to expand its crypto wallet services by providing users access to non-custodial wallets. The non-custodial wallet service by the app is planned to launch on Ethereum before expanding to other chains.
https://www.theblockcrypto.com/post/147768/revoluts-planned-native-token-will-reward-customer-loyalty-storonosky-says/
Tether Reduces Commercial Paper Reserve by 17% in Q1 2022
Tether announced today that its commercial paper has been lowered by 17% to $20.1 billion from $24.2 billion the previous quarter. It also increased its US Treasury bond holdings from $34.5 billion to $39.2 billion.
According to the report, the majority of the $20.1 billion (about $18 billion) is made up of investment-grade A-1 and A-2 paper. Since April 1, a further 20% reduction in the commercial paper has been implemented, which will be reflected in the second-quarter report. Tether has also slightly reduced its cash deposits from $4.2 billion to $4.1 billion
MHA Cayman, an accounting firm, has approved Tether's attestation report. Tether is mandated to submit quarterly attestations of its assets and liabilities as part of a deal with the New York attorney general in February 2021, in order to be more transparent about what exactly backs its tether (USDT) stablecoin.
https://www.coindesk.com/business/2022/05/19/tether-cut-commercial-paper-reserve-by-17-in-q1/
Swiss Asset Manager Julius Baer Plans to Offer Crypto Services
Julius Baer Group Ltd., a Swiss asset management firm, plans to offer its high-net-worth clients exposure to cryptocurrencies and decentralised finance (DeFi). Pilot programmes are now in place with the goal of providing rich customers with cryptocurrency advising, trading, and investing.
CEO Philipp Rickenbacher stated,
“It could well be that at this very instant we are witnessing a bubble-burst moment of the crypto industry, and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives; I believe digital assets and decentralised finance hold that same potential”
https://www.bloomberg.com/news/articles/2022-05-19/julius-baer-deepens-crypto-commitment-amid-bubble-burst-moment?srnd=crypto-nft
Azra Games Raises $15 Million In Seed Funding Led By a16z
Azra Games, a blockchain gaming startup, raised $15 million in seed funding to develop its flagship play-and-earn RPG title, “Project Arcanas.” The round was led by a16z and saw participation from NFX, Coinbase Ventures, Play Ventures, and Franklin Templeton.
Project Arcanas will be a sci-fi fantasy epic with mass combat and role-playing game (RPG) elements with game assets being represented as NFTs. The Genesis Collection from Arcanas will be the game's first NFTs. These will be characters that can be staked in order to earn interest and will play a significant role in the game's lore. The project is yet to decide the chain it will deploy on.
https://decrypt.co/100898/azra-games-raises-15-million-play-earn-rpg-nfts
G7 Financial Officials Urge Financial Stability Board To Speed Up Crypto Regulation: Report
According to a report from Reuters, top financial officials from the G7 urged the Financial Stability Board to speed up crypto-asset regulation before the body's next gathering in June.
