Crypto Miami

2023-08-16 17:30:47 Prime Trust Crypto Custodian Enters Chapter 11 Bankruptcy Amid Prolonged Crypto Winter

On Monday, Las Vegas cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy protection, marking another setback for the troubled fintech company. In the August 15th filing, the company stated that it has 25,000 to 50,000 creditors and expects liabilities of $100 million to $500 million.

And with Prime Core Technologies Inc., Prime Trust LLC, Prime IRA LLC, and Prime Digital LLC listed as entities, its estimated assets are valued at $50 million to $100 million.

As mentioned in a linked press release, the company plans to file motions with the Bankruptcy Court to help assess strategic options, including the potential sale of its assets and continuing operations. However, recent issues with Nevada Regulators and Creditors might complicate finding a buyer.

With the Chapter 11 filing aimed at transparency and value for clients, John Guedry, ex-president of Bank of Nevada, will lead the restructuring overseen by Judge Susan Johnson. Prime Trust will operate as "debtors-in-possession" under the court during this. Open / Comment

2023-08-14 14:59:11 Islamic Coin's Grand Launch Set for September 1st, 2023

"It is both an honour and a privilege to lead Islamic Coin into the future. This is a momentous occasion that we have all been waiting for," expressed Islamic Coin founder, Mohammed AlKaff AlHashmi.

In addition, partnerships have been established with Sushi, one of the world's largest decentralized exchanges, and Pyypl, a prominent payment app in the Middle East. These collaborations will empower Islamic Coin's global community with benefits like liquidity provision, staking assets, and earning tokens during the liquidity mining phase.

The coin has a potential audience of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts). And they already have the biggest Twitter account among crypto Muslim community with 1.1 million followers.

The coin, backed by top names in finance and set to disrupt a $2 trillion Islamic financial market, will trade under the ISLM ticker.

According to rumors, there may be airdrop of tokens for active members of the Islamic Coin community before the listing. To not miss this activity, you should follow the Islamic Coin on Twitter and install Haqq Wallet. Open / Comment

2023-08-13 17:30:45 Binance Labs Supports Curve DAO Token with $5 Million Investment, Plans BNB Chain Deployment

Crypto exchange Binance’s investment arm, Binance Labs, has announced a $5 million investment in Curve DAO Token (CRV) in a display of support for Curve and decentralized finance (DeFi) at large.

As part of the collaboration, Curve will expand its support to BNB Chain – the Binance-initiated blockchain for decentralized applications that uses BNB to pay gas fees. The protocol is already active on a wide array of other layer 1 and layer 2 blockchains, including Ethereum, Arbitrum, Avalanche, Optimism, Polygon, and others.

“This investment underscores Binance Labs’ commitment to collaborating with Curve and shaping the future of the DeFi sector,” wrote Binance in a blog post on Thursday.

Curve is currently the largest automated market maker for stablecoins (aka “stableswaps) and the second largest decentralized exchange (DEX), next to Uniswap. It manages roughly $250 million per day in trading volume, and boasts $2.4 billion in total value locked (TVL).

Yi He, Binance co-founder and Head of Binance Labs, remarked in a statement that Curve plays a pivotal role in the broader DeFi ecosystem. “Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration,” she added. Open / Comment

2023-08-10 17:30:21 Congresswoman Maxine Waters Criticizes PayPal's Entry into Dollar-Pegged Stablecoin Arena Without Federal Regulatory Approval

On Wednesday, Democratic Congresswoman Maxine Waters (D-CA) criticized PayPal's launch of its new dollar-backed stablecoin, PYUSD, as she believed the company should have waited for federal regulatory approval before proceeding.

"I am deeply concerned that PayPal has chosen to launch its stablecoin while there is still no Federal framework for regulation," she said in a written statement.

PayPal took a groundbreaking step on Monday by introducing its stablecoin named PYUSD, which signifies the first instance of a major global payment firm developing its stablecoin.

The stablecoin, PYUSD, will be managed by Paxos Trust, a New York-based crypto financial services company, and its value will be strongly supported by deposits in U.S. dollars, along with short-term Treasuries and similar cash assets.

Holders of PYUSD will have the convenience of converting it into U.S. dollars and within PayPal's network, including bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and Litecoin (LTC).

Waters, the leading Democrat on the House Financial Services Committee, highlighted that PayPal boasts 435 million global customers, surpassing all major banks' total online account counts combined. Open / Comment

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2023-08-07 19:02:04 Robinhood's Q2 Earnings Show 18% Decline in Crypto Trading Revenue

In its Q2 2023 earnings report, Robinhood (HOOD), the online trading platform known for its crypto-friendly approach, revealed crypto trading revenue of $31 million, representing an 18% decrease from the previous quarter's $38 million.

Despite this decline, Robinhood achieved profitability for the first time since going public.

In Q2, Robinhood's cryptocurrency trading revenue amounted to $31 million, comprising 16% of the total trading revenue of $193 million across all categories, which experienced a 7% sequential decline.

According to the company's quarterly report released on August 2, revenue from cryptocurrency transactions is not the only section affected; other transaction-based revenues also experienced decreases, with options revenue declining by 5% to $127 million and equities revenue declining by 7% to $25 million.

Over the past year, Robinhood's income has dropped by 4%, from $202 million in June of the previous year to $193 million.

The drop in crypto trading comes amid a turbulent state of the overall crypto market, impacted by various events, including the collapse of Terra and FTX and ongoing regulatory challenges. Open / Comment

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2023-08-04 17:30:35 Coinbase Layer 2 Base Mainnet Launch Date Announced

Coinbase, the largest publicly traded crypto exchange based in the US, revealed its plans to open mainnet for the public, starting August 9. Built on the OP stack in partnership with Optimism, Base is a layer-two scaling solution for Ethereum (ETH).

“Over the next week, you’ll begin to see Dapps across the on-chain ecosystem turn on Base support and new ones launch,” the exchange said Thursday.

Alongside, Coinbase is kicking off a month-long celebration calling it - “Onchain Summer” - where 50 “best builders,” creators and developers can highlight art, music, gaming and advocacy.

Some of the mainstream brands enlisted by Coinbase include Coca-Cola, Atari, OpenSea, Pixelmon, and Showtime, which would offer daily mints of on-chain non-fungible tokens (NFTs).

“Base is now open for bridging and Base mainnet will open for everyone and everything on August 9,” Base said in a release. “Our goal is to enable anyone, anywhere to safely and easily participate in the on-chain economy.” Open / Comment

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2023-08-03 16:00:05 CryptoWallet.com is a revolutionary crypto neobank that aims to finally bring about crypto mass adoption. The team is creating a platform where people can manage their crypto assets just as they would manage their fiat money.

Imagine spending your DOGE on sushi and paying for a can of cola with rewards from Cardano staking. All of this will become possible with a single banking app, but with cryptocurrency instead of fiat.

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We believe it's worth engaging with activities from similar projects. The platform looks promising and the premium domain suggests that we might be dealing with a possible future unicorn. Open / Comment