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2023-03-12 06:32:02 Stablecoin issuers seek to diversify banking partners in the wake of Silicon Valley Bank's meltdown

The failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank partners. Silicon Valley Bank, which ranks many tech companies and startups among its clients, became the largest bank to fail since the 2008 financial crisis on Friday.

Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash," Circle said in a tweet late Friday. "While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. That leaves Circle with two fewer banks to hold the cash tied to its USDC stablecoin. Circle is in the process of establishing new banking relationships, according to sources. The stablecoin issuer also banks with BNYMellon and Citizens Trust Bank.

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2023-03-11 06:50:02 Aave begins first phase of token recovery rescue mission

DeFi lending protocol Aave is set to rescue lost tokens for its users after the DAO voted unanimously in favor of commencing phase one of the asset recovery process. The first phase will focus on tokens mistakenly sent to smart contracts for AAVE, LEND, and staked AAVE tokens. These include tokens like AAVE, LEND, and stkAAVE, as well as UNI and USDT.

The value of rescued tokens is about $2.18 million, according to figures provided by Aave developer Bored Ghosts Developing Lab. AAVE tokens form the bulk of the recovery in this phase with more than 29,188 AAVE and 107 staked AAVE tokens worth a total of $2.16 million. The LEND tokens recovered will be transformed to AAVE at a ratio of 100 LEND to 1 AAVE token. The recovered tokens will be sent to a distributor smart contract. Users will then be able to retrieve their lost tokens from the contract. To do so, they will have to use the same wallet address from which they initially lost them. The team said that the recovery mission will help many affected users.

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2023-03-10 07:17:02 Coinbase Launches Wallet-as-a-Service APIs For Scalable And Secure Onchain Wallets

Coinbase, a leading cryptocurrency exchange, has recently announced its new Wallet-as-a-Service (WaaS) offering. This service allows any company to integrate a crypto wallet into its platform, providing users access to various digital assets. This new offering from Coinbase is aimed at businesses of all sizes, from startups to large enterprises.

According to Coinbase, WaaS eliminates the need for businesses to invest time and resources in developing their infrastructure for managing cryptocurrencies, which can be complex and time-consuming. The WaaS offering provides a simple and secure solution for businesses to offer their users crypto wallets and related services. Coinbase’s new WaaS offering is also designed to provide an additional layer of security for users’ crypto assets. The company utilizes its advanced security protocols to protect user funds from potential hacks or breaches.

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2023-03-09 06:51:02 TeraWulf’s Nuclear-Powered Bitcoin Mining at Nautilus Facility is Online

TeraWulf – which focuses on environmentally clean mining operations – has announced starting operations of Nautilus Cryptomine, the first nuclear-powered Bitcoin mining facility in the United States. The facility reportedly sources carbon-free and 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station located in Pennsylvania.

According to the official press release, the company has bought nearly 8,000 mining rigs online, representing a hash rate of nearly 1.0 exahash per second (EH/s). Another 8,000 mining rigs are expected to be energized over the next few weeks, which would catapult the capacity at the Nautilus facility to 50 MW and 1.9 EH/s by May. Besides boosting its 50-MW stake in the newest nuclear-powered Bitcoin miner, the company is also working on expanding bitcoin mining operations at its wholly-owned Lake Mariner facility in New York with the addition of Building 2. This is expected to increase the facility’s operational capacity from 60 MW to 110 MW.

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2023-03-08 07:10:09 Argo mined more bitcoins, increased revenue — despite network difficulty

The amount of bitcoin mined daily by Argo Blockchain and the mining company's revenue increased in February. Last month, the dual-listed blockchain technology company mined 162 bitcoins or equivalents, equating to 5.7 bitcoins per day — an increase of 7% over January's average — it reported in a statement.

Considering February's daily foreign exchange rates and crypto prices, Argo's mining revenue amounted to $3.76 million — an increase over January's $3.42 million. Argo's statement notes that it was able to see these increases despite a double-digit monthly rise in Bitcoin's average network difficulty. The company held 101 bitcoins or equivalents on Feb. 28, and its total hash rate capacity remains at 2.5 EH/s. The dual-listed blockchain technology company’s mining revenue amounted to $3.76 million. an increase of 7% over January's average — it reported in a statement.

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2023-03-07 08:10:04 Block.One Founder Lost Over $70 Million Due To Holding Silvergate Stock

According to Protos reports, Brendan Blumer, the founder of EOS and Block.One, had previously spent more than $90 million to purchase about 9.27% of Silvergate’s stock. For regulatory purposes, Brendan Blumer had previously admitted that he was the owner of all 9.27 % of the stock benefits everyone, but as Silvergate’s stock price plummeted.

Dan Larimer, Brock Pierce, and Blumer established Block.One in 2017. At the height of the initial coin offering (ICO) boom, the firm raised a substantial sum of money. Blumer was mentioned as a passive investor in the newsletter Block.One and Blumer investments. Silvergate is well known as a key bank for FTX and Alameda Research. What’s special is that FTX filed for bankruptcy five days before Blumer’s investment. According to other data, as of November 16, 2022, Block.One owns approximately 7.5% of Silvergate, and he owned the 1.7% balance listed on the SEC filing. Block.One claimed to have sold over $4 billion in EOS tokens.

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2023-03-06 06:28:02 Binance’s Custody Arm Looking to Score Singapore License

Binance is looking to re-enter Singapore to offer its services in the city-state. As such, the crypto giant plans to apply for a permit for its custodial arm in “due course,” per Nikkei Asia’s report. The revival of the Singapore bid, by having Ceffu licensed, could mean that Binance will be pivoting from retail to corporate clients.

Singapore has been a tricky territory for the exchange. In December 2021, the CZ-led company withdrew its application for a Digital Payment Token license in the city-state and hinted at shutting its local subsidiary without going into details beyond “strategic, commercial, and developmental” considerations. On the other side of the Pacific, Binance is being investigated by regulatory agencies such as the US Department of Justice (DOJ) as well as the Commodity Futures Trading Commission (CFTC). Binance is hiring people with years of experience in law enforcement and regulations.”.

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2023-03-05 06:46:02 Debtors Declare 'Massive Shortfall' in FTX Assets, FTX US Also In the Red

A concerted effort to identify and inventory the remaining assets of failed cryptocurrency exchange FTX has revealed "the magnitude of the shortfalls discovered in the fiat bank accounts and digital asset wallets associated with the FTX.com and FTX.US exchanges," according to a presentation filed by FTX Debtors in the firm's Chapter 11 bankruptcy cases Thursday.

$2.2 billion of total assets have been located, according to the presentation, of which only $694 million are the most liquid currencies, such as fiat, stablecoin, BTC or ETH. Against these holdings—and another $385 million in customer receivables—are $9.3 billion in net borrowing by Alameda Research. In fact, the presentation states that the information provided is preliminary and "should not be relied upon for any purpose." But Ray, who also serves as chief restructuring officer of the FTX debtors group, said sharing the latest information was a priority.

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2023-03-04 06:32:02 SEC Chair Gensler Casts Doubt On Crypto Exchanges As Safe Custodians

SEC Chair Gary Gensler has raised concerns about whether crypto exchanges are qualified to act as custodians of digital assets. In a recent House Financial Services Committee hearing, Gensler emphasized the need for investor protection and said that crypto exchanges might not have the same level.

According to Gensler, the SEC is “digging into” whether crypto exchanges provide adequate digital asset custody. He noted that the agency focuses on exchanges that allow trading in tokens considered securities under US law. The custody issue has become increasingly important as institutional investors enter crypto. These investors often require custodial services to store their digital assets securely. However, there have been concerns about the security and reliability of some custodians, particularly those not regulated by traditional financial authorities.

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