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Crypto Industry Must Act Now to Repair Damage After FTX Collapse

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The digital assets industry has a significant responsibility to right the ship following FTX’s collapse, but Washington, D.C., has a responsibility as well. For digital asset innovation to benefit the economy and regular Americans, it must be taken off the table in the partisan food fight. Those on the right who see cryptocurrency as a means to starve the government beast and those on the left eager to smear genuine financial innovation as a mere Ponzi scheme have forestalled desperately needed bipartisan compromise. Digital assets aren’t going away. They can’t be banned practically. Policymakers should recognize the undercurrents of digitization and tokenization in the economy instead of wishing digital assets would just go away.

Crypto

Bitcoin Price in the Red for Fifth Straight Day

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Bitcoin, the world’s largest cryptocurrency by market cap, is trading down for a fifth straight day on Monday, the longest run since falling over six consecutive days in August last year. Bitcoin began to fall on Thursday after posting an upward trajectory in January, when it gained 40%, according to data from TradingView. Monday’s drop comes as Wall Street equity futures and European stocks dipped following Friday’s unexpectedly strong jobs report from the U.S. The rest of the crypto market was also trading in the red on Monday.

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Crypto

Decentralized Lending Protocol Clearpool to Start Institutional Borrowing Platform

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Clearpool is a blockchain-based credit marketplace that connects borrowers to lenders with hosting borrowing pools. Lenders, when they provide liquidity to a pool, receive so-called cpTokens that are specific to the pool in return. Those who hold the protocol’s governance token, CPOOL, can participate in voting and stake their tokens to earn rewards. So far, some $350 million of stablecoin loans have originated on Clearpool on the Ethereum and Polygon blockchains, per data on Clearpool’s loan dashboard.

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Crypto

Independent FTX Examiner Could Cost Crypto Exchange $100M, Court Told

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“We do not have enough money to pay back all of our creditors and the U.S. Trustee … says that we should spend tens or even hundreds of millions of dollars” on a report, said James Bromley of FTX’s law firm, Sullivan & Cromwell. There is “no evidence that any of those professionals or this examiner to be appointed would be any more independent” than the company’s own staff and hired experts, Bromley added. FTX’s new chief executive, John J Ray III, had previously cited $90 million to $100 million as a typical cost for an examiner’s report, based on his experience working with companies such as Enron.

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Crypto

How Bitcoin NFTs Might Accidentally Fix Bitcoin’s Security Budget

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For those lucky enough to be unfamiliar with the politics of Crypto Twitter, you should know this has stirred up a fiery controversy. There are many Bitcoin influencer types who have staked a meaningful part of their reputations on hating NFTs – as they’re a distraction and technologically unsound – so Ordinal NFTs haven’t been a hit with them. To their credit, no matter how much crypto pluralists have bashed Bitcoin for being a pet rock project that only does peer-to-peer, borderless, censorship-resistant transactions in a decentralized manner, being very good at that is, in fact, very good.

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Blockchain Analytics Firm Elementus Triples Valuation Despite Crypto Winter

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“Last year has thrown into the limelight the tremendous importance of comprehension, auditability, and transparency of blockchains,” said Elementus CEO Max Galka in the press release. “As the broader crypto industry seeks to emerge from a tough year, it will be critical to do so in a way that foments trust, reliability and security among both users and businesses operating in this still-nascent market. This new strategic investment from ParaFi allows us to continue building the world’s most advanced industrial-grade blockchain data solutions in the world that will help return confidence and transparency to blockchain-based businesses.”

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Crypto

Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source

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The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin (BTC) from Genesis, the person said. Included is “an equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC claims,” the person said, without providing details of the process. The promissory note was for $1.1 billion, while 3AC refers to Three Arrows Capital, a crypto hedge fund that collapsed last year.

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Crypto

Hong Kong Regulator Wants to Beef Up Its Staff Covering Virtual Assets

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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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South Korea Issues Guidelines for Regulating Security Tokens as Legislation Looms

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Security tokens refer to the digitalization of securities under the Capital Markets Act using distributed ledger technology, according to the guidance, and will apply only to digital assets that qualify. The guidance clarifies that stablecoins, which are crypto pegged to the value of other currencies such as the U.S. dollar and are used for payments or as a medium of exchange, will likely not fall under the definition of securities. Digital assets that have no issuer and do not have to “fulfill the obligations commensurate with the investor’s rights,” will also likely fall outside of the scope of security tokens.

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Crypto

Bitcoin BTC Price Not Ready to Soar as Investors Await Fed Chair Speech, More Earnings

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“Startups were able to raise uncharacteristically sized rounds for their stage, commonly acquiring multiple years of runway pre-product, while over the course of the last six months, investors pivoted to underwriting fewer deals targeting higher conviction, more concentrated bets,” George told CoinDesk in a note. “During this period of time, investors began to re-evaluate their focus on what constitutes product market fit, realizing that large token incentive programs rewarding user participation creates distorted traction metrics and overlooks user stickiness.”

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Crypto

The White House Is Concerned About Crypto

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“I think that given the events of the last fall, we were very mindful of the need to implement a lot of the safeguards that were called for in the FSOC reports, things like segregating customer assets, getting additional visibility into vertically integrated firms, cracking down conflicts of interest, addressing spot market jurisdiction and that’s a long list. But I think they’re all part and parcel of how we make sure we’ll be protecting consumers and supporting financial stability,” the official said.

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