crypto blog
Terra lending protocol Mars to launch mainnet
The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during the two snapshots on Terra Classic. News Own this piece of history Collect this article as an NFT The original Terra lending protocol, Mars Hub, has announced it will launch its independent Cosmos application chain on Jan. 31, as well as issue MARS tokens to users who hold it during two snapshots on Terra Classic. According to a Jan. 20 statement, the Mars Hub mainnet will go live with 16 genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake and others. An additional 34 slots for permissionless validators will be available post-launch. On January 31, Mars Hub Mainnet will go live. – $MARS Airdrop....
Bitcoin derivatives data shows room for BTC price to move higher this week
BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the potential of a brief pause in the crypto market rally. Market Analysis Own this piece of history Collect this article as an NFT This week Bitcoin (BTC) rallied to a 2023 high at $23,100 and the move followed a notable recovery in traditional markets, especially the tech-heavy Nasdaq Composite Index, which gained 2.9% on Jan. 20. Economic data continues to boost investors’ hope that the United States Federal Reserve will reduce the pace and length of interest rate hikes. For instance, sales of previously owned homes fell 1.5% in December, the 11th consecutive decline after high mortgage rates in the United States severely impacted demand. On Jan. 20, Google announced...
Former FTX US president raises $5M for new crypto software firm
Brett Harrison departed FTX US roughly two months before FTX Group filed for bankruptcy, citing “cracks” in his relationship with SBF. News Own this piece of history Collect this article as an NFT The former head of FTX US is launching a new cryptocurrency software company and has raised $5 million from several investors, according to Bloomberg. Brett Harrison, who served as president of FTX US between May 2021 and September 2022, has received backing from Coinbase Ventures and Circle Ventures to launch a new software startup. SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer of Kalos Labs and Anthony Scaramucci also participated in the seed round. His new startup, dubbed Architect, will develop trading software for large institutions looking...
GameFi needs a wider choice of products to take off, says Animoca Brands CEO
A wider choice of quality games is needed to bring the masses into GameFi, according to Robby Yung, CEO of Animoca Brands. Cointelegraph YouTube Subscribe Own this piece of history Collect this article as an NFT The lack of a wide choice of high-quality products has so far prevented crypto gaming from gaining traction among mainstream users, according to Robby Yung, CEO of Animoca Brands. GameFi, or blockchain-backed gaming — one of the newest, most promising crypto sectors — allows gamers to earn monetary rewards and take ownership of items within games. Despite the sector’s enormous potential, the number of products available is still not enough to attract mainstream users, Yung said during Cointelegraph Research‘s recent panel discussion on venture capital investing. Drawing an ex...
Genesis files for bankruptcy, FTX explores a reboot, and Bitzlato news: Hodler’s Digest: Jan. 15-21
Top Stories This Week Crypto lender Genesis files for Chapter 11 bankruptcy FTX contagions continue to spread through the crypto industry, with Genesis Capital filing for bankruptcy protection in New York, estimating liabilities in the range of $1 billion to $10 billion, and assets at the same level. The company plans a “dual track process,” which will pursue “sale, capital raise, and/or an equitization transaction” and enable the business “to emerge under new ownership.” Genesis’ derivatives, spot trading, broker-dealer and custody businesses are not included in the proceedings, according to the company. In an effort to maintain liquidity, Genesis parent company Digital Currency Group suspended dividend withdrawals. Bitzlato and its founder face enforcement actions from US authorities Uni...
Central African Republic eyes legal framework for crypto adoption
A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in Central African Republic and expedite the development of the national economy. News Own this piece of history Collect this article as an NFT Central African Republic (CAR), a developing country in Central Africa, set up a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokenization in the region. According to Faustin-Archange Touadéra, the president of CAR, cryptocurrencies can potentially help eradicate the country’s financial barriers. He believed in creating a business-friendly environment supported by a legal framework for cryptocurrency usage. A rough translation of the official press release reads: “With access to cryptocurrencies, th...
Opinion: Digital Currency Group’s Genesis implosion: What comes next?
It looks as if the bear cycle is going to claim another high-profile crypto company. On Jan. 19, Digital Currency Group’s (DCG’s) lending subsidiary, Genesis, filed for Chapter 11 bankruptcy. Here we have yet another industry giant with a tale of incestuous lending, little risk management to speak of and opaque reporting policies. For market participants, the gathering storm clouds at DCG represent a failure that would have been unthinkable in 2021. Founded by CEO Barry Silbert in 2015, DCG has become a mainstay in crypto’s short existence. Genesis’ filing revealed the full extent of creditors affected by its implosion, which notably included Gemini, the crypto exchange created by Winklevoss twins Cameron and Tyler, to which Genesis said it owed $765 million; metaverse project Decent...
Crypto Biz: SBF’s newest Excel spreadsheet reveals all
Large enterprise businesses spend tons of money keeping track of their financial dealings — think accountants, financial analysts, consultants and enterprise-grade accounting software. Sam Bankman-Fried, meanwhile, used Microsoft Excel. On Jan. 17, in another sloppy Excel spreadsheet, SBF revealed that FTX US was solvent. The Excel file purportedly showed customer balances, bank deposits and assets held in cold storage. “S&C forgot to include bank balances” of roughly $428 million, SBF said, referring to FTX’s former legal counsel Sullivan & Cromwell. “Once you add those back in, you get in the neighborhood of my prior balance sheet” of around $350 million, he said. This week’s Crypto Biz explores the “Herculean investigative effort” to identify billions in liquid FTX assets....
Going cashless: Norway’s digital currency project raises privacy questions
The small Nordic country of Norway may not be particularly notable on the global crypto map. With its 22 blockchain solution providers, the nation doesn’t stand out even at the regional level. However, as the race to test and implement central bank digital currencies (CBDCs) accelerates every day, the Scandinavian nation is taking an active stance on its own national digital currency. In fact, it was among the first countries to begin the work on a CBDC back in 2016. Dropping cash In recent years, amid a rise in cashless payment methods and concern over cash-enabled illicit transactions, some Norwegian banks have moved to remove cash options altogether. In 2016, Trond Bentestuen, then an executive at major Norwegian bank DNB, proposed to stop using cash as a means of payment in the c...
Bitcoin due new ‘big rally’ as RSI copies 2018 bear market recovery
Bitcoin (BTC) is in for a new “big rally” as market strength copies conditions from after the 2018 bear market. According to the latest analysis, BTC/USD will continue to head higher “after some consolidation” thanks to key signals from its relative strength index (RSI). Bitcoin prints never-before-seen bullish divergence With the BTC price gains still coming, Bitcoin bulls are feeling increasingly confident despite widespread mistrust of the longevity of the current rally. For popular trader Crypto Wolf, a key phenomenon now underway sets Bitcoin’s latest recovery apart from all others. RSI, he noted on Jan. 18, had printed a long-awaited bullish divergence on weekly timeframes — something which has never happened before. “BTC printed a rare weekly RSI bullish divergence. Never happened i...
Crypto to play ‘major role’ in UAE trade: foreign trade Minister
Crypto will play a “major role” in the United Arab Emirates’ global trade moving forward, says the UAE’s minister of state for foreign trade Thani Al-Zeyoudi. Speaking with Bloomberg on Jan. 20 in Davos Switzerland — where world leaders are currently gathered for the 2023 World Economic Forum — Al-Zeyoudi provided a host of updates regarding the UAE’s trade partnerships and policies heading into 2023. Minister Thani Al-Zeyoudi: Bloomberg Commenting on the crypto sector, the minister stated that “crypto will play a major role for UAE trade going forward,” as he outlined that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Al-Zeyoudi went on to suggest that as the UAE works on its crypto regulatory regime, the...
SBF to forfeit $700M worth of assets if found guilty of fraud
According to new court filings, disgraced FTX founder Sam Bankman-Fried (SBF) will be subject to the forfeiture of roughly $700 million worth of assets if he were to be found guilty of fraud. In a court document filed on Jan 20, U.S. federal prosecutor Damian Williams outlined that the “government respectfully gives notice that the property subject to forfeiture” covers a long list of assets across fiat, shares and crypto. The filings state that most of the assets were seized by the government between Jan.4 and Jan. 19, while it is also looking to lay claim to “all monies and assets” belonging to three separate Binance accounts. Looking at the list of seized assets, the biggest allocations include 55,273,469 Robinhood (HOOD) shares worth roughly $525.5 million at the time of writing, $94.5...
