“Web3’s hallmark highs and lows were on full display in Q4,” Alchemy wrote in a press release accompanying the report. “On one hand, developers leaned into trustlessness – deploying smart contracts at rates that resembled the peaks of 2021. On the other, the implosion of major crypto exchanges rocked the foundations of consumer trust.” Source
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BNB Chain, launched by crypto exchange Binance, has completed the burn of over $500 million worth of its native BNB tokens as part of a broader program, it said Tuesday. Token burn refers to the process of permanent deletion of coins from their circulating supply. More than 100 million BNB, or half of its total supply, are intended to be removed from circulation through a burning process and to eventually keep only 100 million BNB in circulation. BNB was up nominally in the past 24 hours, trading at $300 on…
Bitcoin climbed back above $21,000 on Jan. 17, as markets reacted to better-than-expected Chinese gross domestic product (GDP) figures. The economic release comes as U.S. traders also returned to action, following the observation of the Martin Luther King Jr. Day celebration. Ethereum rose briefly above $1,600 earlier in the session. Bitcoin Bitcoin (BTC) rose back above the $21,000 mark on Tuesday, as markets reacted to the latest GDP figures from China. Figures from the world’s second largest economy showed that gross domestic product rose by 3% last year, higher than…
N26 recently launched N26 Crypto, a new digital currency trading initiative it hopes would gain traction across the West. German neobank N26 has announced an expansion of its N26 Crypto trading product to Germany, Switzerland, Belgium, Ireland, and Portugal. This development lets customers in these countries gain access to and trade a suite of more than 200 digital currencies. The company said it would roll out the expanded trading gradually over subsequent weeks. N26 pitches its N26 Crypto scheme as a perk for premium customers. Account holders in its N26…
Previously, the Chinese CBDC has been subjected to a series of retail trials in some of its most technologically advanced regions including but not limited to Shanghai and Suzhou. As the most advanced economy with an active Central Bank Digital Currency (CBDC) in circulation, China’s Digital Yuan (e-CNY) is now gaining a more customized utility in the country. As reported by the China Securities Journal, the e-CNY can now be used to purchase securities, as it was used for this purpose for the first time on Monday. The purchase of…
Decentralized Finance (DeFi) has always been the most evolving sector in the Web3 space. With new innovations and protocols popping up in the DeFi industry, the ecosystem total value locked (TVL) continued to increase until the bear market stepped in. The bear cycle caused a lot of downturns in many sectors of the We3 industry including DeFi. However, following the ongoing so-called ‘mini bull run,’ we’ve seen DeFi TVL start to recover from the lower lows and surge by nearly 20% since the beginning of the year. DeFi TVL Surges…
Silvergate Bank, which currently faces a class-action lawsuit over its FTX and Alameda Research dealings, has announced a $1 billion net loss attributable to common shareholders in the fourth quarter of 2022. In a report published by the United States Securities and Exchange Commission (SEC), the digital asset bank highlighted that it saw significant outflows of deposits in the last quarter of 2022 and made actions to maintain cash liquidity, including wholesale funding and selling debt securities. The company also highlighted a “transformational shift” in the digital asset space. It…
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Vueling, a low-cost Spanish airline, has announced it is exploring the functionality of blockchain and NFT (non-fungible token) technology to accept cryptocurrency as a means of payment for its services. The company enlisted the aid of Criptan, a registered Spanish cryptocurrency exchange, and aims to open this payment option for users by Q3 2023. Vueling to Collect Payment in Crypto Vueling, one of the Spanish budget airlines that has grown after the Covid-19 travel restrictions ended, is taking its first steps to accepting crypto as payment for its services. The…