Month: February 2023

Tether’s assets exceed liabilities in new reserves report by BDO

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Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO. The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022. The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling at least $960 million. In addition to reducing its secured loans as committed, the report also shows Tether ended 2022 with zero…

Ethereum’s Shanghai Upgrade to Raise Staking Toward Proof-Of-Stake-Blockchain Average

It could be argued that the utility of these liquid staking protocols would be reduced as the upgrade date approaches, the note said. The counterargument is that the utility of these protocols is not limited to only providing liquidity, but also acting as an intermediary for retail investors who would otherwise face a barrier of 32 ETH ($52,000) for staking, the note said. Source link

Arthur Hayes bets on Bitcoin, altcoin surge in H1 2023 as he buys BTC

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Bitcoin (BTC), Ether (ETH) and even nascent altcoins are a solid “buy,” a previously risk-off investor says. In a blog post released Feb. 8, industry stalwart Arthur Hayes announced a U-turn on his current crypto investment plans. Hayes changes tune on “risky assets” Current macroeconomic conditions stemming from the United States Federal Reserve previously made Arthur Hayes keen to avoid what he calls “risky assets.” As inflation slows and the Fed’s rate hikes with them, multiple new storms are brewing in the U.S., and the Fed, as well as Congress…

Russian government subsidizes crypto mining facility in Siberia

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The crypto mining industry has faced moratoriums in some parts of the United States and Canada in recent months. Now, Russia provides tax incentives for those who want to invest in crypto mining. With the government’s direct support, the new $12 million crypto mining center will open in east Siberia. According to local media, the state-owned Corporation for the Development of the Far East announced the launch of the crypto mining center in Buryatia — a republic in east Siberia and part of the Russian Federation. The facility will possess…

Argo CEO follows resignation trend after company acquisition by Galaxy Digital

The cryptocurrency miner Argo continues to undergo a series of company changes in light of its major acquisition and newly filed lawsuit.  Peter Wall, the CEO of Argo Blockchain, announced his resignation from his executive position on Feb. 9.  According to the announcement, Wall will remain an adviser to Argo throughout the next three months to support the transition out of the position. He also commented that he was “pleased” to have spearheaded the recent Galaxy Digital acquisition deal. In the same announcement, the company also revealed the resignation of Argo…