Day: March 12, 2023

Hybrid DEX, INNODEX, emerges amid FTX, Silvergate liquidity crises

Silicon Valley Bank (SVB), representing the United States information technology hub, Silicon Valley, went bankrupt due to a bank run, massive deposit withdrawals, in under 14 hours.  SVB’s bankruptcy is the second-largest in history after Washington Mutual went under during the Global Financial Crisis (GFC) in 2008. Silvergate Capital, one of the top 10 cryptocurrency banks that announced voluntary liquidation on Feb. 8, is in the same situation as SVB. Silvergate said it suffered significant losses and sold billions of dollars in assets to address withdrawals a day after the…

South Korea launches Metaverse Fund to expedite domestic initiatives

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While some global economies got distracted by the commotion around price instability and ecosystem collapses in crypto, South Korea doubled down on the potential of the metaverse as a new economic growth engine. South Korea’s Ministry of Science and ICT announced investments into a fund dedicated to driving metaverse initiatives in the country. According to the official announcement, the South Korean government invested roughly $18.1 million (24 billion Korean won) with the goal of creating a fund of more than 40 billion Korean won (approximately $30.2 million) toward metaverse development.…

South African Rand Plunges to New 2023 Low Versus the US Dollar – Africa Bitcoin News

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Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are believed to be fueling the rand’s slide. 10-Hour Power Outages The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar…

Over 100 VCs, investors voice solidarity with Silicon Valley Bank

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As the 40-year-old banking institution, Silicon Valley Bank (SVB), winds down operation, numerous venture capitalists and investors joined hands and decided to cushion the impact in case the bank “were to be purchased and appropriately capitalized.” Approximately 125 VCs and investors signed a statement supporting SVB as a way to limit the fallout of the bank’s collapse and subsequent extinction of tech companies. The venture firms included Sequoia Capital and General Catalyst. Several VC leaders met today to discuss the aftermath of SVB’s downfall. This is a joint statement from…

Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation – Mining Bitcoin News

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A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, According to New Bill Russian crypto miners will have to report their income and provide tax authorities with detailed information about their digital assets, including wallet addresses, to avoid being prosecuted by the state. That’s…

Nigerian Central Bank Unveils Open Banking Guidelines – Africa Bitcoin News

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The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” Customer Permissioned Data Sharing The Central Bank of Nigeria said on March 7 that it had issued what it called the operational guidelines for open banking in Nigeria. According to the central bank, the guidelines are expected to foster the “sharing of customer-permissioned…

Fix mistake in ‘48 hours’ or face ‘destruction’

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Billionaire Bill Ackman has urged the United States government to “guarantee” all deposits held by Silicon Valley Bank (SVB) within the next “48 hours,” or it risks the “destruction” of many financial institutions. In a Mar. 11 tweet, Bill Ackman, CEO of hedge fund management firm Pershing Square, said a “giant sucking sound” will be heard from the ”withdrawal of substantially all uninsured deposits,” from all banks, besides the “systemically important banks (SIBs),” should the government fail to “guarantee all” of SVB’s deposits before the “open on Monday.” Ackman suggested that this…