Day: March 13, 2023

AI and blockchain could transform the courtroom – Cointelegraph Magazine

Earlier this year, Joshua Browder, CEO of AI startup DoNotPay, attempted to bring a robot lawyer into a California courtroom, despite almost certainly knowing that it was illegal in almost all 50 states to bring automated assistance like this into a courtroom. DoNotPay bills itself as the “world’s first robot lawyer” whose goal is to “level the playing field and make legal information and self-help accessible to everyone.” It helps to serve society’s lower-income segment to lower medical bills, appeal bank fees, and dispute credit reports. It claims to have…

Fan Tokens: A Look at Football Teams and Their Cryptocurrency Performance

With a little more context, the explanation is clear: Arsenal and Barcelona are making comebacks. The other teams mentioned are proven winners – PSG and Man City are reigning league champions in France and England. It’s priced in. Not only that, but looking at league competition Manchester City has won four of the last five seasons; Paris Saint Germain has won eight of the last 10, and even Barcelona, whose legacy speaks for itself, has won 10 out of the last 20, although it hasn’t finished first since 2018-2019. On…

Bitcoin Gains as FDIC Steps In for Silicon Valley Bank

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Risky assets pared or reversed early gains during the European trading hours as shares in San Francisco-based First Republic Bank (FRC) nosedived in premarket trading in the U.S., reflecting investor angst over the banking sector’s health. Bitcoin pulled back to $22,000, after it nearly tested its 50-day simple moving average at $22,900 during  Asian daytime hours. The cryptocurrency is still up 8% in the last 24 hour as the Federal Deposit Insurance Corp. said all depositors of Silicon Valley Bank will have full access to their money beginning Monday morning.…

First Republic Bank (FRC) Losses Over 60% in Shares as Investors Worry Over Financial Strength Following SVB’s Collapse

Shares of First Republic Bank (FRC) have been in the red for the past year, shedding more than 48% in the last twelve months. The shares of American foreign exchange company First Republic Bank (NYSE: FRC) plunged over 60% in pre-market trading due to investors’ worries about its financial strength. Meanwhile, the bank has been addressing concerns about its liquidity following the unfortunate incident with Silicon Valley Bank (NASDAQ: SVBB). The SVB challenge started when it proposed a $1.25 billion offering of its common stock to shore up its balance…

Crypto Firms Announce Funds Caught in Signature Bank Closure

Coinbase announced that it had about $240 million in corporate funds at Signature Bank, but expects a full recovery of all its funds. Several crypto firms, including Paxos, have disclosed their level of involvement with Signature Bank after the latter’s closure by the Treasury. Following an unusual week that saw multiple banks fail, the Federal Reserve, Treasury, and FDC agreed to close Signature Bank. The decision was jointly taken to prevent further depositor outflow and forestall any further financial crisis. According to a statement by the NYFDS, Signature bank constituted…

Circle Reassures Customers Riding on Promises from Federal Regulators

According to Circle, the bulk of its reserve for the USDC stablecoin is domiciled in US Treasury Bills. Crypto startup Circle, the issuer of the USD Coin (USDC) stablecoin has announced that the USDC reserve risk being nursed by the firm’s key customers has been removed. As shared in a Press Release published early today, the firm said riding on the joint statement from the US Treasury Secretary Janet Yellen and US prudential regulators, the company will be made whole. Circle revealed earlier that it has a total deposit worth…

Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps

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The panic caused due to USD Coin’s (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in “fat finger” error  The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7:00 pm UTC. The reason for the impulse spike is unknown and was likely due to a “fat finger” trade of a large order. BTC/USDC hourly price chart on Binance. Source: TradingView The potential reason for the flash spike is likely…

Ripple in ‘Strong Financial Position’ despite SVB Exposure, CEO Says

Garlinghouse noted that financial systems are broken given their high susceptibility to rumors as evidenced by the current banking crisis.  In a March 12 Twitter thread to his 700,000 followers, Ripple CEO Brad Garlinghouse addressed his company’s exposure to the collapsed Silicon Valley Bank (SVB), emphasizing the company’s financial stability. The exec noted that while Ripple had exposure to SVB as a banking partner, “we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.” Setting the record…

Binance Converts $1B Recovery Funds into Native Crypto as Banking Fears Heighten

Pressure continues to mount on stablecoins given the current situation that has seen three major crypto-backing banks collapse in the past few days. In the wake of the recent failure of at least, three notable US-based financial institutions, Binance has started converting the remainder of its $1 billion industry recovery funds to other crypto assets. Binance to Swap BUSD Funds for BTC and Others According to Binance CEO Changpeng Zhao, pressure continues to mount on stablecoins given the current situation that has seen three major crypto-backing banks collapse in the…

Circle taps Cross River as banking partner, expands ties with BNY Mellon

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Circle has revealed that Cross River Bank — recognized for its services to fintech and crypto firms like Visa and Coinbase — is now its new commercial banking partner for producing and redeeming USD Coin (USDC). In addition, Circle has “expanded relationships” with other banking partners to assist with USDC redemption, including Bank of New York Mellon (BNY Mellon), which already provides custody services for Circle’s reserves. Surviving a harrowing weekend that saw Circle’s flagship USDC stablecoin break its peg to the dollar, falling below $0.90 early on Saturday before…