Day: March 13, 2023

Bitcoin, U.S. Stock Futures Erase Early Gains as First Republic Bank Tanks 50% in Pre-Market Trading

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EU Merchants Could Be Required to Accept Digital Euro, Ministers Told

Legal tender status “would imply a legal obligation for (certain) payees to accept payments in digital euro … thereby increasing its network effects, and potentially affecting its distribution,” said the document, drafted by the secretariat of the Eurogroup, which brings together finance ministers from the 20-nation currency area, ahead of a monthly meeting Source

Silicon Valley Bank Crisis a ‘Cyprus Moment’ for Bitcoin: Crypto Observers

“Not your keys, not your coins’ is a lesson that, apparently, has to be learned again and again as history finds ways to repeat,” Mike Fay, Author of Blockchain Reaction, said in the latest article at Seeking Alpha, discussing investor takeaway from the collapse of SVB and Silvergate Capital and the 2013 Cyprus banking crisis. Source BankBitcoinCrisisCryptoCyprusMomentObserversSiliconValley CryptoX Portal

Coinbase CEO ponders banking features after Silicon Valley Bank crisis

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The wider cryptocurrency community continues to debate the ongoing fallout following the closure of three major American banks, with calls for neobank services for the industry on the cards. Silicon Valley Bank (SVB), which has traditionally served startups across a number of innovation sector industries, was shuttered by California’s Department of Financial Protection and Innovation on March 10. The reasons surrounding the closure are still coming to light but the news caused shockwaves through the industry, primarily driven by USD Coin (USDC) issuer Circle having over $3.3 billion of its…

Bank of London Submits Proposal to Acquire Silicon Valley Bank (SVB) UK Arm

According to Bank of London co-founder and CEO Anthony Watson in a statement, the acquisition of Silicon Valley Bank SVB’s assets could be a unique opportunity to grow the banking sector in the United Kingdom. The defunct Silicon Valley Bank (SVB), a commercial bank headquartered in Santa Clara, California, has attracted the attention of major financial regulators around the world. With offices in 13 nations around the globe, SVB’s bank run, which has been described as the largest bank failure in the United States since the 2008 financial crisis, affected…

South Korea Launches Metaverse Fund to Boost Industry’s Development

South Korea is planning to become a metaverse hub by 2026. Within the five-year metaverse development roadmap, the country aims to activate the ecosystem for metaverse platforms, nurture professionals, and foster companies. South Korea has announced the launch of a fund dedicated to supporting metaverse projects. According to the Ministry of Science and ICT of South Korea, the government has invested as much as 27.7 billion Korean won ($21 million) into local services looking to utilize the metaverse. This fund will be used to foster 13 new projects that are exploring the integration…

Binance CEO announces recovery funds conversion from BUSD to ‘native crypto’

boss

The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark.  Amid the concern mounting around stablecoins, Binance CEO and co-founder Changpeng (CZ) Zhao tweeted on March 13 that with the “changes in stablecoins and banks,” it will be converting the remaining $1 billion funds in its Industry Recovery Initiative into “native crypto.” Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion…

Aramco Saw Record Profit in 2022- Largest Annual Profit by Oil and Gas Company

Compared to the $110 billion recorded in 2021, the Saudi Arabian oil giant’s net income took a significant leap by growing over 46% YoY in 2022. The Saudi Arabian Oil Group, also known as Aramco, announced its largest annual profit in 2022. The state-controlled oil giant posted a record net income of $161.1 billion for the last year, representing a 46.5% surge YoY. Aramco reaching an all-time high in 2022 profit can be linked to its impressive quarterly performance throughout the year. In Q1 2022, the company’s net profit increased by…