Day: March 16, 2023

Swiss Bankers Association proposes deposit tokens to develop digital economy

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The Swiss Bankers Association released a white paper on how Swiss banks can support the development of the country’s digital economy. A Swiss franc “joint” deposit token is the solution the group settled on.  Stablecoins have limited penetration in the Swiss financial system, even as end-to-end digitization is becoming more common in business models, and no Swiss stablecoins are accessible by the general public, the paper says. The authors of the paper suggest a variety of stablecoins — that is, a deposit token “issued by regulated and adequately supervised intermediaries”…

U.S. Banking Collapse Doesn’t Necessarily Make Crypto Trustworthy

But, of course, that is not a deus ex machina of crypto, which would seem to be in philosophical tension with the decentralization goals of many in the blockchain and crypto industries. Ultimately, although crypto and traditional banking may be ostensibly competing in financial services, they are living in fundamentally different realities. In the wake of the Terra and FTX collapses, there was no Superman to swoop in and undo the calamitous ramifications. Source

Social Media and YouTube Influencers Accused of Promoting FTX without Proper Disclosure

Defendant Ben Armstrong denied the allegations and stated that he had never been in contact with anyone at FTX. A group of social media influencers has been named in a new lawsuit alleging they promoted collapsed crypto exchange FTX to their millions of followers without proper disclosure. According to the suit, filed on Wednesday, the influencers failed to disclose the nature of any, rewards, payments, or compensation realized from promoting the crypto exchange. The influencers named in the lawsuit include Erika Kullberg, Ben “BitBoy” Armstrong and Kevin Paffrath, known as…

Bitcoin bears could face $440M loss in Friday’s options expiry

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The rejection that followed Bitcoin’s (BTC) rally to $26,500 may appear to be a victory for bears, but $24,750 on March 14 was the highest daily close in nine months. Furthermore, Bitcoin has gained 26.5% since March 10, when the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB). The recent price increase could be attributed to various factors, including the extraordinary $25 billion funding by the Federal Reserve and the United States Treasury on March 12, which reduced banks’ systemic risks. Nonetheless, Bitcoin bulls are…

Orca DEX to block US users from trading with its interface

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The Solana-based decentralized exchange (DEX) Orca will block all United States users from trading using its web interface beginning March 31, according to a March 16 notice posted to its official website.  The exchange did over $634 million worth of trading volume in February and has over $46 million total value locked in Solana smart contracts, according to DefiLlama. On March 16, the protocol’s website added a notification that read, “Orca will be adding the United States to the regions and countries which are restricted from trading on orca.so effective…

Binance Announces Space ID Token Sale on Its Launchpad

Binance has announced Space ID (ID) as the 30th project it will host on its launchpad.  Space ID is the native token of the SPACE ID ecosystem, a Web3 identity protocol with a universal name service network. SPACE ID is developing a universal name service network that allows the discovery, registration, trading, and management of Web3 domains. Also, the project includes a Web3 Name SDK & API that allows developers to build and integrate all their Web3 identities into one toolkit.  How the Space ID Token Sale Will Progress Per…

Ethereum Upgrade to Implement Beacon Chain Withdrawals Scheduled for April 12 – Technology Bitcoin News

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During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following the ruleset change. Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s…