Day: March 17, 2023

Coinbase goes global in effort to expand client base

Leading U.S. cryptocurrency exchange Coinbase announced plans to expand its services worldwide. On March 17, 2023, Bitcoin Magazine shared a groundbreaking tweet: “Coinbase is going global! The leading U.S. #cryptocurrency exchange plans to expand its services worldwide.” The announcement has stirred excitement within the crypto community, as enthusiasts and investors anticipate the growth of an expanded market. JUST IN: Coinbase potentially planning to start new #Bitcoin and crypto trading platform overseas “for global clients.” – Bloomberg — Bitcoin Magazine (@BitcoinMagazine) March 17, 2023 Coinbase, founded in 2012 by Brian Armstrong…

Undeterred by Fears of a Banking Crisis, ECB Raises Interest Rates by 50bps – Economics Bitcoin News

The European Central Bank (ECB) has convened to raise three of its key interest rates by 50bps (0.5%), fueled by the persistence in the inflation numbers reported by the bloc. Christine Lagarde, president of the institution, stated that the banking sector in Europe was resilient and that the institution was ready to provide liquidity if necessary. European Central Bank Hikes Rates in Battle Against Inflation The European Central Bank (ECB) has decided to keep raising interest rates in its war against inflation. On March 16, the institution announced a hike…

Real-world assets tokenization lacks infrastructure, not just regulation

boss

The merger between decentralized finance (DeFi) and traditional assets has been held back by a lack of infrastructure and regulatory standards worldwide, according to sources Cointelegraph recently spoke with.  “There simply haven’t been good institutional-grade systems for these companies to get involved. Obviously, they’re not going to just run their whole system using a regular blockchain wallet and centralized exchanges,” said Colin Butler, global head of institutional capital at Polygon. Tokenization is a path to fractionalization, allowing multiple people to own a portion of an asset that would previously have…

Protego’s conditional national bank status expired without approval: Report

boss

Institutional cryptocurrency custodian Protego’s conditional national trust banking charter has expired without it receiving permanent approval, according to a March 17 report in Fortune. A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson: “[The] pre-conversion requirements included policies, procedures, systems and other measures to ensure the safe and sound operation of the bank as well as meeting minimum capital and liquidity requirements.” Protego, based in Washington state, was granted an 18-month…

Congress announces March 29 hearing into failures of SVB and Signature Bank

boss

Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks. In a March 17 notice, Representatives Maxine Waters and Patrick McHenry — ranking member and chair of the committee, respectively — said U.S. lawmakers would listen to testimony from federal financial regulators “in response to the failures of Silicon Valley Bank and Signature Bank” in a March 29 hearing. FDIC chair Martin Gruenberg and Fed vice chair…

FTX debtors report $11.6B in claims, $4.8B in assets with many crypto holdings ‘undetermined’

boss

The debtors in FTX’s bankruptcy case hreported the various company silos had more than $4 billion in scheduled assets as of November 2022, but said they were still investigating the firm’s crypto holdings. In a March 17 filing with United States Bankruptcy Court for the District of Delaware, FTX debtors submitted a presentation to the committee of unsecured creditors on its Statement of Financial Affairs, or SOFAs, which also detailed the scheduled assets and claims of the company. According to the filing, the West Realm Shires silo — which includes…

‘Next Round of Bailouts Is Here’ — Bitcoin and Precious Metals Soar Amid Speculation of Fed Policy Change – Bitcoin News

boss

At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and cryptocurrencies have rebounded, a number of speculators suspect it’s because the U.S. central bank will now relax its monetary tightening policy. 4 Major Banks Bailed Out Following Silvergate Bank’s Collapse; Federal Reserve’s Easing Sparks Rebound…

DeFi sees its biggest hack in 2023 as Euler loses $197M: Finance Redefined

boss

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The DeFi ecosystem was once again an exploiter’s paradise this past week as lending protocol Euler Finance fell victim to a flash loan attack resulting in a net loss of over $196 million — the biggest hack of 2023 so far. Apart from the Euler Finance saga, USD Coin (USDC) depegging was the most significant event dominating last week’s headlines. Due to the collapse…