Day: March 18, 2023

Vietnam second largest ASEAN crypto holder

Vietnam is the second largest cryptocurrency holder in ASEAN region after Thailand, with over 16.6 million cryptocurrency holders. According to the Coin98 Insights Vietnam Crypto Market Report 2022, Vietnam has an average of 200 distributed ledger blockchains as of 2022. 31% of the 16.6 million crypto holders have bitcoin. Vietnam embraces crypto The most active blockchain projects in the country include NFTs (non-fungible tokens), GameFi (game finance), infrastructure, wallets, DeFi (decentralized finance), and web3 (decentralized Internet). Metaverse platforms and games projects make up 28.8% of blockchain projects. DeFi accounted for…

US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report

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The Mid-size Bank Coalition of America (MBCA) has reportedly asked United States federal regulators to extend insurance on all deposits for the next two years. According to a March 18 Bloomberg report, the MBCA – a coalition of mid-size U.S. banks – sent a letter to the U.S. Federal Deposit Insurance Corporation (FDIC), asserting that extending insurance on “all deposits” would “immediately halt the exodus” of deposits from smaller banks. The MBCA also reportedly noted that this action would “stabilize” the banking industry and significantly decrease the chances of “more bank…

Blackrock CEO Warns More Bank Seizures and Shutdowns Could Result From Regulatory Changes – Economics Bitcoin News

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The CEO of Blackrock, the world’s largest asset manager, has warned about additional bank seizures and shutdowns that could result from regulatory changes in response to the failures of several major banks in the U.S. “It does seem inevitable that some banks will now need to pull back on lending to shore up their balance sheets, and we’re likely to see stricter capital standards for banks,” he added. Blackrock’s Chief on More Bank Seizures, Shutdowns Larry Fink, the chairman and CEO of Blackrock, the world’s largest asset manager, shared his…

Dragon Daisy Super League launches crypto-powered football tournament

Dragon Daisy Super League has successfully launched a cryptocurrency-powered football tournament, taking Vietnam’s love for soccer and web3 to the next level. Vietnam’s Dragon Daisy bringing crypto and sports together  While Vietnam, a Southeast Asian nation with a population of about 100 million people may not be known on the global stage as a footballing heavyweight, as its national team (Doi tuyen bong da quoc gia Viet Nam) has never qualified for the FIFA World Cup, the beautiful game remains part of Vietnam’s national identity. According to VN Express, a…

a suspicious project leveraging a defunct UK company

This article is a deep dive investigation into Ecoin Finance (ECOIN): a suspicious project based on the smart contract of what many consider to be a fraudulent platform, Safemoon (SAFEMOON), that keeps promoting its token with the name of a now-defunct company that was registered in the United Kingdom. Ecoin Finance is a project that, according to its website, was founded in May 2021 and “is a decentralized & deflationary BEP20 token powered by BNB Chain network.” The company seemingly aims to become “an online payment platform replacing conventional fiat currency…

Former Coinbase CTO makes $2M bet on Bitcoin’s performance

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Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin’s (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.  The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase CTO accepted the bet. Sir, I believe we have ourselves a deal https://t.co/9JYaLNo9Eq — James Medlock (@jdcmedlock) March 18, 2023 Under the proposed terms,…

UBS Considers Acquiring Credit Suisse, Requests Government Backstop in Deal – Bitcoin News

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After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the matter, UBS, which is the world’s largest private bank, wants the government to safeguard the deal. Credit Suisse’s Troubles Deepen as UBS Considers Takeover Amidst Banking Industry Challenges There are many deals happening behind the…

OKX suffers second network outage in last three months 

On March 17 crypto exchange OKX suffered a temporary server outage which was solved in about an hour.  The OKX team said in a Twitter update that the outage was due to a matching engine problem.  OKX experienced downtime In several tweets, OKX assured investors that the engineering team was working hard to fix the problem while ensuring all funds remained safe. As such, the network promised to resume service provision as soon as the problem was solved.  OKX founder Star Xu also quoted the OKX tweet noting, “Sorry for…

SVB’s parent firm files for chapter 11 protection

A few days after its former business Silicon Valley Bank was taken over by U.S. authorities, SVB Financial Group said on March 17 that it had filed for a court-supervised restructuring under chapter 11 bankruptcy protection to seek purchasers for its assets. The decision to initiate bankruptcy procedures was made because emergency steps taken to restore trust have, as of yet, been unable to ease concerns over the spread of financial contagion. SVB Financial Group’s troubles The firm said earlier this week that it intended to seek strategic options for…