Day: March 23, 2023

Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate

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Major cryptocurrency exchange Kraken is experiencing difficulties with the withdrawal and deposit channel related to the automated clearing house (ACH) via Silvergate. Kraken has reportedly notified its users that it will be unable to support ACH deposits and withdrawals starting from March 27. According to multiple online reports by alleged Kraken users, Kraken sent an email notice with the announcement on March 22. In the statement, Kraken specified that users will no longer see a deposit option via Plaid or withdrawal option via ACH Silvergate beginning March 27. “No other…

Xapo Bank Integrates USDC Payment Rails

Asides from integrating a USDC payment rail, Xapo Bank recently partnered with Faster Payment System (FPS) to extend its global reach. Bitcoin custodian and privately licensed bank Xapo Bank is collaborating with Circle to use USDC payment rails as a SWIFT alternative. According to the bank, it has added rails to existing USDC onramps. Consequently, Xapo Bank customers can deposit and withdraw funds instantly using USDC. According to Xapo Bank CEO, Seamus Rocca, the new feature combines the speed and cost-efficiency of the digital dollar, with the security guarantees of…

Kraken to Halt ACH Deposits and Withdrawals on March 27, Here’s Why

Other services on the exchange remain as they were, and would not be affected by the upcoming change. Top cryptocurrency exchange Kraken has announced to its users that it will be suspending automated clearing house (ACH) deposits and withdrawals on March 27. According to a CoinDesk report, the decision stems from the recent collapse of its banking partner, Silvergate Bank. Expectedly, Silvergate’s March 8 collapse has impacted the abilities of users to perform bank transfers to and from the exchange. Additionally, Kraken has been unsuccessful in finding a new banking…

Nigeria’s eNaira Wallet Use, Transactions Climb Amid Cash Shortages: Bloomberg

Nigeria has been struggling with a crippling cash shortage since the central bank started replacing old naira notes with new ones late last year. Currency in circulation has slumped to about 1 trillion naira from 3.2 trillion naira in September, Emefiele said, according to Bloomberg. The shortage of notes has left many people in the country of about 218 million struggling to pay for basic needs. Source BloombergCashclimbENairaNigeriasShortagesTransactionsWallet CryptoX Portal

German Government Invests $1.2 Million in Metaverse Startup Flying Sheep Studios – Metaverse Bitcoin News

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The German government has allocated $1.2 million in funding for a metaverse game being developed by Flying Sheep Studios. The company, based in Cologne, will use the funds for the development of a game called Star Life, which will also include blockchain elements in the form of non-fungible tokens (NFTs). Flying Sheep Studios Raises $1.2 Million From the German Government Flying Sheep Studios, a Cologne-based metaverse startup, has recently announced that it raised $1.2 million from the German government. The funds raised will be used to develop an online metaverse…

Australia-Based Crypto Exchange Considers Setting Up Base in Hong Kong

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Independent Reserve, an Australian cryptocurrency exchange, is considering opening a branch in Hong Kong as the city works to establish itself as a major cryptocurrency hub. In keeping with its goals to become Asia’s next crypto hub, the Hong Kong Securities and Futures Commission (SFC) issued a proposed licencing scheme for cryptocurrency exchanges on February 20. The scheme is scheduled to go into effect in June. Adrian Przelozny, co-founder and CEO of Independent Reserve, said that his company is now seriously contemplating establishing a headquarters in Hong Kong due to…

Chainalysis breaks down how scammers adapt during the bear market

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While scammers can also feel the chill of the crypto winter as scam revenue drops by 46%, some continue to adapt and thrive despite the bear market.  In a crypto crime webinar focusing on crimes that affect consumers, Eric Jardine, the cybercrimes research lead at blockchain analysis firm Chainalysis broke down how scammers shift their strategies as market situations change. Romance and giveaway scams rose in 2022. Source: Chainalysis According to Jardine, while the overall crypto scam revenue dropped in 2022, not all scams behaved similarly. He explained that:  “One…

Bitcoin’s realized price rises amid a surge in whale activity

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Bitcoin (BTC) witnessed a sudden drop as March started with a series of bank collapses. The downward movement continued for almost two weeks, bringing the price down to the $19,500 mark on March 10.  A week later, BTC hit a 10-month high of $28,803, according to crypto.news data. A CryptoQuant analyst shared his bullish expectations on bitcoin as its “realized price” is closing to the $20,000 mark — currently at around $19,916. Bitcoin price on March 23 | Source: TradingView “There is a high probability that the Realized Price of…