Lawmakers recently called for the Bill to take effect within two months. Source
South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report
Day: May 25, 2023
EU Regulator Proposes to Curb Leverage in Crypto Trading Activities
The ESRB recommended restrictions on crypto firms’ lending to clients, especially for leveraged bets, and suggested higher collateral requirements for distributed finance products and stablecoins. On Thursday, May 25, an EU watchdog – the European Systemic Risk Board – recommended that European authorities should curb leveraged bets on digital assets by introducing limits for investment funds and exchanges. Over the last few years, with the growing number of market participants, crypto trading is getting quite popular among retail investors. As a result of this, leveraged bets have been in high…
Binance Introducing NFT Lending Capability
The new service, called Binance NFT Loan, “will allow people to use blue-chip NFTs to borrow crypto, starting with ETH, introducing the benefits of DeFi to the Binance NFT community,” Binance said in a press release. According to the platform, the tool offers competitive interest rates, instant liquidity, zero gas fees and liquidity protection. Source
Metalpha Secures $5M from Bitcoin Rig Manufacturer Bitmain for Grayscale-Based Fund
Metalpha is looking to raise $100 million for the Next Generation Fund I, which it has formed in partnership with NextGen Digital Venture Limited. As of the end of March, Metalpha has raised $20 million towards that goal. The fund invests in Grayscale products through structured derivatives, granting access to mainstays of digital asset portfolios in a way that is compliant with U.S. and Hong Kong laws. Original
Sam Altman’s Crypto Project Worldcoin Raises $115M From Blockchain Capital, A16z
Tools for Humanity, the team behind Worldcoin, has raised $115 million in a Series C funding round led by Blockchain Capital with participation from a16z, Bain Capital Crypto and Distributed Global. Worldcoin, a decentralized open source protocol, was co-founded by OpenAI CEO Sam Altman. Source
IoT Devices Can Now Connect to Both Helium Network and Amazon Sidewalk
The partnership will enable IoT solution providers to benefit from Amazon Sidewalk’s network and Helium’s network. Source
Stablecoin Issuer Stably Creates Dollar-Backed Token for Bitcoin Ordinals
The company’s first bitcoin-linked stablecoin will have to fare better than its other stablecoin products if it wants to succeed in the long term. Stably’s stablecoin in the ethereum ecosystem, called StableUSD (USDS) has only 752 holders and a market cap of $264,000, per etherscan – basically irrelevant when compared to market leaders Tether and USDC. Original
Binance assists US in freezing $4.4m tied to North Korea
Crypto exchange Binance has announced its collaboration with US law enforcement agencies, seizing $4.4 million worth of crypto assets connected to cybercrime organizations operating in North Korea. In a series of tweets on May 25, Binance revealed that its investigations team actively worked with US authorities to disrupt the illicit revenue-generating activities of four now-sanctioned entities based in North Korea. The coordinated efforts were undertaken in compliance with lawfully served warrants and close cooperation with law enforcement, according to Binance. The Department of the Treasury’s Office of Foreign Assets Control…
OpenAI Closes $175 Million Startup Investment Fund
Reputed for being a frontrunner when it comes to AI research and technology, OpenAI has been invested in helping AI-focused startups. American artificial intelligence (AI) company OpenAI may have just closed an investment fund. According to a Securities and Exchange Commission (SEC) filing, the firm raised over $175 million. Reputed for being a frontrunner when it comes to AI research and technology, OpenAI has been invested in helping AI-focused startups. To this end, the platform launched what it calls the OpenAI Startup Fund in May 2021. As revealed by the…
Bitcoin Price (BTC) Falls to $26K; Is $24K Next?
Crypto consortium Fahrenheit has won a bid to acquire insolvent lender Celsius Network, whose assets were previously valued at around $2 billion, according to court filings made early Thursday morning. The group will acquire Celsius’ institutional loan portfolio, staked cryptocurrencies, mining unit and additional alternative investments, and must pay a deposit of $10 million within three days to cement the deal, court filings show. A consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp, Farenheit was selected as successful bidder following a lengthy auction…