Lybra Finance was launched last month and uses liquid staking derivatives to offer an interesting-bearing stablecoin. Source
Stablecoin Issuer Lybra Finance Nears $100M in TVL
Day: May 26, 2023
Bitcoin nears $27K despite ‘hot’ PCE data sparking June rate hike bets
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Bitcoin shrugs off new U.S. inflation woes Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $27,000 on Bitstamp. The pair rose unexpectedly after the day’s Personal Consumption Expenditures (PCE) data showed its first rises since October 2022. Such a reading should present a headwind for risk assets, including crypto, as it implies that inflation remains persistent and that more financial tightening may be required to tame it. “This is a major setback to the Fed’s fight against inflation,” financial commentary…
Klarna Halves Q1 Net Loss and ‘On Track to Achieve Profitability This Year’
Swedish fintech mainstay Klarna cut its Q1 net loss to $120.7 million while boosting operating income by 22% YoY. Klarna Bank AB significantly improved its Q1 bottom line after halving the net loss sustained for the period compared with last year. For the first quarter of the year, the Swedish fintech giant posted a net deficit of 1.3 billion Swedish krona ($120.7 million). This reverse is down 50% from Klarna’s year-ago outing as the company looks ahead toward profitability. In Q1 2022, the company sustained a loss of 2.6 billion krona.…
ESMA warns of unregulated crypto before MiCA launch
The European Securities and Markets Authority (ESMA) has recently urged cryptocurrency companies to explicitly label cryptocurrencies as unregulated when offered to investors, amid concerns about potential investor protection and financial risks. The European Securities and Markets Authority (ESMA), an EU regulatory body, recently spotlighted concerns about the risks present in the cryptocurrency sector. The ESMA along with the National Competent Authorities (NCAs), in a recent announcement, advocated that if a company presents cryptocurrencies to investors, it should explicitly indicate that these assets are unregulated. Intriguingly, such propositions are being promoted…
Gulf Binance Clinches Digital Asset Operator License in Thailand
“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailand’s largest private power producers. Source
US Treasury Yield Falls amid Rate Hikes and Debt Ceiling Concerns
The ongoing negotiations surrounding the US debt ceiling have been a key focal point for investors as the June 1 deadline approaches. The United States Treasury bond market experienced a decline in yields on Friday as investors eagerly await the release of key inflation data and updates on debt ceiling negotiations. According to reports, the yield on the 10-year Treasury fell by 3 basis points to 3.829%, while the 2-year Treasury yield dropped by nearly 6 basis points to 4.57%. It is important to note that yields and prices move…
Defendants in South Korea Admit Charges
The legal process is going on, with the next hearing scheduled for June 6th. On May 25th, broker Ko Mo and former Coinone listing director Jeon Mo pleaded guilty to several charges during their first hearing before the judge. According to local media, Ko Mo was accused of soliciting and delivering up to 6 million won in cryptocurrencies and cash to Jeon Mo and Kim Mo. Jeon, on the other hand, was accused of receiving payments in cryptocurrencies and cash totaling 1.92 billion won ($1.51 million) for listing coins such…
AVAX Token Remains Flat Ahead of its $130 Million Token Unlock
The 9.3 million tokens entering circulation on May 27 were worth roughly $130 million at press time. They’re set to go to the Avalanche Foundation, strategic partners and Ava Labs, as well as an airdrop, said Patrick Sutton, Avalanche’s communications chief. Source
John Edwards, Information Commissioner, delivers a keynote speech at the Data and the Future of Financial Services Summit
Hello, thanks for having me here today. This event is one that the Information Commissioner’s Office has spoken at for a few years now. I spoke here last year, six months into my post, which was a great opportunity for me to get across some of my early thinking on our regulatory position. This year, I’d like to focus on the ICO’s regulatory philosophy and how we’re both empowering businesses in the finance sector and protecting the millions of consumers that rely on these services. To start, thanks to City…
Ethereum’s exchange holdings plunge to 5-year low
Ethereum (ETH) balances on crypto exchanges have plunged to a five-year low, triggering speculation on its future price action. Intriguing developments have always marked the ebb and flow of the crypto market, and this week is no exception. The show’s star is ether, the world’s second-largest cryptocurrency, quietly making headlines due to an intriguing phenomenon – its balance on exchanges is nearing an all-time low. The question on everyone’s mind is: what could this mean for the future of ETH? Data from Glassnode paints a compelling picture. As of May…