The aim of the project is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week. Source
JPMorgan, 6 Indian Banks to Settle Dollar Trades on Onyx Blockchain System: Bloomberg
Day: June 5, 2023
Gate.io Threatening Legal Action in Response to Rumors about Its Insolvency
Amid all the speculations, a lot of money has been flowing out of Gate.io. Its token (GT) has been hit hard and it has seen a significant decrease in its price. Full-service digital asset exchange Gate.io has promised to apply legal action in response to rumors regarding its bankruptcy that have been around since May. Gate.io has been allegedly experiencing serious insolvency issues because of its connection with the cross-chain protocol Multichain and its MULTI token. The tweet posted by the exchange reads: “Legal proceedings will be initiated against people…
New York’s Met Museum Agrees to Return $550K in FTX Donations
“The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the return,” said the filing by FTX, with a repayment to be made within one month of judicial approval. Source
Crypto Exchange Binance Hands Rising Star Richard Teng Key Position to Replace CZ
Teng believes Binance is “open and candid about things in the past,” pointing out the firm is still very young. Binance, which will soon celebrate its sixth birthday, started as a technology firm, Teng said, at a point in time when most jurisdictions had no regulations or proper guidance. Today, it has some 750 compliance officers, more than any other exchange, he added. Source
‘$31K was not the end’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the second week of June in familiar territory, but a breakout is coming, investors say. After a calm weekly close, BTC/USD is firmly in its established trading range, while under the hood, market participants are preparing for some dramatic shifts. It has been a long time coming, and for seasoned traders, the signs are increasingly pointing to volatility making a comeback. There is little by way of macroeconomic triggers due this week, making the focus shift elsewhere for cues as to what BTC price action might do…
‘$31K was not the end’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the second week of June in familiar territory — but a breakout is coming, investors say. After a calm weekly close, BTC/USD is firmly in its established trading range, while under the hood, market participants are preparing for some dramatic shifts. It has been a long time coming — and for seasoned traders, the signs are increasingly pointing to volatility making a comeback. There is little by way of macroeconomic triggers due this week, making the focus shift elsewhere for cues as to what BTC price action…
OPEC+ Sticks to Oil Production Target despite Saudi Arabia’s Additional Voluntary Cuts
OPEC+ will continue with its plan to cut down on production and reduce supply, but did not change its target notwithstanding further cuts. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, known as OPEC+, maintained its previous oil production target for the year. The 23 member countries of the organization are sticking to the target regardless of Saudi Arabia’s further reduction. Back in October, OPEC+ decided to reduce production supply by a cumulative 2 million barrels per day (bpd). In addition to this cutback, several members announced…
Three Arrows Capital Demands to Take Part in Genesis Bankruptcy Mediation
On Jan. 20, the three affiliated companies Genesis Global Holdco LLC, Genesis Asia Pacific Pte. Ltd and Genesis Global Capital LLC filed for bankruptcy. At the time, DCG said it owed Genesis Capital $526 million, due in May 2023, plus $1.1 billion under a promissory note due in June 2032. Source
Crypto Wallet Insurer Evertas’ Coverage Limit Increased to $420M: Reuters
London-based Arch Insurance International, a syndicate member of Lloyd’s of London, has authorized Evertas to increase its coverage limit for a single policy for crypto custodians and exchanges to $420 million in a significant boost for risk management in the cryptocurrency industry. Source
UK Parliament Group Calls for Crypto Tsar, Faster Legislation
In a report published Monday, the Crypto and Digital Assets All Parliamentary Group (APPG) set out that cryptocurrency is here to stay and needs immediate regulation. The group, which includes lawmakers from different political parties and both houses of parliament, made 53 recommendations for regulating crypto in the country. Source