Day: December 13, 2023

German Asset Manager DWS to Issue Euro Stablecoin Along with Galaxy

To uphold the token’s value, stablecoin issuers often reserve cash or liquid assets. Amid rising interest rates, DWS is poised to manage the reserves for the new stablecoin. Deutsche Bank’s DWS Group, along with Dutch market maker Flow Traders Ltd. and crypto fund manager Galaxy Digital Holdings Ltd, is set to establish a new entity named AllUnity. The primary objective of AllUnity is also to issue a euro-denominated stablecoin, aiming to foster wider acceptance of tokenized assets in mainstream finance. The company, headquartered in Frankfurt and led by Alexander Höptner,…

BlackRock Submits Revised Spot Bitcoin ETF Application to Allow Participation from Banks

The revised spot Bitcoin ETF proposal from BlackRock provides access to banks, allowing them participate via broker-dealers. Giant asset manager BlackRock Inc (NYSE: BLK) has submitted a revised version of its application for its iShares spot Bitcoin exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC). The revised application modifies BlackRock’s ETF, making it easier for Wall Street banks to participate. If approved, BlackRock’s ETF will allow regulated banks in the US to create new fiat-based shares in the ETF, instead of only crypto. The new model requires an interested financial…

3AC co-founder Su Zhu set to be released by year-end after court grilling: Report

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Su Zhu, co-founder of bankrupt cryptocurrency lender Three Arrows Capital (3AC), is reportedly set to be released soon, after facing an extensive interrogation in a Singapore court, Bloomberg reported. Zhu was arrested in Singapore in September 2023 when he attempted to flee the country after a local court sentenced him to four months of imprisonment. 3AC’s joint liquidator, Teneo, said at the time that Zhu was planning to assist on matters related to 3AC, and to help recover assets from the defunct firm. According to Bloomberg’s Dec. 13 report, Zhu faced his…

3AC co-founder Su Zhu probed in Singapore court over fund’s collapse

Su Zhu, co-founder of Three Arrows Capital (3AC), reportedly faced his first court questioning in Singapore court regarding the firm’s collapse. Su Zhu the co-founder of the defunct Three Arrow’s (3AC) capital has made a court appearance in Singapore spanning two days this week that is part of a wider net of legal proceedings initiated by Teneo, the appointed liquidator of his company’s assets, Bloomberg has reported. The court session, held under private terms, was primarily focused on unraveling the circumstances leading to the fund’s failure and locating the remaining…

S&P Global Ratings Launches Stablecoin Assessment, Slams Tether’s USDT with Negative Review

S&P Global Ratings senior analyst Lapo Guadagnuolo believes that the growth of stablecoins does not mean that they are immune to risk factors. The S&P Global Ratings introduced a stability assessment for stablecoins on Tuesday. According to S&P Global, the idea is to determine how truly “stable” the coins are in maintaining their pegs to whatever fiat they are tied to. In total, the producer of the S&P 500 assessed eight stablecoins. They include Dai (DAI), Gemini (GUSD), First Digital USD (FDUSD), Tether (USDT), Frax (FRAX), Pax (USDP), USD Coin…

Nordic Fintech Pleo Welcomes New CFO, Increasing Hope for Potential IPO

Recent moves at Pleo, including the appointment of a new CFO, have sparked speculation about a potential IPO, driving expectations for a valuation surge beyond the current $4.7 billion mark as of August 2023.  European fintech company Pleo has welcomed a new chief financial officer to expand its executive team and bolster its business offerings, CNBC reported Wednesday.  According to the report, Pleo, known for offering simplified expense management and smart company cards to make payments easier for corporate institutions, hired Soren Westh Lonning to replace its current CFO. Two…

Glassnode’s Fair Value Models Puts The Crypto At $36,000

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Bitcoin seems to be undergoing a period of consolidation and profit-taking after eight weeks of phenomenal price growth. The world’s largest crypto has had incredible growth this year, with a special surge starting in the middle of October.  However, after hitting a yearly high of $44,500 on December 8, the price of Bitcoin has pulled back about 6% as some investors look to be taking profits. According to on-chain data provider Glassnode, several of its on-chain pricing models suggest Bitcoin’s fair value is currently between $30,000 and $36,000. Bitcoin’s Price…

Solana’s BONK to List on American Exchange Coinbase as Bonk Price Surges 8%

Reacting to Coinbase’s announcement, BONK quickly took to its heels, gaining nearly 8% in value to reach $0.00001132. Solana-based memecoin Bonk (BONK) is set to be listed on Coinbase, a major US-based cryptocurrency exchange. This was revealed in an announcement by the exchange on Wednesday as it unveiled its listing roadmap via a blog post. According to Coinbase’s statement, it will henceforth use blogposts such as the latest one, to announce every asset listing decision. This is aimed at increasing transparency by providing some sort of information balance, the platform…