Exchanges back ‘Terra 2.0 revival plan’ via airdrops, listing, buyback and burning

The fall of Terra (LUNA) shook the entire crypto market. However, the project has no plans to stay down as the project secured backing from crypto exchanges to help it rebuild.  In an announcement Thursday, Terra provided details about the airdrop of the new native token within its new blockchain dubbed Terra 2.0. The distribution of tokens will proceed on May 27, 2022 and holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) who are eligible will receive new tokens. Crypto exchanges Binance and FTX…

South Korean Exchange Korbit to Delist LUNA

Korbit, a major South Korean  cryptocurrency exchange  Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a…

Crypto Exchange FTX Looking To Acquire Stock Trading Platform Amid Big Expansion: Report

CNBC is reporting the world’s third-largest cryptocurrency exchange by volume, FTX, is targeting stock trading startups for acquisition. According to CNBC sources, FTX has approached at least three stock trading startups with a view of acquiring them. The report says the talks are at an early stage and no term sheets were signed. A term sheet is a non-binding agreement indicating basic terms and conditions upon which a potential investment could be made. Among the stock trading firms that were approached by FTX include Apex Clearing, a digital clearing and…

Terra backers vote to revive luna cryptocurrency, abandon UST

The UST stablecoin plunged below its intended $1 peg in May, causing panic in the crypto market. Gabby Jones | Bloomberg | Getty Images Backers of Terra have approved a plan to revive the failed cryptocurrency venture — without the controversial stablecoin that helped trigger its stunning demise two weeks ago. “With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community,” Terra’s official Twitter account posted Wednesday. The proposal would lead to the creation…

Oppenheimer says this exchange operator is a defensive play amid volatility

Investors looking to play defense in a beaten-up market riddled with volatility may find some relief in exchange operator CME Group, Oppenheimer says. Analyst Owen Lau upgraded CME Group to outperform from perform, saying in a note to clients that the exchange operator is a good pick for investors “defending against the bear.” “Our upgrade thesis has come down to four key points: 1) attractive valuation; 2) rising interest rate with low balance sheet risk; 3) appealing dividend policy; and 4) high margin and healthy growth profile,” Lau wrote. “The…

Exchanges show initial support to Terra revival by listing new LUNA token

Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing Terra’s brand new token, also named LUNA. The HitBTC exchange took to Twitter on Wednesday to announce that Terra’s new chain token Luna will be available on its platform on May 27. The news comes amid Terraform Labs preparing to relaunch its protocol on May 27 and replace the old chain referred to as Terra Classic with the new chain called just Terra, or Terra 2.0. The new chain will not be…

Top US Exchange Coinbase Becomes First Crypto Firm To Be Listed on Fortune 500

Leading US exchange Coinbase has earned billions in revenue to become the first crypto company to break into the Fortune 500. Coinbase Global (COIN) grossed over $7.8 billion in revenue in 2021, placing COIN at #437 on Fortune’s ranking of the 500 largest US companies by revenue. Coinbase is the first crypto firm to join the list, published on Monday, and was first listed on the Nasdaq in April 2021. Fortune editor-in-chief Alyson Shontell says Coinbase was one of a few “pandemic winners” who managed to profit despite the “freakish circumstances” of…

Russian Court Recognizes Cryptocurrency as Means of Payment, Prosecutors See Precedent – Regulation Bitcoin News

The City Court of St. Petersburg has recognized a large amount of cryptocurrency handed over by the victim in an extortion case as a means of payment, Russian media reported. The prosecutor’s office in Russia’s second-largest city describes the ruling as a precedent. Two Men Sentenced for Cryptocurrency Extortion in Russia Two Russian citizens have been sentenced to nine and seven years in prison under strict regime for extorting 5 million rubles (almost $90,000) in cash and 55 million rubles (close to $1 million) in digital assets from another man.…