The non-U.S. FTX customers, led by Eversheds Sutherland attorneys Sarah Paul and Erin Broderick, had already formed the first FTX ad hoc group, and as an official committee, would be granted additional consultation and approval rights within the Chapter 11 case, including being entitled to payment of professional fees by the bankruptcy estates. Source
Institutional prime broker platform for crypto assets Coinbase Prime announced on Oct 24th that it had entered into a partnership with MakerDAO — the largest single holder of USDC — to become a custodian of $1.6 billion worth of the stablecoin. The MakerDAO community voted to approve this custodianship which will allow its community to earn a 1.5% reward on its USDC while holding funds with a leading institutional custodian. The program described the following yield schedule for the USDC onboarded by @MakerDAO: • 1% APY on the first 100…
Lau wrote that the added USDC on Coinbase Prime would help the company gain assets and aid Coinbase’s ability to conduct similar proposals, while also potentially growing the total addressable market of USDC and boosting its revenue share. Oppenheimer rates Coinbase’s stock with an outperform and $107 price target. Shares were trading around $65.45 apiece in Friday’s session. Source