Tag: Cash

Blockchain Association files brief in Tornado Cash case

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Crypto advocacy groups Blockchain Association and DeFi Education Fund filed a brief in United States District Court in Austin in the case brought by six individuals against the United States Treasury Department over the sanctioning of Tornado Cash. The amicus (friend of the court) brief supports the plaintiff’s motion for a partial summary judgment. The six plaintiffs in the case filed suit against the Treasury Department and associated parties in September after the Treasury’s Office of Foreign Assets Control (OFAC) placed addresses allegedly connected with the Tornado Cash cryptocurrency mixer…

Coinbase Backs New Filing in Support of Tornado Cash

According to the case filed on April 5 in a Texas District Court, the plaintiffs, with support from Coinbase, want the OFAC to settle the first two counts from its original complaint, which was filed last September. Popular public listed exchange Coinbase is supporting the new class that seeks a reversal of the Tornado Cash ban. With this, the US Treasury is faced with a renewed legal case targeted at its move to sanction the crypto mixer. The motion to remove the Tornado Cash ban was filed by six individuals…

Coinbase supports new court action to remove Tornado Cash ban

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The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash from six individuals backed by cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, the Coinbase-backed plaintiffs moved for the U.S. Office of Foreign Asset Control (OFAC) to settle for the first two counts from its original complaint filed in September 2022. If granted, it would see the Judge rule on some of the factual issues while…

Cash App creator dies following stabbing in San Francisco

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Bob Lee, the former chief technology officer of Square and creator of Cash App has died following a stabbing in San Fransisco in the early hours of Tuesday, April 4 local time. Bill Barhydt, the CEO of crypto wallet company Abra, tweeted on April 5 that Bob Lee “was killed in SF early today” sharing an April 4 report from local media outlet SFGATE which reported on Lee’s death but did not name him. I just got devastating news that our friend Bob Lee (@crazybob ) was killed in SF…

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

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ANZ, one of Australia’s “Big Four” banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push its customers toward using an ever-dwindling number of ATMs and deposit machines. The decision has received pushback, with critics such as Patricia Sparrow, CEO of the Council on the Ageing, telling The Australian that the change could disproportionately affect older people who are less capable of going digital. Others have suggested it would make fiat users more susceptible to technical issues. The move has also renewed fears…

founders should keep 66% of payroll’s ‘worth of cash’ in bitcoin and crypto

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American venture capital investor, Tim Draper, has advised company founders to plan and hold at least two payrolls worth of cash in bitcoin (BTC) or other cryptocurrencies. Preparing for the unforeseen  Tim Draper has warned business founders to prepare for “more and more” bank failures if the government keeps printing money and raising interest rates. Further, he asked business founders to have at least two payrolls worth of cash in Bitcoin or alternative cryptos in their reserves in response to the collapse of Silicon Valley Bank (SVB).  Draper’s report on Mar. 25…

Tim Draper recommends founders hold ‘at least’ two payrolls ‘worth of cash’ in crypto

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American venture capital investor and entrepreneur Tim Draper advised founders to keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies, in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB). In a March 25 report directed at business founders, Tim Draper stated that Bitcoin is a hedge against a “domino run” on the banks and on overbearing government intervention, adding that businesses “can no longer rely” on a single bank or governing body to manage their cash. Some tips for business…

Nigeria’s eNaira Wallet Use, Transactions Climb Amid Cash Shortages: Bloomberg

Nigeria has been struggling with a crippling cash shortage since the central bank started replacing old naira notes with new ones late last year. Currency in circulation has slumped to about 1 trillion naira from 3.2 trillion naira in September, Emefiele said, according to Bloomberg. The shortage of notes has left many people in the country of about 218 million struggling to pay for basic needs. Source BloombergCashclimbENairaNigeriasShortagesTransactionsWallet CryptoX Portal

Nigerians Massively Adopt CBDC as Physical Cash Becomes Scarce

While the Nigerian legislative body is optimistic about the country’s adoption of eNaira, there is still significant work to be done to enhance the digital infrastructure for financial practices in the country. Nigeria is witnessing an increasing adoption of its Central Bank Digital Currency (CBDC) as the country’s fiat money scarcity intensifies. Almost eighteen months after the introduction of its in-house digital token eNaira, Nigerians have begun the mass adoption of the CBDC as uncertainty over its traditional currency rises. The acute cash deficiency is a consequence of the central…

Africa-Focused Fintech Chipper Cash Weighs Possible Sale of Business – Fintech Bitcoin News

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One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the business or bringing in new investors. According to the CEO of the FTX and Silicon Valley Bank-backed fintech startup, Chipper Cash had insignificant exposure to both SVB and Signature Bank. Chipper Cash ‘Never Sought to Be Acquired’ The FTX and Silicon Valley Bank (SVB) backed-African fintech giant, Chipper Cash, is weighing options including the sale of the business or bringing in new investors, a Bloomberg report that cites unnamed sources has said. According…