Tag: finance

‘If a government bans drugs, it should also ban crypto’ — Belgium’s former finance minister

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Johan Van Overtveldt, a member of the European Parliament and the former Minister of Finance of Belgium, has called for a “strict ban” on crypto as a result of the current banking crisis. In a March 17 tweet, Overtveldt suggested lawmakers should consider banning cryptocurrencies as a “lesson” from the collapses of Silicon Valley Bank, Signature Bank and Silvergate Bank in the United States, referring to digital assets as “speculative poison.” Members of the European Parliament have been discussing the impact of the failure of these banks on markets in…

Collective Finance to Launch Its Public Tokens Sale on Binance Smart Chain

Participation in the Public sale is through the Collective Finance DApp and by navigating to the Presale Tab. Decentralized Finance (DeFi) protocol Collective Finance has announced plans to launch the public sale of its native token $CLF built on the Binance Smart Chain (BSC) network. As contained in a Press Release shared with Coinspeaker, the public token sale can be accessed with a 10% discount, setting a generally lowered barrier for more encompassing community participation. The Collective Finance protocol was designed as an innovative outfit that offers access and participation…

Euler Finance hacked despite 10 audits in 2 years, says CEO

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Ten separate audits conducted over a two-year period of the Ethereum-based lending protocol Euler Finance deemed it to be “nothing higher than low risk” and having “no outstanding issues” prior to it suffering from a $196 million attack. In a series of tweets on March 17 Euler Labs CEO, Michael Bentley described the “hardest days” of his life after Euler’s $196 million flash loan attack on March 13. He retweeted one user sharing information that Euler had 10 audits from 6 different firms, and commented that the platform “has always…

European Commissioner Says Impact of SVB Collapse ‘Limited’ as Credit Suisse Drags Down Banking Stocks – Finance Bitcoin News

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Silicon Valley Bank’s (SVB) collapse has had a “limited impact” on the European Union but authorities must still “stay alert” to events as they unfold, European Commissioner Mairead McGuinness has said. Despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on March 15. Silicon Valley Bank’s ‘Limited’ EU Impact According to the European Commissioner for financial services, Mairead McGuinness, the collapse of the U.S. bank Silicon Valley Bank has so far had limited impact on the European Union (EU). However, in her March…

Blame traditional finance for the collapse of Silicon Valley Bank

The entire banking concept is based on the assumption that depositors will not want to withdraw their money at the same time. But what happens when this assumption fails? The answer lies in the asset-liability mismatch of banks, which can lead to disastrous consequences for the broader financial system.  Silicon Valley Bank (SVB), one of the leading banks for startups and venture capital firms in the United States, failed because of a liquidity crisis that has reverberated throughout the startup ecosystem. Silicon Valley Bank’s struggles shed light on the many…

Signature Bank Closure Has Nothing to Do With Crypto, Says Regulator – Finance Bitcoin News

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The decision to close down Signature Bank had “nothing to do with crypto,” said the New York State Department of Financial Services, the regulator that took possession of the troubled bank on Sunday. The financial watchdog insisted that its decision to put Signature Bank in receivership “was based on the current status of the bank and its ability to do business in a safe and sound manner.” ‘Nothing to Do With Crypto’ After the New York State Department of Financial Services (NYDFS) took possession of Signature Bank on Sunday, there…