Tag: finance

A Comprehensive Look at the ‘Great Consolidation’ and Largest Bank Failures of 2023 – Finance Bitcoin News

boss

2023 has been a rollercoaster ride for the U.S. banking industry. The collapse of three major banks has sent shockwaves through the financial world, with their combined assets surpassing the top 25 banks that crumbled in 2008. The following is a closer look at what has triggered a ‘great consolidation’ in the banking sector, a recurring theme in the industry’s history over the past century. A Listicle of Bank Consolidation, Failures, and Issues Facing the U.S. Banking Sector The U.S. banking industry has taken a beating in 2023, with the…

$22M of Curve Finance algo stablecoin minted since mainnet launch

boss

Decentralized finance (DeFi) protocol Curve Finance has launched its native algorithmic U.S. dollar-pegged stablecoin, dubbed “crvUSD” on the Ethereum mainnet — minting more than $22 million worth of the crvUSD so far. According to data from blockchain explorer Etherscan, the contract has minted more than $22 million worth of crvUSD in the past 8 hours, with $20 million of that amount minted within the first 5 minutes. Screenshot of crvUSD transaction data. Source: Etherscan The deployment of crvUSD on the Ethereum network is a significant step towards the public release…

Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say – Finance Bitcoin News

boss

Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks in Russian Federation Headed for at Least $23 Billion in Profits in 2023 Data from the first months of 2023 give the Central Bank of Russia (CBR) reason to believe that by the end of the year Russian banks can…

Analysts Warn of More Bank Failures, Possible Recession and Global Repercussions Caused by First Republic Bank Collapse – Finance Bitcoin News

boss

The recent takeover of First Republic Bank, the fourth U.S. bank to fail this year, has awakened concerns about the possible repercussions this new failure might have on U.S. and international economies. While United States President Joe Biden has assured the public that the banking system remains safe, analysts are warning that this might not be the last bank failure in this period of turmoil. First Republic Bank Collapse Shows the Weaknesses of the US Banking System, Say Analysts The recent collapse of First Republic Bank, the second-biggest bank failure…

India, Russia Mull Payment System Integration in Face of US Sanctions – Finance Bitcoin News

boss

The governments of India and Russia are considering integrating part of their payment systems, in order to counter the possible future effect of US sanctions on the capital flows of each country. The deal would include the integration of India’s Rupay card system and its Russian counterpart, Mir Cards, to allow seamless payments between the two countries. Russia and India Consider Integration of Payment Stacks Russia and India are mulling the integration of their debit payment stacks in order to prevent negative affects on their common payment flows by a…

China Ramped Up Gold Production During Q1 Amidst Steady Demand From Central Banks – Finance Bitcoin News

boss

Gold companies operating in China ramped up their production levels during the first quarter of 2023. According to industry reports, the Chinese gold industry managed to recover its extraction levels, reaching numbers it saw before the Covid pandemic, with the country engaging in a record streak of purchasing gold during the last five months. China Recovers Gold Production Levels During Q1 China managed to ramp up its gold extraction levels during the first quarter of 2023. Chinese companies have seen their production efforts rewarded during Q1 2023, as large mines…

Level Finance confirms $1M exploit due to buggy smart contract

boss

Decentralized exchange Level Finance has experienced a security breach allowing an attacker to steal more than $1 million of the exchange’s native Level Finance (LVL) token.  Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin (BNB), with an approximate value of $1.01 million.  An exploit targeted our Referral Controller Contract. – 214k LVL tokens drained to exploiters address.– Attacker swapped LVL to 3,345 BNB– Exploit was isolated from other contracts.– Fix to be deployed…

BRICS to Promote National Currencies Before Issuing Common One – Finance Bitcoin News

boss

The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview. Wider Use of National Fiats of BRICS States to Precede Launch of Single Currency Experts at BRICS are putting efforts into deepening ties between the economies and financial markets of its member states, with the aim of creating a common currency.…