Author: News Room
Skywards, a prominent entity within the DeFi ecosystem, has put forth a proposal to integrate the staked version of Ethena’s synthetic dollar, sUSDe, into Aave V3 on Ethereum. This proposal follows a consensus reached during the TEMP CHECK stage, signaling potential enhancements to the Aave protocol. Read the full article here
CoinTracker has announced support for Solana transactions. This will enable its users to calculate taxes once they have synced their wallets accurately. The process is seamless, beginning with syncing wallets before moving on to tax calculation. Finally, users get a report on several aspects, including, but not limited to, capital gain or loss. CoinTracker, with this partnership, aims to cover as many crypto transactions as possible and make its services accessible to the majority of users. Tax calculation on cryptocurrencies has often been defined as a nightmare. The reason is that there are various segments to consider. When it comes…
This month we have witnessed a continuous expansion in the stablecoin domain, eclipsing the $150 billion mark on March 20, 2024, with an infusion of an additional $1.4 billion into the arena since then. Leading the pack in supply growth for March was Ethena’s USDE, soaring by 194.9% over the last 30 days. Top Dollar-Pegged Token Valuations Climb in March; Key Players Shift Ground As the cryptocurrency market rides a bullish wave, the stablecoin sector has experienced consistent monthly growth throughout the year. The tally for March reflects this trend, with the market for U.S. dollar-pegged digital currencies increasing from…
A whopping 12 million active users can use $FLOKI to pay merchants within the Binance app’s marketplace for services like booking flights, booking hotels, buying gift cards, and mobile top-ups. It is exciting to know that $FLOKI can be used to buy luxury cars at the LG Group in France, buy properties at Bin Faqeeh Bahrain, book hotels or flights at Travala, shop at e-commerce retailer Farfetch and leading French department stores, make payments at up to 5000 POS terminals in Bahrain, paying in supermarkets apart from paying at pharmacies. Making instant, secure, and borderless payments has become a reality…
The Fed: Custodia can’t sit with us A judge last week sided with the Federal Reserve in the Custodia Bank lawsuit, confirming that the central bank is under no obligation to grant master account access and membership to all eligible institutions. Wyoming-based Custodia first brought legal action almost two years ago as the Kansas City Fed dragged its feet on making a decision about Custodia’s membership application. Master accounts allow banks instant access to services like clearing and wire transfers directly from the Fed, meaning institutions don’t have to go through intermediaries. When Custodia’s application was denied in early 2023,…
The Monetary Authority of Singapore (MAS) has unveiled COSMIC, a centralized digital platform aimed at enhancing collaboration among financial institutions (FIs) to tackle money laundering, terrorism financing, and proliferation financing on a global scale. The launch of COSMIC marks a significant milestone in Singapore’s commitment to combat financial crimes effectively. The platform, developed in collaboration with six major commercial banks in Singapore – DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered Bank, aims to facilitate the seamless sharing of customer information among FIs. COSMIC operates under the framework provided by the Financial Services and Markets Act 2023 and accompanying subsidiary…
A memecoin “OZMPC”, unaffiliated with the trending blood sugar drug, launched on Coinbase’s blockchain, Base. Within an hour, CoinGecko’s Terminal warned that the Ozempic meme coin had precariously thin liquidity across its trading pairs. The token OZMPC is an abbreviation of Ozempic, yet is completely unauthorized by Novo Nordisk, the Danish maker of the Type 2 diabetes prescription drug. Novo Nordisk has not bothered to comment on the coin. The pharma giant owns global rights to the drug Ozempic and could assert its legal rights against the operators of this unlicensed crypto token. OZMPC’s creator imposed a punishing, 70% tax…
Russian intermediaries are reportedly navigating the complex web of sanctions imposed by the West, leveraging cryptocurrencies like Tether’s USDT. They are allegedly using USDT to secure vital components for military hardware. Central to this narrative is the case of Andrey Zverev, a self-proclaimed Russian smuggler based in China, who orchestrated a significant transaction for Russia’s arms manufacturer, known globally for the AK-47 rifle. How Russia Uses Crypto to Bypass Sanctions In 2022, Zverev acquired electronic drone parts, crucial for Russia’s military efforts in Ukraine. He bypassed traditional banking, using a Hong Kong distributor. This move evaded the scrutiny of sanctions-wary…
In March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at $2 Billion As we […] Read the full article here
A widely followed crypto analyst is issuing a warning on Ethereum, saying that ETH could still witness a 2019-style collapse. In a new video update, crypto strategist Benjamin Cowen tells his 796,000 YouTube subscribers that the conditions for Ethereum now are similar to that of mid-2019, and that the leading smart contract platform may suffer a similar setback. Cowen notes that in 2019, a slash in interest rates coincided with a dramatic correction for ETH. With the Fed expected to begin cutting rates again at some point this year, the analyst suggests that a similar scenario could play out. “We’ll see…