Delivering the Queen’s Speech, Prince Charles outlines the British government’s plans to support the safe adoption of cryptocurrencies and create “powers to more quickly and easily seize and recover crypto assets.” UK Government Plans to Support Crypto Adoption The U.K. government outlined its legislative agenda for the next parliamentary year in the Queen’s Speech delivered Tuesday by Prince Charles, the…
In brief Coinbase executives blew off suggestions the company team up with Robinhood. On an earnings call, the company made clear it intends to stay the course in building for the long term. Coinbase delivered disappointing results on Tuesday, causing its stock to plunge, but top executives suggested on an earnings call that the company has no major moves planned—such…
The Flow ecosystem is set to get a boost in support from a new $725 million fund that will be used to invest in the growth of the nonfungible token network. Flow (FLOW) is a layer-1 blockchain developed by Dapper Labs and purpose-made for NFTs. Dapper Labs also created the popular NBA Top Shot NFT collection. Flow utilizes an eco-friendly…
Cryptocurrency exchange Coinbase has disclosed its first net loss as a public company of $430 million in Q1, but CEO Brian Armstrong said on an earnings call that he’s “never been more bullish on where we are as a company.” In its first quarter 2022 report Coinbase disclosed that revenue had dropped 27% to $1.17 billion, down from $1.6 billion…
As U.S. lawmakers push for the urgent regulation of stablecoins, the Financial Stability Oversight Council (FSOC) and the Federal Reserve Board warn about the risks of stablecoin runs that threaten the country’s financial stability. Treasury Secretary Janet Yellen brought up the terrausd (UST) fiasco as an example of why a comprehensive regulatory framework is urgently needed. Treasury Secretary Janet Yellen…
Terra Network’s LUNA price has continued to take a beating today as the Terra Network token plummeted 65% in 24 hours. In the last hour of trading alone, LUNA fell by 32%—from $22.96 to $16.95—before slightly rebounding to $17.71, according to CoinMarketCap. LUNA, the native token of the Terra blockchain, was trading at around $65 on May 8. But it…
In brief Many top Ethereum NFT projects, including the Bored Ape Yacht Club and Moonbirds, have seen rising floor prices over the past 24 hours. Azuki is a prominent exception, with its entry-level price crashing 43% due to controversy over one of its founders. Many of the most valuable and in-demand NFT collections saw rapidly declining price points yesterday as…
As the market panics over the implications of Terra’s UST losing its dollar peg, questions have been raised about its asset-backed stablecoin competitors, Tether and USD Coin. Tether (USDT) and USD Coin (USDC)—the two largest stablecoins by market cap, respectively—are backed by the U.S. dollar, meaning that the issuers of these coins ostensibly maintain reserves of cash or cash equivalents…
The Nigerian central bank digital currency (CBDC) wallet app is set for an update that will see users given the ability to pay for utilities like pay television and for topping up airtime. The addition of the unstructured supplementary service data (USSD) functionality to the wallet app means people without bank accounts will be able to make payments using the…
In brief Shiba Inu is up about 6% over the past 24 hours following Monday’s wider crypto market declines. Rival meme crypto Dogecoin hasn’t seen as much of a bounceback, up less than 1% as of this writing. The cryptocurrency market is showing a little bit of life today after yesterday’s drastic collapse, during which many of the top coins…
