Government-issued electronic currency seems to be an idea whose time has come. “More than half of the world’s central banks are now developing digital currencies or running concrete experiments on them,” reported the Bank for International Settlements, or BIS, in early May — something that would have been unthinkable only a few years ago. The BIS also found that nine…
The Luna Foundation Guard (LFG), the non-profit organization overseeing the Terra ecosystem, said that its Bitcoin reserves dropped by more than 80,000 BTC over the last week. Per LFG’s Twitter thread Monday, as of May 7, it held 80,394 BTC (more than $3 billion at that time) in its reserves and a selection of other cryptocurrencies, including BNB, USDT, USDC,…
Luna Foundation Guard (LFG), the non-profit organization holding Terra’s bitcoin reserves, confirmed on Monday morning that it had sold over 80,000 BTC over the past week to acquire TerraUSD (UST) in an attempt to defend its crumbling U.S. dollar peg. “Consistent with its non-profit mission & focus on the health of the Terra ecosystem, beginning on May 8, when the…
DEI, a hybrid algorithmic stablecoin from the DeFi protocol DEUS Finance, lost its dollar peg on Sunday, according to data from CoinMarketCap. The DEI stablecoin currently trades at $0.66 after recovering from an all-time low of $0.55 recorded on May 16. Though DEI resembles Terra’s UST in many ways, DEUS Finance’s stablecoin is collateralized (unlike UST). Deus Finance uses two…
Hoseki, a bitcoin proof-of-asset infrastructure company, has completed a seed round of investments led by Stillmark. The company has already found 50 traditional lenders and mortgage brokers that will accept proof-of-assets documentation from Hoseki.Hoseki intends to use the capital to further product development and plans an open beta for its product during Q3 2022. Hoseki, a proof-of-asset infrastructure service for…
David Marcus, former cryptocurrency head at Meta, is launching Lightspark, another payments company that will use crypto as its central payment tool. The startup, which will have Marcus at the helm as CEO, also features some of Meta’s former employees and will explore the possibilities of using the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments. …
When I first heard about Fuzzles, I thought they were for kids. But on a video call, Endless AI CEO Michael Fox assured me that no, while incredibly cute, these animated NFTs powered by artificial intelligence were definitely “not built for kids.” NFTs are unique blockchain tokens that signify ownership, whether it’s over a piece of digital art, metaverse real…
Sam Bankman-Fried, the founder of crypto exchange FTX, has criticized the efficiency of Bitcoin (BTC) as a payment network, only to meet heavy backlash from the crypto community. During an interview with the Financial Times, Bankman-Fried fueled environmental concerns associated with the Bitcoin network’s mining consensus, proof-of-work (PoW), and claimed it’s not scalable enough to accommodate millions of transactions. He…
Sam Bankman-Fried, CEO of the fast-growing crypto exchange FTX, said that Bitcoin isn’t a suitable payments network. “The Bitcoin network is not a payments network and it is not a scaling network,” he told the Financial Times on Monday. Bankman-Fried qualified these statements by pointing to the network’s proof-of-work (PoW) consensus algorithm, which validates Bitcoin transactions. In a PoW-based network,…
The Luna saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin UST and the token LUNA shared precisely how much Bitcoin and crypto assets they had disposed of. The Luna Foundation Guard (LFG) also shared a promise to “compensate remaining users of UST, smallest holders first,” with the remaining assets. In summary, 80,081 Bitcoin (BTC) or 99.61%…
