Formfunction, a Solana (SOL)-based nonfungible token (NFT) marketplace, has announced its closing up shop after only 13 months of operation amid a slump in Solana NFT prices and trading volumes. On March 15, Formfunction announced it is “shutting down” on March 29 saying it “cannot continue to operate” after “much discussion and careful consideration.” We have some sad news to…
India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE,” India’s central bank…
Stablecoin issuer Circle has announced it has cleared “substantially all” of the backlog of redemption requests for its stablecoin USD Coin (USDC). In a March 15 operational update, Circle said between the morning of March 13 to the close of business on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC. Update: As of close of…
Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor. Credit Suisse Next to…
Ethereum’s Shanghai upgrade, which will enable the withdrawal of staked ETH, successfully rounded the final corner in the build-up to its much-anticipated April launch, the network’s core developers have confirmed. The Goerli testnet, essentially a comprehensive dress rehearsal of Shanghai, launched late Tuesday, and finalized roughly 90 minutes later. According to multiple Ethereum core developers, a brief delay was caused…
Ethereum’s Shanghai upgrade, which will enable the withdrawal of staked ETH, successfully rounded the final corner in the build-up to its much-anticipated April launch, the network’s core developers have confirmed. The Goerli testnet, essentially a comprehensive dress rehearsal of Shanghai, launched late Tuesday, and finalized roughly 90 minutes later. According to multiple Ethereum core developers, a brief delay was caused…
Approximately one year prior, on Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the then co-founder of CEO of Terraform Labs, Do Kwon, in a $10 million bet that the price of Terra Luna (LUNC) would be lower than its then price of $92.4 per token one year later. The blockchain executive accepted the offer, the second in the series…
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…
Crypto unicorn Worldcoin has launched a waitlist for its “World ID” software development kit (SDK) — which will allow websites to verify the uniqueness and humanness of its users without storing their personal information. The company has also launched the World ID software itself, allowing end users to obtain their “World ID” immediately, according to a March 14 announcement on the…
United States Securities and Exchange Commission (SEC) chair Gary Gensler has again suggested that proof-of-stake coins may be securities. He expressed his view on March 15 after a commission meeting on cybersecurity issues. Gensler was asked by reporters about his reaction to statements made by Commodity Futures Trading Commission chair Rostin Behnam at a Senate Agricultural Committee meeting last week…
