Institutional cryptocurrency custodian Protego’s conditional national trust banking charter has expired without it receiving permanent approval, according to a report in Fortune on March 17. Protego failed to meet pre-conversion requirements, the magazine reported. A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to…
Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks. In a March 17 notice, Representatives Maxine Waters and Patrick McHenry — ranking member and chair of the committee, respectively — said U.S. lawmakers would listen to…
Artificial intelligence is dominating tech headlines lately thanks to OpenAI’s advancing GPT models and competitors, and such models can generate text and media with alarming speed and accuracy. They may revolutionize many industries and experiences—and one Web3 metaverse app has already found a way to tap into the technology. Oncyber, a 3D world-building platform that supports a wide array of…
The debtors in FTX’s bankruptcy case hreported the various company silos had more than $4 billion in scheduled assets as of November 2022, but said they were still investigating the firm’s crypto holdings. In a March 17 filing with United States Bankruptcy Court for the District of Delaware, FTX debtors submitted a presentation to the committee of unsecured creditors on…
Coinbase has been setting its sights on growth outside the U.S., but declined to comment directly on a report from Bloomberg saying it’s already talking to international clients about those plans. Instead, a Coinbase spokesperson told Decrypt in an email that the company is accelerating work on its “Go Broad, Go Deep” strategy, revealed earlier this month, which includes growing…
At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and cryptocurrencies have rebounded, a number…
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The DeFi ecosystem was once again an exploiter’s paradise this past week as lending protocol Euler Finance fell victim to a flash loan attack resulting in a net loss of over $196 million —…
Recent turmoil in the traditional banking sector, culminating in USD Coin (USDC) losing its peg, could negatively affect stablecoin adoption and potentially increase calls for regulation, argues credit rating agency Moody’s Investors Service. In its latest Sector Comment report published on March 16, Moody’s said fiat-backed stablecoins could face new resistance following USDC’s de-pegging on March 10. “Until now, large…
The latest episode of Decentralize with Cointelegraph unpacks whether U.S. regulators are targeting the crypto ecosystem through the closure of SVB and Signatur… Source: https://cointelegraph.com/public/index.php/news/us-bank-collapse-was-crypto-being-targeted
Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos’ recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD’s market capitalization over time. As Paxos will no longer be minting new BUSD,…
