The Maker Foundation is being sued in a class-action lawsuit for $28 million over the March 12 event that caused over $2 million in liquidations. The lawsuit alleges that the team behind the Makerdao project did not explain the extreme risk of loss to investors. Also read: ETH Price Strains Defi Collateral Loans as ‘Black...Read More
Commercial banks should work out their own transfer systems as an alternative to Facebook’s Libra, urged Jens Weidmann, President of Bundesbank and member of the Governing Council of the European Central Bank (ECB). Euro Area Banks Should Not Rely on Facebook’s Libra Banks in the Euro area should explore tools for faster, cheaper transfers, but...Read More
Since Tether’s (USDT) migration to other networks beside the BTC-based Omni protocol, significant shifts have taken place seeing the heavily-printed stablecoin rise to prominence also via Ethereum’s ERC20 standard and Tron’s TRC20 implementation. Ethereum-based USDT supply currently sits at over 2.2 billion tokens, while the Omni equivalent stands at around 1.5 billion. The Tron network...Read More
Korean stablecoin, Terra saw a massive spike in volume yesterday, up 280% on the previous day. And, as a cryptocurrency that sells itself as a payment system, this may well hint at the burgeoning acceptance of crypto as money.Winter is here and ecommerce volumes are through the roof. @terra_money saw 11 BILLION KRT (korean won...Read More
Canadian tax authorities’ approach to crypto-assets might discourage the country’s citizens from using digital assets, as things like double taxation remain an issue. While the US still struggles to bring regulatory clarity to the world of cryptocurrencies, its neighbor, Canada, currently faces taxation issues. The country was quick to introduce crypto taxes as early as...Read More
According to recent statements by People’s Bank of China (PBOC) official Mu Changchun, the country’s digital yuan is ready for trials. The central bank digital currency (CBDC) will decidedly not be a speculative asset like bitcoin or stablecoins, and will not need a currency basket for backing, Changchun affirmed. Reactions to the announcement are varied,...Read More
African Government is all set to launch a stablecoin pegged to 1:1 to Nigerian Naira. The stablecoin ABCD will be launched on Binance‘s native blockchain, the Binance Chain. Ghana-based cross-border money transfer startup Bit Sika & Linova Capital – crypto-focused investment firm will launch this stablecoin. Furthermore, 9 exchanges including Busha and Bitmama supports this...Read More
Africa’s first stablecoin, the Africa Stable-Coin(ABCD) is backed by Nigeria’s national currency, the Naira. Also, the fiat-backed crypto is built on Binance’s native blockchain, the Binance Chain. The crypto momentum in Africa doesn’t seem to die down. Budding startups are leveraging blockchain and decentralized ledger technology to create novel applications that will change the future...Read More
London-based blockchain firm Saga announced the launch of its Saga token (SGA). The digital unit represents a global currency that complies with regulators’ requirements. Saga Advised by Nobel Prize Winner, Former Bank of Israel Governor The currency is backed by a basket of fiat currency to avoid high volatility. Thus, it acts like a stablecoin...Read More
Coinbase continues to explore its options in the cryptocurrency space. That also includes adding support for digital assets in any way possible. As far as the Coinbase Card is concerned, it has now received DAI stablecoin functionality. A Different Asset for the Coinbase Card It is the first time any stablecoin is supported on this...Read More
During the webcast discussion in Switzerland, Federal Reserve Chairman Jerome Powell said that the Facebook’s stable coin, Libra would probably have so many users that it might cause instability in the financial system if something went wrong. In a discussion in Zurich with Swiss National Bank Chairman Thomas Jordan, Powell claimed that. “With Facebook’s very...Read More
2019 has been largely regarded as a year of the bulls after collective bullish sentiment drove major cryptocurrencies to a price hike. Besides the bull run, stablecoins were also a major topic of discussion as the community’s attention were grabbed by the Bitfinex-Tether fiasco and the launch of Facebook’s Libra. Other than the aforementioned virtual...Read More
China has rubbished reports going rounds in a section of the media that its Central Bank Digital Currency (CBDC) is all set for a launch after nearly half a decade of thorough research and development. A Chinese state-owned media outlet “The Global Times” took to Twitter to deny a widely-circulated Forbes report that the People’s...Read More
China is inching closer to unveiling its first government-backed cryptocurrency, as the US administration continues to impose more economic sanctions on Chinese exporters. Despite a blanket ban on cryptocurrencies and related businesses, China, the world largest economy, is now reportedly getting ready to launch its government-backed stablecoin. The currency will be issued to seven institutions, according...Read More
Terra is a price- stable coin. It aims to become a widely used stable coin as a payment method in a blockchain payment solution. Recently, Terra has received an undisclosed sum of funding from Hash key Capital. HashKey Capital is an affiliate of the HashKey Group, a Hong Kong-based fintech company. However, the two firms...Read More
Rep. Maxine Waters, chairwoman of the United States House Financial Services Committee said on Sunday she remained worried about Facebook’s cryptocurrency project, Libra, after meeting Swiss regulators in Switzerland – where the cryptocurrency is to be headquartered. Waters said in a statement: “While I appreciate the time that the Swiss government officials took to meet...Read More
Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra. A delegation of the United States House of Representatives visited Switzerland last week because they have been concerned about cryptocurrency issues, especially regarding Facebook’s yet-to-come stablecoin Libra. Representative Maxine Waters published...Read More
As regulatory pressure continues to mount against Facebook’s proposed cryptocurrency Libra, at least three companies that are part of the governing association of Libra are contemplating withdrawing their support for the much-hyped stablecoin. According to Financial Times, two members of the Libra Association may leave the community altogether. Also, one member is allegedly concerned that...Read More
As the stablecoin wars continue to heat up, Tether has hinted the launch of a new stablecoin – one pegged 1:1 to the Chinese Yuan. The announcement comes barely a day after the world’s largest crypto exchange Binance revealed its plans to launch its stablecoin dubbed ‘Venus’ on Binance Chain. Revealing the news exclusively to...Read More
According to the reports from ChainNews, Bitfinex shareholder Zhao Dong confirmed to that Tether will issue CNHT in the near future and anchor the stable currency of offshore RMB. Zhao Dong further said that his digital asset management platform RenrenBit will open the transaction and recharge the cash in the first time. Basically, Tether is the...Read More
One of the few go-to financial service providers that are Bitcoin and Crypto friendly, Silvergate Bank, is looking to expand its services to include crypto-currency lending, according to an updated IPO filing. Loans for institutional Investors Silvergate Bank provides financial services to some of the industry’s top companies such as Coinbase, Bitstamp, and Xapo. According...Read More
Huobi Wallet has added MakerDAO’s various offerings to its list of supported assets and services. Major cryptocurrency exchange Huobi has added support for MakerDAO tokens and decentralized apps (DApps) in its wallet. Huobi Group shared the announcement with Cointelegraph on Aug. 19. MakerDAO has a stablecoin called Dai, a token named MKR, and applications including...Read More
A delegation of the United States House of Representatives will visit Switzerland on cryptocurrency concerns, with Facebook’s stablecoin Libra being in the focus. A delegation of the United States House of Representatives will visit Switzerland on cryptocurrency concerns, with Facebook’s not-yet-released stablecoin Libra being in the focus. As local weekly news outlet NZZ am Sonntag...Read More
Rupiah Token, on the event of Indonesian 74th Independence Day, announced IDRTB to be introduced on Binance Chain. With this, IDRTB will be the first ever non-USD Asian Currency to be listed on Binance Chain. In addition, they plan to introduce IDRTB as a currency exchange pair on Binance DEX. After the launch of IDRT...Read More
On August 15, the San Francisco-based digital currency exchange Coinbase announced that it had acquired the cryptocurrency custody service Xapo’s institutional branch. The business move puts Coinbase in the limelight, making it the largest custodial service for digital assets worldwide, with more than $7 billion under custody. Also Read: Hong Kong Protest Leader Hopes to...Read More
