In a statement made on March 10th, the Bank of England (BoE) announced that SVB UK will “stop making payments or accepting deposits.” Because BoE planned to petition the court to initiate a “Bank Insolvency Procedure” against SVB UK. As Silicon Valley Bank’s U.K. branch (SVB UK) has no “critical
March 12, 2023 2 mins read
Circle, the company behind the USDC, said in a statement that the stablecoin will once again be exchangeable for dollars at a rate of one-to-one beginning on Monday. As a result of the unexpected closure of SVB on March 11, the company has developed a strategy to draw into its
March 12, 2023 1 min read
The two leading cryptocurrency exchanges, Binance and Coinbase, announced on Friday night that they will temporarily halt USDC conversions until the ripple effect of the collapse of Silicon Valley Bank plays out. The action was taken because of fears that USDC stablecoin issuer Circle was keeping part of the stablecoin’s
March 11, 2023 2 mins read
As a result of a bank run and a capital problem, Silicon Valley Bank was the second biggest financial institution to fail in the United States. It went under on a Friday morning. The bank in California was shut down by authorities and transferred to the supervision of the US
March 11, 2023 2 mins read
The developers of the Hedera Hashgraph distributed ledger have revealed that some tokens from the network’s liquidity pool were stolen. This was due to a smart contract vulnerability on the Hedera Mainnet. The hacker, according to Hedera, went after tokens in DEXs’ liquidity pools. That used code adapted from Ethereum’s
March 10, 2023 1 min read
The Starbucks Odyssey rewards programme, built on the Ethereum sidechain network Polygon and now in beta, is a major move for the coffee giant into the Web3 sphere. After distributing some free prize NFTs to the platform’s early users, the company released its first premium collectable for sale. Beta users
March 10, 2023 2 mins read
In conjunction with the Metropolitan Police, the largest police agency in the United Kingdom, Britain’s main financial regulator, the Financial Conduct Authority (FCA), stated on Wednesday that it has taken additional action against unlicensed crypto ATMs in East London. The FCA and the West Yorkshire Police conducted a series of
March 10, 2023 1 min read
In conjunction with the Metropolitan Police, the largest police agency in the United Kingdom, Britain’s main financial regulator, the Financial Conduct Authority (FCA), stated on Wednesday that it has taken additional action against unlicensed crypto ATMs in East London. The FCA and the West Yorkshire Police conducted a series of
March 9, 2023 1 min read
In an intriguing turn of events, the U.S. Commodities and Futures Trading Commission (CFTC) declared Ethereum and stablecoins to be “commodities” and so subject to its regulatory authority. It’s a move that pits the CFTC squarely against the U.S. Securities and Exchange Commission, which wants to regulate all cryptocurrencies as
March 9, 2023 1 min read
According to reports in local media, China’s central bank digital currency (CBDC) is now accepted as payment on the country’s most popular social networking and payment app, WeChat. The initiative’s stated goal is to increase the digital yuan’s popularity. After Alipay, WeChat is now the second payment platform to implement
March 8, 2023 1 min read
