This past weekend saw a surge in trading activity for USDC across many decentralized exchanges. The 11th of March was the day when Uniswap’s volume was the largest ever, at $11.84 billion. Yet, it isn’t the first decentralized protocol to gain popularity. This occurs following the weekend de-pegging incident of
March 14, 2023 2 mins read
Binance, a cryptocurrency exchange, has announced that it would stop accepting deposits and withdrawals in British pounds sterling as of May 22 unless it can secure a new service provider. According to an email issued to clients on Monday, the British partner that Binance employs for Faster Payments Service transactions,
March 14, 2023 2 mins read
Most recently, it was declared by the government of the United Kingdom (UK) that HSBC holdings had acquired the British affiliate of the Silicon Valley Bank. This comes after a U.S. government body took action to protect depositors at the failing bank. The CEO of HSBC, Noel Quinn, was quoted
March 13, 2023 1 min read
With the failure of crypto-friendly institutions and the depeg events of stablecoins, Binance CEO Changpeng Zhao said on Monday that the exchange will move the remaining money in the Industry Recovery Initiative into Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH). Binance CEO Changpeng Zhao (CZ) came to Twitter in
March 13, 2023 2 mins read
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
