The Federal Reserve of the United States introduced its domestic instant payments system, called “FedNow,” on Wednesday, March 15. A strong collection of fundamental clearing and settlement functions and value-added services will be available from the start. To keep the boxes of security, resilience, and innovation from being checked off,
March 16, 2023 2 mins read
Attempting to negotiate with the hacker who stole millions from its Ethereum-based non-custodial lending protocol, Euler Finance has demanded the restoration of 90% of the stolen funds within 24 hours or face legal penalties. On March 14, Euler Labs sent an offer to the hacker responsible for the $196 million
March 15, 2023 2 mins read
Due to the drastic previous year and collapse of multiple behemoths including FTX, Anchorage Digital is the latest cryptocurrency company to announce strategic layoffs. The firm has had to lay off around 75 employees, or 20% of the total workforce. A corporate spokesperson informed that the layoffs are unconnected to
March 15, 2023 1 min read
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
