Vietnam has emerged as the world leader in cryptocurrency adoption
3 days ago 1 min read

Vietnam’s Crypto Market Shows Explosive Growth with 16.6 Million Holders, Study Finds

Vietnam has emerged as the world leader in cryptocurrency adoption, with a staggering 16.6 million Vietnamese owning digital currencies, according to the “Vietnam Crypto Market Report 2022.” Bitcoin is the most popular digital asset in the country, with 31% of Vietnamese crypto holders investing in it. The report found that Thailand is the only country in the Association of Southeast Asian Nations (ASEAN) with more cryptocurrency investors than Vietnam. Apart from having a large number of crypto investors, Vietnam is also home to several blockchain projects focused on GameFi (Game Finance), NFTs, and Web3. Seven of the top 200 blockchain

Is BlackRock Embracing the Future of Investing with Stock Tokenization?
3 days ago 1 min read

BlackRock Considers Tokenization of Stocks

BlackRock, the world’s largest asset management company, is exploring the potential of digital assets, particularly the tokenization of asset classes, as noted by CEO Larry Fink in a recent letter to investors. Mr. Fink highlighted the advancements happening in emerging markets, particularly in digital payments, which are advancing financial inclusion and lowering costs. He also noted the potential of tokenization of assets, which could revolutionize the asset management industry, shorten value chains, and improve cost and access for investors. BlackRock is actively exploring the tokenization of stocks and bonds, particularly in areas most relevant to their clients, such as permissioned

Swiss Bankers Association
5 days ago 1 min read

Swiss Bankers Association Pushes for Deposit Tokens to Boost Digital Economy

The Swiss Bankers Association has published a white paper that outlines how Swiss banks can contribute to the development of the country’s digital economy. The group has suggested a Swiss franc “joint” deposit token as a solution. According to the paper, stablecoins have limited penetration in the Swiss financial system despite end-to-end digitization becoming more common in business models. Additionally, there are no Swiss stablecoins that are accessible by the general public. The white paper suggests a deposit token that is “issued by regulated and adequately supervised intermediaries” and redeemed by smart contracts denominated in Swiss francs. The token could

Signature Bank Failure Tied to Crypto Volatility, Says US Lawmaker
5 days ago 1 min read

Lawmaker Blames Crypto Instability for Signature Bank’s Collapse

United States senator Michael Bennet has criticized banks associated with crypto firms for making “prudentially unsound” decisions. During a hearing of the Senate Finance Committee on March 16, Bennet referred to the recent closure of the crypto-friendly Signature Bank and compared the relationship between banks and crypto firms to that of institutions and marijuana dispensaries. Bennet stated that a legal service in many U.S. states, marijuana dispensaries, is “frozen out of the financial system” while Signature Bank failed, with almost a fifth of its deposits coming from crypto. Bennet implied that crypto may have been a factor in the bank’s

Eleven major US banks have made a bold move to deposit a total of $30 billion
5 days ago 1 min read

US Banks Trust First Republic Bank with $30 Billion in Deposits During Volatile Month

Eleven major US banks have made a bold move to deposit a total of $30 billion into the troubled First Republic Bank. Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo each made an uninsured deposit of $5 billion, while Goldman Sachs and Morgan Stanley each made a deposit of $2.5 billion. BNY-Mellon, PNC Bank, State Street, Truist, and U.S. Bank each made a deposit of $1 billion. First Republic Bank has been facing a tumultuous month, with its stock price plummeting 74% from $115 to $35. The bank had $212 billion in total assets as of last year, but

the founder of Cardano, addressed concerns about the network’s governance structure, reassuring ADA enthusiasts
5 days ago 1 min read

Charles Hoskinson Addresses FUD Over Cardano’s Governance: What You Need to Know

Charles Hoskinson, the founder of Cardano, recently addressed concerns about the network’s governance structure, reassuring ADA enthusiasts and users that development processes will be robust and transparent. In a March 16 video, Hoskinson responded to FUD (fear, uncertainty, and doubt) about CIP 1694, a new governance proposal set to usher in the age of Voltaire to Cardano. The Voltaire era of Cardano will be the fifth major phase of the Cardano blockchain, and is expected to lay out the foundations for decentralized decision-making, ushering the network into a self-sustaining system. Thus, CIP 1694 seeks to build on and extend the

Hackers Breach Euler Finance Despite CEO's Claims of Extensive Auditing
5 days ago 1 min read

Euler Finance Suffers $196M Attack Despite 10 Audits in 2 Years, Says CEO

Despite undergoing 10 separate audits by six different firms over a two-year period, Ethereum-based lending protocol Euler Finance fell victim to a $196 million flash loan attack on March 13. Euler Labs CEO, Michael Bentley, described the attack as one of the “hardest days” of his life in a series of tweets on March 17. The audits conducted by blockchain security firms, including Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica, had deemed the platform to be “nothing higher than low risk” and having “no outstanding issues” prior to the attack. Halborn, which conducted its audit from May 2021 to

MakerDAO Sets Sights on $1.25B U.S. Treasury Bond Holdings Following Successful First Vote
5 days ago 1 min read

MakerDAO Votes to Raise U.S. Treasury Bond Holdings to $1.25B

Maker’s governance community has approved a preliminary vote to increase its U.S. Treasury bond holdings to $1.25 billion, marking a significant increase from its current $500 million holding. The proposal was first introduced in October 2022 through an improvement proposal called MIP65, which allowed Maker to invest in U.S. Treasury bonds. The latest proposal increases the debt ceiling for those investments, which will allow Maker to invest more in liquid bonds. If fully approved in a later vote, Maker will spend the $750 million made available through the proposal on U.S. Treasuries, with maturities split equally over six months. Notable

Binance.US's Acquisition of Voyager Stalled by Regulatory Barrier
7 days ago 2 mins read

Binance.US’s Voyager Acquisition Hits Regulatory Snag

Voyager Digital, an insolvent lender, has hit a roadblock in its plan to sell its digital assets to Binance.US, a cryptocurrency exchange, due to an objection by U.S. authorities. The objection stems from a clause in the agreement that would prevent U.S. authorities from taking legal action against anyone involved in the sale. U.S. Trustee William Harrington and other government lawyers filed a motion before a New York bankruptcy court, claiming that the court exceeded its statutory power in authorizing the clause. While not objecting to other aspects of the transaction, U.S. authorities argue that the clause would make it

Signature Bank, a crypto-friendly bank, has been under investigation
7 days ago 1 min read

Signature Bank Probed for Money Laundering Ahead of Collapse

Signature Bank, a financial institution known for its cryptocurrency-friendly policies, has been under investigation by two US government agencies before its recent closure. According to reports, the Department of Justice (DOJ) was looking into whether the bank had taken enough measures to detect potential money laundering by its clients. The Securities and Exchange Commission (SEC) was also conducting its own investigation, but details of its nature were not disclosed. It remains unclear when the investigations started and whether they played a role in the New York state regulator’s decision to shut down the bank. Despite this, reports indicate that Signature

India's Crypto Industry Finally Gets a Chance to Interact with Lawmakers.
7 days ago 2 mins read

India’s Lawmakers Finally Engage with Crypto Industry After a Prolonged Silence

India’s cryptocurrency industry achieved a breakthrough over the weekend by successfully bringing lawmakers and members of India’s ruling party to a conference discussing Web3. The conference, titled “Namaste Web3” and hosted by Indian exchange CoinDCX, Bharat Web3, and Forbes media outlet, was held at one of New Delhi’s five-star luxury hotels. Attendees included National Vice President Baijayant Panda and former Law Minister Ravi Shankar Prasad from the ruling party, as well as a chairperson of the parliamentary standing committee on commerce and a deputy leader of the parliament’s lower house from the opposition benches. While the Indian government has privately

Binance was "not buying" CoinDesk
7 days ago 1 min read

Binance CEO Dismisses Interest in CoinDesk

Changpeng Zhao, CEO of Binance, has dismissed reports that the cryptocurrency exchange was looking to acquire CoinDesk. The crypto media platform, owned by Digital Currency Group, has been put up for sale, with Cardano founder Charles Hoskinson reportedly expressing interest. Zhao responded to the rumors in a tweet on March 14, clarifying that Binance was “not buying” CoinDesk due to it not fitting with their “geographic coverage.” He added that while CoinDesk may be a good business, it was not a good fit for Binance. CoinDesk is a leading media platform in the cryptocurrency industry, but has faced liquidity issues