Crypto - Optimisus

Vauld crypto lender has been granted a further extension by the Singaporean authorities to file a restructuring plan

1 year ago 1 min read

Struggling Crypto Firm Vauld granted extra time to present restructuring plan

Vauld, a Singapore-based cryptocurrency lender, has been granted a further extension by the Singaporean authorities to file a restructuring plan. This comes as Vauld has been one of the worst affected cryptocurrency firms by the prolonged bear market. The firm trimmed its team by 30% last summer, reduced its marketing campaigns, and later halted customer withdrawals. After failing to secure an acquisition deal with Nexo, Vauld filed for protection against creditors in Singapore, similar to Chapter 11 bankruptcy in the USA, in order to reconstruct its operations. The Singapore High Court initially ordered protection until November 7, 2022, and later

Digital Currency Group (DCG) venture capital

1 year ago 1 min read

Digital Currency Group puts dividends on hold to preserve cash reserves

Digital Currency Group (DCG), a venture capital firm, has announced that it will be halting its quarterly dividend payments in an effort to preserve liquidity. This decision is in light of the financial troubles faced by its subsidiary, crypto broker Genesis Global Trading. Genesis currently owes creditors over $3 billion, and DCG is considering selling some of its assets to mitigate these issues. Customers of Genesis have been unable to withdraw funds since November 16th, which prompted Cameron Winklevoss, on behalf of his exchange Gemini, to call for the removal of DCG’s CEO, Barry Silbert, in an open letter. Winklevoss

1 year ago 1 min read

Silvergate Bank loses $1 billion amid crypto market turmoil

Silvergate Capital Corp, a US-based cryptocurrency bank, has reported a $1 billion loss for Q4 2022, which it attributes to a “crisis of confidence” in the sector following several large bankruptcies. The bank’s shares fell 2.9% to $12.94 in after-hours trading, and have lost almost 90% of their value over the past year. The bank’s CEO, Alan Lane, said in a statement that while the bank is taking action to navigate the current environment, it believes in the digital asset industry and remains focused on providing value-added services for its core institutional customers. The bank has also laid off 40%

1 year ago 1 min read

EU Ministers urged to provide input for Digital Euro CBDC design features

European Union is moving forward with its plans for a digital euro, or central bank digital currency (CBDC), but some decisions will require support from EU ministers. The EU sees the digital euro as a way to increase independence from non-European payment solutions and preserve public access to central bank money in the digital world. The ECB is conducting market research to understand a technical design for the CBDC and has outlined a potential design for the digital euro. The stakeholders in this system include consumers, intermediaries such as financial institutions, and the ECB and central banks in the region.

1 year ago 1 min read

Arkham: Alameda Wallet Suffers $11.5M Losses Under Liquidator Management

The liquidators of Alameda Research have reportedly incurred at least $11.5 million in losses since taking control of Alameda’s trading accounts. On January 16, a Twitter thread from Arkham Intelligence reported that one wallet under the control of liquidators has seen a string of “significant losses” due to liquidations, some of which were “preventable losses.” Arkham reported that the account ending in 0x997 initially had a short position of 9,000 Ether ($10.8 million) against the collateral of $20 million in USD Coin and $4 million in Dai, with a net balance of $15.2 million when the liquidators first took control.

Monex Group Interested in Acquiring FTX Japan: Bloomberg

1 year ago 1 min read

Monex Group Among Potential Buyers for FTX Japan: Bloomberg

Monex Group, a Tokyo-based online brokerage company, is interested in joining the bidding for the Japan subsidiary of collapsed cryptocurrency exchange FTX, according to a report by Bloomberg. Monex Group’s CEO, Oki Matsumoto, stated that “Generally speaking, we naturally are interested.” He also noted that it would be a “very good thing” for Monex to reduce the number of crypto exchanges it competes with. The U.S. Bankruptcy Court in Delaware has given FTX permission to sell off assets to pay back creditors, including FTX Japan Holdings. Parties interested in acquiring FTX Japan must submit a non-binding preliminary bid by February

Japan's Financial Authorities call for Cryptocurrency to be Governed like Banks

1 year ago 1 min read

Japan’s Financial Watchdog calls for Crypto to be Regulated like Banks

Financial regulators in Japan have called for global regulators to treat cryptocurrency the same way as traditional banking, calling for stronger regulations for the sector. According to Mamoru Yanase, the deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau, crypto needs to be controlled and regulated like traditional institutions. The comments come in the wake of the collapse of FTX in November, which shook the industry and sparked calls for regulatory action. Yanase has acknowledged that the problem wasn’t with crypto technology itself, but with “loose governance, lax internal controls and the absence of regulation and supervision.”

Binance's Cold Custody: A Secure Solution for Institutional Investors.

1 year ago 2 mins read

Binance Introduces Cold Custody for Institutional Investors

The recent FTX crisis has put a spotlight on the security of centralized crypto exchanges, with many investors turning to cold storage solutions to protect their assets. In response to this trend, Binance, the world’s largest crypto exchange, has announced a new service called “Binance Mirror.” Binance Mirror is an off-exchange settlement solution that allows institutional investors to access trading and investment products within the Binance ecosystem without having to post collateral directly on the exchange. With this new feature, institutions can lock a specific amount of their assets in Binance Custody’s cold storage facility and mirror it onto their

Chinese central bank digital currency (CBDC) in the securities market.

1 year ago 1 min read

China’s Digital Currency Makes its Debut in Securities Trading

Soochow Securities is the first financial institution to use the central bank digital currency (CBDC) in the securities market. Through the firm’s mobile app, investors can now purchase wealth management products with the digital yuan. This marks an important milestone in the adoption of the e-CNY and its use in the financial sector. The People’s Bank of China (PBOC) has been piloting the e-CNY in several cities since 2020. Last year, the amount of e-CNY in circulation across these cities reached 13.61 billion yuan (US$2 billion). This amount accounted for 0.13% of the M0 supply — the total currency in

1 year ago 1 min read

Iran and Russia propose gold-backed stablecoin

The Central Bank of Iran and the Russian government are reportedly working together to jointly issue a new stablecoin backed by gold. According to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain, the stablecoin will be used as a payment method in foreign trade, enabling cross-border transactions instead of traditional fiat currencies like the US dollar, Russian ruble, or Iranian rial. This new cryptocurrency, referred to as a “token of the Persian Gulf region,” will reportedly operate in a special economic zone in Astrakhan, where Russia has already started accepting Iranian cargo shipments. However, the

1 year ago 1 min read

Crypto exchange Coinbase considers pulling out from Japanese market

The Japanese cryptocurrency market continues to experience upheaval as the industry continues to experience the fallout from the collapse of FTX. Coinbase’s decision to explore the potential withdrawal of its business from the country could have far-reaching implications for the crypto industry in Japan and beyond. As regulatory expenses are expected to rise, other major players in the industry are also looking to reassess their presence in the market. The Payward group’s decision to close down its operations in Japan, and the move to request clients to move any residual crypto assets they own onto digital wallets hosted by third-party

Ripple Partner Recognized as official Money Transfer Company by Central Bank of Uruguay

1 year ago 1 min read

Ripple Partner Officially Recognized as Money Transfer Company by Central Bank of Uruguay

A document from the Central Bank of Uruguay is causing excitement in the XRP community. The document, which mentions Ripple seven times, is dated March 7, 2022, but was reportedly only recently published on the Central Bank of Uruguay’s website. The exact role of Ripple in the document is not yet clear, but it reveals that the Central Bank registered Ripple partner, LATAM SOFTWARE S.A.S., as a “money transfer company” and granted it the right to outsource services specifically to Ripple. According to the document, LATAM SOFTWARE S.A.S. provided all the necessary information and documentation for the registration, including contracts