Search results: BlockFi

Top blockchain and crypto news: SBF’s Voyager rescue deal spurned. Tesla pulls U-turn with BTC sale. Tencent cuts local NFT staff as it looks abroad.

Crypto derivatives exchange FTX is reportedly in talks to purchase Bithumb, one of South Korea’s top five cryptocurrency exchanges. See related article: BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients Fast facts The two exchanges have been discussing the deal for several months, according to an anonymous source who told Bloomberg. Neither Bithumb nor […]

Top blockchain and crypto news: Celsius plunges into Chapter 11. Otherside’s promised land. Mixed picture for Chinese NFTs.

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’

Investor confidence in stablecoins has plummeted since the Terra fiasco. Circle’s chief of finance assesses how they’re holding up amid a barrage of “FUD”.

In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.

Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker’s new bankruptcy filing. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts Voyager Digital entered a loan agreement for a revolving […]

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?

Estonia-based crypto lending platform CoinLoan is slashing its daily withdrawal limit from US$500,000 to US$5,000, in hopes to prevent liquidity-related interruptions due to surges in customer withdrawals. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts CoinLoan says its decision wasn’t driven by market instability and claims to be “probably the […]

Three Arrows Capital files for bankruptcy in the US. Meanwhile, SBF and FTX agrees deal with option to buy for up to US$240 million.

Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes to shield its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation last week. See related article: Three Arrows Capital […]

Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver told Forkast he will issue an official statement before Monday responding to allegations he defaulted on a US$47 million loan in USDC from CoinFLEX. See related article: Roger Ver denies defaulting on US$47 mln loan from CoinFLEX Fast facts Ver told Forkast in a phone interview […]

Crypto hedge fund Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices left the firm unable to repay creditors, Sky News reported. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A court in the British Virgin Islands appointed two senior members of global advisory […]

Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.

While critics say the bubble has burst on crypto, Wall Street is moving in to take advantage of what could be some fire-sale asset prices.

Crypto broker Voyager Digital issued a notice of default on Monday to hedge fund Three Arrows Capital (3AC), for failing to service a loan worth about US$665 million. See related article: Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit Fast facts Last week, Voyager said it had asked for US$25 million worth of USD […]

BIS warns over crypto, calling it unreliable as money. Meanwhile, Morgan Creek Capital counters FTX’s US$250 million BlockFi bailout.

A day after Voyager Digital disclosed its exposure to crypto hedge fund Three Arrows Capital (3AC), it slashed daily withdrawal limits to US$10,000 from US$25,000. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts On Wednesday, crypto trading platform Voyager said it had loaned over US$650 million worth of USDC and […]

CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund […]

Cryptocurrencies return to the red as inflation in the UK soars. Meanwhile, Sam Bankman-Fried agrees to bail out BlockFi for the second time.

After a short-lived recovery, Bitcoin, Ether and other cryptocurrencies are trading lower on fears of a contagion risk from a possible financial implosion at Three Arrows Capital.

BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.

The Securities and Exchange Commission (SEC) said it is expanding its crypto asset enforcement team by adding 20 positions, in a move to bolster its efforts to combat cybercrime associated with cryptocurrency. See related article: Peirce dissents from SEC’s US$100M BlockFi settlement Fast facts The SEC on Tuesday said that its staff strength in a […]

Joe Biden’s executive order on crypto has put America on course for solid success in the digital asset space, says the Blockchain Association’s Kristin Smith.

The U.S. securities watchdog has launched a probe into crypto exchange Binance’s relationship with two trading firms with ties to founder Changpeng Zhao, the Wall Street Journal reported. Fast facts The Securities and Exchange Commission (SEC) is examining whether Binance’s U.S. arm properly discloses to users its links to two trading firms — Sigma Chain […]

As more countries announce plans for central bank digital currencies, will that break crypto’s promise as the future of money?

The U.S. Securities and Exchange Commission is scrutinizing the cryptocurrency companies Celsius Network, Gemini Trust and Voyager Digital about their practice of paying interest on crypto token deposits, Bloomberg.com reported on Thursday. Fast facts The SEC has begun an enforcement review focused on whether these tokens are unregistered securities, the report states, citing unnamed sources […]

Bitcoin’s current price is not indicative of the crypto’s future prospects, says Mark Yusko, who looks forward to the tokenization of everything.

Top blockchain and crypto news: Is Tesla’s turbocharge a boost for Bitcoin? Mastercard’s Bakkt with a new crypto deal. Chinese NFTs on knife-edge.

In spite of ongoing regulatory issues, cryptocurrency lender Celsius Network has raised US$400 million in an investment round pegging the valuation of the company at US$3 billion. Fast facts The funding was led by U.S. growth equity firm WestCap and Caisse de dépôt et placement du Québec (CDPQ), a global investment group.  Celsius will use the funds to […]

Amber Group, a Hong Kong-based crypto financial services company, is eyeing a direct listing in the U.S. within the next two years, Amber Group co-founder and CEO Michael Wu told the South China Morning Post in an interview. Fast facts Founded in 2017, Amber Group propelled to unicorn status this year following its US$100 million Series […]

Coinbase, the largest cryptocurrency exchange in the United States, has dropped its plans to launch its high-yield-generating “Lend” product following the U.S. Securities and Exchange Commission’s threat to sue the exchange if they did. Fast facts Coinbase Chief Legal Officer Paul Grewal disclosed in a blog post earlier this month that the company had received […]

Crypto platform CEO claims regulators use ‘intimidation tactics behind closed doors’ by refusing to provide clarity.

Global investment in blockchain and cryptocurrencies leapt in the first half of 2021, with US$8.7 billion raised and 548 deals sealed, according to consulting firm KMPG’s latest Pulse of Fintech H1’21 report. Fast facts Global fintech investment in H1 2021 reached US$98 billion in 2,456 deals, compared to US$121.5 billion for the whole of 2020, […]

Matrixport, a Singapore-based digital asset financial services platform, today announced the completion of a series-C funding round, bringing the company’s valuation to more than US$1 billion. Fast facts The funding round was led by partners of DST Global, C Ventures and K3 Ventures, with other investors including Qiming Venture Partners, CE Innovation Capital and Tiger […]

Celsius Network CEO says crypto lenders are using Wall Street’s ‘safest’ business tactic to provide high interest rates to customers. What are the risks?

While the West has first mover advantage in traditional banking, Asia — not wedded to ol infrastructure — now has an edge in the crypto era, says Michael Shaulov of Fireblocks.

Though Dogecoin and NFTs dominate headlines, their underlying technology — blockchain — is transforming our world in more meaningful ways, according to authors Kosrow Dehnad and Joe Duncan.

More than US$1 billion was spent on crypto-linked Visa cards in the first six months of 2021, according to a Visa blog post this week. Fast facts Apart from enabling customers to buy cryptocurrencies like Bitcoin using its cards, Visa has partnered with 50 crypto platforms on card programs — such as Coinbase, the largest […]

After Tether’s legal settlement with New York, USDT’s growth is exploding—dispelling concerns over Tether’s reserves, says Bitfinex CTO Paolo Ardoino.

Other top blockchain and crypto news: Australia signals progressive approach to crypto as Hong Kong moves closer to banning retail crypto trading.

New and innovative lenders are taking advantage of DeFi’s low costs to offer savings account interest rates that Main Street banks simply can’t match.

Other top blockchain and cryptocurrency news: BlockFi’s accidental BTC millionaires. China’s Inner Mongolia asks citizens to report illegal crypto mining.

Thailand’s crypto adoption is often overlooked, but one of its largest commercial banks has been leveraging permissioned blockchain Corda of R3 to digitize trade finance in the Fourth Industrial Revolution.

When Diem launches and central banks roll out digital currencies, what role will each play? Here is a look at the world’s financial and payments future.

Blockchain improves data protection but not confidentiality. Here’s why multi-party computation can be a solution, writes Kurt Nielsen of Partisia Blockchain.

How do cryptocurrency investors know whom to trust, avoid scams and not buy coins with a shady history? Gunnar Jaerv of First Digital Trust explains.

In a 2021 report, the HashKey Group predicts that more than 50% of institutional and professional investors will have exposure to digital assets by the year’s end.

Inspired by bitcoin’s boom, companies with no business in crypto are pivoting to cryptocurrency mining. A New York investors lawsuit offers a cautionary tale.

Blockchain Research Institute’s Don Tapscott outlines how Biden administration can lead technology policy for US to stay ahead in the innovation race.

The Blockchain Research Institute-led report for Biden’s administration also outlines recommendations for crypto regulations and a national blockchain strategy.

Formerly named Libra, the Diem stablecoin is now awaiting regulatory approval, writes Ilia Maksimenka of PlasmaPay. What are Diem’s odds of success?

Signal, which exploded in popularity after WhatsApp’s privacy stumbles, may be exploring a business strategy pursued by Big Tech. What are the risks?

How high will bitcoin prices go — and will 2021 be the year of the bitcoin ETF and advanced crypto derivatives? Jay Hao of OKEx looks to the future.

Other top blockchain and cryptocurrency news: Twitter’s blue sky initiative. In China, Conflux Network wins another government deal.

In a special video interview, Binance CEO CZ also explains why — despite DeFi’s spectacular rise up to now — he thinks many current DeFi projects will fail.

In this edition of Forkast Forecasts, SpaceChain’s CEO offers his predictions for 2021 on bitcoin’s growing importance and blockchain in space.

To celebrate bitcoin’s birthday this weekend, let’s raise a glass to Satoshi Nakamoto and take a look back at how their baby has grown.

Covid’s chaos spurred systemic changes in global finance, a need for a hedge and bitcoin’s dramatic reputational shift, writes Tim Bos of ShareRing.

Here are the hottest blockchain news and trends that dominated Forkast.News headlines over the past 12 months. Let the countdown to 2021 begin!

Bank Indonesia now sees the value of stablecoins and digital currency. Here’s how a central bank-backed digital rupiah could lift the nation of 18,000 islands.

What can bitcoin and other cryptocurrency investors expect in 2021? Here are three emerging trends that could reshape the crypto world.

In this edition of Forkast Forecasts, the bestselling author offers his views on crypto regulations, DeFi’s rise and digital assets becoming mainstream.

Ethereum co-founder Joe Lubin and blockchain investor Alex Tapscott tell Forkast.News that the stablecoin bill aimed at Libra/Diem and Tether could have broader repercussions on the blockchain industry.

Other top blockchain and cryptocurrency news: S&P Dow Jones to launch crypto index. Walmart invests big in India’s PhonePe.

Are American lawmakers going after Facebook’s Libra, now called Diem? Controversial Tether may be the real target of new stablecoin-restraining bill.

Other top news: Ant Group launches blockchain platform for cross-border trade. China makes Beijing, Hunan and Anhui into special free trade zones.

DeFi crypto lending — a loosely regulated industry that grew by 700% last year — is catching investor attention. What do the IRS and SEC think?