Circle has developed “enhanced relationships” with various banking partners, including BNY Mellon, to aid in the redemption of USDC. Bank of New York Mellon currently offers custody services to Circle’s reserves. It was a tumultuous weekend as Circle’s USDC stablecoin deviated from its peg to the US dollar. However, a sequence of actions taken by…
Senator Elizabeth Warren recently spoke out against “sham audits” of cryptocurrency exchanges. Her comments come as Silicon Valley Bank (SVB) declares bankruptcy. Her words echo the sentiment of many crypto community members who have been watching the collapse of the FDIC-insured institution with growing concern. Senator Warren’s comments focused on the importance of rigorous and…
The stablecoin USD Coin (USDC), issued by Circle, has emerged as one of the top performers in the entire cryptocurrency industry. The stablecoin has demonstrated a very strong performance after declining to a very low level. The performance of the stablecoin has been better than the rest of the cryptocurrencies among the top-10 crypto by…
The regulatory authorities from the United States have continued pressurizing the crypto industry ever since its inception. However, their aggression has gone off the charts since the start of 2023. The regulatory authorities have started to launch scrutiny against the major crypto firms and the way they operate. They have kept scrutinizing the crypto firms…
Before looking at what are Decentralized Exchanges (DEXs), we shall discuss what an “Exchange” and “Decentralized Finance (DeFi)” are. What is an Exchange? An exchange is a platform or marketplace where individuals, businesses, or institutions can buy and sell various assets, such as stocks, bonds, currencies, commodities, and cryptocurrencies. The purpose of an exchange is…
Most of the tokens in the cryptocurrency market have their Wrapped version. For example, Wrapped Ethereum (WETH) and Wrapped Bitcoin (WBTC) are available on many crypto exchanges. These tokens are termed Wrapped Tokens. Wrapped Tokens are just like any other cryptocurrency, but they’re on another blockchain as compared to their parent token’s blockchain. Wrapped Tokens…
2022 Brought Turbulent Times Over the course of a couple of years, Decentralized Finance (DeFi) has become an integral and essential part of the crypto industry and economy. This ecosystem primarily allows users to provide digital currencies to protocols for lending them onward to loan seekers. Furthermore, DeFi allows its users to switch hands without…
Ever since the beginning of the last week, the trading price of Ripple (XRP) had been moving in the upward direction. The trend continued moving in favor of the bulls and things were moving toward recovery. The rally continued until December 27 and by that time, the price of the asset had surged by 6%….
Tables have turned as money is no longer just printed papers and coins as the globe moves towards digital currencies. Central banks are concentrating on the implementation of a novel concept: central bank digital currencies. CBDCs was created in response to the rise of cryptocurrency. During the Covid epidemic, cryptocurrency controlled the world, attracting the…
Banks in Venezuela are keeping a strict eye on customer accounts that are involved in crypto-related activities, mostly crypto trading and with a focus on peer-to-peer (P2P) transactions. A legal firm focused on blockchain and crypto in Venezuela, Legalrocks disclosed that the private banks in the country had blocked more than 75 accounts, as they…
Aave retests the support zone at $56.6. The past two days saw whales trimming their stablecoin balances to favor Aave. AAVE broke the past support regions and displayed massive bearish strength within the past few days. Nevertheless, retesting the foothold at $56.6 confirmed that bulls could have secured the territory for possible price recoveries. While…
This year, the DeFi space is witnessing some exciting governance experiments. From Maker’s DAO racing to push its decentralized stablecoin DAI back on top of Terra’s UST before it collapsed to Lido Finance’s DAO brokering a $15 million deal with venture firm Dragonfly. However, only a few of these experiments have been successful. One DAO…
Circle’s announcement on Wednesday during the ConvergeSF22 Conference revealed that the company is looking to expand its stablecoin support to five more networks by early 2023. If this objective is actualized, USDC will run on Cosmos, Optimism, Arbitum, Polkadot, and NEAR. USDC Stablecoin is pegged to the US dollar and therefore acts as a firm…
Polkadot didn’t flourish within the previous week as it noted only a 2.5% hike over the last seven days. Nevertheless, the growth remained attractive as the overall crypto industry battled for green ‘pastures.’ The Polkadot ecosystem has seen multiple positive developments lately, which could have triggered this surge. For instance, Tether launched on the Polkadot…