The company stated that it previously had a relationship with Signature but said it no longer has funds there. Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company.…
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Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins. The death spiral of the Terra ecosystem served as a catalyst to the 2022 bear market — causing losses in the billions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of…
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Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions. The new year began with the news that notable Web3 entrepreneur Kevin Rose fell victim to a phishing scam in which he lost over $1 million worth of nonfungible tokens (NFTs). As mainstream financial institutions begin…
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The Supreme Court of Nigeria says no to redesigning the naira, ruling that the old banknotes will remain in circulation. The Supreme Court of Nigeria has ruled that the old 200, 500 and 1,000 naira notes remain in circulation until Dec. 31, 2023, effectively nullifying the naira redesign previously announced by Nigerian President Muhammadu Buhari.…
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Should the International Monetary Fund leave the door open for developing countries struggling with inflation? “Bitcoin was made for the Global South.” There’s been little sunlight this crypto winter, so it may seem odd to present the “Bitcoin as legal tender” argument again. That is, will or should any country — other than El Salvador…
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Following the temporary suspension from Ukraine’s central bank, crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience. Ukraine temporarily suspended the use of its national currency, the hryvnia, via banking cards for fiat deposits and withdrawals on crypto exchanges. While the move immediately impacted how investors move funds to and…
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A Bitcoin mentor convinced ChatGPT, the AI chatbot, that Bitcoin would bring about the demise of fiat currency. ChatGPT is a powerful new AI tool, capable of problem-solving, advanced coding, answering complicated questions and now–spelling out the end of fiat currencies. Parman, a Bitcoin self-custody mentor and writer, taught ChatGPT that Bitcoin (BTC) would bring…
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While 2022 proved catastrophic for investors across traditional and crypto markets, the crypto ecosystem’s potential has shined through the cracks of inflation and centralized custody of assets. Stepping into the year 2023, it’s time to pause and reflect on the accomplishments and struggles the global crypto community witnessed over the last 365 days. Starting from…
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While long-term solutions will need the involvement of multisig and social recovery wallets, Buterin pointed out two alternatives for the short-term — custodial and noncustodial exchanges. The collapse of numerous major crypto ecosystems in 2022 revealed the urgent need for revamping the way crypto exchanges operate. Ethereum co-founder Vitalik Buterin believed in exploring beyond “fiat”…
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“The Global South is where we should be looking” for Bitcoin adoption, Paxful CEO Ray Youssef told Cointelegraph in an interview at the gym. Cointelegraph hit the gym with Ray Youssef, co-founder and CEO of Paxful, to tackle Bitcoin adoption in the Global South. In between sets and a little out of breath, Youssef told…
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