“We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Clara Medalie said. Blockchain infrastructure provider Paxos has recently published a report, that aims at helping the community look beyond the crypto winter and understand how to respond to the current market conditions. Inside the 20 pages of…
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Paxos assured its customers that their funds would “remain safely” in their accounts but advised users to withdraw all balances at their earliest convenience. Paxos, a fintech company that offers blockchain-based solutions for the global financial industry, has announced its decision to withdraw from the Canadian market. The company released a statement informing customers that they…
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On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles…
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The crypto-friendly Signature Bank was a key partner for many crypto firms, some which have been voluntarily disclosing their exposure to the recently closed firm. Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto firms with funds reportedly tied up with the now-shuttered Signature Bank. The crypto-friendly Signature Bank was…
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At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value. Details of Silvergate’s Wind Down and Liquidation Plan Over the last six months, Silvergate Capital Corporation’s…
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It has been 21 days since Paxos revealed that it would no longer mint the stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once a top-ten crypto asset. However, the top ten cryptocurrencies by market valuation have changed since the redemptions. Presently, there are only…
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The recent action from Binance comes in the wake of the NYDFS ordering BUSD issuer Paxos to stop minting new coins. Binance has turned to a new set of stablecoins in the wake of the United States Securities and Exchange Commission’s (SEC) regulatory action against its native stablecoin, Binance USD (BUSD). The SEC had sent…
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A total of five crypto companies ended their partnership with Silvergate Bank on March 2 after a series of lawsuits and investigations against the bank. Silvergate Bank — a prominent lender to crypto firms — lost five partners on March 2 due to a slew of investigations and lawsuits against it. Coinbase, Paxos, Gemini, BitStamp…
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MicroStrategy has denied any meaningful exposure to Silvergate as crypto firms who dealt with the crypto bank are rushing for the exits amid concerns about its financial condition. In a recent tweet, business intelligence firm MicroStrategy clarified that their Bitcoin holdings, valued at $2.9 billion and comprising over 130,000 Bitcoin, are not held in custody…
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Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023, Coinbase announced that…
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