Coinbase celebrates high with millionaire bond buyback managed by
Citigroup
After robust Q2 performance, Coinbase (NASDAQ:COIN) has proposed
to buy back up to $150 million of its $1 billion bond, due in 2031.
Investors who sell bonds by Aug. 18 will receive $645 for $1,000 of
the face value; after that date and through September 1, they
will receive $615. Offer is premium over pre-announced
price. Such a decision follows Coinbase’s higher-than-expected
profit and bitcoin’s rise in 2023. The buyback is managed by
Citigroup Global Markets (NYSE:C).
Binance shines in El Salvador: license obtained and proper bookings
confirmed
Binance has been licensed to serve residents of El Salvador, as
approved by the Central Reserve Bank and the National Digital
Assets Commission. The license allows the exchange to offer
specific crypto products in the country. Min Lin, head of
Binance for Latin America, stated that the licensing process took
months. In 2021, El Salvador adopted Bitcoin as legal tender,
driven by President Nayib Bukele. In other news, Binance
released its latest proof of reserves (PoRs) on Aug. 1, evidencing
the adequacy of its crypto reserves. However, the movement of
its stablecoin, USDC, after the Silvergate incident sparked debate
on X (formerly Twitter). The audit revealed that Binance holds
more assets than necessary to cover user balances. But after
the fall of Silvergate, Binance has converted much of its USDC
into Bitcoin and Ether, causing speculation. The demand for
transparency grew in the crypto market after the FTX collapse in
2022.
Bitstamp is not for sale and aims to expand and trade derivatives
with help from Galaxy Digital
Bitstamp, the oldest cryptocurrency exchange in the world, is
seeking new funding to expand its services, according to its CEO,
Jean-Baptiste Graftieaux. Galaxy Digital Holdings is acting as
a funding consultant. Graftieaux emphasized that Bitstamp is
not for sale and is looking to accelerate growth, with plans to
launch derivatives trading in Europe in 2024.
Blockchain.com secures Singapore MAS license
Blockchain.com brokerage has obtained a license from the
Monetary Authority of Singapore (MAS) to offer digital payment
token services. After receiving initial approval from MAS the
previous year, the company now solidifies its presence in
Singapore, a strategic hub for its Asian operations. Other
crypto companies have also received similar licenses recently.
Circle: 70% adoption of USDC outside the US and web3 innovations
Jeremy Allaire, CEO of Circle, revealed on X (formerly Twitter)
that around 70% of the adoption of USD Coin (COIN:USDCUSD), takes
place outside the US, with accelerated growth in emerging markets
such as Asia, LATAM and Africa. In the August 3 transparency
report, Circle stated that 93% of its Circle Reserve Fund was
allocated to short-term US Treasuries, overnight repurchase
agreements and liquidity. According to the company, the
remaining 7% are in bank reserves. In addition, Circle
launched a web3 programmable wallet platform that allows companies
to integrate customizable wallets into applications, facilitating
payments with digital assets. The platform is already in beta
on the Ethereum, Avalanche and Polygon networks, with plans to
expand to other blockchains.
Paxos expands high-trust PYUSD stablecoin partnerships
Walter Hessert of Paxos Trust reported that more stablecoin
projects similar to PayPal’s PYUSD (NASDAQ:PYPL) are in the
works. While he didn’t confirm conversations with Elon Musk
and X, Hessert did emphasize collaboration with big tech and
financial companies. PYUSD, regulated and protected, raises
confidence in the digital asset industry. Paxos is also
seeking partnerships to drive mass adoption of blockchain
products.
Brazil embraces the digital future with “Drex”
The Central Bank of Brazil presented the official brand for its
digital currency, named “Drex”. The acronym stands for
“Electronic Digital Real” with an ‘x’ symbolizing modernity and DLT
technology. The design, with arrows and color transition,
reflects the evolution of the real thing to its digital form and
successful transactions.
Mango Markets liquidity dilemmas
After an alleged $100 million hack by Avi Eisenberg, Mango
Markets faces rising legal expenses and internal
tensions. Mango Labs, responsible for the platform, sought
approval from the Mango DAO for an additional $2 million in
funding, but was met with resistance. With most of Mango DAO’s
assets in MNGO tokens (COIN:MNGOUSD), liquidity is a
challenge. Mango Labs founder Daffy Durairaj reiterates the
need for more funds to deal with legal costs. The company’s
future and impact on the crypto industry remain uncertain.
Cypher Protocol freezes contract after $1 Million exploit
Solana-based DEX Cypher Protocol stopped a smart contract after
an exploit of around $1 million. The team is investigating and
has frozen the contract, inviting the attacker to negotiate the
return of funds. Analyzes point to a possible recovery of
assets. The incident occurred during a Cypher event.
Ecology and Bitcoin hand in hand: sustainable mining by Trust
Machines
Bitcoin (COIN:BTCUSD) mining, often criticized for its
environmental impact due to energy consumption, is
evolving. Trust Machines’ Rena Shah highlighted green
solutions including harnessing flare gas and nuclear
power. Flare gas turns waste into energy for
mining. Nuclear energy, a constant and clean source, is being
exploited by miners. Along with other renewable solutions, the
industry is looking to reduce its carbon footprint and encourage
more activity on the Bitcoin blockchain, aiming for a greener
future.
Bitmain and Anchorage make move after Core Scientific
bankruptcy and reorganization
Bitcoin mining giant Bitmain and platform Anchorage Digital plan
to acquire shares in miner Core Scientific after its
bankruptcy. Core Scientific’s reorganization plan is pending a
vote. The company will buy equipment from Bitmain for US$ 77.1
million, paying part of it in shares. This will likely be the
first time that Bitmain will have a stake in a publicly listed
miner. Other companies may convert their loans into equity or
secured debt at Core Scientific. The mining company also
negotiates stock offers and agreements with other creditors and
suppliers.
CoinGecko leads with “Top Alleged Securities Coins”: reflection of
the new regulatory landscape
CoinGecko, a cryptocurrency data aggregator, has launched a new
category listing crypto assets designated as securities by the US
SEC. Created in response to the uncertain regulatory
landscape, the category, named “Top Alleged Securities Coins”,
ranks tokens by market capitalization, with Binance Coin
(COIN:BNBUSD) leading the way. The SEC has identified 68
cryptocurrencies as securities, but CoinGecko lists 24. Other
platforms such as CoinMarketCap have also adopted similar
categories. Ripple’s XRP (COIN:XRPUSD) has been delisted
following a legal verdict. These categories are intended to
help investors understand the regulatory implications in the crypto
market.
yPredict raises $3.4 million in funding
yPredict, an AI platform specializing in cryptocurrency
analysis, raised $3.4 million in funding. AyPredict aims to
offer analysis for traders, combining market patterns, sentiments
and technical indicators. With tools like pattern recognition
and sentiment analysis, yPredict aims to provide complete market
insights. The YPRED token gives access to staking tools and
rewards. Its Marketplace connects developers and traders,
enabling the monetization of quantitative models. Offering
analytics and forecasting solutions, yPredict aspires to
democratize algorithmic trading, supporting more informed crypto
trading.
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