[ad_1] Big Tech firm Meta is scrapping its nonfungible token (NFT) feature across its social media platforms Facebook and Instagram just under a year after it launched.Stephane Kasriel, Meta's head of commerce and financial technologies, tweeted the news on Mar. 13, saying Meta is "winding down" its NFT support as it wishes to "focus on other ways to support creators, people, and businesses."Some product news: across the company, we're looking
[ad_1] Crypto mining firm Marathon Digital Holdings has assured investors that the firm's cash deposits at Signature Bank are secure and available for use as of Mar. 13.In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank. The Signature Bridge Bank was set up by the United States Federal Deposit Insurance Corporation (FDIC) to manage customer
[ad_1] Contagion from the Dec. 12 flash loan attack against Euler has spread far and wide, resulting in frozen or lost funds for 11 different decentralized finance (DeFi) protocols, according to Dec. 13 reports from each of them on Twitter. Balancer, an Ethereum protocol with over $1 billion total value locked (TVL), is among the affected protocols. Below is a rundown of the major exploits and what we know so far.BalancerBalancer
[ad_1] Over the past week, investors understandably became concerned over the news that billions of dollars backing USD Coin (USDC) — the second-largest stablecoin — were locked up in the distressed Silicon Valley Bank (SVB). The market reacted violently, causing USDC to lose its dollar peg. But while the concern was understandable, it has become clear that USDC creator Circle will regain full access to its funds. The crypto community
[ad_1] Caroline Hill, the director of global policy and regulatory strategy for stablecoin issuer Circle, has placed some of the blame from the recent collapse of banks tied to crypto on traditional financial institutions rather than digital assets.Speaking at a South by Southwest (SXSW) panel on regulating cryptocurrencies in Austin, Texas on March 13, Hill alluded to some of the concerns around the depegging of Circle-issued USD Coin (USDC) amid
[ad_1] On Mar. 13, American derivatives marketplace CME announced the launch of Bitcoin (BTC) futures event contracts. The exchange, which is fully regulated and has cleared administrative review, will henceforth facilitate cash-settled, daily expiring contracts tied to Bitcoin futures with a "lower-cost way for investors to trade their views on the up or down price moves of bitcoin." Tim McCourt, global head of equity and FX products at CME Group, commented:
[ad_1] The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date.On March 12, U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg issued a joint
[ad_1] Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. A couple of days later, another Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by California’s financial watchdog. The bank provided financial services to several crypto-focused venture firms, including Andreessen
[ad_1] Banks saw their share prices take a rollercoaster ride over the weekend and into March 13. Trading was temporarily halted for dozens of United States regional banks amid volatility and falling prices. The Wall Street Journal reported early in the morning that trading was halted for First Republic Bank, which led bank losses when its price fell 65% by the time trading was stopped. Trading in PacWest Bancorp, down 25%;
[ad_1] According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported.According to the report, BlockFi had $227 million invested in a money market mutual fund that Silicon Valley Bank marketed; nevertheless, the risk is probably related to the performance of the fund, not
