Representatives for Circle and Coinbase blamed traditional financial institutions — ‘TradFi’ — for instability in the digital asset sector. “What happened over the last several days...
Tag: Finance firms
CME Group opens trading for event contracts on bitcoin futures
Derivatives trading giant CME Group opened trading of event contracts on bitcoin futures on Monday. The new product will add to the firm’s existing suite of 10 event contracts tied to its ...
Digital asset funds experience biggest weekly outflows on record
Digital asset investment products experienced outflows of $255 million last week, the largest dollar-figure outflows on record, according to asset manager CoinShares. For the fifth consecutive w...
BCB Group pauses US dollar payments pilot after Signature Bank closure
BCB Group, a London-based provider of payment services and business accounts for crypto firms, halted a planned U.S. dollar payments program after regulators shut down Signature Bank earlier today. &#...
State regulator takes control of Signature Bank, federal regulators guarantee deposits
Policy • March 12, 2023, 7:29PM EDT The New York Department of Financial Services seized crypto-friendly Signature Bank in order “to protect depositors,” the state banking regulator said i...
USDC will remain redeemable 1 for 1 with U.S. dollar, Circle says
USDC issuer Circle said it will resume normal operations Monday and that USDC will remain redeemable one-for-one with the U.S. dollar after Silicon Valley Bank collapsed. Circle said that in th...
USDC and DAI remain at about $0.90 following Circle’s disclosure of funds at SVB
The fallout from the collapse of Silicon Valley Bank spread overnight to the USDC stablecoin, which lost its peg to the U.S. dollar and dropped as low as $0.88. Following Circle’s disclosu...
Stablecoin issuers seek to diversify banking partners in the wake of Silicon Valley Bank’s meltdown
The failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank ...
Silicon Valley Bank closed by California regulator
Markets • March 10, 2023, 11:56AM EST Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation was appointed as the...
Silicon Valley Bank plunges 60% before halt, Signature trading stopped shortly after open
Markets • March 10, 2023, 9:56AM EST Trading in Silicon Valley Bank is halted for pending news, but not before after shares plunged 63% in pre-market trading. Signature Bank was halted for volatility ...
Crypto VCs urge portfolio companies to pull funds from Silicon Valley Bank
Crypto-focused venture capital investors have advised their portfolio companies to withdraw funds from Silicon Valley Bank, which is struggling to reassure clients after moves to shore up its balance ...
Bakkt’s Q4 earnings dragged down by goodwill impairment charge of $272 million
Bakkt reported an increase in revenue and expenses in the fourth quarter, driven by another large impairment charge. Revenue came in at $15.6 million, below FactSet estimates of $16 million, but...
Grayscale’s Sonnenshein left ‘encouraged’ after hearing in SEC case
Grayscale Chief Executive Officer Michael Sonnenshein is optimistic following a hearing over the Securities and Exchange Commission’s rejection of his firm’s application for a spot bitcoin...
Silvergate will liquidate bank, wind down operations
Silvergate Capital Corporation said it will wind down operations and voluntarily liquidate the Silvergate Bank in accordance with applicable regulatory processes. “In light of recent indus...
Crypto derivatives on the CME reach new milestones amid regulatory uncertainty
Bitcoin and ether derivatives trading volumes in dollar terms continued to climb higher in February. Futures and options trading volume for bitcoin rose by about 13%, and ether’s volumes ...
Grayscale’s day in court is nearly here, but a major decision could take time
Grayscale is set to present oral arguments in its case against the U.S. Securities and Exchange Commission on Tuesday. The asset manager brought the case against the regulator for rejecting its ...
FTX sues Grayscale and DCG, citing ‘exorbitant’ fees
Collapsed crypto exchange FTX filed a lawsuit against Grayscale Investment, citing mismanagement of the firm as evidence that it was in violation of Trust agreements. The FTX debtors also filed ...
Galaxy Digital has excess capital after acquisitions, needs to get them right before spending again
Galaxy Digital has leftover capital after its two infrastructure acquisitions late last year, but plans on getting it right with those first investments, co-president Chris Ferraro said. In Dece...
Coinshares reports fourth consecutive week of digital asset investment product outflows
Coinshares reported a fourth consecutive week of digital asset investment product outflows. Outflows totaled $17 million last week ,with bitcoin leading the way. Short-bitcoin saw inflows for a...
Silvergate short seller predicts crypto bank’s demise within a week
Marc Cohodes spent part of his Friday afternoon playing the conquering victor. The veteran short seller posted pictures of a seemingly deserted Silvergate office on Twitter, while telling The Bl...
Silvergate suspends Silvergate Exchange Network as company reels from crises
Silvergate suspended its Silvergate Exchange Network on Friday, the result of what it called “a risk-based decision.” The network shutdown comes after Moody’s downgraded Silvergate’...
Moody’s sees ‘significant governance deficiencies’ in Silvergate
Moody’s downgraded Silvergate for the second time in less than two weeks, citing a lack of capitalization as well as “governance deficiencies,” after the company Wednesday told the U...
Gemini says third-party incidents resulted in phishing scam targeting European users
Gemini disclosed incidents attributed to a third party that resulted in a phishing campaign targeting users in the UK and Europe, according to a client email seen by The Block. Scammers have use...
Coinbase is no longer accepting, initiating payments with Silvergate
Coinbase said it was no longer accepting or initiating payments to or from Silvergate after the troubled crypto bank said yesterday that it may be “less than well capitalized and was “reev...
Nexo user sues crypto lender, alleging millions in asset losses
Policy • March 1, 2023, 11:06AM EST A California resident filed a complaint against crypto lender Nexo citing harm from the firm’s “fraudulent inducement” to take out loans. John Cress had a N...
DCG reported loss of $1.1 billion in 2022, CoinDesk says
Digital Currency Group said it lost $1.1 billion last year amid falling crypto prices and the restructuring of its Genesis lending platform, CoinDesk reported. “In addition to the negati...
Binance bites back against Forbes report claiming transfer of $1.8 billion in client collateral
Binance denied using client assets without consent after a Forbes report said the crypto exchange moved “$1.8 billion of collateral meant to back its customers’ stablecoins.” Forbes ...
Vauld gets yet another creditor protection extension until March 24
Published 40 minutes earlier on Asian crypto lender Vauld received a further extension to its legal protection from creditors at a Singapore High Court hearing on Monday — albeit a shorter delay than ...
Ark Invest adds another $13 million worth of COIN
Cathie Wood’s Ark Invest made another large COIN purchase, this time coming in at over $13 million. Wood’s fund has added over $30 million in COIN shares this month alone. Ark added...
Federal Trade Commission investigates Voyager’s ‘deceptive and unfair’ crypto marketing
Legal • February 22, 2023, 10:52AM EST The Federal Trade Commission is investigating crypto broker Voyager Digital, the agency said in a bankruptcy court filing. The FTC is investigating Voyager...
Markets trade down after Fed chair’s comments, Grayscale recovers amid hearing
Crypto markets whipsawed throughout the day after U.S. Federal Reserve Chair Jerome Powell’s delivered testimony to Congress. Bitcoin was trading around $22,070 by 4:55 p.m. EST, down abou...