The Financial Accounting Standards Board (FASB) has approved rules for accounting for the fair value of companies’ cryptocurrency holdings, which will go into effect in 2025. Fair value is the estimated price of an asset that takes into account current market value and other decisive elements. The new accounting method will increase volatility in the […]
Genesis Global Capital (GGC), a bankrupt cryptocurrency lender, has filed two lawsuits against Digital Currency Group (DCG) and its affiliate DCG International Investments (DCIG) in the Southern District of New York Bankruptcy Court. The suits are seeking the repayment of overdue loans worth over $600 million in total. The complaint against DCGI states that GGC […]
SOMA Finance, a decentralized exchange for crypto and tokenized US equities, has announced the upcoming launch of the SOMA token, the first legally issued digital security open to US retail and global investors. SOMA tokens represent preferred stock in SOMA Finance, paying dividends of up to 10% of the company’s profits. The company was founded […]
Bitop Exchange, a leading digital financial service platform, has unveiled enhancements to its core products to better meet the needs of retail and institutional clients. The exchange is aiming to attract traders exploring investment options in commodities, stocks, spot and derivatives via a user-friendly platform. It has become licensed by the U.S. Securities and Exchange […]
Coinbase, a publicly traded American cryptocurrency exchange, has launched a new lending offering called Coinbase Credit for institutional investors in the United States. The program seeks to fill the void created by bankrupt firms like BlockFi and Celsius Network, and customers of Coinbase’s institutional-based trading platform Prime have already invested up to $57 million in […]
Alexander Mashinsky, former CEO of the bankrupt cryptocurrency lender Celsius Network, had his assets frozen by a federal court in New York on August 16, 2023. The restraining order, which was made public on September 5, included several bank accounts and real estate owned by Mashinsky or entities under his control. The court found probable […]
Tether, a major stablecoin issuer, has become the 22nd largest holder of US Treasury bills (T-bills). This puts Tether ahead of several countries, including the United Arab Emirates, Australia, and Mexico, in terms of US debt holdings. Tether currently has a market capitalization of around $82.9 billion, with nearly 87% of that capitalization backed by […]
Visa has expanded its stablecoin settlement capabilities to merchant acquirers, launching pilots with Worldpay and Nuvei using the Solana blockchain. This follows successful trials with Crypto.com, where the Australian card program’s cross-border volume was paid for using Ethereum-based USDC. The integration of USDC into the Visa ecosystem is expected to shorten settlement periods for businesses […]
Tether, a stablecoin issuer, has become one of the top buyers of United States Treasury bills in the world, according to a post by Tether CTO Paolo Ardoino. Ardoino highlighted that Tether currently has an exposure of $72.5 billion in US T-bills, ranking above many countries like Spain, Mexico, Australia and the United Arab Emirates. […]
Bitcoin has been on a bull run for the past six months, and according to BitMEX co-founder and former CEO Arthur Hayes, the market is yet to respond but will in the next six to 12 months. Hayes argued that the bull run began on March 10, the day Silicon Valley Bank (SVB) was taken […]
