#FastCrypto by Infinity [12.05 — 12.09.2022]
Genesis Creditor Groups’ Loans Amount to $1.8B and Counting
Customers whose money is locked up on trading and lending platform Genesis and who have taken legal advice on the matter currently account for some $1.8 billion of loans, and that number looks like it will continue to grow.
Galaxy Digital to acquire custodian GK8 from bankrupt Celsius
Galaxy won the right to purchase high-security custodian GK8 from Celsius. GK8’s self-custody solution in the ongoing development of GalaxyOne, a new prime offering for institutional investors combining trading, lending, cross-portfolio margining and derivatives with the company’s risk-management processes.
Maple token down more than 24%, cuts ties with Orthogonal Trading following $36 million default
Maple Finance’s token, (MPL), plummeted following the revelation that Orthogonal Trading defaulted on $36 million of loans. Orthogonal Trading interacted with Maple through its credit arm as a delegate and through its trading arm as a borrower in order to access credit.
SEBA Bank and HashKey target institutional investors in Hong Kong
The partnership is focused on providing institutional and professional investors with the ability to gain exposure to digital assets and their broader ecosystem in a regulated and compliant fashion.
Uniswap-based DeFi protocol Panoptic raises $4.5 million
Panoptic, a Uniswap-based DeFi protocol for trading perpetual options, raised $4.5 million in seed. Gumi Cryptos Capital led the round, with Uniswap Labs Ventures, Coinbase Ventures, Jane Street, Avalanche Foundation’s Blizzard fund.
Nexus Mutual moves to divest, expects $3 million loss with Maple Finance
The loss may have been minimized due to Nexus having deployed to the wETH pool. Investors in Maple’s USDC pool saw as much as an 80% depletion in funds. Due to this, Nexus Mutual expects a loss of 2461 ETH (15.8% of our investment in Maple) on the Orthogonal loans.
SushiSwap chief says DEX only has 1.5 years of treasury runway left
SushiSwap’s treasury has less than 1.5 years of runway left, according to Jared Grey, the DEX’s CEO. The DEX’s annualized operating expenses amounted to roughly $9 million.
Ledger debuts new device designed by iPod inventor Tony Fadell
Ledger is releasing a new device designed by Tony Fadell, the inventor of the iPod, at a time when the company is boasting record sales. Ledger’s new credit card-sized device is named Ledger Stax.
Amber Group says it’s ‘business as usual’ amid reports of more layoffs
Amber Group is reassuring clients and stakeholders that it is “business as usual” at the firm following reports that the company laid off “hundreds” of employees in this latest round.
Hedge fund Fir Tree files lawsuit against Grayscale
Fir Tree Capital Management is suing Grayscale for information to investigate potential mismanagement and conflicts of interest, citing Delaware court documents.
Cowen Digital taps London lead, charging ahead amid crypto winter, mass layoffs
Cowen Digital hired a new lead for its European and Asian operations Taylor Cable, former COO and head of institutional client trading at BCAM.
Former Binance strategy chief Gin Chao ‘leans in’ to the crypto winter after unveiling new fund with ClearVue Partners
Chao joined forces with private equity giant ClearVue Partners through a new venture called No Limit Holdings. Deploying a $100 million fund, the capital will be deployed across seed stage deals and in strategic rounds, with check sizes between $250,000 to $3 million.
Zodia Custody rolls out service to protect client assets from exchange insolvency
London-based custodian Zodia Custody is rolling out a new service to protect client assets from exchange insolvency. Interchange, will enable clients to keep assets through Zodia Custody and then mirror those holdings on an exchange.
DeFi derivatives protocol Perennial raises $12 million, launches mainnet
Perennial, a DeFi protocol for trading derivatives, raised $12 million in a seed funding round. Polychain Capital and Variant co-led the round, with Archetype, Coinbase Ventures, Scalar Capital, Robot Ventures participating.
Signature Bank adopts caps to reduce concentration of crypto deposits
Signature Bank, is introducing caps to reduce the concentration of deposits from clients in the digital asset industry to below 20% of total bank deposits. The bank said it would adopt a per-client deposit cap of at most 2% of total bank deposits.
Vitalik Urges DeFi to Embrace Real World Assets
Vitalik is bullish on the integration of real-world assets into DeFi and stablecoins. Buterin encouraged devs to explore blockchain-based assets tracking traditional financial instruments. “The formula behind stablecoins can in principle be replicated to other real-world assets, Interesting natural candidates include major stock indices and real estate.” Buterin said.
Hong Kong passes amendment introducing VASP licensing regime
Lawmakers are introducing a licensing regime for virtual asset service providers. The AML and CTF (Amendment) applies traditional customer due diligence and record-keeping requirements to VASPs when conducting certain transactions.
Cosmos’ largest DEX Osmosis launches a stableswap
Osmosis developers hope to become the main venue where Cosmos users can access and trade a wider range of stablecoins, both centralized and ones backed with crypto tokens. If successful, it could become the Cosmos-equivalent to Ethereum’s main stablecoin exchange Curve.
Ampleforth developer debuts Ethereum-based inflation-resistant token
Fragments developers have launched an inflation-resistant token called Spot, in an effort to attract DeFi investors worried by rising prices. Spot is the latest project designed using Buttonwood, an ETH-based smart contract that provides the building blocks for designing DeFi protocols.
Gnosis Chain activates its own version of The Merge, transitions to proof-of-stake network
The privacy-focused blockchain, has activated its own version of The Merge, and transactions on the network are now being processed under a proof-of-stake consensus in a process similar to ETH.
PayPal expands crypto services to Luxembourg
PayPal will allow customers in Luxembourg to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their accounts. PayPal is working closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.
Thanks for reading Infinity’s Newsletter! Subscribe for free to receive new posts and support my work.