Infinity's Newsletter [02.17.2023]
New Brand Identity…
In Q4 2022, alongside a number of enhancements to our broader website and product, we decided to revisit our brand identity including the core product’s colors and typography. Reinforcing our mission to reinvent permissionless finance for institutional usage, we are excited to unveil a refresh of our brand to further strengthen our commitment to a sustainable future for Decentralized Finance.
Read more about our brand refresh here.
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Nexo will stop its Earn Interest Product for US clients in April
The course of action "reflects our belief that the development of clear regulatory frameworks is the best way to protect the crypto industry and usher it into the mainstream safely and compliantly," the company said.
US government partner Mitre is hiring a web3 economist
The new economist will work out of Mitre's Cost & Business Analytics Department. Mitre, operates federally funded research and development centers and works to solve the "nation’s biggest challenges in defense, cybersecurity, healthcare, homeland security, the judiciary and transportation."
SEC to sue Paxos for listing Binance USD stablecoin
The U.S. Securities and Exchange Commission plans to sue Paxos for listing the Binance USD coin, alleging it is an unregistered security.
Brazil’s oldest bank Banco do Brasilallows residents to pay their taxes using crypto
Available to Brazilians with crypto under the custody of Bitfy, which will act as a “collection partner” for the bank.
BlackRock ETF? There's a Token For That
Switzerland-based Backed Finance launched a tokenized version of a BlackRock ETF (CSPX) the token is called bCSPX, and runs on Ethereum as an ERC-20 token. The token is backed 1:1 by shares of those stocks, and the shares are held by a licensed custodian.
Galaxy Digital gets approval for Bahamas subsidiary amid rising US regulatory uncertainty
Galaxy Bahamas Ltd. will physically operate out of the Bahamas and intends to initially serve as an extension of the company’s trading, custody and money services operation businesses.
Tether dominates Brazil as bitcoin, ether fall out of favor
The federal tax authority, which compiles data from foreign and local exchanges on cryptocurrency usage, said that the value of all transactions for tether jumped 58% last year as BTC and ETH, saw decreases of more than 60%.
Aave Community Mulls Freezing Binance BUSD Stablecoin Amid SEC Pressure
A governance proposal said that as Paxos will no longer issue new BUSD tokens, the supply will trend to zero, which could "hurt peg arbitrage opportunity and asset peg", with one member going further and suggesting Aave liquidate its BUSD holdings to mitigate further risks.
Sequoia, Dragonfly Back Web3 Startup Caldera in $9M Rounds
The round led by Sequoia Capital & Dragonfly with other investors Neo, 1kx, & Ethereal Ventures. Caldera allows app devs to launch & run dedicated layer 2 blockchain “rollups.”
UAE central bank to issue CBDC as part of its financial transformation program
The government is also planning to launch a unified card payment platform to “facilitate the growth of e-commerce” and an instant payments platform to “support financial inclusion and enable a cashless society.”
DBS Bank to offer cryptocurrency trading in Hong Kong
The Bank plans to apply for a license to allow it to offer crypto trading services to Hong Kong customers with plans to expand its cryptocurrency services to Hong Kong.
Exchange pulls plug on DeFi multitoken wallet
Huobi Cloud Wallet’s withdrawal and transfer functions will work for the next three months, while users are cautioned not to transfer digital assets to their cloud wallet. Huobi Cloud Wallet’s official decommission date is May 13, 2023.
Binance CEO: crypto industry will probably move to non-dollar stablecoins
Crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to “CZ.”
Siemens issues €60M digital bond on a public blockchain
The bond was sold directly to investors such as DekaBank, DZ Bank, and Union Investment, without the need for central clearing and paper-based global certificates.
Interactive Brokers to offer crypto trading in Hong Kong
Launched with OSL, individuals with more than HK$8m in investable assets, or institutions with HK$40m, who are HK residents, can now trade crypto alongside other asset classes available on the Interactive Brokers platform.
Soros' Fund Dives Deeper on Crypto Bets
The Fund purchased 39.6 million worth convertible debentures of miner Marathon Digital Holdings & call options & put options on 50k shares of MicroStrategy. The fund continued to hold $200 million in MicroStrategy. The fund also disclosed a short position on Silvergate Bank.
684 million BUSD burned for redemptions amid US regulatory scrutiny
Amid the redemptions the total supply of BUSD dipped below $16 billion to $15.81 billion.
Susquehanna Advisors Group buys 7.5% stake in Silvergate, following Citadel Securities 5.5% stake
The firm bought 2.36 million shares in Silvegrate. SI soared 7% at the open after a buoyant pre-market session, driven higher following reports that Citadel Securities had taken a 5.5% stake in the bank.
Former Jump Trading developers raise $19 million to build Monad blockchain
Funding was led by Dragonfly Capital, with Placeholder Capital, Lemniscap & Shima Capital, Naval Ravikant, Cobie, Hasu. Monad will operate on a POS consensus mechanism & by design, is set to process a total of 10k transactions per second.
SEC to target crypto firms operating as ‘qualified custodians’
The SEC is working on a proposal that would make it difficult for crypto firms to hold digital assets on their client’s behalf as “qualified custodians.” This may affect the many hedge funds, private equity firms and pension funds that work alongside such crypto firms.
USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack
Platypus USD (USP), the protocol’s stablecoin, lost its price peg to the dollar as a result of the flashloan exploit, falling to 48 cents from its $1 anchor.
Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD
Binance has minted $50m of TrueUSD (TUSD). The transaction took place two days after CZ said that Binance would look to “diversify” its stablecoin holdings away from BUSD.
BIS-funded regulator to probe DeFi entry points like stablecoins
The FSB issued a report on the financial stability risks of DeFi, highlighting major vulnerabilities, transmission channels and the evolution of DeFi.
Mysten Labs CEO Evan Cheng is seeking to raise over $100 million for a web3 fund
The new fund will not distract Cheng from day-to-day operations & he will continue to operate as Mysten's CEO.
Binance transferred $400 million from U.S. partner to CZ-run firm, Reuters says
The transfers happened over the first three months of 2021, with money moving from the Binance.US account at Silvergate Bank to trading firm Merit Peak Ltd.,
Auros Global Restructures $18M in Debt on Maple Finance
M11 said Auros has already repaid 55% of the outstanding debt to the lending pools. Another 40% of the debt was reissued for a maximum of nine months at 8.64% annualized interest in three cycles of 90 days. The rest of the debt was renewed at zero interest with a 90-day maturity.
Abu Dhabi to back the growth of Web3 startups with $2B
The Hub71+ Digital Assets initiative aspires to provide Web3 startups with access to programs, & initiatives, as well as, corporate, government, and investment partners in both global markets and the UAE.
Hong Kong Government issues 800M HKD in tokenized green bonds
The bonds were underwritten by four banks and priced at a yield of 4.05%. The platform used Goldman Sachs’ tokenization protocol GS DAP for the bond.
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