Autor Cointelegraph By Sam Bourgi

Circle discloses full breakdown of $55.7B USDC reserves

Circle discloses full breakdown of $55.7B USDC reserves

Uverejnil používateľ | júl 14, 2022 |

Circle Internet Financial has released a full breakdown of its USD Coin (USDC) holdings for the first time — a move designed to offer transparency and instill greater trust ain the stablecoin issuer. As of June 30, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held at regulated financial institutions in the country, the company disclosed Thursday. The weighted average maturity of its Treasury assets was 43.9 days. “The USDC reserve is held solely in cash and 3-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations,” Circle chief financial officer Jeremy Fox-Green wrote in an accompanying blog post.Circle continues enhancing our transparency and today we shared a detailed look at the assets backing the USDC reserve. https://t.co/1tuaFWZhIO— Circle (@circlepay) July 14, 2022Circle said the report is the first monthly breakdown of its stablecoin reserve assets and that it plans to eventually provide daily disclosure of its holdings, pending approval from its custodians. USDC has climbed the stablecoin rankings for much of 2022 thanks to the continued rise of decentralized finance and Circle’s ongoing commitment to regulatory clarity. According to ConsenSys, the stablecoin’s growth has been linked to a positive market perception that Circle and crypto exchange Coinbase will “issue USDC appropriately.” Related: BIS Committee and IOSCO issue guidance for regulation of stablecoin arrangementsCircle is expanding its stablecoin operations beyond the U.S. dollar, having only recently launched a fully-reserved euro token. As Cointelegraph reported, Euro Coin, also known as EUROC, will be fully backed by the common currency. Interestingly, the euro recently fell to parity against the U.S. dollar for the first time since 2002.

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Data transfer network Plaid integrates 4 major crypto exchanges

Data transfer network Plaid integrates 4 major crypto exchanges

Uverejnil používateľ | júl 14, 2022 |

United States data transfer network Plaid has added four major cryptocurrency exchanges to its platform, giving users the ability to connect their digital asset portfolios to other applications more easily. Crypto platforms Binance.US, Gemini, Robinhood and SoFi are now supported by the Plaid network, the company announced Thursday. Support for additional platforms, such as Blockchain.com and BitGo, is scheduled to commence later this year. We now support leading digital asset exchanges on the Plaid network, including @BinanceUS, @Gemini, @Robinhood & @SoFi with plans to support additional crypto providers like @Blockchain and @BitGo later this year. https://t.co/I1QlXmL8hQ— Plaid (@Plaid) July 14, 2022The integrations are intended to help crypto users “bridge data portability gaps” by allowing them to securely share their account information with other applications and services. Information such as assets held, balances and transactions can now be shared with other services to get a more comprehensive picture of one’s personal finances. Binance.US and Gemini are two of the most recognizable cryptocurrency platforms on the market and rank near the top of U.S. exchange volumes. Discount brokerage Robinhood began integrating crypto trading in early 2021 during the height of the bull market. SoFi, a California-based fintech firm, first launched zero-fee trading for Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) in 2019.Plaid currently has over 12,000 financial institutions in its network. An estimated 98 million people in the United States used Plaid’s services between 2013 and 2021. The company currently has a valuation of $13.4 billion. Related: Digital sovereignty: Reclaiming your private data in Web3In 2020, Plaid became a major acquisition target for Visa and was offered $5.3 billion in a buyout. Although the firms agreed on a merger, Visa later abandoned the acquisition amid pressures from the Department of Justice (DOJ). At the time, the DOJ’s antitrust division alleged that Visa’s acquisition plans represented an “anticompetitive merger.”

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CoinFLEX resumes withdrawals, limiting users to 10%

CoinFLEX resumes withdrawals, limiting users to 10%

Uverejnil používateľ | júl 14, 2022 |

Cryptocurrency exchange CoinFLEX is partially reopening user withdrawals, raising cautious optimism that the company was gradually recovering from liquidity constraints that were triggered by a high-profile client default. Beginning at 5 am UTC on Friday, all CoinFLEX users will be able to withdraw up to 10% of their funds, with the remaining 90% of deposits remaining locked, the company said. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to initiate new requests in accordance with the 10% limit. The remaining 90% of user balances will be considered “locked funds,” or funds that appear on their balance but cannot be withdrawn, traded or used as collateral. The new guidelines apply to all assets except flexUSD, an interest-bearing stablecoin, which “cannot be withdrawn until further notice,” the company said.Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.— Mark Lamb (@MarkDavidLamb) June 28, 2022CoinFLEX halted withdrawals on June 23 after a counterparty reportedly failed to meet a $47 million margin call. Cryptocurrency entrepreneur and Bitcoin Cash (BCH) proponent Roger Ver was later named as the counterparty, though he denied owing the firm any money. “Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds,” Ver tweeted on June 28.Later estimates showed that CoinFLEX’s shortfall was as large as $84 million — a sum the company hoped to retrieve via arbitration in Hong Kong, its native jurisdiction. Related: Voyager Digital files for Chapter 11 bankruptcy, proposes recovery planThe bear market of 2022 has rocked the crypto industry in profound ways after the Terra ecosystem collapse triggered extreme volatility and contagion across the space. High-profile names such as Three Arrows Capital, Voyager Digital and now Celsius have filed for bankruptcy in the wake of collapsing asset prices.

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Bitfinex donates 36 BTC to Salvadoran businesses to support economic development

Bitfinex donates 36 BTC to Salvadoran businesses to support economic development

Uverejnil používateľ | júl 14, 2022 |

Cryptocurrency exchange Bitfinex has donated 36 Bitcoin (BTC) and $600,000 worth of Tether (USDT) to small businesses in El Salvador as part of a broader pledge to support economic development in neighborhoods that have struggled with gang-related violence. The funds are being distributed in the socially-deprived communities of Ilopango, Soyapango and Apopa, where gang violence and extortion of small business owners is most common, Bitfinex announced Thursday. The donations, which will be funded through recipients’ Bitcoin wallets, including the state-sponsored Chivo wallet, will support environmentally-friendly business initiatives that employ local workers.In addition to funding the donations, Bitfinex’s parent company, iFinex Inc., is working with El Salvador’s government to create a new regulatory framework for digital assets and securities, the company said. Since making Bitcoin legal tender in June 2021, El Salvador has increased its treasury reserves of the digital asset through several dip-buying purchases in recent months. The Salvadoran government now holds 2,301 BTC worth a cumulative $46 million. El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744 #Bitcoin— Nayib Bukele (@nayibbukele) May 9, 2022While signs of business adoption have been mixed, the state-sponsored Chivo wallet appears to be growing in popularity for its role in facilitating remittances. Salvadorans living abroad sent $52 million in remittances through the first five months of 2022, according to the El Salvador Central Reserve Bank.Related: El Salvador president addresses bear market concerns with Bitcoin hopiumAmong its many BTC initiatives, El Salvador is planning a so-called Volcano Bond offering worth $1 billion. The Bitcoin-backed bond will be tokenized by Bitfinex and Blockstream, with proceeds going towards the development of Bitcoin City. As Cointelegraph reported, the timeline for the bond issuance is unclear. 

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Multicoin Capital raises $430M for new crypto startup fund

Multicoin Capital raises $430M for new crypto startup fund

Uverejnil používateľ | júl 12, 2022 |

Prominent crypto investor Multicoin Capital has launched a new venture fund valued at $430 million, further demonstrating venture capital’s growing interest in the blockchain economy amid the bear market. Multicoin’s Venture Fund III will invest between $500,000 and $25 million in early-stage companies across various crypto- and blockchain-focused industries, the company announced Tuesday. It’s also willing to invest values of up to $100 million or greater for later-stage projects with an established brand and market presence.Related: VC Roundup: ‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzzVenture Fund III will place greater emphasis on crypto projects that have demonstrated “proof of physical work,” or protocols that have created economic incentives for permissionless contribution. “While the vast majority of crypto-innovation has been focused on coordinating digital communities and economies, tokens also create opportunities for innovation in capital formation and human coordination that extend beyond the digital world and into the physical,” Multicoin wrote.The company also highlighted data decentralized autonomous organizations, also known as data DAOs, as offering strong incentives for user participation. As Cointelegraph reported, Multicoin Capital was a key investor in the data DAO project Delphia, which closed a $60 million Series A funding round in June. 0/ I’m excited to announce that Multicoin has led a $60M round in @delphia with participation from FTX Ventures, Ribbit Capital, Cumberland, Road Capital, and others.Delphia is the first instantiation of a new type of organization uniquely enabled by Web3: a DataDAO.— Tushar Jain (@TusharJain_) June 8, 2022Creator monetization, a category that includes social tokens, nonfungible tokens and decentralized finance, was also cited as a major investment theme moving forward.Related: What are the top social tokens waiting to take off? | Find out now on The Market ReportAs investors brace for more short-term pain in the cryptocurrency markets, venture firms continue to add to their portfolios. In the first quarter alone, $14.6 billion in venture funding flowed into crypto and blockchain startups, according to Cointelegraph Research. Although funding is expected to have declined in the second quarter, 2022 is shaping up to be a record year for venture funding.

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