Crypto News Aggregator with voting system
<p class="MsoNormal">Since Bitcoin's
beginnings in 2009, cryptocurrencies have gone a long way. While Bitcoin and
other cryptocurrencies such as Ethereum and Litecoin have grown in popularity,
they remain highly volatile and unsuitable for daily transactions. Stablecoins
come into play here. </p><p class="MsoNormal">Stablecoins are
cryptocurrencies that are meant to keep their value stable and provide
stability for routine transactions. We will look at the evolution of
stablecoins, from Tether to Central Bank Digital Currencies, in this article.
(CBDCs).</p><p class="MsoNormal">Tether Is
the World's First Stablecoin</p><p class="MsoNormal">Tether (USDT)
was the first stablecoin to gain traction in the cryptocurrency market. Tether,
which was launched in 2014, is a stablecoin that is tied to the US dollar, with
one USDT equaling one US dollar. Tether is intended to provide stability for
cryptocurrency traders and investors, who can use it to hedge against market
volatility. Tether has grown to become one of the most popular
cryptocurrencies, with a market worth of more than $60 billion as of March 2023.</p><p class="MsoNormal">Alternative
stablecoins have emerged after the debut of Tether, including USDC, DAI, and
TrueUSD. These stablecoins are intended to give the same level of stability as
Tether, but through various techniques. USDC, for example, is supported by a
group of firms, including Coinbase and Circle, and is routinely audited to
ensure that it is entirely backed by US dollars. DAI, on the other hand, is a
decentralized stablecoin backed by other cryptocurrencies like Ethereum.</p><p class="MsoNormal">Digital
Currencies Issued by Central Banks (CBDCs)</p><p class="MsoNormal">Stablecoins
have grown in popularity among cryptocurrency enthusiasts, although they are
not commonly accepted in the mainstream market. Central Bank Digital Currencies
(CBDCs) come into play here. CBDCs are digital counterparts to fiat currencies
issued by central banks. CBDCs, unlike cryptocurrencies, are backed by the
government's complete confidence and credit, giving them a higher level of
trust and stability.</p><p class="MsoNormal">CBDCs are still
in their infancy, but some central banks, including the People's Bank of China
and the European Central Bank, have begun to investigate the concept. CBDCs
have the ability to change the way we use money by providing various advantages
over existing fiat currencies and cryptocurrencies.</p><p class="MsoNormal">CBDCs Have
Many Advantages</p><p class="MsoNormal">CBDCs can
provide a more efficient and secure payment method, which is one of their
primary advantages. CBDCs can be transferred and received quickly, eliminating
the need for third-party middlemen such as banks or payment processors. This
can lower transaction costs while increasing payment speed and efficiency.
CBDCs can also provide a more secure payment system because they are backed by
the government's complete faith and credit.</p><p class="MsoNormal">CBDCs can also
help to make the financial system more inclusive. Traditional financial systems
can be exclusionary, with many individuals lacking access to fundamental
financial services, particularly in developing nations. </p><p class="MsoNormal">CBDCs can be
accessed via a smartphone, which is becoming more popular in developing
countries. As a result, CBDCs may offer a new opportunity for people to gain
access to financial services and participate in the global economy.</p><p class="MsoNormal">CBDCs'
Challenges</p><p class="MsoNormal">While CBDCs
have numerous potential benefits, there are several obstacles that must be
addressed. The possible impact on traditional financial institutions, such as
banks, is one of the key worries. </p><p class="MsoNormal">CBDCs, which
give an alternate method of keeping and transferring money, have the potential
to undermine the traditional banking system. This could result in employment
losses and lower profits for traditional banking firms.</p><p class="MsoNormal">Another issue
is the possibility of CBDCs being used for illegal purposes such as money
laundering or terrorism financing. Because of the anonymity and decentralized
nature of cryptocurrencies, it is impossible to track the flow of funds, which
criminals may abuse.</p><p class="MsoNormal">To address
these concerns, numerous central banks are investigating methods of
implementing CBDCs that ensure transparency and traceability. Some CBDCs, for
example, may demand customers to go through Know Your Customer (KYC) checks,
which can aid in the prevention of money laundering and other illegal activity.
</p><p class="MsoNormal">Furthermore, certain
CBDCs may be structured with a tiered access scheme, in which users must supply
specific information in order to access different tiers of the system.</p><p class="MsoNormal">Another issue
to consider is the potential impact on privacy. CBDCs may capture and keep vast
quantities of personal data while providing a more secure and efficient payment
method. This has sparked concerns about the possibility of government
surveillance and infiltration into individuals' financial lives. </p><p class="MsoNormal">To address
these concerns, some central banks are investigating the use of decentralized
systems like as blockchain, which can allow anonymity while maintaining
transparency and traceability.</p><p class="MsoNormal">Stablecoins
and CBDCs in the Future</p><p class="MsoNormal">Stablecoins and
CBDCs are significant advancements in the way we use money. Stablecoins have
grown in popularity among cryptocurrency enthusiasts, although they are not
commonly accepted in the mainstream market. </p><p class="MsoNormal">CBDCs have the
potential to change this by combining the benefits of cryptocurrencies with the
stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDC
development is still in its early phases, and it may be several years before
they are generally accepted. CBDCs, on the other hand, have enormous potential
benefits, and many central banks are looking into ways to implement them. </p><p class="MsoNormal">CBDCs, as they
become more common, have the potential to alter the way we use money and
deliver a more equitable, efficient, and safe financial system.</p><p class="MsoNormal">Is a digital
divide inevitable?</p><p class="MsoNormal">Central Bank
Digital Currencies (CBDCs) <a href="https://www.financemagnates.com/cryptocurrency/coins/stablecoins-and-monetary-policy-implications-for-central-banks-and-regulators/" target="_blank" rel="follow">have been gaining momentum </a>as many countries are
exploring the possibility of issuing their own digital currencies. While CBDCs
could bring many benefits, such as increased financial inclusion and
efficiency, there is a real risk that they could also widen the digital divide.</p><p class="MsoNormal">The digital
divide refers to the gap between those who have access to digital technologies,
such as the internet and smartphones, and those who do not. This gap can be
seen in both developed and developing countries, with many individuals lacking
access to the digital tools necessary to participate in the modern economy.</p><p class="MsoNormal">CBDCs could
widen the digital divide in several ways</p><p class="MsoNormal">CBDCs require
individuals to have access to digital infrastructure, such as smartphones and
internet connectivity, to access and use them. Individuals who do not have
access to these technologies will be excluded from the benefits of CBDCs,
including faster and more efficient transactions.</p><p class="MsoNormal">Moreover, CBDCs
could exacerbate existing inequalities in financial access. While CBDCs could
increase financial inclusion for those who are unbanked or underbanked, they
could also deepen the divide between those who have access to traditional
banking services and those who do not. In some cases, CBDCs could even replace
traditional banking services, further marginalizing those who are already
financially excluded.</p><p class="MsoNormal">Third, CBDCs
could increase the risk of digital fraud and cybercrime. With the rise of
digital currencies, cybercriminals have increasingly targeted individuals and
businesses with phishing attacks, malware, and other scams. The introduction of
CBDCs could create new opportunities for these criminals, further widening the
digital divide and putting vulnerable individuals at risk.</p><p class="MsoNormal">To mitigate the
risk of widening the digital divide, it is essential that CBDCs are designed
with inclusivity in mind. Governments and central banks must work to ensure
that digital infrastructure, such as internet connectivity, is accessible to
all, regardless of income or location. Additionally, CBDCs must be designed
with strong security measures to prevent fraud and protect vulnerable
individuals.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">These and
stablecoins are the next phase in the growth of digital currencies. Stablecoins
have grown in popularity among cryptocurrency enthusiasts, although they are
not commonly accepted in the mainstream market. CBDCs have the potential to
change this by combining the benefits of cryptocurrencies with the stability
and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDCs have the
potential to transform the way we use money by creating a more efficient, safe,
and inclusive financial system. However, issues such as the possible influence
on established financial institutions and privacy concerns must be addressed. </p><p class="MsoNormal">As CBDCs
evolve, it will be critical to solve these problems in order for them to
deliver on their promise of a stronger financial system.</p>
This article was written by Finance Magnates Staff at www.financemagnates.com.
Read full article on FINANCEMAGNETS
Binance, one of the world’s leading crypto exchanges, has suffered a significant impact on its Bitcoin liquidity following the removal of its zero-fee Bitcoin trading promotion.
Indeed, on 22 March, the exchange discontinued its zero-fee trading promotion for 13 spot trading pairs with Bitcoin (BTC), which had helped boost the exchange’s market share by more than 20% over its competitors.
It also announced the elimination of trading fees for the BTC-TUSD pair, which had been sidelined in September and only recently re-included.
Binance and the impact of the removal of zero-fee trading on Bitcoin
The impact of zero-fee trading on Binance cannot be underestimated, as zero-fee trading volume accounted for the majority of total volume as of mid-March 2023, reaching a high of 66%. This is the data from Kaiko‘s report.
However, since fees were reinstated only five days ago, the market share has been halved and is currently less than 30%, with the fee-free BTC-TUSD pair now accounting for 2.8% of total volume.
Trading volume for the most liquid crypto market, BTC-USDT, has been the most affected, with an average decrease in volume of 90%.
The removal of zero-fee trading also had an impact on the order data in the book.
When fees were first removed, spreads for the BTC-USDT trading pair increased because market makers could no longer count volume toward Binance’s VIP fee program.
To compensate, they had to increase spreads, essentially transferring fees to price takers. The spreads immediately decreased once the commissions were reinstated and currently stand at 0.004 bps.
It is unclear why Binance chose to promote its TUSD pair, although it appears that the exchange selected the stablecoin as the successor to BUSD, which is being phased out due to regulatory actions in the United States.
Traders follow the low fees and whatever Binance does has a huge influence, so one can expect TUSD to become an increasingly important stablecoin.
Overall, Binance’s global market share is already down 10% since last week, although a two-hour outage may have contributed to that.
Arbitrum ecosystem tokens up after ARB distribution
Arbitrum ecosystem tokens with lower market capitalizations rose sharply after the news that Layer 2 would finally distribute its ARB token.
This airdrop was for users and protocols on the network, with GMX (token: GMX) and Treasure DAO (MAGIC) receiving the highest allocations of 8 million ARB each.
Camelot DEX (GRAIL), a fast-growing native Arbitrum exchange, received 2.1 million tokens, while Radiant Capital (RDNT), a cross-chain lending and borrowing protocol, received 3.3 million tokens.
3pool curve depressed after the USDC de-peg
The second largest stablecoin fell below $0.90 just a couple of weeks ago and even now the effects are being felt. No other “place” demonstrates this better than Curve’s 3pool, one of the best indicators of stablecoin sentiment.
Currently its TVL stands at only $420 million, up from $5.5 billion in January last year.
Moreover, the pool consists of only 11% (less than $50 million) USDT, as users have opted for stablecoin with (apparently) no exposure to ongoing banking and regulatory issues in the US.
ARB Liquidity on the rise, stabilizes after listing
Trading of ARB began on most exchanges just after the token was distributed via airdrop.
However, users found it difficult to request and move their received tokens as the Arbitrum network became extremely congested and the Foundation’s request site crashed.
As a result, in the first few hours of trading, most of the centralized exchange pairs were relatively illiquid. Six hours passed before the 1% market depth (the sum of bids and asks within 1% of the average price) reached nearly 2 million ARB.
However, liquidity continued to grow over the weekend, reaching nearly 2 million, most of it in USDT pairs. USD pairs have about twice the liquidity of those included in Other pairs (USDC, EUR and BTC), with 325,000 to 160,000, while USDT pairs hold 1.9 million ARB. Tether continues to be absolutely dominant in CEX trading.
Rising price slippage on US exchanges
For a $100,000 BTC sell order on the US markets, the most liquid USD pair (Coinbase) and the most liquid USDT pair (Binance) had similar slippages of 0.1% in early March.
However, concerns about USD payment circuits have hit the liquidity markets in the United States, and we can see the increase in slippage around 13 March on Coinbase, compared to only a slight increase on the USDT pair on Binance.
Slippage for the BTC-USD pair on Coinbase remains double what it was earlier this month, as USD liquidity suffers across the crypto market.
The most liquid BTC-USD pairs on Bitfinex and Binance.US have both experienced spikes in slippage, increasing 0.1% since the beginning of the month, with spikes of 0.2% and 0.4%, respectively, during the peak of US banking fears.
After Binance, the weekly options volumes on Bitcoin are down from the yearly high
Weekly options volumes on BTC on the largest options exchange, Deribit, fell 40% last week to $6 billion, after reaching an annual high of more than $10 billion earlier this month.
The decline comes amid a slowdown in the BTC spot price following the Fed’s decision to raise interest rates and ongoing concerns about the health of the US banking system.
Overall, bullish (buy) bets continue to outpace bearish (sell) bets, accounting for more than 60% of total volume.
ETH options volumes largely disappointing this year
ETH options volumes have been largely disappointing this year, standing at around $2 billion.
The trend suggests weak hedging and speculative demand despite increasing volatility and the upcoming Shanghai fork, a major risk event for Ethereum that will introduce changes to its consensus mechanism.
The disappointing volumes are in stark contrast to last year’s DeFi boom, which drove the use of Ethereum-based protocols and increased demand for ETH options.
However, the recent growth of NFTs and the growing popularity of layer 2 scaling solutions could provide a catalyst for renewed demand for ETH options in the coming months.
SEC investigates Robinhood’s crypto unit
The US Securities and Exchange Commission (SEC) has opened an investigation into Robinhood’s crypto unit, according to a regulatory notice filed by the company.
The investigation concerns certain registration requirements for Robinhood Crypto and related personnel.
The notice did not provide further details about the investigation. Robinhood’s crypto trading platform is growing rapidly, with the company reporting 18 million customers trading crypto in Q4 2022.
The investigation represents another blow to the company, which has suffered criticism for its handling of GameStop’s trading frenzy and its controversial payment-to-order business model.
Last week, weekly BTC options volume on the leading options trading platform Deribit fell 40% to $6 billion after reaching an annual high of more than $10 billion earlier this month.
This decline comes in conjunction with a decline in the spot price of Bitcoin, following the Fed’s decision to raise interest rates, and concerns about the health of the US banking system.
Despite this, bullish bets (calls) continued to outweigh bearish bets (puts), accounting for more than 60% of total volume.
ETH options volumes, on the other hand, have been rather disappointing this year, remaining around $2 billion.
This suggests weak demand for hedging and speculation, despite increasing volatility and the upcoming Shanghai fork, a major risk event for ETH. In addition, BTC weekly options volumes are currently 70% higher than those of ETH, an increase from 57% in January.
Analysis from a macro perspective
Bitcoin continues to be the best performing asset YTD (Year To Date). Despite increasing regulatory pressures and the global banking crisis, the YTD returns of BTC and ETH, as measured by Sharpe’s ratio, are higher than those of traditional assets.
Sharpe’s ratio measures the excess return of an asset relative to its volatility. A ratio of 1 or higher is generally considered good. Both BTC and ETH ratios are above 3, well above the S&P 500, which records a ratio of 0.8.
In general, returns on risk-adjusted crypto assets have improved over the past year due to a decrease in volatility, as the amount of risk taken by investors is decreasing relative to the compensation received.
This suggests that the volatility profile of crypto assets is approaching that of traditional assets. Some analysts predict that by 2025 the two types of assets will be on par. However, the reduction in crypto liquidity, known as the “Alameda gap,” that has occurred since last November has increased asset volatility.
An interesting fact is that the realized volatility of BTC exceeded that of ETH for the first time in a year last week. Historically, this has happened only a few times since the launch of ETH in 2016.
In general, ETH is more volatile than BTC and performs higher during bullish markets but lower during bearish markets. However, this trend has reversed in recent weeks, with ETH underperforming BTC by a large margin in March.
Coinbase: shares decline following Wells’ notification
Last week, Coinbase’s share price plummeted 22% in a single day after the exchange received a Wells notification from the US Securities and Exchange Commission (SEC).
This notification is a letter informing individuals or companies of a completed investigation in which violations were found. The notification is said to be related to Coinbase’s spot market and staking program Earn, as well as its core portfolio products.
Although a Wells notification does not represent an enforcement action, it often precedes it, and this has driven Coinbase’s share price down.
Coinbase: share price drop following Wells’ notification.
Last week, Coinbase’s share price plummeted 22% in a single day after the exchange received a Wells notification from the US Securities and Exchange Commission (SEC).
This notification is a letter informing individuals or companies of a completed investigation in which violations were found.
The notification is said to be related to Coinbase’s spot market and staking program Earn, as well as its core portfolio products. Although a Wells notification does not represent an enforcement action, it often precedes it, and this has driven Coinbase’s share price down.
Read full article on THE CRYPTONOMIST
<p>In major crypto news yesterday, the CFTC (Commodity Futures Trading Commission) in the US filed a <a href="https://www.docdroid.net/60YAbCz/cftc-binance-pdf" target="_blank" rel="nofollow">lawsuit</a> against leading crypto exchange Binance, its CEO, Changpeng Zhao (often known as CZ), and its Chief Compliance Officer, Samuel Lim.</p><p>
The violations the CFTC is charging Binance with include six counts, with the CFTC’s Chief Counsel, Gretchen Lowe, citing “wilful evasion of US law”, and claiming that “Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law.”</p><p>
However, this summary alone doesn’t capture the colorful nature of the details given about alleged wrongdoing at Binance, which at times veers past brazenness, through an almost total disregard for regulatory compliance, and into darkly absurd territory.</p><p>Allegations</p><p>
The <a href="https://www.financemagnates.com/tag/CFTC/" target="_blank" rel="follow">CFTC</a> has been able to access a trove of Binance internal communications and chats, providing a no-holds-barred insight into not only alleged violations but also into the mindset of the participants.</p><p>
At times, this actually provides some humorous moments, as, for example, when we are told that Lim engaged a <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__main-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> auditor who would “just do a half-assed individual sub audit on geo[fencing]” to “buy us more time,” but then,</p><blockquote>
“As part of this audit, the Binance employee who held the title of Money Laundering Reporting Officer (“MLRO”) lamented that she “need[ed] to write a fake annual MLRO report to Binance board of directors wtf.””</blockquote><p>
And following on from that,</p><blockquote>
“the MLRO exclaimed to Lim in a chat, “I HAZ NO CONFIDENCE IN OUR GEOFENCING.””</blockquote><p>
Among other substantially egregious details, we hear how,</p><blockquote>
Later on, we’re told,</p><blockquote>
“Binance is so effective at obfuscating its location and the identities of its operating companies that it has even confused its own Chief Strategy Officer. For example, in September 2022 he was quoted as saying that ‘Binance is a Canadian company.’ The Chief Strategy Officer’s statement was quickly corrected by a Binance spokesperson, who clarified that Binance is an ‘international company.’”</blockquote><p>There are also a couple of paragraphs in the filing that come across as dryly deadpan comic constructions, with one clause, relating to allegations that Binance knowingly served US customers despite restrictions on doing so, stating that:</p><blockquote>
“Binance knew that U.S. customers continued to comprise a substantial proportion of Binance’s customer base even after September 2019 because, among other reasons, Binance’s internal reporting told them so.”</blockquote><p>
And, a section relating to using VPNs as location workarounds remarks that:</p><blockquote>
“One reason Binance’s IP address-based compliance controls have not been effective is that Binance has instructed U.S. customers to evade such controls by using VPNs to conceal their true location.”</blockquote><p>Incredibly, there are detailed allegations describing how <a href="https://www.financemagnates.com/tag/Binance/" target="_blank" rel="follow">Binance</a>, on its own site, openly advised customers on the use of VPNs to bypass location restrictions.</p><p>
Another section that grabs the attention for all the wrong reasons, is the alleged internal discussion around the use of Binance’s services in connection with illegal activities,</p><blockquote>“In February 2019, after receiving information regarding HAMAS transactions” on Binance, Lim explained to a colleague that terrorists usually send “small sums” as “large sums constitute money laundering.”</blockquote><blockquote>
Lim’s colleague replied: “can barely buy an AK47 with 600 bucks.” And, with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020
chat: “Like come on. They are here for crime.” Binance’s MLRO agreed that “we see the bad, but we close 2 eyes.”</blockquote><p>Reaction</p><p>Can there possibly be any positives to be taken from this affair? Surprisingly, there may be a couple. On page nine of the court filing, there is a definition of the term 'digital asset' which directly identifies <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank" rel="follow">Bitcoin</a> and Ether, along with Tether, Binance USD, and “other virtual currencies as alleged herein,” as commodities.</p><p>
This definition could come to act as an important precedent, since there has been ongoing conflict around whether or not crypto assets are securities and, as such, subject to SEC <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__secondary-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a>. Many observers claim that Bitcoin should be regarded as a commodity, while there is less certainty around Ether and other coins. A legal case establishing both Bitcoin and Ether as commodities, then, may have long-term benefits for those particular protocols.</p><p>
There is also the view that a cleaning of house activity is, ultimately, necessary in order for <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">crypto</a> to become a viable industry. Those who ardently believe in the possibilities enabled by decentralized currencies have no allegiance to Binance, just as they had no reason to hold FTX or Sam Bankman-Fried in high regard, and the entire sector may be about to get yet another inevitable dose of cleansing sunlight.</p><p>
And, then there is the observation that crypto is resilient, and that after the <a href="https://www.financemagnates.com/cryptocurrency/us-cftc-charges-bankman-fried-ftxcom-and-alameda-with-fraud/" target="_blank" rel="follow">collapse of FTX last year</a> (and all the many crypto collapses through the years before that), there’s a perception, which may or may not be accurate, that whatever gets thrown at the industry will be shrugged off in time.</p><p>
Having said that, there is currently a theory prevalent within parts of the crypto ecosystem that the US is engaged in a covert operation to incapacitate the crypto industry. While there may be certain merits to that argument, it is beginning to foster what looks like a siege mentality, and results in an attitude by which no wrongdoing on the part of crypto companies is ever properly acknowledged or apportioned with blame.</p><p>
In fact, this mentality looked as though it was deliberately played into by Changpeng Zhao himself when, in response to the CFTC filing, he initially tweeted (before later releasing a <a href="https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282" target="_blank" rel="nofollow">blog post</a>), nothing other than a cryptic number 4.</p><blockquote class="twitter-tweet"><p lang="qst" dir="ltr">4</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640372505046052866?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>
This message refers back to an earlier CZ tweet in which he listed dos and don’ts for 2023, with number 4 (presumably a do) reading, “Ignore FUD, fake news, attacks, etc.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.1. Education2. Compliance3. Product &amp; Service4. Ignore FUD, fake news, attacks, etc.In the future, would appreciate if you can link to this post when I tweet "4". 🙏</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1610018096122851328?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote><p>
However, it’s difficult to see in what ways current events are either 'FUD' or 'fake news', and if what’s happening is an attack, then it can hardly be regarded as coming without provocation. Accordingly, if there is any truth in the claim that the US is attempting to take down crypto, then it should be recognized that Binance has been making it easy for the authorities.</p>
This article was written by Sam White at www.financemagnates.com.
Read full article on FINANCEMAGNETS
The Federal Deposit Insurance Corporation (FDIC) announced the acquisition of Silicon Valley Bank (SVB) by First Citizen Bank & Trust Company, with a $20 billion bankruptcy cost.
Silicon Valley Bank (SVB) and its acquisition by First Citizen
The government-owned Federal Deposit Insurance Corporation (FDIC) announced the acquisition of Silicon Valley Bank (SVB):
Today, we entered into an agreement with First-Citizens Bank & Trust Company to purchase and assume all deposits and loans of Silicon Valley Bridge Bank, N.A.https://t.co/vjDsnQxhrr pic.twitter.com/MI5lXN5y6r
— FDIC (@FDICgov) March 27, 2023
In essence, First Citizens Bank & Trust Company, headquartered in Raleigh, North Carolina, acquired all the deposits and loans of the troubled SVB bank, as well as its 17 branches it owned in the United States.
Specifically, SVB had $167 billion in total assets and about $119 billion in total deposits.
Today’s transaction involved the purchase of about $72 billion of SVB’s assets at a discount of $16.5 billion. Whereas, about $90 billion in securities and other assets will remain in receivership to be disposed of by the FDIC.
The 17 former branches of Silicon Valley Bridge Bank, National Association, are opening as First-Citizens Bank & Trust Company on Monday 27 March 2023.
The announcement specifies that SVB customers should continue to use their current branch until they receive notice from First-Citizens that system conversions have been completed to allow full banking service at all other branches.
In spite of everything, there is no mention of cryptocurrencies in this announcement, as opposed to the announcement of the Signature Bank acquisition.
Silicon Valley Bank (SVB) and the $20 billion bankruptcy cost
In its announcement, the FDIC goes on to estimate the cost of the bank’s failure as follows:
“The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion. The exact cost will be determined when the FDIC terminates the receivership.”
In this regard, there are those who commented on this figure, adding that this would be the most expensive bank failure in the US.
FDIC estimates that Silicon Valley Bank's failure will cost the deposit insurance fund $20B
That'd make it the costliest bank failure in US history, beating IndyMac's '08 failure (which cost $12.4B) and eating 14% of the insurance fund, which comes from an assessment on banks. pic.twitter.com/kRwRuSIyL4
— Joey Politano (@JosephPolitano) March 27, 2023
And indeed, compared to Signature Bank’s estimated DIF cost of about $2.5 billion, SVB’s losses are significantly higher.
First Citizens’ shares rise 50%
The news of the bailout by First Citizen Bank & Trust Company made its FCNCA shares jump 50%.
Indeed, FCNCA shares rose on 27 March from $582.55 to an impressive $852.69 and have remained at that level. At the time of writing, First Citizens BancShares Inc shares are worth $895.61.
The CEO of First Citizen, Frank B. Holding, commented on Twitter:
“We are proud that the FDIC has selected First Citizens to take on the important relationships with Silicon Valley Bank’s depositors and customers, and in turn, strengthen the banking system and the U.S. economy." – Frank B. Holding, Jr. Read more: https://t.co/WK00OrcQY9 pic.twitter.com/qUxZQRo8pt
— First Citizens Bank (@firstcitizens) March 27, 2023
Not only that, in his article, Holding describes the bank as follows:
“First Citizens has a reputation for financial strength, exceptional customer service and prudent lending that spans 125 years. We have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again.
We look forward to building relationships with our new customers and positioning our company for continued success as we affirm our commitment to support the integrity of our nation’s banking system.”
Silicon Valley Bank (SVB) and the unresolved USDC case
Speaking of cryptocurrencies, the present news finds no support for Circle’s stablecoin, USD Coin (USDC), which continues to lose market capitalization.
In fact, since the collapse of SVB, USDC has been the only crypto to suffer an outflow on supply estimated at 3.9 billion. Not only that, USDC’s holders seem to have decided to abandon the idea that USDC was safe, despite the fact that Circle’s CEO had provided reassurance about the coin’s solvency.
The thing is, Circle had declared the day after the bank’s fall that 3.3 billion of USDC reserves remained anchored in Silicon Valley Bank.
That day marked the beginning of the decline in USDC’s market capitalization as well as its de-peg to the US dollar.
Looking at the graph, as of 10 March 2023, USDC’s market cap of $43.55 billion began to decline day by day, reaching $33.42 billion today.
USDC’s request to the Fed for help
Last week, Circle asked the US Federal Reserve for help, asking them to support the USDC stablecoin with US dollars held at the Fed.
A request that would bring back confidence about the stablecoin’s greater stability and security for its users who have been preferring other stablecoins, such as Tether (USDT), for over two weeks now.
Basically, at the conference held at Warwick Business School, Circle vice president Tarleton Watkins discussed the potential long-term solution for retail stablecoins.
Watkins would suggest that a wholesale Central Bank Digital Currency (CBDC) at the Federal Reserve could be used as a back-up tool for stablecoins. This would be a more secure and stable option for users.
Not only that, Watkins also advised stablecoin issuers to hold dollar reserves at the Fed, rather than relying on various financial partners.
Read full article on THE CRYPTONOMIST
Non-AAMS casinos are finding their due success in recent times, mainly due to their advantageous online facilities. With our list we are going to find out more about them and understand what they have, indeed, that is so special (besides the offers, that is) and what to do when choosing an online casino.
What are non-AAMS casinos websites
Non-AAMS casinos are platforms that are not certified by the Customs and Monopolies Agency (ADM). They still manage to assert their right to operate in our country thanks to a permit issued by a foreign gambling authority (such as, for example, Curacao Gaming, belonging to the Government of Curacao). If you want to learn more, you can read reliable info about non-AAMS casinos from SitiCasinòNonAAMS and follow our guide to find out more. They are often good options because of their choice of games and sometimes because of very attractive no-deposit welcome bonuses.
The best non-AAMS casinos in Italy 2023
The available offer is very wide and it is therefore difficult to choose from all that is available. However, we have tested and selected the best choices for the beginning of this year.
Dolly Casino is one of the best safe casinos in Italy operated by Rabidi N.V and licensed by Curacao Gaming (and hence belonging to the Government of Curacao).
Wide range of bonuses
Quick and fast payment method
Presence of numerous slot games
Presence of megaways
Absence of mobile app
Absence of betting
Here are some names that, in our opinion, one of the most popular online casinos must have: Book of the Dead, Spinanga, It’s Shark Time, Club Royalw BlackJack, Piggy Riches Megaways, Legacy of Dead. It contains a multitude of games, too many to count, but the online gaming platform allows you to scan them quickly.
Dolly Casino offers some excellent bonuses. Here are the most important ones:
Welcome bonus: 100% reload on the first deposit up to 500€ + 100 free spins. The deposit to get the bonus is 20€. The promotion must be activated manually by going to the “my bonus” section of the profile.
St. Patrick’s Day: 10€ gift after playing “blackjack club Royale” and getting 3 blackjacks in a single day.
The following are the transaction methods offered by Dolly Casino: Visa, Mastercard, Postepay, Revolut, Cartasì, Mifinity, Jeton, Sticpay, Bitcoin, Ethereum, Tether, Litecoin.
IWildCasino is operated by Altacore N.V and is licensed by the Dutch gambling authority. It is part of the legal online casinos.
Fast transactions in and out
Large number of slots available
Ability to select games for different and numerous categories
Makes a wide range of very good games available to Italian players, including: Hell Sing, Red Hot Chili 7s, Treasure Temple, Dragon Tiger and Dawn of Olympus, making for a great gaming experience.
Welcome bonus package: 260% reload up to 3500€ + 270 free spins on the first 4 deposits. Deposit to take advantage of the bonus must be at least €20 per deposit.
Single welcome bonus: 100% cashback up to €500 + 100 free spins on first deposit. Deposit must be at least €20.
iWildCasino is very convenient in its choice of payments: VISA, MasterCard, Ethereum, Interac, Neteller, Skrill, Bitcoin, Paysafecard, eZeeWallet, Mifinity.
Rabona is a non-AAMS operated by Rabidi N.V. and licensed by Curacao Gaming.
Attractive and lucrative bonuses
Good number of megaways
Interesting modus of card collection to get perks
Here are the most popular entertainments for players: Ed’s Gun, Bullet Role, Knight King, Dog Town Deal, Crazy Time, Gunslinger Reload. Rabona provides online poker and blackjack, and live games through the live casino feature.
Welcome bonus: 100% reload up to €500 + 200 free spins + 1 bonus crab on a minimum deposit of €20.
Sunday spins (applied to the “Spinanga” slot): 20 free spins after betting €100 over the weekend; 30 free spins up for grabs after betting another €300; 50 free spins after betting another €400.
Rabona offers the following options: VISA, MasterCard, Cartasì, Satispay, Postepay, Revolut, Mifinity, Klarna, Jeton, Sticpay, eZeeWallet, Bitcoin, Litecoin, Tether, Ethereum, DAI.
LibrabBet is an online casino operated by Rabidi N.V and licensed by Curacao Gaming.
Simple and intuitive interface
Ability to choose the desired area right away
Sports betting present
Very entertaining live games
Absence of mobile app
Cumbersome when opened and played from mobile devices.
LibraBet can count on famous names such as: Granny vs Zombies, Book of the Dead and It’s Shark Time. The entertainment genres leave nothing to be desired, since there are: online slots, blackjack, baccarat, video poker and live solutions.
Casino welcome bonus: 100% reload up to €500 + 200 free spins on your first €20 deposit.
Sports welcome bonus: 100% reload up to €150 on the first €20 deposit. The rollover requirement for this bonus is 1x, while the minimum stake for a valid bet is 1.50.
The options that allow the player to deposit and withdraw at Librabet, are: VISA, MasterCard, Postepay, Skrill, Neteller, Interac, Paysafecard, ecoPayz, Astropay, Ripple, Litecoin, Bitcoin, Mifinity, Ethereum, bank transfer.
Roku is a casino operated by Abudantia B.V. Also licensed by Curacao Gaming.
Fast and consistent
Excellent game titles
Presence of sports betting
Payment methods not numerous
Roku places a wide range of choices before the player. Classic table games, bonus poker, blackjack, online roulette and slot machines are present. The latter feature the undoubtedly most appealing titles: Immortal Romance, Wolf Gold and Thunderstruck.
Welcome bonus: 100% reload on first deposit of a minimum of €10.
Welcome bonus sports: 100% reload on a first deposit of 10€ minimum. Maximum bet does not exceed €5.
Weekend bonus: 50% reload on any deposit greater than €10.
Roku’s deposit and withdrawal options are not many; however, they are very good: Interac, Astropay, CepBank, VISA, Skrill, Neteller.
Nomini is operated by Araxio Development and licensed by Curacao Gaming.
Very high number of entertainments
Collaborates with top providers
Confusing mobile interface
Nomini has at its disposal a large catalog of video game products with which to have fun. Genres are disparate and include: baccarat, poker, blackjack, roulette. The most popular titles are certainly: Dream Catcher, Legend of the Nile and numerous others.
Welcome bonus: 100% reload up to €1000 + 1 crab bonus. Minimum deposit €20.
Weekend reload: 700€ + 50 free spins after loading 20€ from Friday to Sunday.
Here are the most popular payment methods accepted by Nomini: VISA, Mastercard, Interac, Skrill, Neteller, Ethereum, Bitcoin, Litecoin, Mifinity, Satispay.
SlotsPalace is operated by Rabidi N.V. and is licensed by the Government of Curacao.
Good number of games
High number of slots
Site not optimized very well for mobile
Above all, the site offers a very good number of online slot machines like many Italian casinos, including: The Hands of Midas, Vili and the Little Red and Money Train 3.
Casino welcome package: 100% reload up to €1000 divided into 3 tranches. Minimum deposit €20.
Sports welcome bonus: 100% reload up to 150€. Minimum deposit €20.
These are the most used payment methods available: VISA, Mastercard, Postepay, Revolut, Satispay, Mifinity.
This is probably the best online casino operated by Rabidi N.V and licensed by the Government of Curacao. A must for gambling enthusiasts.
Fast on mobile
Great sports bonuses
Help desk unavailable for calls from our country
In addition to various sports, such are the most popular video game pastimes, ranking among the top even in the best Italian online casinos: Lucky Mrs. Patrick, Seven books unlimited, Pearly Shores.
Welcome bonus: 100€ reload up to 150€. Minimum deposit €20.
Weekly reload: 50% bonus up to 500€ after depositing at least 20€ over the weekend.
These are the payment methods offered by Sportaza: VISA, MasterCard, Postepay, Mifinity, eZeeWallet, Sticpay, Jeton, Bitcoin, Tether, Ethereum, Litecoin.
Is among the best non-AAMS online casinos, operated by Hermione LTD and licensed by Curacao Gaming.
Optimized for mobile
Variety of online games excellent
Fast payment methods
Very stratified vip zone
WinsPark allows you to play on Slots Machine, Scratch Card and Bingo. Aladdin’s Treasure, Riches of Troy and King of Scratch are certainly popular.
Welcome bonus: 100% on first deposit up to €200. Minimum deposit €10.
Registration bonus: €5 bonus on registration.
VISA, Mastercard, Skrill, Neteller and Paysafecard are the site’s payment methods.
One of the secure online casinos operated by Rabidi N.V, licensed by the Government of Curacao.
Low minimum bets
Betting on a variety of sports
Low withdrawal limits
It is a secure online casino at which you can play Bingo with great products. However, it bets a lot on poker with: Caribbean Poker, Triple Edge Poker and Oasis Poker.
Welcome bonus: 100% reload up to €500 + 200 fs. Minimum deposit €20.
Sports bonus: 100% up to 150€. Minimum deposit €20.
VISA, MasterCard, Satispay, Postepay, Revolut, Mifinity and various cryptocurrencies can be used for transactions.
Criteria for evaluating non-AAMS casinos.
Non-AAMS options have a lot to offer. For a good review, we looked at each of the following details.
Various types of games offered
We made sure that the websites had all the major entertainment played available: choice of slot machines, poker and blackjack. Other types of entertainment were certainly welcome and were “additional points.”
We evaluated both the security systems, looking for good information about them, and the actual developers of gaming software providing products to the casinos.
Each of the analyzed websites has secure and fast, as well as internationally recognized, payment methods, such as credit/debit cards.
Bonuses and promotions
The bonuses analyzed are convenient for the gamer and the game itself, as well as the offers, on par with any Italian online casino.
Best non-AAMS Italian casinos 2023 FAQ.
Which online casino is best in 2023?
In our opinion, Greatwin has something more than the others in digital gaming!
Is it safe to play online casinos without an AAMS license?
Certainly. The important thing is that online casinos offer the stamp of a gambling authority and that they sponsor responsible gaming, similarly to what happens in an Italian casino (see Netbet Casino).
Do I have a chance of a good payout and a quick payout?
Absolutely. It is one of the prerogatives of the best online casinos in Italy and elsewhere: best bonuses for playing, easy winnings and quick payouts.
*This article has been paid for. The Cryptonomist did not write the article or test the platform.
Read full article on THE CRYPTONOMIST
Within the 74-page complaint, the CFTC has labeled Ether, Binance USD, Tether and Litecoin as commodities along with Bitcoin, and made a few other startling claims.
Read full article on COINTELEGRAPH
<p class="MsoNormal">The Commodity Futures Trading
Commission (CFTC) has filed a lawsuit against cryptocurrency exchange Binance
and Changpeng Zhao, its Chief Executive Officer, for
“numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.
The US derivatives market regulator also charged Binance for operating an
illegal digital asset derivatives exchange.</p><p class="MsoNormal">The agency disclosed these on
Monday, noting that it filed the charges before a district court in Illinois.
According to the regulator, Binance acted as “a designated contract market or
swap execution facility” by processing derivatives transactions without being
registered.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today the CFTC charged Binance and its founder, Changpeng Zhao, with willful evasion of federal law and operating an illegal digital asset derivatives exchange. Learn more: <a href="https://t.co/DdczFgvW6A">https://t.co/DdczFgvW6A</a></p>— CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1640378562619355137?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">The watchdog said it also
charged Binance Holdings Limited, Binance Holdings (IE) Limited and Binance
(Services) Holdings Limited. These entities and others were deployed by Zhao to
run the trading platform via “an intentionally opaque common enterprise.”</p><p class="MsoNormal">CFTC Blasts Binance’s “Sham”
Compliance</p><p class="MsoNormal">In the complaint, CFTC alleged
that starting from July 2019, Binance, after supposedly barring US customers
from trading on its platform, actually instructed them on the best methods to
evade its compliance controls. This process was particularly targeted at the
exchange’s “commercially valuable US-based VIP customers,” CFTC said.</p><p class="MsoNormal">Furthermore, for a considerable
amount of time since July 2019, Binance failed to verify the identity of its
customers. In addition, the exchange “failed to implement basic compliance
procedures designed to prevent and detect terrorist finance and money
laundering.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ CFTC Sues Binance &amp; CZIn its complaint, the CFTC reaffirms its position that Bitcoin and Ethereum are commodities &amp;It declares Tether, BUSD and LTC are commodities!The CFTC has officially thrown down the gauntlet to the SEC and the "everything is a security" crowd.</p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1640393092476829697?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">In its complaint, CFTC also
accused Binance of directing its employees to discuss control evasion with
US-based customers using a messaging application that automatically deletes
chats. This was done to erase evidence of the exchange’s efforts to retain its
customers in the country, CFTC alleged.</p><p class="MsoNormal">“Defendants’ alleged willful
evasion of U.S. law is at the core of the Commission’s complaint against
Binance,” noted Gretchen Lowe, CFTC’s Enforcement Division Principal Deputy
Director and Chief Counsel.</p><p class="MsoNormal">“The defendants’ own emails and
chats reflect that Binance’s compliance efforts have been a sham and Binance
deliberately chose – over and over – to place profits over following the law,”
Lowe added.</p><p class="MsoNormal">CFTC Slams Charges on Samuel
Lim, Binance’s Ex-CCO</p><p class="MsoNormal">Meanwhile, CFTC said it also
charged Samuel Lim, Binance’s former Chief Compliance Officer (CCO), with
aiding and abetting the cryptocurrency exchange’s violations between 2018 and
2022. The former CCO partook in activities to help
customers circumvent Binance’s compliance controls, the regulator said.</p><p class="MsoNormal">For instance, Lim promoted a
policy that “instructed Binance’s US customers to access the trading facility
through a virtual private network to avoid Binance’s IP address-based controls
or create ‘new’ accounts through off-shore shell companies to evade Binance’s
KYC-based controls,” CFTC explained.</p><p class="MsoNormal">“For years, Binance knew they
were violating CFTC rules, working actively to both keep the money flowing and
avoid compliance. This should be a warning to anyone in the digital asset world
that the CFTC will not tolerate willful avoidance of U.S. law,” explained Rostin
Behnam, CFTC Chairman.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
Read full article on FINANCEMAGNETS
Bitcoin News: Bitcoin (BTC), the world’s largest digital asset is on an upward run amid the ongoing banking collapse. Bitcoin price recorded a surge of 20% over the last 30 days to regain the vital $28K level. However, an analysis of Tether’s (USDT) market behavior suggests that the BTC price might be at risk of a major pullback.
Bitcoin Price On The Edge?
According to Doctor Profit, a crypto market analyst implied that the more the Tether prints USDT more it will impact Bitcoin price. He highlighted that in the period when USDT’s market cap touched its all time high (ATH) of $83.5 billion, BTC price went on to dump from $40K to $20K straight.
However, USDT’s market cap now stands at $79 billion while Bitcoin is hovering around $28K. The analyst added as long as Tether’s printing continues, more BTC price will pump. Once this process halts, Bitcoin will witness a healthy accumulation as it happened when the largest crypto was trading between $19K-$21K region about two months ago.
Analyst stated that Bitcoin price jump from $16k to $21k was a kind of a healthy pump and the rest is just a trap. He added that the recent pump was not a reaction of people fleeing banks and buying more BTC. Read More Bitcoin News Here…
The post Bitcoin Price At Risk Of Major Pullback; Banking Crisis Not Helping BTC? appeared first on CoinGape.
Read full article on COINGAPE
Important news for the crypto company Tether, which says it has about $1.6 billion in excess reserves to support its USDT stablecoin. Speaking of which, Tether’s chief technology officer Paolo Ardoino believes USDT is becoming the safest asset to hold in the world during the banking crisis. Full details below.
Crypto news for Tether regarding its reserves
Crypto company Tether estimates it will make a $700 million profit in the March quarter, bringing its total excess reserves to more than $1 billion, the company’s chief technology officer told CNBC, revealing the latest data for the first time.
As we know, Tether issues the USDT stablecoin, which is pegged one-to-one with the US dollar. The USDT is backed by real-world assets such as fiat currency and U.S. Treasuries, meaning that it is always redeemable one-to-one with the US dollar.
Indeed, stablecoins are generally used by traders to enter and exit different cryptocurrencies without the need to convert money back into fiat currencies. However, over the years, stablecoin issuers have been criticized for not being transparent enough with the type of assets they hold in their reserve to back their digital currency.
Tether held commercial paper, or short-term unsecured debt issued by companies, but apparently did not disclose the type of companies or the geographic location of the companies from which it had contracted debt.
Eventually, Tether sold all its commercial holdings and moved into US Treasuries, which are considered a more stable and reliable asset. The company produces so-called attestations, which are reports produced by an auditor to attest to the company’s reserves and the assets it holds.
The last report released by Tether, covering the December quarter, showed that it had more assets than liabilities. Tether company then revealed in February that it had made a profit of $700 million in the December quarter. Company’s total assets once liabilities were subtracted amounted to $960.6 million.
Tether CTO’s statements on the latest crypto news
Paolo Ardoino, chief technology officer of Tether, said the company estimates that excess reserves will increase by $700 million in the current quarter, which has not yet ended.
This would bring Tether’s excess reserves to $1.66 billion and would also be the first time the company has crossed the $1 billion threshold. On this matter, Ardoino stated:
“So this money stays in Tether, the main company, to further capitalize the stablecoin.”
Tether generally makes money from various fees, such as the $1,000 withdrawal fee (with a minimum required withdrawal amount of $100,000), from investments in digital tokens and precious metals, and from issuing loans to other institutions.
In addition, Ardoino said that in the fourth quarter of 2022, Tether generated $700 million in profits:
“I don’t have the final data yet, but this quarter’s profit will probably correspond to the last quarter of 2022.”
Not only that, he also added that the crypto company owns an additional sum on top of that $950 million. Specifically, he pointed out the following:
“So, that means our company’s capital will grow to $1.5 billion or $1.7 billion that adds to the reserves that we have that back up 100% of the assets.”
The Tether executive went on to say that USDT is becoming the safest asset to hold in the world because the company is different from banks based on the fractional reserve model.
Not only that, Ardoino also specifically referred to the ongoing crisis in the US banking system, with banks such as Silicon Valley Bank (SVB) collapsing due to problems with the fractional reserve model. In this regard, he expressed his opinion by saying:
“I love Bitcoin and that’s our cover, and that’s why we’re into Bitcoin, because we don’t trust those guys who have taken so much risk on customer deposits.”
Tether and Circle compared after SVB’s collapse
As previously reported, last year Tether aggressively cut its commercial paper support, eventually reducing it to zero by the end of 2022. In addition to removing commercial paper from its reserves, Tether was replacing those investments with US Treasury bonds.
The news comes as Tether continues to increase its market dominance, with USDT’s market capitalization adding about $8 billion since 28 February, according to CoinGecko.
In any case, the value of all outstanding USDT has grown significantly this month, from $70.98 billion on 1 March to $78.14 billion on Thursday, according to CoinMarketCap.
However, Circle, which issues a rival stablecoin called USD Coin, faced big problems because of its exposure to the SVB collapse. With the USDC stablecoin briefly losing its 1:1 peg with the US dollar.
Subsequently, the stablecoin bounced back as Circle announced Cross River as its new banking partner and expanded ties with BNY Mellon. However, after the US government intervened to guarantee depositors, USDC regained its peg.
Specifically, its situation only recovered after it affirmed that the $3.3 billion USDC reserve deposit held at SVB will be fully available to people.
In contrast, Ardoino revealed Tether’s estimated profit for the current quarter defending the company’s record. Indeed, when asked whether Tether would be able to withstand an event like the SVB crisis, Ardoino asked why people still question its reserves even after the collapse of traditional lenders.
In addition, in reference to Credit Suisse’s instability, which eventually led to a $3.2 billion deal brokered by the regulator for UBS to buy the Swiss lender, Tether’s CTO said:
“Tether is making money and the banks are failing. So if you have to put money somewhere, I guess Tether is the safest of all the choices.”
Read full article on THE CRYPTONOMIST
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