Ad Blockchain.com will discontinue its asset management arm after less than a year of operation, according to a report from Bloomberg on March 9. Blockchain.com will shut down subsidiary Through its asset management division, Blockchain.com offered an investment strategy that tracked the price of Bitcoin against the dollar. It also planned to offer “algorithm-based risk-managed…
Ad Bankrupt FTX proposed a retention plan that would pay the exchange’s employees bonuses of up to 94% of their salary, according to a March 8 court filing. The bonus is capped at $4,027,204 and is designed to cater to employees with “unique and specialized skillsets” that would be difficult to replace and are critical…
Ad According to CryptoSlate data, the total crypto market cap fell below $1 trillion, marking a three-week low. Similarly, market leader Bitcoin lost $22,000 as bears took control. Recent days have seen the build-up of notable headwinds, including Silvergate going into voluntary liquidation and mounting speculation that the Fed will exercise a 50 basis point…
Ad Bankrupt Bitcoin exchange Mt. Gox has extended the registration deadline for its BTC repayment process from March 10 to April 6. In a March 9 announcement, Mt. Gox trustee Nobuaki Kobayashi said the deadline was shifted after the exchange gained the court’s approval after considering “various circumstances such as the progress by rehabilitation creditors in…
Silvergate Bank Company in North America Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, based in La Jolla, California. More about Silvergate Info Twitter LinkedIn
Ad Three Arrows co-founder Kyle Davis explained the business model of the soon-to-launch OPNX exchange, sparking skepticism from the crypto community. Davies and Su Zhu met at Columbia University, founding 3AC in 2012. The firm operated as a crypto hedge fund, borrowing billions to fund its trading activities. Following the USDT de-peg and subsequent market-wide…
Ad Failing crypto bank Silvergate is exploring ways to make a recovery with U.S. regulators, according to a report from Bloomberg on March 7. Officials have visited Silvergate HQ Bloomberg reported that Federal Deposit Insurance Corp (FDIC) officials visited Silvergate’s California headquarters last week with authorization from the Federal Reserve. Silvergate has not yet decided…
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Ad FTX said that its affiliate Alameda Research has sued Grayscale, as indicated in a press release published by the former company on March 6. Alameda challenges fees, locked redemptions In its press release, FTX alleged that Grayscale gained more than $1.3 billion from “exorbitant” management fees over two years. It also complained that Grayscale…
Ad On March 6, White House Press Secretary Karine Jean-Pierre was pressed on whether the President was monitoring the evolving situation around the stressed crypto-friendly bank Silvergate. “We won’t comment on Silvergate specifically, but it is obviously only the latest company in the cryptocurrency field to experience significant issues,” the press secretary said. “In recent…