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Crypto this Tuesday: Coinbase’s Millionaire Bond Buyback, Binance Gets License in El Salvador, and More
August 08 2023 - 02:09PM
IH Market News

Coinbase celebrates high with millionaire bond buyback managed by Citigroup
After robust Q2 performance, Coinbase (NASDAQ:COIN) has proposed to buy back up to $150 million of its $1 billion bond, due in 2031. Investors who sell bonds by Aug. 18 will receive $645 for $1,000 of the face value; after that date and through September 1, they will receive $615. Offer is premium over pre-announced price. Such a decision follows Coinbase’s higher-than-expected profit and bitcoin’s rise in 2023. The buyback is managed by Citigroup Global Markets (NYSE:C).

Binance shines in El Salvador: license obtained and proper bookings confirmed
Binance has been licensed to serve residents of El Salvador, as approved by the Central Reserve Bank and the National Digital Assets Commission. The license allows the exchange to offer specific crypto products in the country. Min Lin, head of Binance for Latin America, stated that the licensing process took months. In 2021, El Salvador adopted Bitcoin as legal tender, driven by President Nayib Bukele. In other news, Binance released its latest proof of reserves (PoRs) on Aug. 1, evidencing the adequacy of its crypto reserves. However, the movement of its stablecoin, USDC, after the Silvergate incident sparked debate on X (formerly Twitter). The audit revealed that Binance holds more assets than necessary to cover user balances. But after the fall of Silvergate, Binance has converted much of its USDC into Bitcoin and Ether, causing speculation. The demand for transparency grew in the crypto market after the FTX collapse in 2022.

Bitstamp is not for sale and aims to expand and trade derivatives with help from Galaxy Digital
Bitstamp, the oldest cryptocurrency exchange in the world, is seeking new funding to expand its services, according to its CEO, Jean-Baptiste Graftieaux. Galaxy Digital Holdings is acting as a funding consultant. Graftieaux emphasized that Bitstamp is not for sale and is looking to accelerate growth, with plans to launch derivatives trading in Europe in 2024.

Blockchain.com secures Singapore MAS license
Blockchain.com brokerage has obtained a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services. After receiving initial approval from MAS the previous year, the company now solidifies its presence in Singapore, a strategic hub for its Asian operations. Other crypto companies have also received similar licenses recently.

Circle: 70% adoption of USDC outside the US and web3 innovations
Jeremy Allaire, CEO of Circle, revealed on X (formerly Twitter) that around 70% of the adoption of USD Coin (COIN:USDCUSD), takes place outside the US, with accelerated growth in emerging markets such as Asia, LATAM and Africa. In the August 3 transparency report, Circle stated that 93% of its Circle Reserve Fund was allocated to short-term US Treasuries, overnight repurchase agreements and liquidity. According to the company, the remaining 7% are in bank reserves. In addition, Circle launched a web3 programmable wallet platform that allows companies to integrate customizable wallets into applications, facilitating payments with digital assets. The platform is already in beta on the Ethereum, Avalanche and Polygon networks, with plans to expand to other blockchains.

Paxos expands high-trust PYUSD stablecoin partnerships
Walter Hessert of Paxos Trust reported that more stablecoin projects similar to PayPal’s PYUSD (NASDAQ:PYPL) are in the works. While he didn’t confirm conversations with Elon Musk and X, Hessert did emphasize collaboration with big tech and financial companies. PYUSD, regulated and protected, raises confidence in the digital asset industry. Paxos is also seeking partnerships to drive mass adoption of blockchain products.

Brazil embraces the digital future with “Drex”
The Central Bank of Brazil presented the official brand for its digital currency, named “Drex”. The acronym stands for “Electronic Digital Real” with an ‘x’ symbolizing modernity and DLT technology. The design, with arrows and color transition, reflects the evolution of the real thing to its digital form and successful transactions.

Mango Markets liquidity dilemmas
After an alleged $100 million hack by Avi Eisenberg, Mango Markets faces rising legal expenses and internal tensions. Mango Labs, responsible for the platform, sought approval from the Mango DAO for an additional $2 million in funding, but was met with resistance. With most of Mango DAO’s assets in MNGO tokens (COIN:MNGOUSD), liquidity is a challenge. Mango Labs founder Daffy Durairaj reiterates the need for more funds to deal with legal costs. The company’s future and impact on the crypto industry remain uncertain.

Cypher Protocol freezes contract after $1 Million exploit
Solana-based DEX Cypher Protocol stopped a smart contract after an exploit of around $1 million. The team is investigating and has frozen the contract, inviting the attacker to negotiate the return of funds. Analyzes point to a possible recovery of assets. The incident occurred during a Cypher event.

Ecology and Bitcoin hand in hand: sustainable mining by Trust Machines
Bitcoin (COIN:BTCUSD) mining, often criticized for its environmental impact due to energy consumption, is evolving. Trust Machines’ Rena Shah highlighted green solutions including harnessing flare gas and nuclear power. Flare gas turns waste into energy for mining. Nuclear energy, a constant and clean source, is being exploited by miners. Along with other renewable solutions, the industry is looking to reduce its carbon footprint and encourage more activity on the Bitcoin blockchain, aiming for a greener future.

Bitmain and Anchorage make move after Core Scientific bankruptcy and reorganization
Bitcoin mining giant Bitmain and platform Anchorage Digital plan to acquire shares in miner Core Scientific after its bankruptcy. Core Scientific’s reorganization plan is pending a vote. The company will buy equipment from Bitmain for US$ 77.1 million, paying part of it in shares. This will likely be the first time that Bitmain will have a stake in a publicly listed miner. Other companies may convert their loans into equity or secured debt at Core Scientific. The mining company also negotiates stock offers and agreements with other creditors and suppliers.

CoinGecko leads with “Top Alleged Securities Coins”: reflection of the new regulatory landscape
CoinGecko, a cryptocurrency data aggregator, has launched a new category listing crypto assets designated as securities by the US SEC. Created in response to the uncertain regulatory landscape, the category, named “Top Alleged Securities Coins”, ranks tokens by market capitalization, with Binance Coin (COIN:BNBUSD) leading the way. The SEC has identified 68 cryptocurrencies as securities, but CoinGecko lists 24. Other platforms such as CoinMarketCap have also adopted similar categories. Ripple’s XRP (COIN:XRPUSD) has been delisted following a legal verdict. These categories are intended to help investors understand the regulatory implications in the crypto market.

yPredict raises $3.4 million in funding
yPredict, an AI platform specializing in cryptocurrency analysis, raised $3.4 million in funding. AyPredict aims to offer analysis for traders, combining market patterns, sentiments and technical indicators. With tools like pattern recognition and sentiment analysis, yPredict aims to provide complete market insights. The YPRED token gives access to staking tools and rewards. Its Marketplace connects developers and traders, enabling the monetization of quantitative models. Offering analytics and forecasting solutions, yPredict aspires to democratize algorithmic trading, supporting more informed crypto trading.

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