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The biggest news in cryptoverse for March 2 has seen COINBASE announce that it will cease supporting transfers by Silvergate Bank. Other companies, including Tether, Circle, Gemini, crypto.com, Bitstamp and Microstrategy, have been following or commenting.
Silvergate shares fell 46% following Coinbase's termination of its payment partnership.
Crypto-friendly bank Silvergate has seen its (SI) fall by over 44% shortly after news emerged that Coinbase will stop using its USD payment service.
Leading crypto exchange Coinbase informed its Primer users on March 2 that it has decided to change Silvergate as its banking partner.
Coinbase said he moved to work with the signing bank for all payments related to the USD."We facilitate withdrawals and fiduciary deposits with the help of the signature bank, starting now," Coinbase said.
Tether does not have any exhibition in Silvergate, says technical director Paolo Ardoino.
Following an important announcement concerning the American bank in difficulty Silvergate, who was connected with the FTX lender and is now facing a growing consortium of capital flight and regulatory review, A minimum of two crypto companies visited social media today to announce how the news affected them.
Tether, the stablecoin fixed to the American dollar and supported "100% by the tether reserves", according to its Web site, went on Twitter today to announce that he did not have any visibility on the Californian bank. According to Paolo Ardoino, CTO of Tether, the stablecoin has no exposure to Silvergate.
Circle says it is ‘sensitive’ to concerns around Silvergate as share prices crash
Circle acknowledged the concerns regarding Silvergate and said it is currently in the process of discontinuing specific services with them while simultaneously informing customers.
Circle, issuers of the stablecoin USDC, responded to the ongoing FUD around its relationship with the distressed crypto bank Silvergate in a tweet on March 2.
“We are sensitive to the concerns around Silvergate and are in the process of unwinding certain services with them and notifying customers.”
Gemini, Crypto.com, Bitstamp, Microstrategy distance themselves from Silvergate
A number of cryptocurrency companies have at least temporarily stopped taking deposits through Silvergate Bank, as can be seen in various statements on March 2.
Gemini notably said today that it has stopped accepting deposits and withdrawal requests made via ACH or wire transfer through Silvergate Bank. He said he "actively follows the situation" and does not have any client funds or gusd stored with silvergate.
Bitstamp similarly stated in a Thursday blog post it has temporarily stopped supporting U.S. dollar transfers via Silvergate. It also stated that it temporarily discontinued Silvergate's LAN services (sen). The two companies have already been closely associated because Bitstamp was the launch partner for Silvergate's SEN Leverage product.
Crypto.com separately says CryptoSlate that "USD deposits and withdrawals through Silvergate have been temporarily suspended" on its trade. He added that funds transferred in this manner will be rejected and stated that he advised users of the policy change.
RLY surges over 80% in a day as project team shares treasury holdings, future plans
The Rally Token (RLY) has recorded an 83.73% increase in the last 24 hours, according to
RLY token increased from as low as $0.0149 to as high as $0.0313 in the last 24 hours. As of the writing of this document, the cost of the RFA is approximately $0.0265.
Data from CryptoSlate also shows that the token has increased by 108.96% and 121.61% over the past 7 and 30 days, respectively. The 30-day metric is unexpectedly strong, given that the Rally sidechain, RallyIO, shut down on Jan.31, causing the RLY price to tank by 10%.
Gensler says crypto trading, lending platforms not fit for custody; suggests adoption of new safeguarding rule
Speaking before the Investor Advisory Committee, SEC Chair Gary Gensler said current custody rules do not adequately safeguard users’ crypto assets.
Mr. Gensler stated that the current retention rules are intended to protect crypto funds and investor securities from qualified custodians. However, the crypto exchanges currently performing this role are not, in his view, qualified custodians.
Spain has highest number of properties available to buy via crypto
Spain became the number one country in the world that offers the highest number of properties available for purchase using cryptocurrencies — 289 properties, according to Forex Suggest’s analysis.
Thailand and Portugal are following Spain as second and third on the list offering 227 and 130 properties available for purchase with crypto, respectively, as forex suggest. Most advertisements from these countries are located in tourist hotspots such as marbella from Spain and phuket islands from Thailand.
Startup Redeem is raising $2.5 million to deliver TNT directly to mobile phone numbers.
When integrating the next wave of ETFs into the general public, it might be as simple as sending a WhatsApp message or a text message.
This is what Redeem hopes for, a new start-up that aims to make NFT transfers as easy as using basic mobile technology, potentially exposing NFT technology to billions of new clients.
Ethereum Shanghai upgrade inches closer with massive 17.4M ETH staked by community
- Ethereum Shanghai upgrade is on the horizon later this month.
- Accordingly, stakeholders can remove their ethereum chips pos smart contract.
- The total amount involved is approximately $17.4 million, a $4 million increase since amalgamation in September 2022.
Research Highlight
In the last 24 hours, Bitcoin (BTC) dropped from 0.43% to $23,446.49, while Ethereum (ETH) fell from 0.61% to $1,643.59.
- Rally (RLY): +80.96%
- Threshold (T): +15.75%
- Kaspa (KAS): +13.08%
- Alethea Artificial Liquid Intelligence Token Alethea Artificial Liquid Intelligence Token (ALI): -12.63%
- Cocos-BCX (COCOS): -11.92%
- Energy Web Token (EWT): -9.66%
