Category: Cryptocurrency News

Crypto payment service provider Bitpay has updated its wallet app to include Google Pay for U.S. cardholders to spend their cryptocurrencies. The company has already added Apple Pay and Samsung Pay is expected in the near future. Bitpay Updates Wallet App to Include Google Pay Leading crypto payment service provider Bitpay announced Wednesday that it […]

Tether (USDT) now has an advantage over USD Coin (USDC). As a result, Circle’s dollar-pegged stablecoin, USDC, lost one of its largest leveraging stances to its main competitor, USDT. Coinbase, one of the prominent players in crypto exchange, has made a crucial change on the USD Coin page. The crypto exchange placed the change on its website. Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps This was in response to an audit that exposed that a few USDC’s reserves were not held in cash. The audit discovery contradicts the statement that every USDC has a corresponding backing of one dollar in a bank account. Coinbase Brings New Changes By Bringing USD Coin Into Public From the recent change, the entry statement on the USD Coin webpage is also affected. Coinbase visitors now get a new welcome statement saying that USDC has backing by fully reserved assets. In addition, the statement now says that every USDC is backed by one dollar or an equivalent asset with fair value. Also, it mentions that the backing is held in accounts under US-regulated financial institutions. USD Coin has more than $28 billion and is rated as the eighth-largest digital asset. Furthermore, it is the second-largest stablecoin, coming closing behind Tether that takes the top. Tether’s latest Consolidated Reserves Report reveals that the cryptocurrency has about $63 billion assets in its custody. Related Reading | Government Still Sees Blockchain As “Wild West” Says Blockchain Australia From its time of launch, USDC operates as a stablecoin fully backed by US dollars. Conversely, Tether, its major competitor, has been involved in multiple legal fights with regulators. The contributory factor is the hidden commercial paper that claims about half of its total reserves. Nevertheless, the audit of Grant Horton, a multi-national tax advisory company, comes the discovery about the true backing for USDC. The audit reveals that only 61% of USDC’s reserves are in cash and cash equivalents. Also, some reserves that accrued to 9% are in commercial paper forms. USD Coin thrives in the green zone as the market gets ready for a bullish run | Source: USDCUSD on TradingView.com From the definition of the audit reports, cash consists of deposits with banks and Government Obligation Money Market Funds. It further defined cash equivalents as securities that have a 90-day original maturity period or less. Furthermore, Yankee certificates of deposit and U.S. Treasuries were discovered to be part of USDC reserves from the audit. These included reserves have no full backing by US dollars held in a bank account. Bloomberg explained that Coinbase changed USD Coin webpage wording when the crypto exchange received the audit report. Reacting to the recent report, Andrew Schmitt, Coinbase spokesperson, said that there’s the backing of $1 or its equivalent fair value asset for each USDC. He explained that the redemption of 1 USDC remains $1 for users. Also, he mentioned that the company has additional information on its website for a clearer understanding of USDC reserves. On its part, the partnering company with Coinbase that oversees USDC, Circle, made a recent announcement. The company discloses its plan of becoming a full-reserve national digital currency bank in the U.S. The company’s CEO, Jeremy Allaire, affirms the company’s readiness to comply with all regulatory and risk management requirements. Through his announcement, Allaire expresses his expectation for USDC rising to hundreds of billions of dollars. Also, he said the stablecoin could move to support more economic activities and be a prominent tool in financial and commercial advancements. Featured image from CoinCodex, chart from TradingView.com

CipherBlade is conducting an investigation into the hack and has identified a Binance account associated with the attacker.

If someone makes a text post that goes big it will mostly be full of comments with no replies. Lots of comments are just jokes/memes etc. (I do it too). Then give it some time and a new text post will pop up as a response to the other text post. Usually it could have…
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Are you a young investor who is new to investing? Or are you an experienced investor who needs assistance in analyzing the existing portfolio? Either way, Nord Finance has some news for you! Nord Finance, a company whose sole mission is to make Decentralized Finance more accessible, launched its much-awaited product, Nord Advisory, on the 9th of August 2021! The product Nord Advisory, which works on DeFi in a non-custodial and permissionless way, gives users the power to control their digital assets. Additionally, it has moved one step forward in making investing more than just buying and selling of assets. It focuses on diversifying the portfolio and also maximizing the return. It acts as a fund manager actively optimizing investment strategies giving the best risk-adjusted returns. Fundamentally, Nord Advisory acts as a personal investment hedge fund manager on DeFi. This means that the platform takes users’ funds in stable coins and invests them into different crypto assets to get good returns. Nord Advisory also focuses on outperforming the market compared to the MVIS CryptoCompare Digital Assets 100 Index as a benchmark. It acts as an Active Portfolio Manager, keeping the whole system proactive. NORD Quant Strategy uses a diversified quantitative long-only investment strategy with a strict set of rules based on technical indicators that dictate market entry and exit points for individual assets. The goal of the strategy is to capture ~70% of the upside with reduced volatility. Quant Strategy aims to generate above-market returns with downside protection and reduced volatility.  It is a diversified investment strategy that trades with eligible crypto assets, selected from the top 25 assets by market cap. The assets are chosen based on the market cap and liquidity criteria. The strategy utilizes a dynamic quantitative hedging mechanism with cash and stablecoins. It has officially joined hands with Solidum Capital in bringing forth this new product. Solidum Capital, a team that has substantial experience in crypto-asset allocation and investment selection with an AUM size of 40 Million Dollars. Their top-performing strategies in the crypto asset management industry add massive support to the product. Nord Advisory, the brainchild of a dedicated team from Nord Finance, is all set to be launched in the market to serve the rising needs targeting novice users and professionals to meet their financial goals. With the help and support of Solidum Capital, it is undoubtedly expected to meet the vision set out for the project.   Image by Gerd Altmann from Pixabay

Now that round 16 of Moon distribution is complete, you may be asking yourself questions like: "How does my Moon bag compare to the rest of the sub?" "Do I need to find new friends now?" "Am I still the kind of person who eats at Taco Bell?" I did a quantitative analysis of all…
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