The Argentinian government has taken the first steps in the launch of its own central bank digital currency (CBDC). A new decree identified the number 207/2022 gives new faculties to the Argentinian mint to involve in the investigation, development, and issuance of digital currencies. This puts Argentina on the trail of countries like Brazil and […]
Ethereum users rushing to purchase scarce three- and four-digit names have been driving NFT market sales activity.
Lending and borrowing have become words that are associated with Bitcoin. This is the same with traditional finance where lending and borrowing remain a big part of the ecosystem. However, there has not been an intersection of these three. This has mostly stemmed from the distrust of traditional finance toward bitcoin. The digital asset which remains largely unregulated did not provide the kind of backing tradfi wanted. That is until now. Bitcoin-Backed Loans In Tradfi Investment bank Goldman Sachs has announced the introduction of Bitcoin-backed loans. In what is a first for a major U.S. bank, Goldman Sachs has expanded its crypto offerings to include these bitcoin-backed loans. It is the first secured lending facility of its kind which will lend out cash that is collateralized by BTC. Related Reading | Number Of Bitcoin Millionaires On The Rise As Accumulation Continues Mostly, banks have shied away from the cryptocurrency due to its highly volatile and unregulated nature. Nevertheless, various institutions have taken to providing services that revolve around cryptos such as asset and wealth management, trading, and investment. All of which remains a far cry from cash loans that use bitcoin as collateral. A move like this will see not only Wall Street embrace the cryptocurrency faster but other factions of the traditional finance will begin to move in this direction. BTC succumbs to bears | Source: BTCUSD on TradingView.com Goldman Sachs has no doubt evolved in its view of bitcoin over time. Less than two years ago, the bank did not believe that the cryptocurrency was an asset class. Since then, it has not only recognized it as an asset class but has been offering its clients a way to trade the cryptocurrency. It also boasts a crypto research team that publishes reports on the crypto market. Over the months, these reports have been mostly bullish toward digital assets such as Bitcoin and Ethereum. Crypto Collaterals Although this is the first for a major bank to accept bitcoin as collateral for a loan, it is in no way a novel concept. The rise of the decentralized finance (DeFi) space has seen users being able to borrow against their crypto holdings for a long time. There are DeFi protocols dedicated to this in the space. Related Reading | Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto In this regard, traditional finance is playing catch-up to DeFi which requires no paperwork for individuals to secure a loan. With a deal like the one Goldman Sachs is offering, it can help to bridge the gap between traditional and decentralized finance. Bitcoin is trading at $38,927 at the time of this writing, down 2.64% in the last 24 hours. Featured image from Bitcoin Lending, chart from TradingView.com
On April 29, photography-focused tech start-up Picture This is finally launching the ‘Polar Bear’ NFT, which raises awareness and money towards climate change and the impact humans have on our planet. Digital artworks have seen a booming rise in sales and popularity since the start of the decade. Minting art as an NFT has enabled […]
Should I turn my pc to the side for extra profit and use my Ryzen 5500U for everything else? Use my pc as a dedicated mining machine? submitted by /u/SomeDudeWithNothing [link] [comments]
submitted by /u/Harucifer [link] [comments]
Futures data and decreased demand for Tether signal that the crypto market is set for another round of pain.
Im new to crypto and i know that there is a solana faucet that gives you 0.000001 SOL every 24hr but i just saw some RINKBEY and GOREIL ETH faucet websites and i dont really understand what is testing ETH and how is it different from regular ETH. Anyways the website didnt give me the…
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I know, I know that it's been done very painful months no matter how much hopium we took. Thus was waaay more painful than the May 2021 dip and most importantly also way longer. I don't thinkany would know that we are just down 17% this year so far, stocks by comparison got a harder…
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In recent times, cryptocurrencies that burn tokens have been very popular and a number of well known blockchain projects have destroyed large sums of digital assets. While a number of crypto projects have different burn schemes, the overall effect is usually the same, as destroying tokens reduces the circulating supply. Blockchain Projects Burn Tokens for […]
