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Search resuls for: "Antoni Trenchev"


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☆ FTX to start U.S. bankruptcy proceedings, CEO to exit
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +4 min
LONDON, Nov 11 (Reuters) - Crypto exchange FTX is to start U.S. bankruptcy proceedings and CEO Sam Bankman-Fried is to step down, after a liquidity crisis at the cryptocurrency group that has prompted intervention from regulators around the world. The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals. "I'm really sorry, again, that we ended up here," said FTX founder Bankman-Fried, in a series of tweets after the commencement of the bankruptcy filing. FTX is under investigation by the U.S. Securities and Exchange Commission, Justice Department, and Commodity Futures Trading Commission, according to a source familiar with the investigations. Cyprus's Securities and Exchange Commission has asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday.
☆ Crypto winter ‘only going to get worse,’ blockchain firm CEO says
  + stars: | 2022-11-02 | by ( Jenni Reid | ) www.cnbc.com   time to read: +3 min
There's something about the latest crypto crash that makes it different from previous downturns. Artur Widak | Nurphoto | Getty ImagesThe ongoing crypto winter is "only going to get worse" as the industry recalibrates to a higher interest rate world, according to the chief executive of blockchain firm Tezos. "Crypto hasn't been evaluated by that metric, and neither has technology in the last 10 years that we've had low interest rates," Breitman told CNBC. "It remains to be seen, but basically I think what you'll find is the things that are useful are going to thrive." The notion of the end of the era of easy money in crypto is one that analysts have been discussing in recent months amid the downturn.
☆ Bitcoin's trading has become 'boring' — but that's not necessarily a bad thing
  + stars: | 2022-10-31 | by ( Ryan Browne Arjun Kharpal | Ryan Browne | Arjun Kharpal | ) www.cnbc.com   time to read: +5 min
But for the past few months, bitcoin's price has bounced stubbornly around $20,000 in a sign that volatility in the market has settled. Large crypto investors with highly leveraged bets like Three Arrows Capital were floored by the pressure on prices, further accelerating the market's drop. Mastercard announced a service that allows banks to offer crypto trading, having previously launched a new blockchain security tool for card issuers. In a note released Thursday, analysts at the bank said there were parallels with bitcoin's trading in Nov. 2018, when prices steadied for a while before rising steadily. Publicly-traded bitcoin miners sold 12,000 bitcoins in June and only around 3,000 in September, according to Goldman Sachs.
☆ Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank
  + stars: | 2022-09-27 | by ( Ryan Browne | ) www.cnbc.com   time to read: +1 min
Cryptocurrency lender Nexo on Tuesday announced it has taken a stake in a federally-regulated U.S. bank, paving the way for the company to offer banking services to Americans as a licensed institution. Nexo, based in Zug, Switzerland, said it has agreed to buy an undisclosed stake in Hulett Bancorp, which owns a little-known bank called Summit National Bank. Through Summit National Bank, which holds a federal bank charter with the Office Comptroller of the Currency, Nexo plans to offer a range of products including checking accounts and crypto-backed loans. Nexo declined to disclose the size of its stake in Summit National Bank. On top of the ability to launch new products, Nexo said its bank license would bring users enhanced legal safeguards.
☆ What crisis? High-stakes crypto lending looks here to stay
  + stars: | 2022-09-21 | by ( Elizabeth Howcroft Hannah Lang | Elizabeth Howcroft | Hannah Lang | ) www.reuters.com   time to read: +9 min
Institutional crypto lending involves lending cryptocurrencies as well as cash in return for a yield. Unsecured lending has become common across the crypto industry, according to the review of filings and the interviews. Crypto research firm Arkham Intelligence put the figure in the region of $10 billion, for instance, while crypto lender TrueFi said at least $25 billion. BULLISH ON BORROWINGWhile Blockchain.com has largely pulled back from unsecured lending, many crypto lenders remain confident about the practice. Sid Powell, co-founder and CEO of unsecured crypto lending platform Maple, said institutional crypto lenders were more cautious after Three Arrows' insolvency, but conditions have since normalized and lenders are now again comfortable lending unsecured.
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