Tag Archives: AA News

Popular UK-based financial institution National Westminster Bank (NatWest) has restricted the funds its customers can spend on crypto purchases to reduce their exposure to the volatile asset class. According to a Bloomberg report, NatWest account holders now have a transfer limit of £1,000 ($1,215) per day or £5,000 ($6,090) every 30 days into crypto exchanges. NatWest Restricts Customers’ Crypto Activity NatWest, the UK’s third-largest bank by market capitalization, said the...

Circle CEO Jeremy Allaire spoke on Tuesday recapping the Silicon Valley Bank (SVB) and USDC drama from his company’s perspective.  According to Allaire, all of the company’s cash reserves are now stored with Bank of New York Melon. Rescuing Crypto From Banking During the interview, Allaire said his company was prepared to use Circle’s own corporate funds to backstop its underwater cash reserves before banks opened on Monday. The firm held $3.3 billion with SVB, which it...

Both the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) are reportedly investigating the now-collapsed Silicon Valley Bank (SVB) after depositors to the bank were bailed out by regulators on Sunday.  The separate investigations will both examine the stock sales of SVB’s executives moments before the bank collapsed. The agencies’ investigations are still at a preliminary stage and will not necessarily lead to allegations or charges, according to the...

Ethereum’s Co-Founder – Vitalik Buterin – recently sent 200 ETH (approximately $350,000 at current valuations) to an address belonging to the crypto exchange Kraken and 500 ETH (over $875,000) to the DeFi protocol Reflexer. He deposited the 500 ETH to mint 150,000 RAI tokens, exchanging most for USDC.  The stablecoin passed through some turbulence lately, depegging from its target after Circle revealed a whopping $3.3 billion exposure to Silicon Valley Bank (SVB). The peg has...

The decline of centralized entities has worked out well for their decentralized counterparts. Over the weekend, USDC witnessed a significant trading volume on several decentralized exchanges. Uniswap, for one, reached its highest daily volume ever of $11.84 billion on March 11th. But it isn’t the only decentralized protocol that saw traction. Decentralized Exchanges Register Impressive Growth The development comes in the backdrop of Circle’s USDC de-pegging event that...

Crypto derivatives exchange Bybit has teamed up with Oracle Red Bull Racing to launch an athlete development program called The Bybit Performance Accelerator. According to a press release shared with CryptoPotato, the Accelerator combines education, physiology, and mental well-being to help athletes and professionals continually enhance and improve their performance. Improving the Mental and Physical Well-Being of Athletes The program is designed to evaluate participants’...

Barney Frank – a board member for Signature Bank and former member of U.S. Congress – believes the government had “no objective reason” to force his company into receivership on Friday. Rather, he interpreted the action as an attempt by regulators to “send a very strong anti-crypto message,” throughout the country.  Why Close Down Signature? In a phone interview with CNBC, Frank said that Signature Bank’s customers withdrew $10 billion from the firm in a bank-run style panic...

Japanese multinational automobile manufacturer – Nissan – has reportedly filed for four Web3-related trademarks at the United States Patent and Trademark Office (USPTO) last week. The applications are for its Infiniti, Nismo, and Nissan brands. According to the filing, Nissan intends to strengthen its foothold in the web3 space by creating virtual clothes, cars, headgear, trading cards, toys, tickets, and an online NFT marketplace for trading and minting NFTs. The filing also...

Robert Kiyosaki – an American businessman, investor, and motivational speaker better known as the author of the bestseller “Rich Dad, Poor Dad” – thinks the current crisis in the banking sector will intensify. As such, he advised investors to focus on bitcoin, gold, and silver, arguing those assets could save them amid the potential turbulence. BTC has quickly regained ground after plunging significantly on the news of Silicon Valley Bank’s collapse. Despite the ongoing...

While the Fed may have bailed out Silicon Valley Bank (SVB)’s depositors on Monday, the market’s uncertainty surrounding the entire banking sector still loom large.  Trading for multiple banking organizations was halted on Monday due to share price volatility, much like SVB last Friday.  According to Nasdaq Trader, trading for Charles Schwab – a multinational financial services company with $7.8 trillion in assets under management – was halted on the NYSE at 9:49 am EDT on...