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STEP Price   

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STEP

Step Finance  

#STEP

STEP Price:
$0.06
Volume:
$129.2 K
All Time High:
$10.67
Market Cap:
$18.8 M


Circulating Supply:
307,723,583
Exchanges:
4+
Total Supply:
609,605,954
Markets:
8
Max Supply:
630,106,792
Pairs:
11



  STEP PRICE


The price of #STEP today is $0.06 USD.

The lowest STEP price for this period was $0, the highest was $0.061, and the exact current price of one STEP crypto coin is $0.06118.

The all-time high STEP coin price was $10.67.

Use our custom price calculator to see the hypothetical price of STEP with market cap of BTC or other crypto coins.


  STEP OVERVIEW


The code for Step Finance crypto currency is #STEP.

Step Finance is 2.8 years old.


  STEP MARKET CAP


The current market capitalization for Step Finance is $18,827,126.

Step Finance is ranked #569 out of all coins, by market cap (and other factors).


  STEP VOLUME


There is a medium volume of trading today on #STEP.

Today's 24-hour trading volume across all exchanges for Step Finance is $129,228.


  STEP SUPPLY


The circulating supply of STEP is 307,723,583 coins, which is 49% of the maximum coin supply.


  STEP BLOCKCHAIN


STEP is a token on the Binance Smart Chain blockchain.


  STEP EXCHANGES


STEP is available on several crypto currency exchanges.

View #STEP trading pairs and crypto exchanges that currently support #STEP purchase.


  STEP RELATED


Note that there are multiple coins that share the code #STEP, and you can view them on our STEP disambiguation page.


  STEP RESOURCES


Websitestep.finance
Whitepaperdocs.step.finance
Twitterstepfinance_
Discordk5gMJUAEJe
Mediumstepfinance


  STEP DEVELOPER NEWS



StepDAO and Solana Allstars- The Next Step

There are two major announcements we want to highlight today, but more importantly it’s time to also take a deeper look into how we approach growth at StepOur recent Solana Crossroads event in Istanbul was a massive hit! — Step Finance- Unifying The Brand. — Step Finance is us. Its the core product (the dashboard), brand, community and everything we work on everyday. We also have a number of other brands which are also Step: Solanafloor- NFT News and Data Analytics, Solana Crossroads- IRL Events, The Next Billion- Our podcast, Step Data Insights- Onchain Data research reports / Newsletter, Step also is one of the top 3 most active dapps in Solana for the last 2 years: 2.4million+ unique users, 51 000+ Monthly active users, Integrations with the vast majority of the Solana ecosystem, Several millions of monthly impressions on socials etc, The Dashboard app is probably what most people still remember us as. But we are bigger than that, much bigger. As you can see above the other brands we run are focused on one thing: growing the pie. Need to know whats up with your wallet? Use Step. Wanna read about monkey jpegs and check pricing? Use Solanafloor. Totally new to crypto and want to listen know more? Check the podcast. More sophisticated and want more data insights? Check the data research reports etc. We want to create as big of a funnel as possible to our products, this is how we can grow the number o...




2022 Year in Review

All one needs is Step Wow, 2022 was a hell of a year in crypto. In fact, it was empirically the worst year ever in terms of blow ups, price action and general carnage. Yet here we are, still standing…LFG! As I look back on the year that was I am reminded where we were this time last year and the mountain of things that have been done since then. Lets do a quick recap on where we have come from, how things have evolved and we have pivoted in some ways and where we are going now. — Take me back to the summertime. — One year ago, Step as a product was coming off the massive bull run on Solana. We had no time to focus on anything other than integrations for the Dashboard which was the only and core product at the time. There were still a few yield farms, lenders, collateralised stablecoins etc which are launching and in order to stay relevant we needed to spend a lot of time and resources on integrating them on the dash (many of which are now dead btw, RIP). With the tempo winding down on new launches in the ecosystem we were faced with the question of ‘what next?’. I remember having many team meetings where we discussed for hours some of the 10–15 or so ideas on which we could work on. Things which we thought would add value to the platform and token in some way. Aaron0v and Dana pivotal in a lot of these discussions as it often involved Rust work. You’ll note in one of our earliest blogs in 2022 we were ...




Step Q4 Roadmap

tis the season gm to all as we are in the final stretch of 2022. It is that time of year where everyone is foot on the throttle to the finish line, there are lots of holidays/disruptions, conferences and end of year goals to hit. Its no different for Step. Lets take a look back at what Q3 brought and the most recent updates this month. Continued performance gains, dashboard generally loading for even the most complex wallets in < 3 seconds., New integrations and coverage updates: Star Atlas, PsyFi, UXD, Ratio, Brave wallet and many more!, Onchain Referrals live!, Translations for Turkish, Infact everything we said we were going to do in the Q3 update was pushed out ontime:Q3 Update goals With the exception of one thing, the big one- the new Step Analytics product. Rest assured we still intend to get it out before the end of the year as we have said before and we have a MVP taking shape internally. Nothing much more to add on that front other than we are pushing ahead and making progress every week. — Closing out the Year. — So what do we have in store for the end of 2022? Well, other than trying to get out the Analytics MVP there are also plenty of milestones: Solana Breakpoint conference, the whole ecosystem will be there aswell as the Step team, many meetings with our partner projects, New media announcements and launches: Solanafloor turning into more of a media website for NFTs and Solana news is...




Step update #10- Solanafloor Acquisition and more

Solanafloor the home of NFT Data Analytics The last month has been a very exciting time for Step for those who have been following along our socials and discord. The most important announcement of late has been our acquisition of Solanafloor and how that plays into the future of both the Step and Solanafloor platforms. We also have deployed a number of important updates including speeding up load times on the dashboard, new swap page design and routes, many bug fixes and a few integrations like the new Star Atlas marketplace. Lets get into the latest developments and what lies ahead for Step in todays update! — Acquisition of Solanafloor. — Step was delighted to announce on the 28 July that we have completed an acquisition of Solana’s leading NFT data insights and analytics platform, Solanafloor (Coindesk article). This greatly strengthens the Step product offering and we also onboard the excellent Solanafloor team including the founder and creator of Solanafloor cryptowazza. NFTs have clearly been one of the most important growth areas for the Solana ecosystem over the last 12 months. In a time where there has been a massive drawdown in the crypto market as a whole and particularly defi, NFTs have shown strong continued growth as evidenced in the recent Step Data Insights newsletter post with a comparison of Opensea vs Magic Eden. Active Solana NFT users transact on average 7.65 a day compared to the equivalent...




Step Q3 Roadmap

Step shining bright Well its quarterly roadmap time again this time we are in the 3rd Q already and there’s only 4 Q’s in a year, how time flys... This is indeed an interesting time for the crypto market, we are solidly in a bear market with a lot of projects and companies blowing up left and right and some projects going silent or winding down their activity completely, its really in times like this that legends are made and we at Step are full steam ahead hiring and building no matter what the macro is like. If you missed our previous Q2 Roadmap its worth a quick recap on what’s been achieved so far. I’d say we have probably achieved 70% of our goals with some things just not making it over the line and others being about 80% done. Tasks like performance have been ongoing with many of our onchain calls for pricing and individual integrations being moved to the backend and reducing load when you load your Step dashboard. Coverage is another ongoing task which we have integrated several more complex protocols like lenders or PERP dees and options vaults etc. I expect we will see less new projects launching this quarter so integrating them isnt such a big priority for us at the moment. NFT pricing has been another thing which is now running smoothly with our Magic Eden and Solanafloor integrations (we are rocking both APIs). The Opportunities page has seen some updates this Q as have other areas of the app like our en...




Step Update #9 — Step 2.0

Step Update #9 — Step 2.0New Look Dashboard! Today we are introducing an app-wide refresh with our new UI we are calling Step 2.0. You’ll notice many areas of the app have been improved, consolidated and standardised on desktop and mobile breakpoints as we prep for the second half of this year and much more data focused development. But first, a little history lesson… — Humble beginnings. — Step started in February 2021 from a Solana hackathon and has since grown into one of the most well featured and detailed portfolio managers of any blockchain, well beyond what we first imagined it would be. Back when we started there was only 2 AMMs and maybe 1 or two other yield farm related projects already onchain. The initial scope then for us was “make a dashboard to show you your positions in these few apps” however as Solana caught on with mega traction in 2021 the number of new projects launching was immense with almost everyday being some new pool or protocol going live. Our job then became expanding the size and specificity of the app. We needed to expand the number of individual modules from 2 (LP positions and Token balances) to over 13 currently with close to 50 individual project integrations often spanning 1–3 modules and thousands of individual markets. With the market growing so rapidly we often needed to use the fastest ways to get the integration done and working and then move on, this was ...




Step Update #8

xSTEP is your friend gm Steppers and its time again for todays update blog. Another busy month behind the scenes here at Step HQ with work pushing ahead on our Q2 goals, there’s a few big ticket items remaining on that list including referrals and the first products for our historical data indexing work. Lets have a short recap on what’s been going on — Integrations, bug fixing and UX updates. — We recently added support for the 01.xyz perps exchange, Cykura, Crema aswell as Orca whirlpools, TULIP staking and various fixes and improvements to Transaction History and and pool support. We have a few more integrations we are considering and that should cap off coverage for a while most likely. We don’t see as many protocols launching at the ferocious pace of 6 months ago which frees up some of our team to focus on the other areas of the app to our delight. One of those areas is a UX overhaul, you’re going to really like what you see, this simplification will also make development quicker going forward as we standardise a lot of the areas we had to smash out quickly in the past and cleanup redundant blocks of code. — Sunsetting of the Step AMM and Farms. — The Step AMM was born out of a time on Solana a year ago where there were 2 AMMs- Raydium and Orca. Serum had just deprecated their xyk AMM and the goal for the Step AMM was to:Provide a liquidity sink for STEP token holdersAdd a steady re...




The Pathway to Data

Data from Star Trek approves Its been a turbulent time in cryptoland this year with major hacks happening every month coupled with big events like the Luna/UST stablecoin depeg this week. Regardless, Step has been continuing to build throughout and if you check in to our Discord or Twitter you’ll always see new updates every few days. Come checkout some of the Feature Spotlights we have been doing recently on lesser known parts of the App as it will frame a lot of the discussion below. Step is well placed to grow during a bear market. We have been constantly hiring the last few months with most recently this week placing a new job ad for an Ambassador Program Manager which, as the name suggests is a new initiative to engage new users around the world in the Solana ecosystem, but perhaps more on that at a later time. On the tokenomics side we are well placed with the lowest FDV of any Solana project, zero farm emissions for the last 9 months and Reward options being the only way circ supply increases. The token isn’t immune to market forces though, the markets will do its thing but that’s irrelevant to what we are doing at Step- our job is just continue to build the best product we can and be the one page that is indispensable to your crypto usage, if we do that then value will come. — Monetisation in DeFi. — All the necessary parts of a DeFi ecosystem are mature on Solana now- 8 AMMs, 4 order book Dexes, 5...




Step Q2 Roadmap

gm We would have got this out sooner were it not for some big Solana events like in Miami, expanding Step team rapidly (3 new hires in the same week) and some integrations we had planned that have happened in April. A very busy month thus far! Its time we look ahead and outline the general high level direction we are going in this quarter as well as a quick look at some of the amazing updates we have just launched. — Q2- A focus on Data. — We have discussed before about the balancing act we need to do at Step between 3 core areas: Increasing coverage- This means integrating new protocols for the dashboard. This is our core product and always #1 priority for us at Step to ensure we show you an accurate representation of where your money is New Features- this would include things not related to coverage or tokenomics but simply just good to have on the frontend. Things like Transaction History or NFT pricing etc, these are not revenue accruing however essential for providing users a good user experience. Tokenomics related features- these often involve new Rust contracts deployed on-chain for things involving the STEP token. This also requires a fair bit of frontend work however ensuring we have value capture mechanisms for token holders is crucial to the long term success of Step, this often involves buttons users click where a fee is paid for a useful service (e.g. compounding, swaps etc). We need to balance th...




Step Update #7

Step Up We are already ending Q1 soon and a lot has happened here at Step it feels like ancient history. Lets get into some of the recent updates and learnings at Step. New Charities Support Step was the first to pioneer charitable donations on Solana with initially launching support for the FTX Foundation mid last year. We would have loved to have added more charities early on however getting charities comfortable with accepting SPL tokens within their existing legal framework became an issue. Luckily things have moved on since then and we have added a number of new charities to the donations page (https://app.step.finance/#/charities) through a collaboration with the good folk at Getchange. DeFi on Solana We have also added a new ‘DeFi on Solana’ page where you can search any project name or token for some historical pricing, stats and explainers. Only tokens added to the token list registry will show up here. We will also be building out this page with many more analytics as time goes on. Step is good at showing you what you have, new pages like DeFi on Solana the idea is to show you what you don’t have. This helps increase exposure of the Solana ecosystem. Speed enhancements and more dynamic pools A number of integrations are loading their pools and other information dynamically, this means quicker support for new pools on step without us needing to manually add. We are still refining this and often third parties ...




  STEP NEWS


Shiba Inu (SHIB) Price Rally Totals Over 30% in a Month as Whales Step i...

    TL;DR Shiba Inu (SHIB) has seen a notable increase in its price recently, with its performance compared to other cryptocurrencies like Dogecoin. Various factors and developments within the Shiba Inu project are influencing its current market trend, including its L2 blockchain solution Shibarium. The article also discusses the impact of actions by large SHIB investors on the cryptocurrency's market dynamics and investor sentiment. Shiba Inu (SHIB) Performs Better Than Dogecoin (SHIB) Despite not being among the best performers today (December 28), the popular meme coin - Shiba Inu - has experienced a notable price increase lately. It is up more than 30% on a monthly basis (according to CoinGecko's data), outpacing the gains recorded by Dogecoin (19%). SHIB's uptrend could be attributed to numerous developments, such as the asset's burning mechanism and the advancement of the layer-2 blockchain solution Shibarium. The meme coin project witnessed over 17 billion tokens burned last week. In addition, the burn rate for December 27 exploded by around 2,500%, resulting in more than 136 million assets destroyed. The move aims to reduce the tremendous circulating supply of SHIB, thus making it more scarce and potentially valuable in time. For its part, Shibarium blasted through another major milestone in terms of transaction volume. As CryptoPotato recently reported, total transactions on the network have surpassed the 200 million mark, whereas total blocks have climb... read More



DOJ Announces $4.3 Billion Settlement With Binance; CZ to Step Down as P...

    The United States Department of Justice (DOJ) has revealed a landmark settlement involving Binance, the world's largest crypto exchange by trading volume. Under the agreement, Binance will pay $4.3 billion to settle with the law enforcement authority. This significant development was disclosed during a DOJ press briefing on cryptocurrency enforcement, which took place at 3:36 p.m. Eastern Time (ET) on Tuesday.Crypto Giant Binance Settles for $4.3 Billion With U.S. Justice Department In line with expectations stemming from a day's worth of rumors and headlines, the Department of Justice (DOJ) has reached a settlement with Binance, wherein the crypto exchange consents to a payment of $4.3 billion as part of the agreement. The DOJ's investigation into Binance had been previously reported, indicating an ongoing probe, yet no developments occurred until now. According to the DOJ, Binance breached certain anti-money laundering (AML) and sanctions regulations since the investigation commenced. The press conference featured Attorney General Merrick Garland, Secretary of the Treasury Janet Yellen, Deputy Attorney General Lisa Monaco, and Chairman Rostin Behnam of the Commodity Futures Trading Commission (CFTC). “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed – now it is paying one of the largest corporate penalties in U.S. history,” Attorney General Garland said. He added: In just the past month, the Justic... read More



CZ to Step Down, Binance to Pay $4.3b in a Settlement with DOJ: Reports

    Binance founder Changpeng Zhao (CZ) will plead guilty to floundering anti-money laundering (AML) provisions as part of a settlement deal with the U.S. Department of Justice (DOJ), according to a Tuesday report from the Wall Street Journal (WSJ). He has also agreed to step down as CEO of his exchange and pay a $50 million personal fine, while Binance has agreed to pay a $4.3 billion fine for its legal violations. Binance's Massive Penalty As detailed by the WSJ, Binance’s alleged crimes included conducting an unlicensed money-transmitting business and failing to maintain an effective AML program. Meanwhile, CZ is charged with failing to implement an effective AML program under the Bank Secrecy Act. The company will pay $1.81 billion within 15 months, and another $2.51 billion as part of its DOJ deal, according to Reuters. The DOJ began its probe into Binance in 2018, only for the IRS and DOJ to start seeking answers from the company in 2021. Last month, members of Congress began pushing the DOJ to start laying some against the firm. Charges against Binance were first filed on November 14 but only unsealed on Tuesday. What’s Next for Binance? CZ has spearheaded Binance since it was founded in July 2017, growing it to be the world’s largest cryptocurrency exchange by trading volume. A recent study also showed that he was, until now, the most popular man in the crypto community. A number of fellow Binance executives have already departed the company this year af... read More



Opyn Co-Founders Step Down Amid Regulatory Pressures

    The co-founders of Opyn, a prominent DeFi options protocol, have announced their departure from the company and the crypto industry. This decision comes in the wake of charges filed against Opyn by the Commodity Futures Trading Commission (CFTC) in September. Opyn's Co-founders Announce Departure from Crypto Opyn co-founders CEO Zubin Koticha and Alexis Gauba recently announced their departure from the crypto world. Koticha, in a post on X, stated, 'After the regulatory action against Opyn, Alexis and I are leaving crypto.' Hey Crypto Twitter, It's been a while This one's a tough one... After the regulatory action against Opyn, @alexisgauba and I have made the decision that we are leaving crypto. This is honestly really emotional for me and Alexis. — zubin koticha (@snarkyzk) November 14, 2023 Koticha expressed his disappointment and surprise at the events, stating, “We spent the last six years working on incredible stuff that would’ve never been possible in TradFi — cutting-edge work on the forefront of structured products and derivatives. We thought we were going to be in crypto for the rest of our lives. But, unfortunately and unexpectedly, this is the end of the road.” Andrew Leone, previously a vice president at Nomura specializing in VIX and structured volatility trading, is set to take over as Opyn’s new CEO. Koticha described Leone as an MIT-engineered Wall Street derivatives trader, a DeFi algorithmic market maker, and an 'absolu... read More



SEC Chairman Wishes Bitcoin Happy Birthday But Tells Crypto To Watch Its...

    The crypto community celebrated the 15th anniversary of Bitcoin’s whitepaper on Tuesday, which marked the world’s first functional pitch for “peer-to-peer electronic cash.” Among its celebrators was Gary Gensler – the chairman of the Securities and Exchange Commission (SEC) so notorious for his strict enforcement actions against the crypto industry. In a tweet on Tuesday, Gensler made mention of Satoshi Nakamoto – the anonymous author behind Bitcoin’s whitepaper who remains a mystery until this day. “If Satoshi Nakamoto went as Satoshi Nakamoto for Halloween, would we be able to tell?” he asked. “Happy 15th anniversary to Satoshi’s famous white paper that started crypto.” Despite his kind words for Satoshi, Gensler remained firm with the modern crypto firms. “Any crypto companies that are tricking investors should start treating them to compliance with the securities laws,” he said. Gensler has historically favored Bitcoin over other cryptos in regard to regulation, recognizing it as a distinct commodity within the asset class. By contrast, he’s characterized the “vast majority” of other cryptos, including stablecoins, as potential unregistered securities and launched multiple lawsuits against both their issuers and the exchanges that list them. He has also been hesitant to approve a spot Bitcoin ETF, which analysts believe would help catapult Bitcoin’s price if appr... read More



Polygon Co-Founder, Jaynti Kanani, Takes a Step Back as Polygon 2.0 Gain...

    Jaynti Kanani, one of the co-founders of Polygon, recently announced that he would be stepping back from his day-to-day involvement with the project. This announcement arrives when developers are involved in realizing Polygon 2.0, a project aimed at seamlessly integrating zero-knowledge proofs. Kanani Announces Departure from Polygon Kanani, who played a pivotal role in the creation and growth of Polygon, recently announced on X he would be stepping down from his day-to-day involvement in the project. Kanani's decision to step back comes after six years of active participation in it. He expressed his desire to embark on “new adventures” while indirectly contributing to Polygon. After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind. I'm more confident in Polygon's bright future and passionate community. I'll be focusing on new adventures while still cheering and contributing to Polygon from the… — Jaynti Kanani (JD) (@jdkanani) October 4, 2023 This announcement was met with a mix of emotions within the Polygon community. Sandeep Nailwal, a fellow co-founder and software engineer, stated, 'Man, this makes me emotional. What a ride we’ve had together, brother. But it's just the start for Polygon; I wish we could’ve done more for longer together in this crazy journey that is Polygon. But hey, you got to do what you got to do.' This development follows Polygon Labs' recent restructuring, wh... read More



B2BinPay v17 Update – the Next Step for Crypto Payment Solutions

    The B2BinPay team has just announced the release of B2BinPay v17, a substantial update that polishes and perfects the crypto payment experience. As one of the industry leaders, B2BinPay has been a global go-to facilitator for crypto transactions. B2BinPay's crypto solutions are celebrated for their simplicity of integration, allowing businesses worldwide to adopt cutting-edge crypto solutions without hassle. The V17 version of the B2BinPay platform has further innovated on existing functionalities, introducing many new features, quality-of-life updates and fixes to accommodate the diverse requirements of merchants and enterprise clients. Introducing the EUROC and TUSD Settlement Options As the crypto landscape continues to be volatile and unpredictable, stablecoins ensure stability and reliability. Before v17, B2BinPay provided customers with five major settlement options: BTC, USDT, USDC, USD and EUR. However, as the crypto landscape evolves rapidly, the v17 upgrade decided to broaden the stablecoin offerings with TrueUSD and Euro Coin, accommodating a wider range of stablecoin transaction options. V17 offers an impressive package of 14 coins, 14 stablecoins and 25 tokens, all automatically settled into the seven currencies mentioned above. The brand-new stablecoins are compatible with ERC20, BEP20, and TRC20 token standards, providing flexibility in managing crypto funds. Introducing Euro Coin (EUROC) is a definite highlight for the platform. EUROC is a brand-new, Euro-back... read More



Founder, Team Members of Solana-Based Clockwork to Step Away From Protoc...

    The team behind Clockwork, a decentralized automation protocol for the Solana blockchain, will no longer maintain the codebase, stating that there was not enough profit to continue developing the project. The announcement comes a year after Clockwork received seed funding from backers like Multicoin Capital and Asymmetric. Clockwork Team Leave Project to the Community Nick Garfield, founder and CEO of Clockwork, announced the news in an X thread, stating that the team will shut down their 'nodes on devnet and mainnet' by Oct. 31, 2023. The Clockwork founder said the team will be moving away from the protocol to take a break and focus on exploring other opportunities. 'Ultimately the reason we are stepping away now is simple opportunity cost. We admittedly see limited commercial upside in continuing to develop the protocol, and have a growing personal interest to explore new opportunities.' Meanwhile, the announcement does not signal the end of Clockwork, with Nick stating that the code will remain open-source and available on GitHub for any developer looking to fork it, meaning that anyone interested in the project could continue from where the original team stopped and perhaps make some modifications. Open-source development is often praised by crypto proponents because it is in line with the decentralization ethos. Nick also recommended alternatives for Clockwork users who wanted to use other projects, such as the decentralized Oracle network Switchboard, Helius Labs, and... read More



BNB Price Prediction: Recovery To $235 On The Horizon As Bulls Step In

    BNB price (Binance coin) is moving higher from $202 against the US Dollar. The price could rise further toward the $230 resistance or even $235. Binance coin price is slowly moving higher from the $202 zone against the US Dollar. The price is now trading below $225 and the 100 simple moving average (4 hours). There is a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain bullish momentum above $224 and $225. Binance Coin Price Eyes More Upsides After a major decline, BNB price found support near the $202 zone. The price traded as low as $203.5 and recently started a recovery wave, similar to Bitcoin and Ethereum. There was a move above the $212 and $215 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $248 swing high to the $203 low. However, the bears are now defending the $220 resistance zone. BNB price is still trading below $225 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair. On the upside, it is facing resistance near the trend line and $225. The trend line is close to the 50% Fib retracement level of the main decline from the $248 swing high to the $203 low. A clear move above the $225 zone could send the price further higher. Source: BNBUSD on TradingView.com The next major resistance is near $230, ... read More



Executives Of Crypto-Friendly Bank Silvergate Step Down As Lawsuits, Liq...

    In a recent turn of events, multiple executives of the embattled California-based cryptocurrency bank Silvergate Capital have announced that they will be stepping away from their roles at the bank. The announcement comes as the bank remains deep in the throes of liquidation while battling multiple lawsuits linked to its demise. Top Executives Set to Step Down Silvergate Capital Corp announced on Tuesday, August 16, the departure of some of its primary employees working in executive leadership positions in its company. The executives leaving include Chief Financial Officer, Antonia Martino, Chief Legal Officer, John Bonino, and CEO, Alan Lane.  Lane and the company’s Chief Legal Officer will be departing on Tuesday, August 16, and according to a financial filing delivered to the United States Securities and Exchange Commission (SEC), Silvergate’s Chief Legal Officer is set to step down on September 30.   The executives' decision to depart from Silvergate follows the bank's announcement in March to shut down operations and liquidate its assets. Lane has served as the CEO of Silver Capital Corp and Silvergate Bank since 2008 and played a pivotal role in Silvergate’s development and growth.  In the absence of a CEO, Silvergate has replaced Lane with Silvergate’s Chief Transition Officer, Kathleen M. Fraher. It has also made Andrew Surry, Silvergate’s Accounting Officer, the principal financial offer in the absence of Martino. Sil... read More



3 Silvergate C-Suite Executives, Including CEO, Step Down

    Earlier this summer, Silvergate Bank was required to submit a detailed liquidation plan following its liquidity crisis caused by the collapse of FTX and other internal issues. The company's situation has worsened since then, and now some of its highest-ranked officials stepped down. Sticking to The Plan Silvergate Bank was ordered to submit a plan that would prevent executives from leaving the firm with golden parachutes, ensuring as much liquidity as possible would be provided to legitimate customers of the company. “The Federal Reserve’s order ensures Silvergate will implement its previously announced plan for winding down the bank’s operations in a manner that protects the bank’s depositors and the Deposit Insurance Fund. Silvergate is also prohibited from making capital distributions, dissipating cash assets, and engaging in certain other activities without regulatory approval.” In accordance with the plan, Silvergate submitted a notice to the SEC today, stating that CEO Alan J. Lane and John M. Bonino, the Chief Legal Officer of the company, had resigned effective immediately on the 15th of August. Although the two executives would be receiving severance packages, they would not be receiving “any further compensation related to their employment.” The exact details of the severance packages were not revealed to the public. Antonio Martino, Silvergate’s Chief Financial Officer, will also be leaving the company. However, his o... read More



Is Fednow the First Step Towards a Central Bank Digital Currency? Specul...

    In recent days, there has been a buzz surrounding the upcoming debut of the U.S. Federal Reserve's Fednow project, slated for July 1, 2023. The discussions surrounding this topic have sparked speculation about whether this marks the central bank's inaugural foray into a central bank digital currency (CBDC), with some suggesting that Fednow may render blockchain-based cryptocurrencies obsolete.Fednow System Launch Ignites CBDC Speculation The highly anticipated Fednow system is set to launch on July 1. Developed by the U.S. Federal Reserve, this payment system aims to provide '24x7x365 settlement service' and facilitate instantaneous payments. Extensive information on this subject has been released by the Fed, with significant involvement from the U.S. Treasury. The Federal Reserve's board members have conducted an evaluation and determined that the central bank is 'well positioned' to tackle the nationwide implementation of instant payment infrastructure. It is worth noting that although Fednow offers immediate settlements, it does not adopt the blockchain-based approach. FedNow is looking more and more like a retail CBDC everyday. pic.twitter.com/0PZ2Hjx8U2 - Luke Mikic⚡️🇸🇻🇦🇺 9-5 Escape Artist (@LukeMikic21) June 21, 2023 The Fednow system utilizes ISO 20022, a worldwide standard for electronic message exchange between financial institutions established in 2004. ISO 20022 is widely employed by SWIFT, numerous financial organiza... read More



ETH Eyes $2,000 as US Investors Step Up But There's a Critical Obstacle ...

    Ethereum's price is showing a very bullish signal right now, with a couple of key resistance levels getting broken to the upside. If the breakout is valid, things could look much better for the crypto market in the coming months. Technical Analysis By: Edris The Daily Chart: On the daily chart, the price has been rallying since a sharp rebound from the 200-day moving average around the $1400 mark. It has climbed above the 50-day moving average located around the $1600 level, before breaking through the higher boundary of the large symmetrical triangle pattern. Currently, the key $1800 resistance level is also seemingly getting tested, and the price could soon target values above $2000, especially the $2300 level, in the coming weeks if the current breakout is valid. On the other hand, in case a fake breakout occurs, a pullback towards either of the 50-day or 200-day moving averages or the $1300 support area could be expected. Source: TradingView The 4-Hour Chart: Looking at the 4-hour timeframe, the recent price rally becomes more clear. The cryptocurrency has been struggling with the higher boundary of the symmetrical triangle and the $1800 level over the last few days, with the latter yet to be broken to the upside. The RSI indicator also demonstrates a bearish divergence between the recent price highs, which could point to a possible correction in the short term. The $1680 and $1500 levels could be possible turning points for the price in case a bearish move materializes. ... read More



G20 Meeting of Financial Chiefs Takes A Step Forward Towards Crypto Regu...

    The G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector.  The International Monetary Fund (IMF), Bank for International Settlements (BIS), and Financial Stability Board (FSB) have been tasked to come up with recommendations and a roadmap for regulating the cryptocurrency sector.   G20 Meeting of Financial Chiefs   “We look forward to the IMF-FSB Synthesis Paper, which will support a coordinated and comprehensive policy approach to crypto-assets, by considering macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets,” The G20 Chair’s Summary and Outcome Document said. Besides the finance ministers and central bank governors, the event was attended by Kristalina Georgieva, Managing Director, IMF, Agustin Carstens, General Manager, BIS, and representatives of the Financial Stability Board (FSB).  Klaas Knot, Chairman of FSB, sent a letter to the G20 meeting in which he mentioned that the FSB was preparing recommendations for regulating cryptocurrency and decentralized finance.   “This year, the FSB will finalize its recommendations for the regulation, supervision, and oversight of crypto-assets and markets and its recommendations targeted at global stablecoin arrangements, which have characteristics that may make threats to financial stability... read More



SEC General Counsel Dan Berkovitz to Step Down in January 2023

    The US Securities and Exchange Commission announced that Dan Berkovitz will step down from his General Counsel position as of the end of January 2023. The current SEC Principal Deputy General Counsel - Megan Barbero - will replace Berkovitz upon his departure. SEC Chair Gary Gensler said he was 'grateful' for Berkovitz's 'exceptional public service and his dedication to this agency' in the official announcement before adding, 'Dan has led the Office of General Counsel during a time in which we’ve proposed critical reforms throughout the capital markets. His counsel, judgment, and leadership have been invaluable to our work at the SEC. I have been blessed to work with Dan at two great market regulators, and I congratulate him for his 34 years in public service.' Berkovitz occupied the position for a little over a year after serving as the CFTC Commissioner for three years (from 2018 to 2021). He noted that his departure from the SEC was because it was time for him to 'pursue new and different challenges and opportunities.' Although it may not be directly related, Berkovitz recently had dinner at a luxury Indian restaurant in Washington DC with several FTX execs, including the now-disgraced former CEO - Sam Bankman-Fried, according to emails seen by the Washington Examiner. The details of the conversation are still unclear, but the emails reveal that the bill was covered by FTX General Counsel Ryne Miller, who then asked for $50 from Berkovitz. The former crypto exchan... read More



Elon Musk Promises to Step Down as Head of Twitter — Edward Snowde...

    Tesla CEO and Twitter chief Elon Musk has promised to step down as head of Twitter. As the billionaire seeks a new CEO to run the social media platform, privacy advocate Edward Snowden threw his name in the hat, stating that he takes payment in bitcoin. 'The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,' Musk clarified.Elon Musk Discusses Finding New Twitter CEO Elon Musk set up a poll on Twitter over the weekend asking his 122.3 million followers whether he should step down as head of the social media platform. The billionaire added that he will abide by the results of the poll, which ended with 57.5% of over 17.5 million respondents wanting him to step down. Responding to a comment about him having a new CEO picked out already and that he will retire to being chairman of the Twitter board, Musk clarified: 'No one wants the job who can actually keep Twitter alive. There is no successor.' In another tweet, the Tesla chief explained: The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive. Many people urged Musk not to quit. 'If Elon Musk steps down from Twitter, I will close my account. He’s why I opened it in the first place,' one exclaimed. 'The crowd chose to crucify Jesus too, remember that Elon Musk. The crowd is not always right. Leaders LEAD, they don’t bow!' another told the billionaire. 'Stand up for free speech. The First Amendment needs you,' a third user emphasized. In Nove... read More



AscendEX New User Promotions: Reward Every Step of the Way

    PRESS RELEASE. New York, NY, November 11, 2022 – AscendEX, a leading global cryptocurrency exchange, is excited to announce its new user rewards program, providing users an exclusive chance to mine BTC and earn satoshis rewards (SATs) by completing tasks. In addition, all new users will be able to get 10,000 SATs when they sign-up instantly! Easy As 1-2-3 The AscendEX new user rewards program includes BTC mining rewards, user challenges, and task rewards for every new and current user on the platform. This rewards program is designed to familiarize users with the key features of our platform. Bitcoin mining has never been so easy. Once you sign-up and verify your account, you will immediately be able to start mining BTC and stacking SATs just for being active. In addition, you'll receive a 10,000 SAT bonus just for signing up! Our satoshi ticker on the rewards program home page will continue to tick upward when you are logged in and active, regardless of whether you are trading or just checking your portfolio. No matter what, you are constantly mining BTC and adding to your total rewards balance. Get Paid to Trade - Complete Tasks, Stack SATs Don't peak, Ascend! Along with constantly being able to mine BTC from your desktop and mobile device, the program allows users to earn BTC for completing tasks. Upon completing a task, you will receive a notification that congratulates you, and the corresponding SAT amount will be credited to your SAT reward ticker. These tasks ran... read More



US Regulators Step Up Scrutiny of the Crypto Industry. 3AC, FTX Under In...

    Bloomberg reported that the CFTC and SEC are investigating Three Arrows Capital. The US regulators want to understand whether the Singapore-based cryptocurrency hedge fund violated some rules and laws that hedge funds must comply with. Sources interviewed by Bloomberg hinted that U.S. regulators seem to think 3AC could have been misleading clients about the strength of its balance sheets and not properly disclosing why the fund was not registered with regulatory agencies. Three Arrows Capital Founders And The SEC In late July, Kyle Davies and Su Zhu, founders of Three Arrows Capital, gave an interview to Bloomberg breaking their silence about their alleged flight. The crypto investors argued that they had to disappear from the public radar because they received several death threats after a British Virgin Islands court ordered them to file for bankruptcy and liquidate all of the assets owned by 3AC. During the interview, both founders clarified that despite being in unknown locations, they had been in communication with the relevant authorities 'from day one.' However, according to the lawyers in charge of the liquidation, none of the co-founders have cooperated. According to another Bloomberg report, Teneo, the company in charge of liquidating 3AC's funds, had to seek permission from a U.S. judge to notify the founders via Twitter and their emails after being unable to contact them via the usual communication channels. So far, none of the co-founders have responded to Teneo'... read More



NYDIG CEO and President Become the Latest Crypto Execs to Step Down

    The alternative asset manager - New York Digital Investment Group (NYDIG) - announced the departure of its CEO Robert Gutmann and its President Yan Zhao. Tejas Shah and Nate Conrad will take their posts, respectively. Changes at the Top The cryptocurrency-focused company revealed that its bitcoin balances hit an all-time high during Q3, up almost 100% YOY. At the same time, NYDIG's revenue was up by 130% in Q2, followed by another increase in the next quarter. Nevertheless, it noted that the CEO and President - Robert Gutmann and Yan Zhao - have stepped down from their respective positions and will remain as key members of NYDIG's parent company - Stone Ridge Holdings Group. The company announced Tejas Shah as the new Chief Executive Officer and Nate Conrad as the new President. They will focus on doubling down the organization's investments in the crypto mining industry by serving some of the leading North American miners. Ross Stevens - Founder and Executive Chairman of the firm - argued that these structural changes should be beneficial during a time of market decline: 'When markets crumble, character emerges. A flight to quality from the most risk-aware institutional investors has relentlessly driven bitcoin, and revenue, to NYDIG over the last 12 months. The firm's balance sheet is the strongest it's ever been, and we're now investing aggressively into a capital-starved market. Robby and Yan are delivering the business to Tejas and Nate in phenomenal shape.' Prior to the... read More



Settlements With China — Russia Plans Next Step for Digital Ruble

    Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war.Russian Federation Eyes Digital Ruble for Payments in Trade With China The Central Bank of Russia is gearing up to launch settlements with the digital ruble, the new incarnation of the Russian fiat currency that's now being tested, as early as 2023. According to a statement by a prominent member of the lower house of Russian parliament, the sanctioned nation wants to use it in payments with China, which has become Russia's main trading partner. Limited access to the global financial system due to financial restrictions introduced in response to its military invasion of Ukraine is forcing Russia to seek alternative means for foreign trade transactions. Alongside cryptocurrencies, the digital ruble is one of the options Moscow is considering in its efforts to bypass the sanctions. 'The topic of digital financial assets, the digital ruble and cryptocurrencies is currently intensifying in the society, as Western countries are imposing sanctions and creating problems for bank transfers, including in international settlements,' the head of the Financial Market Committee at the State Duma, Anatoly Aksakov, recently told the Parlamentskaya Gazeta newspaper. The high-ranking lawmaker elab... read More



Kraken's Jesse Powell on Why He Decided to Step Down as CEO

    The news of Jesse Powell, the CEO of Kraken, stepping down from the position at the cryptocurrency exchange he founded in 2011 is a significant shake-up. The exec recently came under fire for allegedly 'fostering a hateful workplace and damaging their mental health,' according to a New York Times feature. But Powell believes the entire fiasco was a 'blessing in disguise' and that it turned out positively for the company. Powell's Comments Post Step Down Despite the market downturn, Kraken has posted relatively stronger financial results than its competitors. But certain comments by the former boss sparked outrage. In an interview with Protocol, the often-controversial exec said his decision to step back from the CEO position has nothing to do with media outcry. 'Following that, we actually got just a surge in new job applicants, an unprecedented number of new job applicants, a lot of people saying they're tired of the woke workplaces where they're at and they would love to work in a place like Kraken with the kind of culture that we have.' Powell said the entire incident served to 'embolden and galvanize' the team. He went on to add that the controversy helped Kraken to 'get out a lot of bad fits from the company.' He now plans to focus more on product development and industry advocacy. Work Culture Controversy From questioning over women being of equal intelligence to calling American women 'brainwashed' to saying staff should not be able to choose their pronouns and questio... read More



Kraken CEO Jesse Powell to Step Down After More Than a Decade

    Jesse Powell, the chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken, will step down from his position after leading affairs at the company for more than a decade. This is yet another leadership change in crypto-related companies in the past several months. According to a press release on Wednesday (August 21, 2022), Dave Ripley, Kraken's chief operating officer (COO), will replace Powell as the new CEO. Ripley will assume the top executive position once the firm gets a new COO. Meanwhile, Powell, the Kraken's largest shareholder, will remain chairman of the company's board. The co-founder made the decision to step down over a year ago, with the exchange searching for a suitable replacement before choosing Ripley. According to a statement by the former Kraken boss: “Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience and broader industry advocacy.” Back in June, Powell debated with some employees who seemed to focus on 'minor slights and first world problems' rather than prioritize the firm's mission. The Kraken boss said that unhappy employees had a choice to leave the company. Meanwhile, Powell joins the list of CEOs who have stepped down in recent times. Michael Moro of crypto brokerage firm Genesis and MicroStra... read More



CFTC Prepares to Step up Oversight of Crypto Market — Says Many Di...

    The Commodity Futures Trading Commission (CFTC) has shared with Congress its plans to regulate the crypto market with 'full oversight capabilities' if the proposed Digital Commodities Consumer Protection Act becomes law. The regulator claims to have the right experience and expertise and believes that 'Many digital assets constitute commodities.' Meanwhile, SEC Chairman Gary Gensler has insisted that the vast majority of crypto tokens are securities.CFTC Chairman's Testimony on Crypto Regulation and the Digital Commodities Consumer Protection Act The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, discussed how his agency would regulate the crypto market in a legislative hearing Thursday before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry. The purpose of the hearing was to review the Digital Commodities Consumer Protection Act (DCCPA) which seeks to empower the CFTC 'with exclusive jurisdiction over the digital commodities spot market.' The bipartisan bill was introduced in the U.S. Senate in August by Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD). Behnam told lawmakers: Many digital assets constitute commodities … The CFTC's expertise and experience make it the right regulator for the digital asset commodity market. He explained that his agency 'facilitates customer protections through its principles-based market oversight and disclosure regime aimed at ensuring transpar... read More



US Senator Wants Congress to Step in With Crypto Guidance — Urges ...

    U.S. Senator Pat Toomey says Congress should step in and provide a regulatory framework for cryptocurrency. He stressed that the U.S. Securities and Exchange Commission (SEC) is not sharing its framework for regulating crypto with lawmakers, noting that Chairman Gary Gensler 'owes us much more clarity on how and why he intends to apply SEC regulations.' US Senator Wants Congress to Step in on Crypto Regulation U.S. Senator Pat Toomey (R-PA), a ranking member of the Senate Banking Committee, discussed cryptocurrency regulation in an interview with Bloomberg Thursday. Commenting on whether the U.S. Securities and Exchange Commission (SEC) is too slow in regulating cryptocurrency, he opined: 'I think the problem is that the SEC isn't sharing with us the framework that they are using.' The senator proceeded to reference SEC Chairman Gary Gensler stating that most crypto tokens are securities, stating: Gary Gensler famously argues that virtually all crypto tokens are securities. I think reasonable people can disagree with that. The lawmaker noted that while Gensler 'would exempt bitcoin from that classification,' he said that 'pretty much everything else … is a security.' Senator Toomey explained that the SEC chairman 'doesn't go on to say how he would apply the existing frameworks that we use to regulate securities issuance and trading to a very, very new and very different technology where some of these things don't fit - like custody rules, clearance rules - these things... read More



XRP Eyes a Drop to $0.3 if Bulls Fail to Step In Soon (Ripple Price Anal...

    Ripple seems to be struggling around the support at $0.33 for 10 days in a row. As a result, the cryptocurrency is trading within a very narrow range with little to no volatility. The sentiment remains predominantly negative. Technical Analysis By Grizzly The Daily Chart On the daily chart, the bulls tried to extend the price above the resistance zone at $0.33 (in red) on multiple occasions. Presently, it appears that there's not enough demand to propel a considerable increase. The current structure formed after registering a high near $0.4 has been bearish. If this situation continues, the cryptocurrency is more likely to revisit the horizontal support at $0.3 (in green). The ascending line (in yellow) that has become resistance is another hurdle ahead of price growth. Furthermore, this line currently overlaps with the red resistance zone, which gives more merit to bearish arguments. Until a candle closes above this area, an increase seems unlikely. Key Support Levels: $0.32 & $0.30 Key Resistance Levels: $0.33 & $0.36 Daily Moving Averages: MA20: $0.34 MA50: $0.35 MA100: $0.35 MA200: $0.51 Source: TradingView The XRP/BTC Chart The bulls failed once again to break the 200-day moving average line (in white) on their fifth attempt. This resistance is in the range of 1700 SATs to 1800 SATs. In the short term, the 50-day moving average (in yellow) acts as support. A close and break below it could send the pair to 1,500 SATs (in green). Although the bulls have the upper hand in t... read More



Bitcoin Reclaims $20K, Crypto Market Eyes $1 Trillion, Ethereum 2.0 Merg...

    The past seven days saw the total cryptocurrency market capitalization recover towards the $1 trillion mark after losing it in June. At the time of this writing, the market cap sits at $998 billion, according to data from CoinGecko. A large part in the above played the increase in Bitcoin's price. The cryptocurrency is up some 9% in the past week and has managed to recover above $20K. In fact, it currently trades at $21,300 for a 3% daily gain. BTC had even soared above $22K for a brief period this Friday, but the bears intercepted the move and pushed it back below to where it currently trades. The broader market also soared. Ethereum is up around 14% in the past seven days, followed by other major cryptocurrencies from the top 10. BNB is up 10%, the same as Solana. XRP and ADA are lagging behind with 3.9% and 2.2%, respectively. Bitcoin's dominance - the metric that tracks its share relative to that of the rest of the market - increased by roughly 1% during the week. This indicates that the primary cryptocurrency had it better compared to altcoins. Interestingly enough, the increase comes on the back of more bad news from industry participants. Genesis Trading - another cryptocurrency lender - revealed that it has exposure to bankrupt hedge fund Three Arrows Capital. On the other hand, another successful step towards the integration of Ethereum 2.0 took place this week. The protocol's public testnet - Sepolia - became the second major testnet to implement the merge, bringing... read More



Analyst Warns of Increased Bitcoin Volatility as Futures Traders Step In

    Bitcoin's price spiked above $20,000 earlier today, and even though it's currently trading below this level, the cryptocurrency charts gains of 1.4% over the past 24 hours. Now, on-chain analysts warn of enhanced incoming volatility. The cryptocurrency market added some $50 billion in the past day as Bitcoin's price is testing the critical level of $20K, which also contains the highs from the cycle in 2017-2018. At the time of this writing, the price is trading slightly below that point but is still up around 1.4% on the day. Now, analysts are warning that volatility is likely to increase as the open interest builds up and futures traders are stepping in. According to a CryptoQuant analyst, the open interest on the most recent pump increased by a whopping $615 million in just a few hours. Generally, to analyze probabilities of which direction the price might end up going, the open interest in conjunction with the funding rates is a good indicator. This time, however, it appears that funding rates are almost neutral. This means that long and short traders are almost in balance. Leverage added to both sides (long and short) and will increase volatility in the near term. Source: CryptoQuant   Speaking of leverage, it's also worth noting that the past 24 hours saw around $180 million worth of liquidated positions, 75% of which were shorts. Data from Coinglass hints that the open long positions for the past 24 hours are 51%. read More



SBF: Big Players Like FTX Should Step in and Help Crypto Recover

    The Founder and CEO of the crypto exchange FTX - Sam Bankman-Fried - thinks large companies like his should use their expertise and 'stem contagion' in the digital asset market. As such, they could aid the ecosystem to thrive again, he added. In addition, the American argued that the Federal Reserve and its controversial approach to tackling high inflation is the main reason financial markets (including crypto) have plummeted recently. The Big Players Should Not Stand Aside One of the most influential people in the crypto space - Sam Bankman-Fried - opined that crises in the sector like the ongoing situation could be solved with the help of the leading companies. In fact, he believes they need to dive into the issue even if it leads to short-term losses: 'I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion. Even if we weren't the ones who caused it or weren't involved in it. I think that's what's healthy for the ecosystem, and I want to do what can help it grow and thrive.' Bankman-Fried reminded that FTX has already provided help on similar occasions. Last year, wrongdoers hacked the Japanese exchange Liquid and stole around $100 million worth of digital assets. Shortly after, FTX provided a $120 million in financing so the company could get back on its feet: 'We, I think about 24 hours later, stepped in and gave them a pretty broad line of credit to be able to cover all of their demands, to make ... read More



Fed Views Stablecoins as a Financial Instablity, Urges Regulators to Ste...

    The Federal Reserve published the latest 'Monetary Policy Report' on Friday, categorizing the stablecoin industry - particularly the algorithmic stablecoins  - as a risk of financial instability. Meanwhile, it expressed concern regarding the concentration of fiat-backed stablecoins on Tether's USDT and Binance's BUSD. Fed's Latest Take on Stablecoins Given the rapidly growing digital asset markets, the Fed highlighted the 'structural fragilities' in the sector as embodied by 'the collapse in the value of certain stablecoins' in the Monetary Policy Report submitted to Congress. Though without directly naming the algorithmic stablecoin - UST - that dragged the broader market to plunge in May, the Fed hinted at the project as an indicator of floating fragility within the industry. However, fiat-backed stablecoins - with a much higher degree of concentration and capitalization - are more concerning to the Central Bank. Considering that USDT, USDC, and BUSD have accounted for the overwhelming majority of the stablecoin market cap, the Fed outlined a lack of transparency regarding the underlying assets that back them as well as the fundamental risk involved that may exacerbate the vulnerability of the asset meant to be pegged 1:1 to USD. 'Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors and potentially to the fi nancial system, including susceptibility to potentially destabi... read More



Arizona State University to Step Into the Metaverse

    Arizona State University (ASU) - one of the biggest public universities in the States - intends to join the Metaverse and Web3 ecosystems. It also plans to release non-fungible tokens (NFTs) for authenticating event tickets and certificates. ASU to Conduct Classes in a 'Virtual Environment' A series of trademark filings with the United States Patent and Trademark Office (USPTO) revealed that the university's future offerings might include NFTs and holding lectures in virtual reality. ASU intends to issue digital collectibles for both in-house events and such within its students' campus. NFTs depicting the university's sports highlights are also expected to see the light of day. Conducting virtual classes, meetings, and other projects in the Metaverse is another goal set before the institute. In a recent tweet, Josh Gerben - trademark attorney and Founder of Gerben Perrott - confirmed the rumors. Arizona State University has big plans for the metaverse and Web3. Per USPTO filings made on June 7th, @ASU plans to offer: 1. NFTs for event tickets and artwork of campus landmarks. 2. NFTs for video of sports highlights. 2. Classes in a 'virtual environment.'#ASU #ForksUp pic.twitter.com/PPR89Cu4B2 — Josh Gerben (@JoshGerben) June 13, 2022 With its nearly 150,000 students, ASU is among the largest universities in the USA. Its potential jump into the Metaverse space might be prompted by the fact that in 2021 (because of the healthy measures surrounding COVID-19), almost 60,0... read More



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