Author: Adewumi Victor

Portuguese Banks Begin Closing Of Crypto Accounts, Cites Risk Management Issues

Adewumi Victor

All exchanges that have had their accounts terminated, including Criptoloja, Mind The Coin, and Luso Digital Assets, have been licensed by the Bank of Portugal. Several prominent banks in Portugal are shutting bitcoin exchange accounts due to “risk management” concerns, indicating a reversal in Portugal’s pro-crypto stance. Portugal’s central bank seems to have given the financial institutions permission to act. Several of Portugal’s leading banks recently canceled the accounts of CriptoLoja, the country’s first licensed cryptocurrency exchange. According to Bloomberg, BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos,…

Cryptopunk’s Volume Increased by 1,847% After Tiffany & Co. Launched a Special NFT Line.

Adewumi Victor

Anyone can purchase the newly released NFTiff, but Punk holders who already own one can redeem it for a custom pendant. The trading volume of CryptoPunks, one of the sector’s most popular nonfungible token (NFT) collections, increased by 1,847% in 24 hours on Monday. Punk NFTs valued at about $1,226.68 Ether (ETH) were traded during that period. The rise in demand appears to be related to the unveiling of Tiffany & Co.’s own NFT collection, which includes a special perk for Punk holders. The collection, dubbed “NFTiffs,” comprises 250 digital…

Founders Of Three Arrows Speak Out On Why They Hid Amidst The Platform’s Failure

Adewumi Victor

After five weeks in hiding, the humiliated founders of Three Arrows Capital spoke openly about the tragic demise of their once-flying hedge fund. They claimed to have received threats to their lives, which is why they remained unnoticed. Su Zhu and Kyle Davies, both 35 years old, claimed on Friday that Three Arrows’ margin calls on loans that should never have been made due to their disastrous crypto venture are now descending, according to Bloomberg. Zhu and Davies attribute Three Arrows’ unexpected demise to their overly optimistic assumptions, with Zhu…

Founder of Three Arrows Capital Nowhere To Be Found According To Liquidators 

Adewumi Victor

According to a filing by consulting firm Teneo, which is anticipated to sell the remaining assets of the struggling cryptocurrency hedge fund, the founders of Three Arrows Capital are nowhere to be found. As a result of the dramatic selloff in digital currencies, Three Arrows filed for Chapter 15 bankruptcy in the British Virgin Islands late in June. The move was meant to protect the assets of foreign corporations from US creditors. Three Arrows, co-founded by Kyle Davies and Zhu Su, declared bankruptcy after failing to repay a $670 million…

Solana to Launch New WEB3 Mobile Phone Project

Adewumi Victor

Solana has announced the launch of its new Saga mobile phone that it is developing in collaboration with Osom. This was revealed on June 23 in an announcement made in New York City. The phone is a modified version of the Osom OV1 that was developed by a team of former engineers at Essential. Solana has already started the process of booking preorders for the new device, which is listed at $1000.  Shipping for the new phone is expected to start in the first quarter of 2023. To preorder the…

Ether Accounts for About Half of $520M Liquidations Amid Weak On-Chain Data

Adewumi Victor

In the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) have lost key levels of support due to weakening sentiment for the crypto market at large. As of such, over $520 million of cryptocurrency has been liquidated. This comes in tandem with a massive bearish run that saw traders of ETH futures experience liquidations nearly double those of BTC, in an unusual market trend. This data was shown in a recent liquidation data from Coinglass. ETH-tracked futures lost more than $236 million, nearly twice the $125 million lost on bitcoin futures.…

Mastercard Aims to Expand More Into Cryptocurrency Despite Recent Market Meltdown

Adewumi Victor

The cryptocurrency market has taken a downturn in recent weeks. Bitcoin, the bellwether for the crypto market, hit a 52-week low last week, a slump not seen since December 2020, and with it, the rest of the altcoins. Mastercard was not deterred from expanding more into the cryptocurrency space, despite the recent market volatility linked to several factors. Regardless of this current crypto crisis, enterprising executives and investors are optimistic about the cryptocurrency industry’s long-term potential. Mastercard has capitalized on this market condition by making strategic partnerships with crypto platforms…

Blockstream Proposes a Whole New Type of Multisig Called ROAST

Adewumi Victor

Security has always been of utmost priority in the crypto space. To reinforce security, multisig or multisignature is the widely accepted standard in crypto. Multisig refers to a method of transaction in which two or more signatures are required to sign off before the transaction can be executed. Rather than a single signature, multisig requires multiple keys to authorize a transaction. In a bid to further improve security and avoid problems of transaction failures, the research unit of Bitcoin (BTC)-focused blockchain tech firm, Blockstream has published a proposal for a new type…