“The Wall Street firm is seeking $2 billion in commitments from investors to buy distressed assets at steep discounts if the crypto lender goes bankrupt. Citigroup and Akin Gump have both recommended Celsius file for bankruptcy, according to people familiar with the matter.
The assets, most likely cryptocurrencies having to be sold on the cheap, would then likely be managed by participants in the fundraising push. Goldman Sachs appears to be gauging interest and soliciting commitments from Web3 crypto funds, funds specializing in distressed assets and traditional financial institutions with ample cash on hand.
Celsius had more than $8 billion lent out to clients and $12 billion in assets under management as of May of this year.”
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“A key metric known in crypto markets as the “Grayscale discount” is narrowing, possibly a sign of optimism on the part of some traders as the deadline approaches for the U.S. SEC to rule on a proposal to convert the Grayscale Bitcoin Trust – the world’s largest cryptocurrency fund – into an exchange-traded fund.
GBTC shares were recently trading at a discount of 29% to bitcoin’s price, according to data from Skew. That’s down from 34% last week.
In traditional markets, stocks rallied after a University of Michigan survey showed that consumers tempered their expectations for future inflation compared with the prior reading.”
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“Coinbase Derivatives Exchange, formerly known as FairX, is launching its first crypto derivatives product this month, hoping to attract more retail traders. The futures exchange, which is regulated by the CFTC, will launch its derivatives product, Nano Bitcoin futures (BIT), on June 27.
At 1/100th of the size of a Bitcoin, it requires less upfront capital than traditional futures products and creates a real opportunity for significant expansion of retail participation in US regulated crypto futures markets.
Coinbase said it’s also awaiting regulatory approval on its own futures commission merchant (FCM) license to offer margined futures contracts.”
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“THORChain allows users to trade bitcoin (BTC) for any other supported asset without the use of bridges or wrapped assets. The protocol currently supports swaps between seven major ecosystems: bitcoin, ether (ETH), binance coins (BNB), dogecoin (DOGE), litecoin (LTC), bitcoin cash (BCH) and rune (RUNE). Support for cosmos (ATOM) and avalanche (AVAX) is expected shortly.
Developers said the protocol’s focus after the mainnet launch would be on integrating with more decentralized exchanges (DEX) and exchange aggregators.”