“Crypto conglomerate Digital Currency Group (DCG) and its bankrupt Genesis subsidiaries reached an in-principle agreement on terms of a restructuring plan with a group of the firm’s main creditors.
The agreement, which begins to resolve some of the major issues that sent Genesis into Chapter 11 bankruptcy protection, entails winding down the Genesis loan book as well as the sale of the bankrupt Genesis entities.
The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin (BTC) from Genesis. Included is ‘an equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC claims.'”
See Also: DCG Creditor Pact Revealed With Plan to Sell Genesis Trading Unit as Part of Bankruptcy
See Also: Gemini, Genesis Reach $100 Million Agreement Over Earn Program
“CoinShares said Monday that inflows of $76 million last week flowed into funds—the fourth consecutive week of such movements. The money is flowing into funds such as Grayscale, 3iQ, and 21 Shares—products available to accredited investors.
This is different to the end of last year and the start of 2023, when investors were pulling money out of exchange-traded products and similar crypto investment vehicles. Total investment assets under management are up 39% from this time last year.
There has been a divisive change in investor sentiment from the beginning of 2023. The softening monetary policy stance from the U.S. and the weakening dollar are the main reasons for the improving sentiment.
Traders are now eagerly awaiting to see if Federal Reserve Chairman Jerome Powell will give anything away about the bank’s next moves when he speaks at the Economic Club of Washington, D.C. tomorrow.”
See Also: ‘Disinflation’ Trends Will Soon ‘Hit a Brick Wall’: Oanda’s Edward Moya
See Also: Indexing Protocol The Graph’s GRT Token Soars Back Past $1B Market Cap
“South Korea’s Financial Services Commission (FSC) on Monday published guidelines on which blockchain-based iterations of traditional securities, known as security tokens, will qualify for regulation under the country’s capital markets rules. [Stablecoins and] digital assets that have no issuer and do not have to “fulfill the obligations commensurate with the investor’s rights,” will likely fall outside of the scope of security tokens.
South Korea is working to regulate the crypto and blockchain sector comprehensively, with lawmakers of the country’s National Assembly considering 17 separate crypto-related legislative frameworks. The discussions are aimed at creating the Digital Asset Basic Act (DABA), an all-encompassing legal framework for regulating Korea’s dynamic crypto industry.”
See Also: Italy Setting Up Crypto Environment That Meets EU’s New Laws, Central Bank Governor Says
“The company has two platforms: the StarkEx scaling engine and StarkNet, which puts the technologies in the hands of developers building decentralized applications (dapps). StarkWare plans to open source the STARK Prover technology that powers those projects.
Every step we take to provide infrastructure, and to make it accessible and decentralized, is a catalyst for devs to build.”
See Also: Decentralized Lending Protocol Clearpool to Start Institutional Borrowing Platform
“We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. It’s worth noting that only 0.01% of our monthly active users leverage USD bank transfers, but that we are working hard to restart service as soon as possible.
All other methods of buying and selling crypto on the exchange will remain unaffected, including deposits and withdrawals for euros. Binance users will also be able to continue buying and selling crypto with credit cards, Google Pay, Apple Pay, and on the Binance peer-to-peer marketplace.
While Binance did not confirm the reason for the pause in USD bank transfers, the suspension is likely due to issues with its bank partner Signature Bank, which said last month that it would stop processing crypto SWIFT transactions under $100,000.“
“According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costing roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports executive vice president of ad sales Mark Evans reportedly said there would be “zero representation” from major crypto companies on Feb. 12.
Despite the AP report, gaming startup Limit Break announced on Feb. 6 that it will air an interactive advertisement during Super Bowl LVII in which it plans to give away dragon-themed nonfungible tokens, or NFTs.”