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Blockchain.com’s $270 Million Exposure to Three Arrows Capital + More News

Peter Smith, CEO of Blockchain.com. Source: a video screenshot, Youtube/ The Business of Fashion

Get your daily digest of crypto-asset and blockchain-related news – by investigating stories that fly under the radar in today’s crypto news.

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Trade news

  • Blockchain.com CEO Peter Smith said in a letter to shareholders that Capital of the Three Arrows (3AC), the over-leveraged hedge fund now in liquidation, “is rapidly becoming insolvent and the impact of default is approximately [USD] 270 million cryptocurrencies and USD loans from Blockchain.com,” according to Coindesk. The CEO reportedly said that the exchange and wallet provider “remains liquid, solvent and our customers will not be impacted”.
  • Binance announcement than its Spanish subsidiary Moon Tech Spain has been registered as a Virtual Asset Service Provider (VASP) by the Bank of Spain. This registration will allow Binance to offer crypto exchange and custody services in Spain in accordance with the requirements of its central bank, they explained.

Payments News

  • banking circle, a European bank specializing in cross-border payments, is adopting the stablecoin USD Coin (USDC) on its platform as a method of accepting, processing and settling payments. The new payment functionality is enabled as part of Banking Circle’s new service targeting banks and payment providers, enabling them to facilitate payments outside of traditional banking rails.

Legal news

  • A U.S. District Judge Granted a U.S. Motion Security and Exchange Commission (SEC) for permission to file an omnibus motion that would limit expert testimony in its case against the blockchain payment system Ripple, by defense attorney James Filan. According to a document shared by Filan, the SEC wants to limit the testimony of 10 experts retained by Ripple and its executives, while the motion will be up to 120 pages. Ripple did not object to the filing – as long as they are allowed to file an answer that has the same page limit.

Bitcoin News

  • Pieter Wuille, a developer working on Bitcoin (BTC), is reducing his contributions because he made the request to remove his key from the set of trusted keys via the Bitcoin GitHub. He has clarified that he “won’t stop contributing code, review and all projects [he’s] involved in”, but that he wanted to remove the permissions because he “doesn’t do much maintenance anymore”.

Mining News

  • digital marathon sold no bitcoin during the second quarter, with holdings reaching 10,055 BTC and fair market value just below $200 million. The company mined 707 BTC in the second quarter, which was up 8% from the second quarter of the previous year, but down from the 1,259 BTC mined in the first quarter, saying this was due to “operational obstacles”.
  • mining compass laid off 15% of its employees and cut executive pay to ride out the crypto downturn. Compass also said he grew too quickly and needed to revise his strategy moving forward.

DeFi News

  • Decentralized Crypto Mixer Tornado Cash announced a fully open-source user interface (UI) for Tornado Cash Classic, which means any public contributor interested in improving the design can simply review the code and make pull requests through its GitHub code repository.

Investment News

  • NFT project based on machine learning DeepNTVValue raised $4 million in a funding round led by venture capital firm Web3 Rockaway Blockchain Fund. The company grows from its flagship CryptoPunks produced in other NFT collections, and part of the capital raised will be earmarked for graphics processing unit (GPU) hardware, they added.

Career news

  • Ashley Alder, CEO of Hong Kong’s financial regulator, will be UK’s next president Financial Conduct Authority (FCA), confirmed the Treasury. Alder will assume the role in January 2023, succeeding Richard Lloyd, who has served as interim chairman since the departure of Charles Randell in May.
  • Crypto exchange Gate.io announced the appointment of Tom Yang as Executive Vice President (EVP). Yang previously led the operation and management of global brands for many years at companies such as Google and We workthey added.