BUSINESS
The U.K. government is recruiting for a head to its central bank digital currency project
The U.K. is hiring a central bank digital currency (CBDC) chief to establish a digital pound. CBDCs promise financial inclusion and lower corporate and consumer expenses. A former Bank of England senior advisor opposed CBDCs. In 2021, 23 million Brits did not use cash, and fewer than 15% of payments are done using cash.
Injective Launches $150 Million Ecosystem
Injective, a layer-1 blockchain technology, is funding Cosmos network developers with $150 million. Pantera Capital, Kraken Ventures, Jump Crypto, and Gate Labs support the fund.
Nifty Gateway Founders Resign
Nifty Gateway co-founders Duncan and Griffin Cock Foster are leaving Gemini. Gemini is suing Genesis Global, an insolvent cryptocurrency lender. "Technical leader" Eddie Ma and "non-tech leader" Tara Harris will head the platform.
ARK Invest CEO: Crypto Assets Will See Huge Turn
ARK Invest CEO Cathie Wood predicts 2% inflation. Due to diminishing money supply, Wood expects inflation to go below this level and potentially into negative territory. The business recently sold its Grayscale Bitcoin Trust (GBTC) shares and bought 320,000 Coinbase shares for $17.6 million.
BlockFi to Sell $160 Million in Bitcoin Mining Machine
BlockFi aims to offer $160 million in loans secured by 68,000 Bitcoin mining equipment. November saw the crypto lender declare Chapter 11 bankruptcy. Defaulted loans may be undercollateralized.
Binance Admits to Storing Customer Funds in the same wallet
Binance maintains certain client assets in the same wallet as its collateral for in-house tokens. Binance moved the funds to collateral wallets after the disclosure. B-Tokens are 1:1 collateralized, according to the company.
QuickNode Closes $60 Million Funding Round
QuickNode raised $60 million. Series B was the company's biggest round since October 2021. Quick Node hosts 16 blockchains, including Ethereum, Matic, Optimism, Arbitrum, and Solana.
Insider Trading and Cryptocurrency
Coinbase director Conor Grogan saw Binance-linked anonymous wallet transactions. The wallets acquired unlisted tokens minutes before their listing announcement on Binance's website and sold them shortly after, sparking suspicions of crypto insider trading.
Argo Blockchain regains stock listing compliance with Nasdaq
Nasdaq relisted bitcoin mining company Argo. Nasdaq's listing standards demand a minimum closing bid price of $1 for 30 consecutive working days, which the firm did not meet. After Nasdaq notified ARBK about noncompliance in December, shares recovered.
The Federal Home Loan Banks System is lending to cryptocurrency
The FHLB is lending billions to two of the top bitcoin banks. According to WSJ, FHLB loans might minimise cryptomarket outflows.
Binance Informs Customers of Upcoming Service Disruption
Disruption begins February 1. U.S. Dollar-held bank account holders who use SWIFT to acquire or sell cryptocurrencies under $100,000 may be impacted. Binance needs a new SWIFT (USD) partner to prevent service delays.
Reactions to Genesis Global Trading's Bankruptcy
New York crypto lender Genesis Global Trading filed for bankruptcy. Social media users weighed in. Some think bankruptcy attorneys will prosper and no one will be held responsible. Crypto lending was called "dumb" by others.
Former FTX US Head Launches New Crypto Software
Former FTX US CEO launches bitcoin software startup. Brett Harrison's latest firm, Architect, received $5 million from investors. The firm will create crypto trading software for huge organisations.
FTX Founder to Forfeit $700 Million
If convicted of fraud, FTX founder Sam Bankman-Fried will lose $700 million. 55,273,469 Robinhood shares were confiscated by the U.S.
Moonstone Bank to Exit Crypto Space
FTX's collapse may have damaged Farmington State Bank. Jean Chalopin, the Bahamas-based chairman of Deltec, another FTX banking partner, bought Moonstone Bank in 2020.