Crypto Startup Hourglass Starts Unique Marketplace to Trade Locked Up DeFi Assets

The TBTs will be issued by “Hourglass custodian smart contracts,” and are semi-fungible tokens based on ERC1155s standard, Pyle said. Although the smart contracts are called custodian, the TBTs are non-custodial, so the founding team will have no control over the assets being deposited, Pyle noted.

Market Makers Jane Street, Jump Retreating From U.S. Crypto Trading: Bloomberg

Both firms are still making markets and not abandoning the crypto industry entirely, Bloomberg said citing the person. However, Jane Street is scaling back its global crypto expansion plans, while Jump Crypto – the digital assets trading unit of Jump Trading – is pulling back from U.S. markets, although it’s still planning to expand internationally, the news outlet reported citing two people familiar with the matter.

Digital Currency Group CFO Michael Kraines Stepped Down in April

The crypto conglomerate has engaged Heidrick & Struggles for a new CFO search, according to a first-quarter shareholders letter seen by CoinDesk. DCG President Mark Murphy and Chief Strategy Officer Simon Koster will be co-leading the finance department in the meantime, the letter said.

Michael Saylor’s MicroStrategy Books a Much Smaller Bitcoin Impairment Charge

“We strengthened our capital structure by reducing leverage by fully repaying our bitcoin-backed loan. We also continued to strategically manage our balance sheet through the addition of 7,500 bitcoin in the quarter,” said Chief Financial Officer Andrew Kang said in the statement. “The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature.”

Crypto Industry Is ‘Absolutely’ at War Against Gensler, Warren, Blockchain Association CEO Smith Says

Smith, however, provided a glimmer of hope for the industry during the panel, saying that a pro-crypto “army,” including the Blockchain Association, are fighting “in Washington every day” for the industry. “There’s a reason that Elizabeth Warren has stalled her bill that’s because she lost co-sponsors,” Smith said. “And that was because of the lobbying effort and education effort that went on,” from the pro-crypto groups.”

Operation Choke Point 2.0 Is SEC’s ‘Chemotherapy’ for $14B Ponzi Problem, BCB’s CEO Says

“Events of the last six months have put a damper on entities wanting to bank this space [crypto],” said another panelist, Richard Booth, chief compliance officer of Fortress Trust Company. “But it’s legal business and I think that every business in this country is entitled to access to banking rails,” he added, noting that “the regulation I think needs to be matured. Congress has clearly advocated what they’re supposed to be doing and the regulators are struggling to keep up.”

Robinhood Starts a New Way for Its Users to Fund Their Web3 Wallets

Robinhood Connect will also let developers embed the feature directly into their dapps, so that Robinhood users can buy, transfer and fund their self-custody wallets, the company announced at CoinDesk’s Consensus 2023 conference in Austin, Texas. “With the introduction of [Robinhood] Connect, customers will be able to access their Robinhood credentials and bypass additional steps,” the firm said in a statement.

Google Cloud to Help Accelerate Polygon’s Growth Via New Agreement

“Today’s announcement with Google Cloud aims to increase transaction throughput enabling use cases in gaming, supply chain management, and DeFi,” Polygon President Ryan Wyatt said in the statement, adding: “This will pave the way for even more businesses to embrace blockchain technology through Polygon.”

Crypto Wallet Giddy Raises $6.9M in Funding to Further Self-Custody Adoption

“Crypto users understand now, more than ever, that there are serious risks with a third-party holding their tokens for them,” Giddy said in its statement. “Crypto, at its core, is about taking back control of your finances and embracing financial freedom, but this cannot happen as long as the mainstream continues to rely on centralized, custodial, trust-based platforms.”

Grayscale CEO Expects Decision on Attempt to Overturn SEC’s ETF Rejection by End of 3Q

Grayscale (which, like CoinDesk, is owned by Digital Currency Group) then sued the SEC over that decision, and its CEO, Sonnenshein, said Wednesday that he anticipates a decision in that case by the end of September.

CeFi Exchanges Helped Mass Crypto Adoption. DeFi Will Further It

“Effectively, it was a private ledger,” Powell said. However, that’s not the case for DeFi as there is more transparency in how the money is being stored and moved. “If you contrast that with, like, DeFi lending, whether it’s Aave, Compound or Maple, you can see the movement of funds at all times and it’s always controlled using Solidity and using smart contracts,” he added.

Google Cloud to Help Web3 Builders Fast-Track Their Startups

The “Google for Startups Cloud Program” initiative, which provides support for startups and emerging projects, will now be offered to builders in the Web3 industry to scale their projects faster and more securely, according to a press release on Tuesday. Eligible projects from pre-seed to Series A, will be able to apply for the program, which includes up to $200,000 in Google Cloud credits, over two years, as well as other technical support, the press release said.

Crypto Wealth Manager Onramp Taps CoinDesk Indices to Create Customized Portfolios

“CDI’s rules-based methodology for our indices is robust and comprehensive, which we believe provides a real value add,” Andy Baehr, managing director at CoinDesk Indices, said, adding: “Advisers using Onramp’s Marketplace will be able to use CDI indices as building blocks for developing customized solutions for their clients.”

CoinDesk Indices Joins With Luno to Help South African Users Track Crypto Investment Bundles

The bundle will be updated automatically by Luno, to track CoinDesk’s indices, keeping users portfolio up-to-date. Luno will also automatically rebalance the bundle every three months to align with the rebalancing of the indices by CoinDesk Indices.

Amber Group’s Ex-U.S. CEO Raazi Joins EDG, a Digital-Asset Structured Product Firm

“It’s a natural next step after leading Amber’s expansion in the Western hemisphere, which was focused on regulatory compliance,” Raazi said in the statement. “With 25 years of sales and trading leadership experience, in both New York and London, at Goldman Sachs and at start-ups, I’ll be helping the EDG team grow a compliant and dynamic derivatives and structured products business.”

Bitcoin Miner Marathon Digital’s CFO to Retire After One Year

The move comes as bitcoin miners have gone through a difficult year, with bitcoin prices sinking and higher energy prices driving up costs, which weighed on their profit margins. Marathon’s stock price has fallen about 71% in last 12 months, while bitcoin fell about 40%, according to TradingView data.

Canada to Ask Pension Funds to Disclose Crypto Exposure

“To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI,” the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country’s largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added.

Playboy Lost $4.9M on Ethereum It Accepted as NFT Payments

“The market price of one Ethereum in our principal market ranged from $964 – $3,813 during the year ended December 31, 2022, but the carrying value of each Ethereum we held at the end of the reporting period reflects the lowest price of one Ethereum quoted on the active exchange at any time since its receipt,” according to the filing. “Therefore, negative swings in the market price of Ethereum could have a material impact on the company’s earnings and carrying value, while only time a rise in prices will impact the company’s earnings positively, is when the Ethereum held in the balance sheet, are sold at a gain,” the filing said.

Investors Flock to Tokenized Diamond as Crypto Banking Crisis Props Hard Assets

“Our investors, who very often have gold in their portfolios, sees diamond as something that is uncorrelated to other assets,” providing them an opportunity for diversification and hedging, he said. Kinney noted that the price of diamond is still playing catch-up with other precious metals, opening doors for investors to participate in the appreciation.

Payments Processor Stripe Secures $6.5B in Funding at $50B Valuation

The investors for the new round included existing Stripe shareholders Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners and Thrive Capital, and new investors GIC, Goldman Sachs Asset and Wealth Management and Temasek, the company said in the statement.

Silicon Valley Bank’s Parent Looking at Strategic Alternatives

In addition to exploring potential transactions for both of the subsidiaries, SIVB is also looking at all alternatives for addressing the roughly $3 billion of funded debt held by the holding company, which is recourse only to SIVB and not the any of the subsidiaries.

Bitcoin Miner Marathon Digital Terminates Credit Facility With Crypto Bank Silvergate

Marathon said that on March 8, the term loan prepayment was completed, and the company’s credit facilities with Silvergate Bank were terminated, reducing its debt by $50 million, according to a statement. The debt paydown also increased its unrestricted bitcoin holdings by 3,132 as the bitcoin that was being held as collateral by a third-party custodian, were returned to the miner, the statement said.

Bitcoin Miner Marathon Digital Sold Almost All Bitcoin Mined in February

Even with the February sales, said company Chairman and CEO Fred Thiel, Marathon increased its unrestricted bitcoin holdings from 8,090 bitcoin as of January 31, 2023, to 8,260 bitcoin, valued at $191.2 million as of February 28, 2023.

Investment Firm Ninepoint Proposes Switching Bitcoin ETF Strategy After Falling 45% in a Year

“Web3 is a new vision of the internet, incorporating concepts such as decentralization, digital assets and blockchain technologies,” Ninepoint said. “As with previous eras of the web, the companies that harness its potential could have an impact on every industry in the economy from finance to telecommunication, energy, media and beyond,” it added.

Silvergate Uncertainties May Put TradFi Heavy Hitters’ Stakes in Jeopardy

It’s not clear if the stakes in the company are directional bets by the TradFi players and most of the filings were made on Dec. 31, according to FactSet data. There is also no recent data to suggest if the funds remain invested at those levels, given recent volatility in the stock.

Layer 1 Blockchain Protocol Algorand Hires Its First CFO

Commons, who is a Chartered Financial Analyst (CFA) and holds an MBA from Harvard Business School, previously was president at Commons Inc., an executive advisory firm that included clients both in the cryptocurrency and technology industry, according to the statement. Prior to that, he was the CEO, chairman and co-founder of Cambridge Blockchain, which built blockchain products for traditional finance (TradFi) firms.