silicon valley bank (svb)
Circle Unable to Withdraw $3.3 Billion from SVB, Causing USDC Sell-Off
Circle, the issuer of USD Coin (USDC), was unable to withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), leading to a sell-off that caused the stablecoin's value to drop below its $1 peg. Circle initiated a wire transfer to remove the funds from SVB as the FDIC-insured bank was about to shut operations, but the transfer was not wholly processed, leaving $3.3 billion of USDC reserves with SVB. Dante Disparte, Circle's chief strategy officer, warned that SVB's failure could have broader implications for the US economy.
All You Need to Know About the Silicon Valley Cryptocurrency
The rising popularity of cryptocurrency has contributed to a revolution in the digital currency industry. Currently, a U.S based venture capital firm, Andra Capital, has announced its desire to introduce its own Silicon Valley cryptocurrency to leverage its business. It is interesting to see that the company has joined the list of other enterprises like JPMorgan Chase, Arias Intel Corp, Facebook, and others that have created or in the process of creating cryptocurrencies they call their own.
US Department of Homeland Security to Host Blockchain-Based Digital Wallet Event with $25K Reward
DHS Science and Technology Directorate (S&T) and Silicon Valley Innovation Program (SVIP) will host a virtual event for a Digital Wallets Challenge on Oct 27.
Executive Director of the Crypto Valley Association Talks Long-Term Vision of the Crypto Ecosystem
Blockchain.News spoke exclusively with Alexander Schell, the Executive Director of the Crypto Valley Association to dig deeper regarding the association’s work in the industry.
Coinbase Appoints Marc Andreessen in Management Reshuffle Ahead of Potential IPO
Coinbase has made a board reshuffle that sees the additions of Silicon Valley mogul Gokul Rajaram and ventures capitalist Marc Andreessen. The reshuffle comes amid rumor of a potential Coinbase IPO.
Crypto Valley Association: Establishing the World’s Best Ecosystem for Blockchain and DLT Businesses
On a mission to develop the world’s best ecosystem for blockchain and distributed ledger technology, the Crypto Valley Association (CVA) is an independent organization based in Zug Switzerland, supported by the government. With over 1500 members in over 56 countries, the association has been supporting the needs of startups and connecting players in the industry to build a cohesive ecosystem.
Thailand's Mystic Valley Music Festival To Receive Payment Via its Minted MYST Tokens
Thailand's Mystic Valley music festival will be accepting payment for tickets from attendees through its own native MYST tokens.
Launch of First Blockchain School Sets to Bring New Hope for Rwanda
Rwanda is poised to become the next Silicon Valley of Africa. This is demonstrated by many tech businesses launching their operations in the country. Due to Rwanda’s rapid rise to become Africa’s tech hub, a new blockchain training school intends to set its foot in the country. The establishment of the school is expected to introduce new innovative ways to create new African blockchain technology-based products.
How the New Crypto Law in India Could Play Out
After the celebration seen in India’s Supreme Court as the verdict was given against the Reserve Bank of India (RBI) in its action of restricting financial institutions from providing banking services to cryptocurrency-based businesses, interested parties are wondering how the recent news will play out.
Coincover Sets Eyes on Crypto-based Insurance Service
Coincover, a Cardiff based start-up in the United Kingdom, has gone a notch higher by introducing a crypto-based insurance service. The primary objective of this move is deterring asset loss and theft in the cryptocurrency space.
Blockchain Investment Dropped 60% in 2019 despite Bitcoin's Bullish Run
Blockchain investment dropped 60% from a record 4.1 billion in 2018 to 1.6 billion this year, according to the findings of CB Insights reported on Bloomberg 18 July.
Switzerland's Canton of Zug Will Accept Bitcoin and Ethereum For Tax Payments From 2021
The canton of Zug in Switzerland plans to start accepting taxes in cryptocurrencies from the beginning of next year.
Winklevoss Explains Why Bitcoin Is a Key Investment for Companies, Will Apple Add BTC Eventually?
A major factor that has been contributing to Bitcoin’s price rallies has been the wave of institutional inflow that has served to fuel its price momentum.