Top Crypto Stories (June 18–June 26)
The aftermath of deleveraging and de-risking continued through to the end of June. What is interesting, however, is the players that are involved — another example of TradFi meets DeFi.
BlockFi a crypto lending platform has secured a revolving credit facility from FTX. The Bahamas-based cryptocurrency exchange, certainly looking as a prime market leader coming through the downturn without job cuts while maintaining solid financials and increasing its influence.
Celsius, whom earlier suspended withdrawals from its platform as liquidations on its leverages positions hit its access to cash, is looking to Goldman Sachs for help. Coindesk is reporting, how the TradFi investment banks is shopping around a plan to buy the lender’s assets through a corporate restructuring.
Lastly, 3AC an embattled hedge fund linked to the Luna/Terra collapse is headed towards bankruptcy courts and taking others with it for the ride. Vancouver-based Voyager Digital, has limited withdrawals and also issued a notice of default to 3AC on the fund it lent to the hedge fund.
As always finishing with the positives. Solana, an FTX linked project, has announced a plan to develop a smartphone based on its network and technology stack aptly named the Solana Mobile Stack. Though building hardware is no easy feat its network is known for its ability to handle the largest transaction throughput at the lowest cost (when it is up and running).
The mobile phone project looks to be a major development to present a Web3 alternative to the current status quo. The project will integrate Solana based apps, wallet and pay function to run alongside the Android OS.
Lastly, internet search data and SEC filings reveal that both the wider public and corporate wold retain their interest and curiosity in the crypto space. Both indicators maintain their levels despite price volatility of token prices.
‘All Operations Are Normal’ Says Bankman-Fried as FTX Provides $250M Credit to BlockFi
Goldman Sachs Leading Investor Group to Buy Celsius Assets: Sources
Creditor Slaps Three Arrows With Ultimatum to Pay $658M in Debt or Face Default
US Fed Evaluating SEC’s Position on Digital Assets Custody, Powell Says
Coinbase to Phase Out Trader-Friendly ‘Pro’ Exchange
Solana to Develop Smartphone to Speed Web3 Adoption
Charts of the week:
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