Crypto Flipsider Information – Tether to Cut back Business Debt Holding, USDT Launched on Kusama, Binance Opens Web3 Area in France, Ava Labs Raises $350 Million at $5.25 Billion Valuation, Luna Buys Extra $100M in BTC By DailyCoin – Investing.com

Advertisements

Crypto Flipsider News – Tether to Reduce Commercial Debt Holding, USDT Launched on Kusama, Binance Opens Web3 Space in France, Ava Labs Raises $350 Million at $5.25 Billion Valuation, Luna Buys Additional $100M in BTC

Read in the Digest:

  • Plans to Reduce Commercial Debt Holding, Launches USDT on the Kusama Network
  • CEO Praises Pro-Crypto France as Binance Opens its Web 3.0 Space
  • Ava Labs Raises $350 Million at $5.25 Billion Valuation, AVAX Rallies 7%
  • Luna Foundation Guard Buys Additional $100M in BTC, Closes in On Tesla’s Stash

USDT Launches on the Kusama Network, Tether Plans to Reduce Commercial Debt Holding

Tether Operations Limited has announced that Tether (USDT), the largest of the dollar-pegged stablecoins, is now available on the network after launching on Kusama, the canary network for Polkadot.

The launch makes Kusama the tenth blockchain to support USDT. Tether promises a “smooth interoperable experience” as it integrates with Kusama. The launch will also prepare the way for the launch of USDT on the more conservative Polkadot chain.

Paolo Ardoino, Tether’s chief technology officer, has also revealed that the company will continue to reduce its commercial debt holdings. The issuers of the USDT stablecoin, capped at $82.6 billion, had commercial paper holdings of 30% in Q4 2021.

Despite cutting its commercial paper holdings by 21% in Q4 2021, Ardoino stated that the company wasn’t done yet, and would continue reducing its commercial paper over time. He made Tether’s stance known at the Paris Blockchain Week Summit

Flipsider:

  • Despite regulators making it difficult for crypto firms to gain banking licenses, Circle CEO Jeremy Allaire has reaffirmed that the company will apply for a US Crypto Bank Charter in the ‘near future.’

Why you should care

The move is part of Tether’s promise to offer multi-chain accessibility, and Tether executives believe that it will help the development of decentralized applications.

CEO Praises Pro-Crypto France as Binance Opens its Web 3.0 Space

The founder and CEO of Binance, Changpeng Zhao, has dished out praises to France for its “pro-crypto” regulations, just as the world’s biggest cryptocurrency exchange looks to make Paris its European base.

On April 13, at the Paris Blockchain Week Summit, Zhao, popularly known as CZ, said, “France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”

Binance also announced a 100 million euro ($108 million) investment in the exchange partners with France’s STATION F, the largest startup campus in the world. The investment is part of Binance’s increasing push for Web 3 development.

Binance will provide support from the BNB Chain, NFT Labs, and Binance Labs teams to startups to develop their ideas and potential collaborations with Binance partners.

Flipsider:

  • Binance has made similar Web 3 moves in India, with CZ calling the Asian country a natural frontrunner in Web3 startups.

Why you should care

As Binance looks to increase the adoption of Web 3, France could serve as a hub for the exchange to operate. At the Summit, CZ opined that the Stock exchange building in Paris is “progressive enough to let a crypto exchange hang a banner.”

Ava Labs Raises $350 Million at $5.25 Billion Valuation, AVAX Rallies 7%

Ava Labs, the main developer of the blockchain, is set to take its place among the most valuable crypto startups in an upcoming funding round that would give it a $5.25 billion valuation.

According to reports, Ava Labs, which has its headquarters in New York, is raising $350 million in a funding round that will take the startup’s valuation to $5.25 billion.

The report of Ava Labs raising funds has caused AVAX, the native token of the Avalanche blockchain, to jump by more than 7%, setting a new 4-day high of $81.74. AVAX now trades at $79,732 and is ranked as the 10th largest crypto with a $21.4 billion market cap

The 24 hour price chart of Avalanche (AVAX). Source: Tradingview

With over $11.5 billion worth of total value locked (TVL), Avalanche is ranked as the fourth-largest defi chain after , , and BNB Chain.

Flipsider:

  • The Luna Foundation Guard (LFG) recently added $100 million in AVAX to its UST reserves, citing Avalanche’s “user familiarity” as the reason.

Why you should care

Avalanche looks to use the fund to increase its appeal and compete with other smart contract chains such as Ethereum and .

Luna Foundation Guard Buys Additional $100M in BTC, Closes in On Tesla’s Stash

Within weeks of announcing its plan to back its UST stablecoin with worth $10 billion, the Luna Foundation Guard (LFG) set out to vigorously acquire BTC.

On Wednesday, April 11, the LFG announced adding another $100 million in bitcoin (BTC) to its wallet reserves. Three days before its 2,508.94 BTC purchase, the LFG added a whooping 4,130 BTCs to its reserves.

The LFG Bitcoin Balance as of April 14.

The LFG’s reserves now contain 42,407 BTC, worth approximately $1.74 billion, making it the eighteenth largest BTC wallet. The LFG’s bitcoin reserve is now only 495 BTC, shy of Tesla’s bitcoin treasury, which holds 42,902 BTC.

Top 100 Richest Bitcoin Addresses. Source: Bitinfocharts

Flipsider:

  • The Luna Foundation Guard has moved to diversify its UST forex reserves, purchasing $100 million in Avalanche (AVAX).

Why you should care

Luna is backing its UST stablecoin with Bitcoin and other assets to defend the Terra ecosystem against intense volatility and contractions in UST demand.

Continue reading on DailyCoin


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics Binance

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics

Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has activated the street...

By wpadminsonic164
Binance Coin Named “2021 Winner” by Crypto Analysis Agency – NewsBTC Binance

Binance Coin Named “2021 Winner” by Crypto Analysis Agency – NewsBTC

It's official, this was Binance Coin's year. There are no two ways, BNB crushed...

By wpadminsonic164
StarSharks, the Shark Metaverse supported by Binance, is launching its first turn-based card sport: StarSharks.Warriors – Crypto Mode Binance

StarSharks, the Shark Metaverse supported by Binance, is launching its first turn-based card sport: StarSharks.Warriors – Crypto Mode

Singapore, Singapore, January 5, 2022 StarSharks - an NFT GameFi ecosystem based on the...

By wpadminsonic164
Digital currency Prices Today May 25: Bitcoin up, Binance Coin greatest gainer – Moneycontrol Binance

Digital currency Prices Today May 25: Bitcoin up, Binance Coin greatest gainer – Moneycontrol

a,.special_wrapbx a{color:#333;font:400 11px Lato,sans-serif}.user_after_login a, .user_before_login a {color: #333333;font: 11px 'Lato',sans-serif;}.dropdown-menu{display:none;background-clip:border-box!important}.header_desktop .dropdown-menu>li{border-bottom:1px solid #e9e9e9}.header_desktop...

By wpadminsonic164
Horizon provides Binance connectivity to its crypto buying and selling platform – FinanceFeeds Binance

Horizon provides Binance connectivity to its crypto buying and selling platform – FinanceFeeds

“We're already connected to main cryptocurrency exchanges and offering full scope of Principal Trading...

By wpadminsonic164
Crypto Exchange Provider Ranking’s Triumvirate of Binance, Coinbase and Crypto.com Remain on Top – PYMNTS.com Binance

Crypto Exchange Provider Ranking’s Triumvirate of Binance, Coinbase and Crypto.com Remain on Top – PYMNTS.com

It's probably worth pointing out that thanks to ties, there are now nine members...

By wpadminsonic164
Bitcoin Slips Beneath $ 50,000 As Binance Whale Warns Urgent BTC Value By Cointelegraph – Investing.com Binance

Bitcoin Slips Beneath $ 50,000 As Binance Whale Warns Urgent BTC Value By Cointelegraph – Investing.com

© Reuters. (BTC) lost $ 50,000 for the first time in days on December...

By wpadminsonic164
Binance Builds $1 Billion Insurance coverage Fund to Cowl Potential Hacks – The Block Crypto Binance

Binance Builds $1 Billion Insurance coverage Fund to Cowl Potential Hacks – The Block Crypto

display Binance has raised around $1 billion for an insurance fund created as a...

By wpadminsonic164

Latest Posts

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire Stellar

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire

MIAMI, May 25, 2022 (GLOBE NEWSWIRE) -- BankLine announced a Master Licensing Agreement with...

By wpadminsonic164
Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice Bitcoin

Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice

On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it...

By wpadminsonic164
Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds Stellar

Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds

The digital asset offering is provided by Apex Crypto LLC, which takes care of...

By wpadminsonic164
Cardano

Crypto Value Evaluation Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna – CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,...

By wpadminsonic164
Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics Binance

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics

Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has activated the street...

By wpadminsonic164
Andreessen Horowitz Launches A16z Crypto Analysis Lab Bitcoin

Andreessen Horowitz Launches A16z Crypto Analysis Lab

A16z, also known as Andreessen Horowitz, the venture capital (VC) company that has invested...

By wpadminsonic164
Cryptocurrency Worth Prediction: Cardano, Terra & Bitcoin – American Wrap December twentieth – FXStreet Cardano

Cryptocurrency Worth Prediction: Cardano, Terra & Bitcoin – American Wrap December twentieth – FXStreet

Bitcoin price is moving sideways and is trapped between the crucial weekly moving averages....

By wpadminsonic164
OpenEthereum Ended Support For Its Software With Merge Approaching Ethereum

OpenEthereum Ended Support For Its Software With Merge Approaching

OpenEthereum ended support for its software with the Merge approach in order to prepare...

By wpadminsonic164