Blockchain

Crypto lending platform Babel Finance has managed to strike deals that have helped alleviate its short-term liquidity problems. The company unveiled this news through a notice earlier today. Babel Finance said it achieved this feat by communicating with its counterparties and relevant customers. According to the notice, the company reached preliminary agreements on the repayment periods of some debts with the above parties. Babel Finance added that it is holding talks with shareholders and potential investors to get liquidity support.…

Fresh findings on Terra's collapse reveal that the stablecoin's crash may have been an inside job.   According to a recently published report by Uppsala Security and Coindesk Korea, the wallet responsible for Terra’s attack is under the management of Terraform Labs, contrary to previous conclusions. Terra Crisis and Possible Conspiracy On May 7th, stablecoin UST, native to the Terra network, depegged, falling below the fixed 1 dollar mark. Sister coin, LUNA, followed very closely, crashing with great speed. In…

A new Deloitte study suggests American businesses are interested in crypto now more than ever.   Within the past couple of years, the crypto space has evolved remarkably. The structures supporting its operation have become more advanced, drawing the attention of business owners in traditional finance. Consumers Hold Significant Interest in Crypto Payments On June 8, accounting giant Deloitte released a survey called “Merchants getting ready for crypto”.  The survey functioned as a research vehicle to reveal the general sentiment…

Edge, the firm behind the Edge crypto wallet, has rolled out Edge Mastercard, a one-of-a-kind crypto virtual card. The company announced this news yesterday, noting that the card is confidential. This means users do not have to submit know-your-customer (KYC) information or any personally identifiable information to use it. According to the announcement, Edge Mastercard uses Mastercard’s open-loop merchant network. This network allows the spending of crypto at over 10 million merchants across the US. At the moment, the card…

Gala Games, a leading web3 gaming firm, will start publishing its blockchain games on the Epic Games Store. A press release revealed this news earlier today. The first Gala Games title to launch on the Epic Games Store will be GRIT, a wild west battle royale game. However, Gala Games has not shared when the game will go live. According to the press release, the Epic Games Store has more than 194 million users. By tapping this massive audience, Gala…

Ethereum co-founder Vitalik Buterin has opposed the idea of governments banning Proof-of-Work (PoW) mining. He said this while responding to aspiring US Senator Bruce Fenton. Instead of enforcing an outright ban on the PoW crypto mining, Buterins suggested carbon pricing. In a June 4 tweet, Fenton said no government has the right to dictate the software a person or an entity should run. According to him, code is speech. In response, Buterin said: Ultimately, I agree with this (that is,…

The Oman Investment Authority (OIA) has invested in US-based crypto mining company Crusoe Energy. Bloomberg reported this news yesterday, noting that OIA participated in Crusoe Energy’s $350 million equity round in April. OIA and Crusoe Energy declined to reveal the size of the investment. Through this investment, Oman seeks to empower Crusoe Energy to minimize gas flaring in the country. Crusoe Energy CEO Chase Lochmiller said the company would set up shop in Muscat, Oman. Explaining why Crusoe Energy decided…

Solana blockchain marked the new month of June with network downtime. The open-source blockchain platform announced this through a Twitter thread. The thread began: Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord.”  While Solana users blamed 5 NFT drops for the crash, Solana attributed the downtime to a bug that prevented the network from advancing. However, the Solana team assured users about the safety of the network and their…

Binance Labs, the venture capital arm of leading crypto exchange Binance, has closed a $500 million investment fund. Binance announced this news today, noting that the investment fund attracted renowned investors like DST Global Partners and Breyer Capital. Several unnamed equity funds, family offices, and corporations also participated in the fund as limited partners. According to the announcement, the $500 million will go toward funding the expansion of the applications of cryptocurrencies. Additionally, Binance Labs aims to use the money…