Since being embroiled in a regulatory tussle, BUSD’s market cap went on a steep downward spiral. Since hitting an all-time high of $23.04 billion in November 2022, the market cap of the once-major stablecoin declined by more than 60% to $9.17 billion at the time of writing. The Paxos situation is indicative of the larger picture of crypto exchanges under assault from the United States Securities and Exchange Commission (SEC). Uncertainty is looming over the stablecoin industry. Despite the...

Binance Labs – the investment arm of crypto exchange Binance – reportedly made a historical return on investment, reaching as high as 2,100%. As a result, the total assets under management have hit $7.5 billion, according to the latest blog post. The platform also assured users its “financial status is very healthy” and added that it has sufficient capital reserves to cover day-to-day operations and ride out any challenging cycles. Binance Breaks Silence Binance said all users’ assets in its...

The disruption of supply chains across the globe due to the Coronavirus pandemic has resulted in substantial upheaval and its effect was also felt by China-based miners. The drop in Bitcoin’s hash rate was also speculated to have been influenced by COVID-19. Wu Tong, the Deputy Director of the CECBC Blockchain Special Committee of the Ministry of Commerce reportedly stated, “Under the influence of the pandemic, the difficulty of maintaining, updating, and continuing production of mining...

Ripple’s partners have been satisfied with the unique remittance solution offerings via xRapid [with XRP at its core] and xCurrent provided by the platform facilitating mainstream adoption. Different industries have dipped their toes into the crypto space for its payment facilities for a large volume of transactions. Ripple has announced that RippleNet, in a matter of three years, has signed over 200 clients including many leading commercial banks in India, Korea, Japan, and around 9 Middle...

The Nicolas Maduro-led Venezuelan government announced the launch of cryptocurrency remittance services recently. The remittance, which can be settled by using two crypto assets, Bitcoin [BTC] and Litecoin [LTC], was authorized by the country’s crypto asset regulator, Superintendency of Cryptoassets and Related Activities [Sunacrip] earlier this month. The service on the Remesas platform is designed to enable individuals living abroad to settle payments with recipients in the Bolivarian...