The US government is piling debt onto its balance sheet at a blistering pace. The latest data from the Treasury Department shows the government’s debt jumped from $33.802 trillion on December 1st to $33.911 trillion on December 28th – an uptick of over $108.549 billion in a single month. As the country’s debt continues to […]
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Under the proposed plan, Gemini Earn users may only recover 61% of their lost funds in a worst-case scenario.
Gemini Earn creditors are fuming over a proposed reorganization plan that could see their promised Bitcoin (BTC) payouts effectively slashed to about 30% of what they’re worth at current market rates.
In an X post, Gemini Trust revealed it sent creditors an email on Dec. 13 outlining the proposed plan, which has now been put up for a vote.
Under the proposed plan, creditors will receive a payout equal to their Earn crypto balances as of Jan. 19, 2023 — the date that Gemini’s cryptocurrency lending partner Genesis Global Capital filed for bankruptcy.
The total amount of debt on America’s balance sheet is skyrocketing. New numbers from the government’s FiscalData platform show that on July 13th, the country’s total public debt hit $32.542 trillion. That’s $210 billion higher than just two weeks prior, and a staggering $2.03 trillion higher than one year ago. The new data comes as […]
The post US Debt Soars $210,000,000,000 in Two Weeks As Lawmakers Sound Alarm on Nation’s ‘Unsustainable’ Trajectory appeared first on The Daily Hodl.
Dubai-based cryptocurrency exchange ByBit rolls out cryptocurrency lending service, joining a handful of major exchanges that offer interest-bearing lending facilities.
Cryptocurrency exchange ByBit is the latest major platform to roll out an in-house cryptocurrency lending service for users.
The Dubai-based exchange announced the launch of the service on May 2, delivering interest payouts to users that deposit cryptocurrency through the platform's new offering. The service is touted to payout hourly interest payments from lending pools, while lenders can deposit and redeem loaned cryptocurrency tokens without lock-up periods.
Meanwhile, borrowers on ByBit’s exchange can take out loans to tap into funds for a variety of trading options on the platform. Borrowers must post an equal or greater amount of collateral assets in relation to the loaned amount to safeguard lenders’ investments.
A statement from ByBit CEO and co-founder Ben Zhou outlined the crypto exchange's intent to offer users a means to generate returns while advanced traders can access capital from lenders for more advanced trading options on the exchange.
ByBit is the latest major cryptocurrency exchange to offer a cryptocurrency lending service. Binance offers a handful of services that allow users to earn interest on deposited cryptocurrency assets.
KuCoin is another top five cryptocurrency exchange by trading volume that offers a lending service on a wide variety of tokens. OKX offers users a loan facility which enables users to borrow funds on deposited tokens, but it does not facilitate user lending on its exchange platform.
Related: DeFi transforming lending routes on the blockchain
American cryptocurrency exchange Coinbase abandoned plans to launch its own Lend service in Sept. 2021, following a stern warning from the United States Securities and Exchange Commission. The U.S. regulator had deemed the offering a security, with Lend promising returns of 4% per annum on USD Coin (USDC) deposits.
Kraken fell foul of overstepping regulatory boundaries in the U.S., which eventually led to a $30 million settlement with the SEC over the operation of its crypto asset staking-as-a-service program in Feb. 2023.
While just a handful of major cryptocurrency exchanges offer bespoke lending services, the decentralized finance (DeFi) space presents a myriad of avenues for cryptocurrency users to earn interest on loaned digital assets.
Magazine: Powers On… The SEC takes reactionary moves against crypto lending
Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023. Bank of […]
Current indicators suggest the European Central Bank (ECB) should raise the interest rate in May, the monetary authority’s chief economist said. Future increases will depend on the economic data but this is still not the right time to stop, according to Philip Lane who believes the bank has to bring inflation back to the 2% […]
Further rate hikes are warranted by persisting inflation in the eurozone, according to members of its monetary authority’s decision-making body. Two central bank governors, with different opinions about how aggressive the European Central Bank should be, nevertheless agree that more increases of key interest rates are yet to come. ECB Has Some Hikes Left to […]
Amid underlying inflationary pressures, further interest rate increases may still be needed, members of the European Central Bank’s Governing Council have admitted. At the same time, the cycle with the highest hikes may soon be over, the officials indicated. End of Most Aggressive Rate Hikes in Sight Despite Inflation, but More to Come Before It’s […]
The U.S. Federal Reserve could be competing with commercial banks due to a facility called the “overnight reverse repurchase agreement facility,” which has currently drawn in more than $2 trillion in deposits. According to analysts, this has affected bank deposits, as investors run to grab the higher yields it offers compared to traditional banks. The […]
A recent study that examined the interest of several countries in bitcoin and crypto ranked El Salvador as second for having the most interest in the issue. While the U.S. was still ranked first, El Salvador’s high rank comes amidst criticism President Nayib Bukele has drawn from Salvadorans for his push for bitcoin adoption. El […]