Ripple: Most financial institutions plan to use crypto within three years

A report by Ripple suggests that most financial institutions plan to start using crypto within the next three years.

Despite the bear market, financial institutions remain interested in the cryptocurrency space. Just this week, $10 trillion asset manager BlackRock launched a spot Bitcoin trust while saying that it’s also exploring “permissioned blockchains, stablecoins, cryptoassets, and tokenization.”

While BlackRock is exploring the potential financial benefits...

‘Free-for-all’ Nomad exploit drains $190M of crypto

Cross-chain bridge Nomad has fallen victim to a “free-for-all” exploit that drained around $190 million in crypto.

Just last week, Nomad announced that it had secured $22.4 million in seed funding from high-profile backers including Coinbase Ventures, Crypto.com Capital, and OpenSea. The company emphasised its focus on security following a spate of bridge hacks.

“With $1.5B in bridge hacks happening within the last 12 months, many people, protocols, and DAOs are...

Binance slapped with $3.3M fine by Dutch central bank

Cryptocurrency exchange Binance has been slapped with a $3.3 million fine by the central bank of the Netherlands.

The central bank, De Nederlandsche Bank (DNB), issued Binance Holdings with the fine after the exchange failed to gain regulatory approval to operate in the country.

Companies that want to offer crypto services in the Netherlands are obliged to register with the DNB under the Money Laundering and Terrorist Financing Prevention Act.

The fine for...

North Korea’s stash of stolen crypto has plunged in value

Victims of North Korea-linked crypto thefts may take some comfort in knowing that connected wallets have plunged in value.

Despite the recent drawdown, the exponential rise in the value of cryptocurrencies over the past decade has made them key targets. Hackers are regularly seeking to obtain cryptocurrencies through hacks and ransomware campaigns.

Fortunately, transactions on most blockchains are easy to track. Wallets connected with North Korean hacking groups like...

Coinbase Commerce adds seven cryptos, instant fee-free payments

Coinbase Commerce has added support for seven more cryptocurrencies and enabled instant, fee-free payments.

The largest US-based crypto platform says consumers tell it that fees are a key reason they choose not to pay in cryptocurrencies. Merchants, meanwhile, want to be paid instantly and not wait around for an on-chain transaction to complete.

By leveraging its position of having a large customer base as payers, Coinbase is able to use off-chain transactions for...

Crypto market falls to lowest capitalisation since January 2021

The global crypto market has tanked below one trillion dollars (£820 billion) for the first time since January 2021.

According to data from CoinMarketCap, Bitcoin is down 13 percent over the past 24 hours and Ethereum is down 16 percent.

The trend marks the twelfth consecutive week – apart from some minor respite in week ten – of price losses for Bitcoin, something the market has never seen before.

Falling from nearly £40,000 in March, the top...

Tether depegs from $1 mark following TerraUSD and LUNA collapse

Tether (USDT)

It has been a rough week for crypto, but an even rougher week for stablecoins.

Tether (USDT), the stablecoin mainstay of the crypto space, snapped as low as $0.95 in the early hours of May 12 amidst wider market fears surrounding TerraUSD (UST).

Earlier in the week, UST depegged from its intended $1 mark, falling as low as $0.29. In a desperate bid to restore UST’s price, Terraform Labs have been printing and selling millions of its stabilising token, LUNA, causing it...

Central African Republic adopts Bitcoin as legal tender

Bitcoin

The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as legal tender, following on from El Salvador's decision in September last year.

Despite being rich in mineral wealth, CAR is one of the world’s poorest countries and has suffered from decades of conflict.

According to DataReportal, CAR has the lowest internet penetration rates of any country in the world – excluding North Korea – at just 7.1%. As such, the incentives...

Terra buys another 4,550 Bitcoin worth over $206M

Blockchain project Terra continues to amass Bitcoin by taking another 4,550 off the market, worth over $206 million.

Terra has been following a number of companies – including MicroStrategy, Tesla, Square, and others – in adding Bitcoin to its reserves.

Do Kwon, CEO of Terraform Labs, has said his ultimate aim is to have Terra’s reserves of Bitcoin rival that of Satoshi Nakomoto...

Gemini research reveals 18% of UK adults own cryptocurrency

Globalisation

Almost one fifth (18%) of UK adults own cryptocurrency and nearly half of these (45%) invested for the first time in 2021, revealing massive growth in terms of adoption.

The figures come from Gemini’s new ‘2022 Global State of Crypto’ report which surveyed 29,293 adults from across twenty countries, including 2,300 people from the UK.

Gemini is a cryptocurrency exchange that was launched in 2015 by the Winklevoss twins. Recently, it has received major external...