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Payments company Curve is in active discussions to acquire crypto lender BlockFi's more than 87,000 credit card customers — whose credit cards have been suspended since Nov. 11. A Curve spokesperson told Cointelegraph that “outreach and negotiations” started on Nov. 12 and are still in the process with Banking as a
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Orthogonal Credit, an arm of the digital asset hedge fund Orthogonal Trading, disclosed on Nov. 9 it pushed to close Alameda Research's dedicated borrower pool on Maple Finance in the second quarter of this year, after identifying "key weaknesses" in a due diligence. On Twitter, the company announced it had identified
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Alameda Research has been a diligent user of decentralized lending protocols, originating hundreds of millions in uncollateralized loans so far. Its current outstanding debt on DeFi protocols, however, is rather small compared to earlier this year, meaning fewer investor funds are in danger if Alameda defaults on the loans. Source
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Really seeing the deeper limits of high finance, though, requires attention to the relationship between speculation and crisis. Entities like Suisse and Deutsche that try to “break in” to mergers advisory and the like will tend to engage in riskier deals, even at similar levels of competence, leading almost inevitably
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The good news is that, at least for now, analysts don’t see Suisse as a systemic risk in the way that Lehman Brothers was in 2008. Still, there are ways to view Suisse’s ineptitude as systemic to modern banking. Economists have argued, for instance, that big banks consistently make huge
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Ripple Labs Inc., the firm whose payment network is powered by the self-described carbon-neutral cryptocurrency token XRP, has partnered with Web3 climate startup Thallo and various other companies to build a carbon credit market on the blockchain. See related article: SEC opposes motions from two firms seeking to back Ripple in
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It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world’s largest banks, are suffering from distressed valuations and the
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Big banks including Citigroup, BNY Mellon, Goldman Sachs and State Street made SAB 121 shout-outs in their most recent quarterly earnings reports, perhaps laying the accounting disclosure groundwork for their own crypto custody plans. None of them had any crypto-asset holdings to account for in the second quarter, however. Source
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On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately
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“In the wake of the market collapse due to multiple [U.S. Federal Reserve interest] rate hikes, and the downfall of bad actors such as Three Arrows Capital, Celsius Network and Terra, risk management comes to the forefront of crypto, particularly in the credit markets,” Camas said. Source
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