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That volatility has rocked usually quiet loan markets for TUSD, especially on Aave v-2, the largest on-chain lending facility for TUSD. At press time, the variable borrow rate for TUSD was over 30% APR; it was even higher earlier in the day, according to Parsec. Source
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On June 22, wallet infrastructure provider and digital asset custodian BitGo announced on Twitter that it had decided to cancel its acquisition of fintech infrastructure provider Prime Trust. According to BitGo, “This decision was not made lightly.” The full announcement read: “After considerable effort and work to find a path forward
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Prime Trust has been losing clients and deposits to competitors for weeks amid mounting concerns over its business, a source at one former client told CryptoX. Source
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Bitcoin (BTC) plans by BlackRock appear to have sparked a rally in the “OG” institutional BTC investment vehicle.Data from monitoring resource CoinGlass shows that on June 17, the Grayscale Bitcoin Trust (GBTC) almost hit new 2023 highs.GBTC "premium" heads below -37%Bitcoin market sentiment showed a modest improvement late last week
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Prime Trust and most of its associates have come under undue problems. Prime Trust subsidiary Banq has filed for Chapter 11 bankruptcy protection in the United States District Court of Nevada. As reported by The Block, the decision to file comes only five days after the parent company reached an acquisition
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The payments subsidiary of crypto custodian Prime Trust, Banq, filed for bankruptcy protection in the United States on June 13, court documents show.The move comes just days after wallet infrastructure provider and digital asset custodian BitGo signed a non-binding letter of intent to acquire Prime Trust, which was announced on
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“Their theft of Banq’s corporate assets even included taking the company’s seat licenses for Las Vegas Raiders’ games at Allegiant Stadium, all without Board approval or knowledge. Specifically, Defendant Purcell transferred the seat licenses owned by Banq to himself,” the suit reads. Original Source
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Stablecoin TruedUSD (TUSD) slightly lost its dollar peg in the early hours of June 10, following a pause in minting activities through its technology partner Prime Trust. The fifth-largest stablecoin by market capitalization traded at $0.9964 at its deepest point. According to CoinMarketCap, its value is $0.9981 as of this writing.
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied TrueUSD (TUSD) has halted the minting of TUSD stablecoin tokens via fintech infrastructure provider, Prime Trust, causing a brief depegging. TrueUSD pauses minting of TUSD on Prime Trust In a June 10 post on its verified Twitter account,
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Wallet infrastructure provider and digital asset custodian BitGo have signed a non-binding letter of intent to acquire fintech infrastructure provider Prime Trust, according to an announcement on June 8. The terms of the agreement were not disclosed. If the deal goes through, BitGo will acquire Prime Trust’s payment rails and cryptocurrency IRA fund
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