Tether Creates GBPT, NYDIG Setup Blockchain Alliance, Coinbase Pro Shutdown and More.
ENEDEX DeBrief — Week 4, June 2022
Welcome to the 8th iteration of ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
1.Tether to launch GBPT stablecoin pegged to British pound sterling
Major stablecoin company Tether is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP). Tether officially announced on Wednesday that its upcoming GBP-pegged stablecoin, GBPT, will launch in early July and will initially be supported by the Ethereum blockchain. GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers.
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2. Deloitte and NYDIG set up alliance to help businesses adopt Bitcoin
Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.Deloitte has partnered with the Bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets. According to a joint announcement on Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.
Smart money doing smart money thing regardless if it’s bear market
3.Coinbase to shut down Coinbase Pro to merge trading services
Coinbase’s professional trading platform, Coinbase Pro, will cease to exist as the cryptocurrency exchange unveiled plans to restructure its services to consolidate them into one platform. The United States-based crypto trading firm officially announced on Wednesday that it will start sunsetting Coinbase Pro to migrate all advanced trading services into one unified Coinbase account.
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4.Celsius Network hires advisers ahead of potential bankruptcy
Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy.
According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues.
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5. Singapore regulator’s clampdown on crypto
Singapore’s financial regulator and the central bank have pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.
The comments come from the Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.”
He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying:
“We have been called out by many cryptocurrencies for not being friendly, my response has been: Friendly for what? Friendly for a real economy or friendly for some unreal economy?”
Well let’s see whose praising crypto when the bull market is back
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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