Tether exit Celcius, Voyager Bankruptcy, Belgium Crypto Regulation and more.

ENEDEX DeBrief — Week 2, July 2022

Welcome to the 10th 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 liquidates Celsius position with ‘no losses’ to stablecoin issuer

Tether’s Bitcoin (BTC)-denominated loan to Celsius Network has been fully liquidated without a loss, easing concerns that the stablecoin issuer may have oversized exposure to the embattled crypto lender.

In a statement issued Friday, Tether explained that its lending arrangement with Celsius prevented any downside risk to its underlying business. Specifically, the BTC-denominated loan issued to Celsius was overcollateralized by 130%, and the original agreement allowed Tether to liquidate the collateral to cover the loan.

Dodging bullet, Tether?

2. Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan

Days after pausing trading, withdrawals and deposits, crypto exchange Voyager Digital is filing for bankruptcy under Chapter 11 in the Southern District Court of New York.

Voyager’s Chapter 11 bankruptcy filing indicated that it is on the hook for anywhere from $1 billion to $10 billion in assets to more than 100,000 creditors.

The troubled crypto exchange wasted no time after the United States holiday to file for bankruptcy on Tuesday. In a Wednesday statement, Voyager explained that the move is part of a “Plan of Reorganization.” When implemented, the plan would enable clients to reaccess their accounts again, and Voyager would “return value to customers.”

Once again, not your key not your bitcoin! Always keep your crypto at DEX Web3 Wallet.

3. Belgian regulator reviews crypto asset classifications while awaiting harmonization

The Financial Services and Markets Authority (FSMA), the Belgian regulator, is seeking comments on its communication on the classification of crypto assets as securities, investment instruments or financial instruments. Aimed at issuers, offerors and service providers, the agency’s communication will serve as guidance to the existing order until European regulatory harmonization is achieved.

The communication is meant to address frequently asked questions and is not exhaustive. It is accompanied by a stepwise chart to help its readers determine the classification of an asset.

Even in bearmarket, adoption keeps on going.

4. Opera Crypto Browser integrates Coin98 to bolster Web3 accessibility in Southeast Asia

Opera Crypto Browser, a Web3-focused project for facilitating navigation across decentralized applications (DApps), games and metaverse platforms, has announced a partnership with Coin98, a Southeast Asia-based decentralized finance (DeFi) platform, to bolster Web3 accessibility.

Following the integration of Coin98, users of Opera’s Crypto Browser will be able to tap into the platform’s range of multichain nonfungible tokens (NFTs), decentralized exchanges (DEXs), cross-chain bridges and asset swaps as well as the ability to stake and lend their cryptocurrency portfolios, as per a Thursday announcement.

Big if true!

5. Aave to launch overcollateralized stablecoin called GHO

Decentralized finance (DeFi) giant Aave has unveiled plans to launch an overcollateralized stablecoin called GHO, subject to the community decentralized autonomous organization’s (DAO’s) approval.

The announcement was made by Aave Companies — the centralized entity supporting the Aave protocol — on its Twitter page on Thursday, stating:

“We have created an ARC for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO.”
According to the governance proposal shared on Thursday, GHO would be an Ethereum-based and decentralized stablecoin pegged to the U.S. dollar that could be collateralized with multiple assets of the user’s choice.

Somebody learning something from UST. Or do they?

Those are 5 notable news on the cryptoverse this week! Anything that we missed?

Let us know on ENEDEX community on :

🐦Twitter : https://twitter.com/ENEDEX_HQ

🗣 Telegram : https://t.me/ENEDEX_Official

📖 Medium : https://medium.com/@enedex

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