Goldman Sachs is developing OTC bilateral crypto options
Goldman Sachs, the Wall Street banking giant, is looking to expand its crypto derivatives services. According to a Bloomberg story, Goldman Sachs is investigating over-the-counter bilateral crypto options. This will make Goldman one of the first Wall Street titans to offer institutional clients a larger choice of crypto derivatives. These bilateral options essentially allow crypto […]
Bored Ape Yacht Club Donates $1 ETH To Ukraine As Community Assistance
Bored Ape Yacht Club team donates the $1 million worth of Ethereum to the Ukraine’s government Ether wallet. This move from BAYC aims to match up with the BAYC members in Ukraine who have also raised about $1 million donations. Bored Ape Yacht Club (BAYC) has on Tuesday announced that it has contributed $1 million […]
Goldman Sachs partners with Galaxy Digital to give its clients exposure to ETH Fund
Goldman Sachs and Galaxy Digital have formed a strategic partnership that allows clients of Goldman Sachs who want to invest in the crypto industry to gain exposure through Galaxy Digital’s offerings. According to a new Securities and Exchange Commission filing, Goldman Sachs has been selling customers exposure to ETH through Galaxy Digital’s Ethereum Fund . […]
A16z invests $70M in Ethereum staking protocol Lido Finance
Venture capitalist firm Andreessen Horowitz has raised $70 million for Lido Finance, an Ethereum staking solution. This is the protocol’s first fundraising round since May 2021. According to a representative for Andreessen Horowitz, the venture capital firm’s investment in Lido is designed to help accelerate the adoption of decentralized staking solutions for Ethereum 2.0. With […]
By staking market cap, Terra’s LUNA dethrones Ethereum 2.0 to be the number two cryptocurrency.
LUNA, Terra’s native cryptocurrency, has seen a robust increase despite recent market turmoil. The LUNA cryptocurrency is aiming for a new all-time high and is now trading 7.5 percent higher at $95.36 with a market capitalization of $35.7 billion. According to the most recent data from staking incentives, Terra’s LUNA has surpassed Ethereum 2.0 as the second-largest Proof-of-Stake (PoS) network. With increasing demand among DeFi protocols, Terra’s LUNA has emerged as a significant challenger to Ethereum. Terra LUNA, on the other hand, trails Ethereum in terms of total value locked (TVL), which presently stands at $23.7 billion. Among the top ten cryptocurrencies, LUNA has seen the most growth in the last week, with a gain of 77%. It has surpassed giants such as Solana (SOL), Cardano (ADA), and Avalanche to become the seventh-largest cryptocurrency by market cap (AVAX). So, why is the cost of LUNA so high? The Luna Foundation Guard (LFG) announced last week that the LUNA cryptocurrency would be sold over-the-counter. This money will be used to “establish a Bitcoin-denominated Forex Reserve for UST,” according to the Luna Foundation. LFG explained why this was done: Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system. In terms of user acceptance, Terra has been one of the fastest-growing Layer-1 protocols. The price of its own cryptocurrency, LUNA, has mirrored this. Terra is also on track to cut into Ethereum’s DeFi market cap. In such a short amount of time, the Terra ecosystem now hosts 13 DeFi protocols. This year, a huge number of DeFi protocols are expected to enter the Terra ecosystem. LUNA’s price has also risen due to the burning mechanism of Terra’s native stablecoin, UST.