Cryptocurrency lender Genesis has asked for a $1 billion emergency loan from investors before suspending withdrawals from the platform. Genesis liquidity crisis?
Genesis lending crypto later said the document was prepared over the weekend and is no longer relevant. It added that the firm was in “very positive discussions” with potential investors to bolster its liquidity.
Genesis’ problems stemmed from the aftermath of last week’s collapse of FTX. The lender had outstanding obligations to Alameda Research, a subsidiary of FTX. After the FTX collapse, the lender acknowledged that it had millions of dollars worth of assets hanging in its trading account. The company decided to shore up its balance sheet by injecting $140 million in capital from its funds. In total, Genesis lost about $178 million due to FTX’s bankruptcy.
The sudden collapse of the FTX led to panic in the market, provoking a wave of withdrawal requests. Many companies in the crypto industry faced such a problem; in particular, crypto exchange Liquid and lender BlockFi announced the suspension of withdrawals, while crypto exchange Gate.io is predicted to repeat the fate of FTX.
We previously reported that Gemini Exchange rolled back cryptocurrency withdrawals from its credit division.
How to sell Tether in Prague?
Stablecoins are gaining popularity rapidly, and more people are discovering them. So, if you already know the pros of stablecoins, such as Tether, you must know how, where, and when to buy and sell USDT. So if you are looking for a place to sell Tether in Prague and want to know all the peculiarities of selling USDT, this article is for you!
Let’s first talk about what exactly Tether is. Tether is, as it was mentioned before, a type of stablecoin. Stablecoins are cryptocurrencies backed by some other currency, in the case of the tether – the US dollar. This makes the currency relatively stable because its value is not changing as much as Bitcoin or Ethereum. So if you are looking for a decentralized currency that would at the same time be stable, you should definitely consider buying Tether.
Let’s assume you already have stablecoins, and now your question is, “how do I sell my USDT?”. Although for some, it might be unclear how to sell Tether, in fact, the process is straightforward and available for anyone. There are many options to buy and sell stablecoins, but the crypto exchange is the easiest and fastest way to sell USDT.
Many wonder how to sell Tether for cash and if it’s possible. And the answer is “yes, it is!”. Special exchange services will allow you to buy and sell your coins for your preferred currency.
Since all exchanges work similarly, we will focus on exchanges in Prague. One of the best places to sell Tether in Prague is B2Cash. This exchange allows you to buy and sell Tether in just a few minutes. B2Cash is one of the most reliable platforms which will enable you to sell Tether in the Czech Republic. Thanks to its easy and initiative mechanisms, even those who have never dealt with selling crypto can do that easily. All you need to do is to find the exchange’s website and contact the manager to find out about the temporary rate. The manager will provide you with all the necessary information and guide you so you can sell your Tether in a few minutes. Many people choose B2Cash to sell Tether for cash in Prague because it also offers its users very affordable commissions.
Now that you know where to sell your Tether, you might wonder when to sell and buy USDT. Although USDT is a stablecoin, its value, as any other currency, can still change. So it is essential to do your market research before selling any asset. By regularly doing your research, you will be able to analyze the current situation and decide whether it’s suitable for selling or buying your Tether. The good news is that buying Tether is as easy as selling it, and it can also be done at the same crypto exchange.
Summing up, dealing with cryptocurrencies and stablecoins is much easier than it seems at first glance. You should simply know how to buy and sell it, find your reliable exchange, and do your research! I hope that now you have no questions about selling and buying tether, so it’s high time to join the crypto market.
Apple forced Coinbase to remove NFT transfers
Apple NFT news: Coinbase said Apple is demanding a 30% tax on the gas fee used for NFT transfers. NFT coinbase wallet users can no longer send NFTs due to Apple’s interference.
Coinbase said it could not meet the requirement even if it tried because the iPhone maker’s own in-app purchasing system does not support cryptocurrency. Note that the current stock price of Apple was not affected by the situation.
Users affected by this decision, i.e. iPhone owners, will find it “much harder to transfer this NFT to other wallets. Coinbase added that the blockage may have been an oversight, and urged Apple to contact the company with any questions.
Coinbase first announced the NFT coinbase wallet in December 2021, giving users access through the app to trading platforms such as OpenSea. The NFT token issuance and trading platform was conceived as a peer-to-peer marketplace equipped with social platform functionality. This feature should help community members find new NFT tokens and collections.
In November, Apple updated the App Store’s NFT rules, so developers can now sell tokens they have placed on the App Store. However, the new rules prohibit using cryptocurrencies, cryptocurrencies, and QR codes to unlock features in the app. Also, development companies must have a license to operate in the country where the app is sold.
Earlier, we reported that crypto investors intended to achieve the arrest of FTX through protests.
Tether says its USDT loans are “over-secured”
Tether, the issuer of the USDT stablecoin, claimed that the USDT loans it issues are characterized by overcollateralization. This was the project’s response to a recent Wall Street Journal study. In it, WSJ analysts expressed fears that Tether’s current lending practices could trigger a new crisis in the crypto industry.
According to WSJ, Tether lends its own USDT Coins to customers without exchanging them for hard currency. As a consequence, in the event of a crisis, the company may not have enough long-term liquid assets to repay the money you borrow USDT and redeem these coins. So it makes sense to apply for USDT loans to companies that offer the opportunity to pledge various stocks of large companies. For example, at the current stock price of Amazon or another corporation.
Such fears are understandable amid a steady stream of news about the collapse of the FTX crypto exchange and its implications for the crypto market. In particular, the ensuing market collapse may have also contributed to the “erosion” of Tether’s collateral.
In response to these accusations, the project published a post on Twitter with the eloquent title “The hypocrisy of the mainstream media falling asleep at the information wheel.”
The project’s management believes that the WSJ analysts are completely mistaking the USDT kinoin itself for the collateral backing it. Meanwhile, “Tether’s secured loans are characterized by over-collateralization and are even backed by additional equity if necessary.”
According to the company, 82.45% of its reserves are currently held in U.S. Treasuries and other cash equivalents. Meanwhile, the decline in the USDT token is irrelevant to the value of loan collateral. Such fluctuations in quotations are only relevant to the exchange value of the coin itself.
Recall that the project boasts the longest list of accusations against it about insufficient collateralization of its stablecoins and/or lack of transparency of information on this topic.
We previously reported that hackers have stolen $3.37 billion worth of cryptocurrencies since the beginning of the year.
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