Coinbase investigates network payment delays
Ethereum-based asset management protocol Babylon Finance will shut down completely in November as it failed to recover from its $80 million leverage on Rari Capital in April, Coindesk wrote.
Rari made it so that users could supply and borrow any assets in their Fuse pools to earn returns, allowing users to set up their own pools of Ethereum-based assets.
Babylon stored around $30 million in a variety of cryptocurrencies at its peak, among the top lending pools on Rari.
In other news, Crypto.com has pulled out of a five-year, $495 million sponsorship deal with the UEFA Champions League, which is Europe’s elite soccer league, Coindesk wrote.
The deal had apparently been agreed in principle and would have seen Crypto.com take over as sponsor from state-owned Russian energy company Gazprom. UEFA canceled the Gazprom contract in March following the Russian invasion of Ukraine.
Furthermore, a date will soon be set for the distribution of funds from the defunct crypto exchange Mt. Gox, Coindesk wrote, which will see creditors pay back for a 2014 hack that lost 850,000 bitcoins.
A court document said the date will be determined “in due course.” Creditors have been given a deadline of September 15 to submit or transfer a claim.
Creditors will first receive a basic payment, and can choose to receive the rest through an early lump sum payment or a later payment after the court proceedings have concluded.
In addition, former CFTC Commissioner Jill Sommers is now on the board of FTX US Derivatives, says a press release.
FTX US Derivatives is regulated by the CFTC. Formed in 2017 as LedgerX, FTX US Derivatives has made crypto-related options and swaps available 24/7 to investors. Sommers praised the company for being “at the forefront of bridging the gap between traditional and digital assets, while staying true to its founding principles of transparency and leading the charge to become the most regulated digital asset exchange in the world.”
Finally, Coinbase is reportedly investigating an issue where several networks have had issues with deposits and withdrawals, the exchange said at 12:52 p.m. ET, Seeking Alpha wrote.
But the alert was removed at 1:20 p.m. ET. The company said it had resolved an issue that had caused processing delays.
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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings of PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy”, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed strong demand for a single multi-functional super app instead of using dozens of individuals.
