Crypto News: Tether will publish its proof-of-reserve or Collateral reports on a monthly basis from August onwards.
- The announcement was made on a social media platform, which adds that BDO Italia will handle accounting operations for the firm.
- Releasing collateral reports will help to increase the transparency of the USDT stablecoins.
» Tether Picks BDO Italia for Comprehensive Audit!
Tether has restructured its accounting department after removing MHA Cayman and hiring BDO Italia, effective from July 2022. The project aims to increase openness and transparency to retain the trust of its customers.
- Tether also promises to provide daily updates of its token issuance and reserve token stats.
- Commercial holdings of Tether have declined by 58% or from $20 to $8.5 billion until June 30th.
- The commercial paper holdings by Tether are also expected to reduce by $200 million by August end, zeroing by the end of the year.
- Simultaneously, Tether has increased its bank deposit and cash holdings by 32% until June 30th.
- Combined assets belonging to Tether as of June 30th are $66.4 billion.
» More Crypto News Today!
→ Three Arrows Liquidator Acquires Singapore HC Nod For Crypto Probe!
The Three Arrows Capital liquidator has succeeded in its appeal filed to the Singapore HC for a crypto fund probe. Liquidators will now be able to access the local records and remaining assets.
- The Petition was filed by the advisor firm Teneo, which the Singapore High Court has approved.
- The liquidators seek to discover investments and holdings of Three Arrows Capital in the region.
- It can include assets like bank accounts, properties, cryptocurrencies, NFTs, stakes in companies, etc.
→ Coinbase CEO Warns Longer Crypto Winter Ahead!
CEO of Coinbase, the globally popular crypto exchange platform, warns that the crypto winter might last another year. Citing 12 to 18 months as the duration of the extended Crypto Winter, the CEO mentions its future plans.
- Coinbase CEO states the firm currently generates 18% revenue from subscription services.
- The firm is exploring options to increase its subscription services that could exceed the 50% revenue margin.
- Coinbase has so far weathered 4 crypto winters in its 10 years of operations establishment.
- The DeFi investment data by a Reuters Tweet shows total user deposited funds in 2022 shrunk to $61 billion from +$170 billion.
→ BattleInfinity Arrives at LBANK on August 26th – IBAT rises!
The IBAT token has successfully completed its presale 66 days ahead of its time and has been listed on PancakeSwap. Getting listed has already raised the token value by 700%, with the LBANK announcement adding another 400%.
- BattleInfinity has already hit its soft cap target of 2000 BNB within the first week of its sale.
- IBAT is a Metaverse cryptocurrency whose LBANK listing makes it exchangeable with other cryptos at zero fees.
- IBAT tokens can be ‘Battle Staked’ to gain APR and other rewards via Battle Swap.
- The tokens are also recognized and hold value in a unified ecosystem of Battle Games, Battle Arena, and Battle Market.
→ Crypto Stablecoins hold more US Treasury Bills than Berkshire Hathaway!
Warren Buffet has been in the news recently for pivoting most of the cash position of Berkshire Hathaway into US Treasury bills. Similarly, stablecoin cryptos like USDC and USDT also increase their cash holdings by purchasing more US Treasury Bills.
- Crypto DeFi sector risk factor is rated higher than Buffett’s Berkshire Hathaway.
- One of the JP Morgan reports shows USDC & USDT collectively holding $80 billion in US Treasury Bills (T-bills).
- Berkshire Hathaway had about $105 billion net cash position until June 30th, $75 billion of which are T-Bills. It is an increment of $16.5 billion, and T-bills are relatively low-risk secure investments.
Crypto Sale Today – August 24th, 2022
The top cryptocurrency prices in the global crypto market appear to favor crypto today per crypto news sources. The following figures reflect their individual positions:
- (BTC) Bitcoin
- Average Price: $21,366.23
- 24h: + 0.88% ↑
- (ETH) Ethereum
- Average Price: $1,637.55
- 24h: + 2.94% ↑
- (BNB) Binance Coin
- Average Price: $297.28
- 24h: – 0.02% ↓
- (XRP) Ripple
- Average Price: $0.3424
- 24h: + 2.16% ↑
- (ADA) Cardano
- Average Price: $0.4592
- 24h: + 1.15% ↑
- (SOL) Solana
- Average Price: $35.10
- 24h: + 0.71% ↑