Gemini is launching a transparency page for users to keep track of their funds redemption process; Celsius is asking for permission to sell $18m of crypto to keep paying its bills; chain link launches staking to increase the security of Oracle services. Meanwhile, Nexo is exiting the US market after facing regulatory scrutiny. Finally, Goldman Sachs is reportedly looking to buy crypto firms, seeing opportunities for profitable businesses in the wake of the FTX collapse. Businesses like Grayscale and Tether highlight the potential for high returns in the industry, leading banks to invest millions in purchasing or investing in crypto firms while prices are low.
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Major Crypto Updates: Gemini, Nexo, Celsius, and Goldman Sachs
In the world of cryptocurrency, there are always new updates and changes happening. In this article, we will cover the latest news on Gemini, Nexo, Celsius, and Goldman Sachs.
Gemini Launches New Page for Transparency
Gemini, the popular cryptocurrency exchange founded by the Winklevoss twins, is launching a new page that will aim to bring more transparency to the process of redeeming funds for users. The page will be updated every Tuesday and Friday until a resolution is reached. Gemini is also in ongoing discussions with Genesis.
Nexo Exits US Market After Facing Scrutiny
Nexo, an innovative digital asset lending platform, has decided to exit the US market after facing regulatory scrutiny for 18 months. The US government has yet to provide clear regulations around digital assets, making it difficult for businesses to succeed. It’s unclear whether it was specifically Nexo’s product that was deemed an unregistered security.
Celsius Clients Wait on Crypto Asset Decision
Celsius, a crypto asset lending company, recently filed for chapter 11 bankruptcy. A decision is currently being made on whether the crypto assets held in interest-bearing accounts belong to the depositors or to Celsius itself. The company is seeking permission to sell $18 million worth of crypto in order to pay the bills. This highlights the importance of cold storage wallets to protect your crypto assets.
Chainlink Launches Staking for More Secure Oracle Services
Chainlink, a promising cryptocurrency known for its oracles, has launched staking to increase the security of its Oracle services. This is part of their Chainlink Economics 2.0 effort that focuses on security and sustainable growth. Staking your chainlink could earn you up to 5%.
Goldman Sachs Sees Opportunity to Invest in Crypto Firms
Goldman Sachs is reportedly looking to invest millions, if not tens of millions, to purchase or invest in crypto firms. The recent FTX collapse highlighted the need for more regulation in the industry, which may be why big banks are seeing opportunities in the space. Businesses like Grayscale’s GBTC and Tether have proven to be highly profitable in the industry.
Conclusion
These updates show the ever-changing nature of cryptocurrency and the importance of keeping up with the latest developments. From new pages for transparency to companies exiting markets and banks investing in crypto firms, there is always something to keep an eye on in the crypto world. Stay informed and stay ahead.
