Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock, and crypto trader receives jail sentence for a ponzi scheme: Hodler’s Digest, May 8-14

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Breaking: Terra blockchain officially halted following LUNA price collapse This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar — and continued to crash.  At its lowest point during the week, UST fell…

Read More

Compound Treasury receives B- credit rating from S&P Global Ratings

On Monday, decentralized finance, or DeFi, protocol Compound Treasury announced that it received a credit rating of B- from S&P Global Ratings. As told by the team at Compound, this represents the first time a major credit agency has issued a rating for an institutionalized DeFi protocol. The S&P Global Ratings’ investment suitability scale ranges from AAA (extremely strong) to D (in default). A score of B- indicates the issuer can meet financial commitments, though vulnerabilities to business, financial and economic conditions persist.  Regarding Compound’s rating specifically, S&P Global cites…

Read More

Wen Lambo fixed? Mechanic receives first payment in Bitcoin to mend Lamborghini

The Bitcoin meme “Wen Lambo” might be making a comeback. For JayFab, a Redditor who owns and operates a welding and fabrication company, it’s certainly the case.  Working in Kansas City, Missouri, in the Midwest, JayFab told Cointelegraph that he took payment in Bitcoin (BTC) for the repairs made to a Lamborghini Aventador. The Lamborghini in question. Source: Bitcoin subreddit. JayFab told Cointelegraph that receiving Bitcoin for repairing the car was his “first legitimate transaction,” even though he first got into Bitcoin in 2016. “From there [2016], I have taken the…

Read More

Binance receives in-principle approval to operate in Abu Dhabi

Binance, the world’s biggest crypto exchange in terms of trading volume, received in-principle approval to operate in Abu Dhabi, marking its third regulatory approval in the Middle Eastern region after Bahrain and Dubai.  The in-principle approval from the Abu Dhabi Global Market (ADGM) allows Binance to operate as a broker-dealer in digital assets including cryptocurrencies — marking yet another milestone for the crypto exchange, which envisions to operate as a fully-licensed firm. @binance, one of the world’s leading #blockchain and #cryptocurrency platforms, received an IPA from the #ADGM Financial Services…

Read More

‘Satoshi Island’ crypto utopia receives 50K citizenship NFT applications

Step aside, El Salvador, there’s a new Bitcoin-centric destination on the map. As a 32-million-square-foot private island sanctuary in the remote South Pacific, Satoshi Island is a “place for the crypto community to call home.” A combination of honeymoon getaway, Bond-villain hideout and naturalist paradise, there’s one enigmatic exception to Satoshi Island: it’s 100% crypto. Talking to Cointelegraph, the Satoshi Island team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero mentioned that it is: “A true crypto-economy where everything will be paid for in crypto and all ownership…

Read More

Gemini receives license to provide electronic money services in Ireland

Cryptocurrency exchange Gemini has received an electronic money license from the Central Bank of Ireland. It was the 18th organization to receive the license, and the first since October 2020. Gemini joined such license holders as Coinbase, Stripe, Square and Meta.  The e-money license, for which Gemini applied in early 2020 and received oMarch 14, will allow it to issue electronic money, provide electronic payment services and handle electronic payments for third parties. It will also enable the company to passport those services to European Economic Area countries, which are…

Read More

Stader Labs announce $12.5 million strategic raise, receives praise from Terra founder Do Kwon

On Thursday, Stader Labs, a crypto firm building decentralized finance, or DeFi, products for proof-of-stake blockchain networks, announced that it raised $12.5 million in a private sale. The funding round was led by Three Arrows Capital with additional participation from Blockchain.com, Accomplice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and other investors. This puts Staber Labs at a valuation of $450 million. Amitej Gajjala, CEO of Stader Labs, issued the following comment regarding the development: This capital will be strategically deployed to accelerate our cross-chain expansion, as well as…

Read More

Crypto DAO spends €2.66M on Jodorowsky’s Dune thinking they would own its copyright, receives mass ridicule on Twitter

Late Saturday, Spice DAO, a decentralized autonomous organization that owns a copy of an unpublished manuscript of Frank Herbert and Alejandro Jodorowsky’s never-completed film Dune, announced its roadmap going forward. In the tweet, Spice DAO said it would “Make the book public, produce an original animated limited series inspired by the book and sell it to a streaming service, and support derivative projects from the community.” The group had previously won the Christie’s auction in November for the copy’s sale at 2.66 million euros (a little over $3 million), or…

Read More

Assembly announces $100M capital raise, receives praise from IOTA co-founder Dominik Schiener

On Friday, Assembly, a decentralized layer one smart contract network built within the IOTA ecosystem, announced it had raised $100 million from private investors, including LD Capital, HyperChain Capital assembly, and Huobi Ventures. The project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens, and play-to-earn crypto games. IOTA is a blockchain designed for facilitating internet-of-things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as…

Read More

Hacked Liquid exchange receives $120M debt funding from FTX

Japanese cryptocurrency exchange Liquid has secured $120 million in debt financing from FTX Trading after suffering a nearly $100-million hack last week. Announcing the news Thursday, Liquid Group and FTX Trading — the owner and operator of crypto exchange FTX — said that the new funds will help Liquid improve its balance sheet and contribute to the exchange’s licensing opportunities in the key jurisdictions of Japan and Singapore. The new funding also targets new capital generation, increasing liquidity, as well as improving Liquid’s customer support, the announcement notes. FTX CEO…

Read More