💰 Binance buying $1 billion in Bitcoin

GM!

On Sunday, state regulators shut down Signature Bank, a New York-based bank with numerous crypto clients, which marks the third bank closure in under a week. The Federal Reserve announced that the FDIC had taken over the bank. In other news, the stablecoin USD Coin, issued by Circle, has reached its $1 valuation again. The CEO of Circle, Jeremy Allaire, confirmed that the company's reserves are secure and that they have new banking partners lined up.

Additionally, Binance CEO Changpeng Zhao, also known as CZ, announced via Twitter that the leading crypto exchange will convert about $1 billion from its Industry Recovery Initiative funds into native crypto assets, particularly bitcoin.

Markets

Crypto-Friendly Signature Bank Shut Down by State Regulators (3 minute read)Signature Bank, a New York-based bank with numerous crypto clients, was closed by state regulators on Sunday, as announced by the Federal Reserve. The Federal Depository Insurance Corporation (FDIC) assumed receivership of the bank, which represents the third bank closure in less than a week, following the voluntary liquidation of Silvergate Bank and the shutdown of Silicon Valley Bank on Wednesday and Friday, respectively. The New York Department of Financial Services Superintendent Adrianne Harris stated in a release that the action was taken "to protect depositors." The Federal Reserve, FDIC, and U.S. Treasury Department issued a joint statement confirming that all depositors who used Signature Bank would be reimbursed, outlining measures the federal regulators would take to safeguard depositors in SVB.

USDC bounces back toward $1 peg after Fed announcement (2 minute read)USD Coin, a stablecoin issued by Circle, has risen to its $1 valuation again after CEO Jeremy Allaire confirmed that the company's reserves are secure and that they have new banking partners lined up. At the time of writing, USDC has risen 3.3% in the last 24 hours and is currently valued at $0.99. Over the weekend, concerns arose about $3.3 billion worth of USDC reserves held by Silicon Valley Bank, which was closed by the California Department of Financial Protection and Innovation on March 10. Additionally, Circle has undisclosed reserves stuck in the recently bankrupted Silvergate.

Bank Makes Bid For Silicon Valley Bank, While Bitcoin, Ethereum And USDC Rebound (2 minute read)On Sunday, Bank of London, led by a group of top private equity firms, presented an official offer to acquire the U.K. subsidiary of Silicon Valley Bank (NASDAQ: SIVB). Bank of London confirmed the submission of the proposal and the consortium's intention to acquire Silicon Valley Bank UK in a released statement. Meanwhile, after experiencing a sharp decline on Friday due to concerns surrounding the collapse of Silicon Valley Bank, Bitcoin and Ether have risen by approximately 4% in the last 24 hours. Circle, initially contributed to the spread of risk in the cryptocurrency markets by announcing that it was exposed to the bank. Despite this, Bitcoin surpassed the $21,000 mark on Saturday, while Ether rose above $1,541, indicating early signs of market stabilization. Both tokens had previously dropped below strong resistance levels on Friday.

Tech

Instadapp Launches ‘Avocado’ Multi-Blockchain Wallet (3 minute read)Instadapp, a prominent DeFi management platform, has recently launched the Avocado wallet. The new wallet allows users to execute multi-network transactions while remaining connected to a single network. By connecting directly to the Avocado network, users can transact on any chain, thanks to the wallet's account abstraction feature, which allows it to function as a programmable smart contract. Avocado's transactions are processed via its Remote Procedure Call (RPC), which locates an available broadcaster to send the transaction on the selected network. During periods of high network traffic, multiple broadcasters are available to ensure that transactions are processed in a timely manner. Instadapp's INST governance token has seen a 37.5% surge in value.

Misc

Binance converting $1 billion in BUSD to bitcoin, ether and BNB (2 minute read)Binance CEO Changpeng Zhao, also known as CZ, has announced via Twitter that the leading crypto exchange will convert around $1 billion from its Industry Recovery Initiative funds into native crypto assets, specifically bitcoin, ether, and BNB. The purchase will be made using Binance's dollar-pegged stablecoin, BUSD. CZ noted that some of the transactions would occur on-chain for the sake of transparency. The conversion to native crypto assets comes at a time of a banking crisis that has garnered attention in the United States over the weekend.

Legos metaverse collaboration with Epic Games is a treat for the industry (2 minute read)Danish toy company, Lego, has teamed up with Epic Games, the creators of Fortnite, to develop a Lego-themed metaverse experience. The collaboration, named "Lego's Metaverse Collaboration with Epic Games," aims to attract a new generation of consumers by bringing Lego's physical products into the digital world. The metaverse is a term used to describe a shared virtual space where users can interact with each other and with digital objects. This partnership will enable Lego enthusiasts to enter a new realm where they can engage with their favorite Lego characters and play with Lego bricks in a virtual environment. The metaverse will be constructed using Epic Games' Unreal Engine, which powers some of the world's most popular video games.

🐥

Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!