Table of Contents
- Celsius, a bankrupt crypto lender, has transferred $75 million of Ether to staking service Figment
- G-7 Finance Ministers to Discuss Crypto Regulation at Upcoming Summit in Japan
- A new crypto startup called Hourglass has launched a marketplace that allows users to trade locked-up DeFi assets
- Jack Butcher Expands His NFT Collection with Physical Prints
Celsius, a bankrupt crypto lender, has transferred $75 million of Ether to staking service Figment
Celsius Network, a cryptocurrency lender that filed for bankruptcy in July, recently staked $75 million of ether (ETH) with Figment, an institutional-grade staking service.
The move comes as a surprise because Celsius also operates one of the largest ETH staking pools.
According to data from blockchain analytics firm Arkham Intelligence, Celsius transferred 40,928 ETH to an aggregation smart contract labeled as Figment ETH2 Beacon Depositor 1 between May 10 and May 12.
The funds were then forwarded to Ethereum’s proof-of-stake Beacon chain’s deposit contract.
Figment is a non-custodial service, which means that Celsius still holds the keys to its deposited digital assets.
The company representative said that the move was part of Celsius’ restructuring efforts and that it would allow the company to earn rewards on its ETH holdings.
Ethereum staking offers an average of 5.6% annualized staking reward, according to Figment’s website.
This means that Celsius could earn up to $4.2 million in rewards over the course of a year.
Celsius’ move to stake its ETH with Figment is a positive sign for the company’s restructuring efforts.
The rewards from staking will help to generate revenue for Celsius and could help to improve its financial position.
However, it is important to note that staking is not without risks. If Ethereum’s price were to fall significantly, Celsius could lose money on its staked ETH. Additionally, if Celsius were to default on its debts, its creditors could seize its staked ETH.
Overall, Celsius’ move to stake its ETH with Figment is a positive step for the company. However, there are still risks associated with staking, and investors should be aware of these before investing in Celsius.
G-7 Finance Ministers to Discuss Crypto Regulation at Upcoming Summit in Japan
The G-7, a group of the world’s seven largest economies, has committed to implementing new regulations for cryptocurrencies and central bank digital currencies (CBDCs).
The group’s finance ministers and central bank governors met in Japan on Saturday to discuss crypto asset supervision ahead of the G-7 summit next week.
The G-7 will follow the standards set by the Financial Stability Board (FSB) for regulating cryptocurrencies.
The FSB is an international body that monitors and makes recommendations on the global financial system.
The G-7 will also support the Financial Action Task Force’s (FATF) efforts to accelerate the global implementation of its travel rule, which mandates the sharing of information on fund transfers between financial institutions.
The G-7 has previously said it will help developing nations issue CBDCs.
The group will look to the International Monetary Fund’s (IMF) recommendations on CBDCs, which are set to be published later this year.
The G-7’s commitment to regulating cryptocurrencies is a significant step forward for the global financial system.
The group’s actions will help to ensure that cryptocurrencies are used responsibly and that they do not pose a threat to financial stability.
Here are some additional details about the G-7’s commitment to crypto regulation:
- The G-7 will implement the FSB’s forthcoming norms for regulating crypto assets. These norms will cover a range of issues, including anti-money laundering, terrorist financing, and market integrity.
- The G-7 will support the FATF’s efforts to accelerate the global implementation of its travel rule. The travel rule requires financial institutions to share information on fund transfers between financial institutions. This information can be used to track illicit financial flows.
- The G-7 will look to the IMF’s recommendations on CBDCs. The IMF’s recommendations will provide guidance on how CBDCs can be issued and used in a way that is consistent with international standards.
The G-7’s commitment to crypto regulation is a positive development for the global financial system.
The group’s actions will help to ensure that cryptocurrencies are used responsibly and that they do not pose a threat to financial stability.
A new crypto startup called Hourglass has launched a marketplace that allows users to trade locked-up DeFi assets
Hourglass, a crypto startup, has released the first-ever marketplace to trade Time-Bound Tokens (TBTs).
TBTs are a unique concept that tokenizes a user’s staked assets in a decentralized finance (DeFi) protocol based on its lock-up time period.
The idea behind the marketplace is to allow users to trade their place in line for their locked-up assets.
This means that users can essentially transfer their ownership of an asset that has been locked in a protocol to another buyer.
Hourglass’ marketplace launch comes as Lido’s Version 2 deployment takes place this week.
Lido is a liquid staking protocol that allows users to stake their Ethereum (ETH) and earn rewards without having to lock up their tokens for a period of time.
Hourglass will tokenize Lido’s withdrawal queue, which allows users to “trade their place in line” for the withdrawal of their staked ETH and gain liquidity in the meantime.
This is a valuable tool for users who need access to their funds quickly or who want to generate income from their staked assets.
Lido is the largest liquid staking protocol in the DeFi space, with more than $12 billion in total value locked (TVL).
The launch of the Hourglass marketplace is a significant development for the DeFi space and could help to make liquid staking more accessible to a wider range of users.
Jack Butcher Expands His NFT Collection with Physical Prints
Jack Butcher, the founder of the creative agency Visualize Value and the artist behind the popular Checks NFT collection, is releasing a new collection called Elements.
The Elements collection features 152 generative artworks that are inspired by the four classical elements of earth, fire, water, and air.
Each piece in the Elements collection is unique and algorithmically generated.
The artworks are also accompanied by physical prints that are created by hand.
The physical prints are made using a vintage lithographic printing press and are 30 inches by 43 inches in size.
The Elements collection is Butcher’s way of exploring the ever-evolving relationship between consensus and truth. He believes that the four classical elements represent the four fundamental building blocks of consensus. The earth element represents the physical world, the fire element represents the energy of the world, the water element represents the flow of information, and the air element represents the spirit of the world.
Butcher hopes that the Elements collection will inspire people to think about consensus and truth in new ways.
He believes that the four classical elements can help us to understand the world around us and to make better decisions.
The Elements collection is available for purchase in two ways.
The physical prints are priced at $1,000 each, and the NFTs are priced at $100 each.
A portion of the proceeds from the sale of the Elements collection will be donated to St. Jude Children’s Research Hospital.
The Elements collection will be auctioned off at Christie’s New York Gallery from May 16 to May 23.
The physical work and their digital counterparts will then be displayed at the gallery from May 20 to May 23.
The remainder of the Elements collection will be auctioned off for 24 hours on May 24. The physical prints will begin shipping on June 24.
