Terra's $40-billion experiment to create a functional "algorithmic stablecoin" project has failed drastically following its collapse in May. Nonetheless, its native stablecoin TerraClassicUSD (USTC), earlier called TerraUSD (UST), has been thriving in the past week. Dead stablecoin walking To recap, UST lost its U.S. dollar peg in May following mass withdrawals from Anchor Protocol, a lending and borrowing platform offering up to 20% yield to clients on their UST deposits. As of June 15, the token was almost worthless, trading at $0.005 at the Kraken crypto exchange. But USTC started recovering afterward, insomuch that its value per token almost reached …

A major crypto trading platform has unveiled a new wallet that's designed to help users make the most out of what Web3 has to offer. KuCoin Wallet allows customers to create a decentralized account in a few taps — creating a secure environment where major coins including Bitcoin, Ethereum, USDT and USDC can be received, sent and stored. The product's designed to be much more than a crypto wallet — and in the coming months, new features will cater directly to NFT collectors, DeFi investors and GameFi enthusiasts. KuCoin has also revealed that its wallet has integrated Windvane, a "one-stop" …

The Ontario Securities Commission, or OSC, issued financial penalties against Bybit and KuCoin, claiming violation of securities laws and operating unregistered crypto asset trading platforms. In a Wednesday announcement, the Ontario regulator said it had obtained orders banning KuCoin from participating in the province’s capital markets and fining the exchange for more than $1.6 million. The OSC also announced that, as part of a settlement agreement, Bybit disgorged roughly $2.4 million and paid the regulator $7,724 as part of the costs of its investigation. Both firms allegedly failed to comply with Ontario securities laws, but only Bybit “responded to the …

Bitcoin (BTC) is threatening to drop to its worst weekly close since December of 2020. The crypto markets are in are held firmly in a vice grip, and the selling accelerated following a higher-than-expected inflation report from the United States on June 10. It is not only the crypto markets that are facing the brunt, even United States equities markets finished the week ending June 10 with sharp losses. Risky assets may remain volatile in the near term as traders await the outcome of the U.S. Federal Open Market Committee meeting on June 14 and June 15. Bloomberg Intelligence senior …

Cryptocurrency trading platform KuCoin has launched a new decentralized wallet platform as interest in Web3 continues to gather steam. KuCoin Wallet is now live for users, with the browser-based platform paving the way for a mobile application, which is still in development. The platform plugs into the KuCoin ecosystem and features cross-blockchain integration. Users will be able to buy, sell, trade and send a variety of cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Tether (USDT) in addition to other tokens. The wallet is self-custodial, giving users full control and responsibility over their private keys. As the cryptocurrency ecosystem continues to …

May was an incredibly challenging month for the cryptocurrency market as the majority of tokens booked heavy losses as a bear market was confirmed, but not every project dropped back to pre-bull market lows. Chain (XCN), a protocol designed to help organizations launch their own blockchain network or connect with other more established networks, has managed to rally more than 120% since May 19. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.0712 on May 11, XCN has reversed course to hit a record-high at $0.176 on May 31. The three reasons for the …

Bitcoin (BTC) has been relatively calm during the weekend as crypto traders try to rebuild the markets after the Terra LUNA debacle. With macro factors not supportive, several analysts expect the recovery to be a slow grind. Crypto research firm Delphi Digital said in a recent report that the rally in the United States dollar index (DXY) had pushed its 14-month relative strength index “above 70 for the first time since its late 2014 to 2016 run up.” Historically, 11 out of 14 such instances had resulted in the DXY rising about 5.7% over the following 12 months. If the …

The global cryptocurrency exchange KuCoin aims to go beyond centralized trading services and focus on Web3 with new funding backed by firms like Circle Ventures. The KuCoin cryptocurrency exchange officially announced on May 10 a $150 million pre-Series B funding round, bringing the company’s valuation to $10 billion. The latest funding round mainly aims to strengthen the exchange’s partnership with major industry players as well as promote the mass adoption of crypto, KuCoin CEO Johnny Lyu told Cointelegraph, noting: “KuCoin is financially healthy. [...] We are still in contact with many VCs, and we are open to have another round …

Turkey is experiencing a resurgence in cryptocurrency interest as major crypto exchanges set foot in the transcontinental country. From demographics to offline marketing to currency depreciation, there is plenty of motivation for the 84 million Turkish people to sign up to the new exchanges. Bitfinex, among the world’s largest cryptocurrency exchanges, recently announced its plans to expand into Turkey (see tweet). Coinbase reportedly set its sights on acquiring local exchange BtcTurk, while Binance is launching its first customer service center. Dünyanın önde gelen dijital varlık alım satım platformu Bitfinex çok yakında Türkiye'de. pic.twitter.com/bReVOyg1gU — Bitfinex TR (@BitfinexTR) April 24, 2022 …

“Web3” used to be an empty industry buzzword that described the next iteration of the internet. In 2022, Web3 is still an annoying buzzword, but at least the blockchain community is trying to assign it real-world utility. This week’s Crypto Biz newsletter features several major funding rounds dedicated to building the Web3 economy. After reading through the stories, you can decide whether we’re actually getting closer to defining Web3. Oh, and remember all the buzz surrounding Special Purpose Acquisition Companies, or SPACs? A crypto-focused SPAC just closed an initial public offering on the Nasdaq, raising $115 million in the process. …

Crypto exchange KuCoin’s venture capital arm and nonfungible token (NFT) marketplace have launched a $100 million “Creators Fund” to help bootstrap early-stage NFT projects at the intersection of art, sports and GameFi. KuCoin Ventures and the Windvane NFT marketplace have created the fund to help artists and creators showcase their work and scale their business to wider audiences, the companies announced Tuesday. The fund’s mandate is to support promising NFT projects that are contributing to the development of Web3, which refers to the next iteration of the internet powered by blockchain technology. Windvane is a new NFT marketplace from KuCoin …

A new study has revealed staggering growth in crypto adoption across Nigeria, fueled by limited access to affordable fiat-based financial services in Africa. Crypto exchange KuCoin’s “Into the Cryptoverse Report” highlights that many Nigerian citizens have started using cryptocurrencies as a viable alternative to store and transfer assets. According to the report, 35% of the Nigerian population aged 18 to 60 — or 33.4 million people — have owned or traded cryptocurrencies during the last six months. Out of those people, nearly 17.36 million (or 52% of Nigerian crypto investors) have allocated over half of their assets to cryptocurrencies. One …