The parent company of #Silvergate Bank, known to many in the space as one of the major #crypto banks, has announced plans to “wind down operations” and liquidate the bank.

The #company claimed that the bank's voluntary liquidation is its best path #forward due to recent industry and regulatory developments.

The #Financial Services and Markets Act was introduced into Parliament in July and amended in October to expand crypto #regulatory provisions.

Most British #crypto holders own no more than “several hundred pounds’” worth of #cryptocurrency, he added.but said public #policy issues such as money laundering cannot be tackled without #regulation.

but not #eliminate the risks posed by cryptocurrency. Rathi said, “We are not going to be able to put in place a #framework that protects consumers from losses.”

The #Financial Services and Markets Act, when passed, would give the FCA new regulatory #powers over the #crypto currency industry, 

#Since #Arbitrum was one of the largest #blockchain projects without a token, the hype around its drop was expected. 

#Nevertheless, it exemplifies how community-driven projects in the space can still thrive, despite competitors, technical challenges, #market downturns and regulatory uncertainty.

#Nevertheless, it exemplifies how community-driven projects in the space can still thrive, despite competitors, technical challenges, #market downturns and regulatory uncertainty.

#Arbitrum wasn't the first - and certainly won't be the last - project to #mobilize massive audiences. 

In February, the token distribution of the layer-1 protocol #Core #DAO followed a similar engagement recipe, with 1.2 million tokens airdropped to individual users. 

Even before its #mainnet launch, the project established in 2021 had over 1.6 million #Twitter followers and over 215,000 #Discord members.

"From the start, community ownership and inclusion was a major goal," #Core #DAO contributor #Brendon #Sedo told Cointelegraph. 

"Transparency is another key for our community. Too many #projects keep the curtain closed on their progress and #development.

We’ve made it a priority to distribute information across a #variety of #platforms."

Core's #blockchain runs on a combined #Proof-of-#Work and #Delegated Proof-of-Stake consensus mechanism known as #Satoshi Plus. 

Its #airdrop was carried out in partnership with the #Satoshi App, an application allowing users to “mine” in-app rewards without requiring a #payment or exclusive invite. 

According to #Core, the #App was crucial to helping to get #tokens in the hands of the true users of the network, with 25% of the token supply dedicated to the partnership.

Community engagement is also key for #Web3 #games and #metaverse platforms. 

 #Virtual world #Aftermath #Islands #Metaverse is about to reach 4 million resource pack #NFT generated in just 140 days after releasing its first play-to-earn game, adding the last 1 million users in a period of just 15 days, says the company. 

"Our focus is not on the number of users, as our users are anonymously verified using our #Proof of #Humanity solutions where they can only have 1 account with no duplicate accounts, fakes or bots. 

This effectively removes the “#eyeball” measuring and false results, so we #focus on what the users are doing," explained #David #Lucatch, managing director at #Aftermath #Islands.

The resource pack #NFTs represents real ownership of items that can be #traded or used in different ways within the #platform as a personal item. 

#Pack's daily generation of real users sits at 60,000, claims the #company.

Decentralization and community #engagement have always been key aspects of #crypto. 

#Core #DAO's #Sedo argues that project insiders and lack of community ownership pose threats to #blockchain's potential. 

"[...] chains had to make tradeoffs between security, #scalability, and #decentralization," he explained, adding that "the classic #blockchain #trilemma gets plenty of time in the spotlight with too few solutions. 

Many #chains and #projects simply concede that to be scalable they must sacrifice #decentralization."

Market relief, First Citizens buys SVB assets, Ma returns - what's moving markets By Investing.com
#news #business
 

#Markets breathe a sigh of relief as a weekend passes without a major #banking disaster. 

The #FDIC takes an estimated $20 billion hit on resolving #Silicon #Valley #Bank. 

and #Alibaba's #Jack Ma returns to #China after a year away. 

#Global #markets are breathing a sigh of relief after the first weekend in three weeks to have gone by without a major upheaval in the global #banking sector. 

#Global #markets are breathing a sigh of relief after the first weekend in three weeks to have gone by without a major upheaval in the global #banking sector. 

#Germany’s #Deutsche #Bank (ETR:DBKGn), which was at the heart of Friday’s volatility, has led what can only be described as a dead-cat bounce overnight in #Europe, whose weakness is a clear sign that #investors continue to treat the sector with caution.

Elsewhere overnight, #Saudi #National #Bank replaced its chairman, whose ill-judged comments fast-forwarded Credit #Suisse’s slow-motion train wreck.

In the U.S., meanwhile, #Raleigh, N.C.-based #First #Citizens #BancShares (NASDAQ:FCNCA) agreed to buy most of #Silicon #Valley’s loan book and securities - and assume all of its deposits 

from the #Federal #Deposit #Insurance Corp., which estimated that winding down the rest of the failed #bank will cost its deposit insurance fund $20 billion.

The #FDIC is having to hold on to nearly half of #SVB’s assets, but will receive up to $500M in equity instruments in #First #Citizens as part of a scheme to share losses and profits from the asset recovery process.

The weakness of the #Eurozone #bank bounce can partly be explained by stark evidence of the recent improvement in their fundamentals plateauing out. 

#Private-sector credit in the #Eurozone grew at only 3.2% - the slowest rate in two years – in February, as successive interest rates took a delayed toll on lending. 

#Loan growth to non-#financial corporates slowed to 5.7%, its lowest in 10 months.

The figures are the latest evidence that interest rate hikes in #Europe and the U.S. are tightening financial conditions, a process that is likely to be made worse as banks’ own risk appetite weakens in the wake of the #SVB and #Credit #Suisse collapses.

There was better news from the #Eurozone’s largest #economy. 

#Germany’s closely-watched Ifo survey delivered a rise in the #Business #Climate index to its highest since February last year, with the expectations component picking up particularly sharply.

U.S. stock #markets are set to open higher later and are due for a day of sentiment-driven trading in the absence of major #economic data or earnings.

By 05:25 ET (09:25 GMT), #Dow #Jones futures were up 102 points, or 0.3%, while S&P 500 futures were up by a similar amount and #Nasdaq 100 futures were up by 0.1%. 

Despite the volatility in the #banking sector, all three major cash indices had notched #gains of between 1% and 2% last week.

Stocks likely to be in focus later include #Chinese #ADRs, after the much-publicized return of #Alibaba (NYSE:BABA) founder #Jack Ma to #China. 

Ma had been away for over a year, in what many had seen as a precaution against his arrest as part of the #Communist #Party’s crackdown on over-powerful tech barons. 

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Sam Bankman-Fried's FTX crypto exchange won an auction to sell the assets of lender Voyager Digital, offering about $1.4 billion.

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