Finance News

Crypto Hedge Fund Galois Capital Shuts Down — ‘We Lost Almost Half Our Assets to FTX Disaster’

Coins Legend February 20, 2023 0

Crypto hedge fund Galois Capital is shutting down after losing about half of its assets to the FTX disaster. “Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally,” the fund’s co-founder told investors. Crypto

Finance News

Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar

Coins Legend February 20, 2023 0

Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies—Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations—are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.” De-Dollarization

Finance News

Crypto Dominates as Payment Method for Remote Workers in Latam

Coins Legend February 20, 2023 0

Most remote workers in Latam prefer to get paid in crypto, according to the latest report from the Deel Lab for Global Employment. The reasons behind the finding are said to be diverse, but include the instability of some of the local fiat currencies, and the influence of high levels of inflation in the region. […]

Finance News

Bank of Russia to Start Testing Digital Ruble With Real Users on April 1

Coins Legend February 20, 2023 0

The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers at the beginning of April. More than a dozen banks will join the upcoming stage of the pilot project, a high-ranking representative of the bank announced to Russian media. Russia’s Monetary Authority to Trial Actual Settlements With Digital […]

Bitcoin Exchanges Finance News

Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange

Coins Legend February 20, 2023 0

The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volume on its cryptocurrency exchange jumped 80% in 2022 while ether trading volume surged 65%. “We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry,” a DBS […]

Finance News

Economist Warns the Fed Can’t Reach Inflation Target Without ‘Crushing’ US Economy

Coins Legend February 19, 2023 0

Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested. The Fed Could Crush US Economy, Economist Warns Economist Mohamed […]

Finance News

Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes

Coins Legend February 18, 2023 0

Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year. Major Banks Predict More Fed Rate Hikes As the U.S. Federal Reserve continues its […]

Finance News

Moody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks

Coins Legend February 17, 2023 0

The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts on time will likely force the affected financial institutions to similarly delay paying back their own forex-denominated debts. […]

Finance News

Central Bank of Brazil President States Digital Real Pilot Is Imminent

Coins Legend February 17, 2023 0

The president of the Central Bank of Brazil, Roberto Campos Neto, has clarified the status of the development of the Brazilian central bank digital currency (CBDC), the digital real. Campos Neto stated that the pilot test will start now and that banks will have to digitize more of their balances in the future. Pilot Tests […]

Finance News

Terraform Labs and CEO Do Kwon Charged by SEC With Multibillion-Dollar Crypto Fraud

Coins Legend February 16, 2023 0

The U.S. Securities and Exchange Commission (SEC) has charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging that Kwon and his company orchestrated “a multibillion-dollar crypto-asset securities fraud.” The securities watchdog insists that Kwon raised billions from investors by creating an “interconnected suite of crypto-asset securities,” many of which