Altcoin News by Thebittimes.Com

At Bitcoin 2024 in Nashville, Cantor Fitzgerald, Tether’s custodian for United States treasuries, announced a new lending business which will allow people to get leverage on their bitcoin. Cantor Fitzgerald chief exec Howard Lutnick reportedly stated that it is “going to launch with $2 billion in lending .”  The announcement noted that Cantor Fitzgerald “partner with select bitcoin custodians” to launch this new business line.  Lutnick also noted that the firm owns a “shitload” of bitcoin . Protos has reached out to Cantor Fitzgerald to determine who it has partnered with for this new business line, but at press, it has not responded. Tether’s loans In December 2022, Tether announced its intention to “reduce secured loans in Tether’s reserves to zero.” Despite this, Tether still has secured loans, but it now considers them ‘excess reserves’ and states they “won’t have any impact on the to...

The move is part of a phased termination of BUSD support by February 2024. Crypto exchange Binance will cease borrowing and lending services for its native stablecoin Binance USD (BUSD) by October 25. According to the October 3 announcement, the exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users would still be able to borrow and lend on Binance using stablecoins such as Tether (USDT), Dai, TrueUSD (TUSD), and USD Coin (USDC). Currently, users can lend their BUSD on Binance at an estimated annual percentage yield of 3%.  On August 31, Cointelegraph reported that Binance will cease all services related to its BUSD stablecoin by 2024. Previously, on February 13, New York fintech firm Paxos, the issuer of the BUSD stablecoin, said it would end relations with Binance due to the latter's ongoing litigation with the U.S. Securities and Exchange Commission. Paxos said it would end redemptions from BUSD to underlying U.S. cash and Treasu...

"We will come up with a plan to recover the loss," said company officials. According to a recent report by local news outlet Decenter, South Korean crypto lending platform Delio will resume withdrawals , albeit with no fixed schedule, after pausing them on June 14. In a meeting with investors on June 17, CEO Jung Sang-ho explained, "[Delio] will secure as much capital as possible to compensate” and that "users’ withdrawals would come in phases." No details regarding the specific repayment period, method and amount of damage were disclosed, however.  Delio is one of South Korea’s largest crypto lending firms and claims to hold an estimated $1 billion in Bitcoin (BTC), $200 million in Ether (ETH) and approximately $8.1 billion in altcoins. The firm entrusted a sizable portion of clients’ funds to fellow South Korean crypto yield platform Haru Invest. On June 13, Haru suspended deposits and withdrawals after claiming “certain information provided by a consign...