Cryptocurrency roundup for February 10: Argo Blockchain navigates leadership changes, Coinbase CEO against... - Moneycontrol

Peter Wall Steps Down as Argo Blockchain CEO, Interim Leadership Named

Cryptocurrency mining company Argo Blockchain PLC, on Thursday, announced that its CEO and interim Chairman, Peter Wall, is resigning from his position to explore other prospects. The company stated that it will appoint an executive search firm to find a new CEO and will provide further updates as the process advances. In the meantime, Argo’s Chief Operating Officer, Seif El-Bakly, has been appointed as the Interim CEO. Peter Wall has agreed to continue as an advisor to the company for the next three months to ensure a smooth transition. Matthew Shaw has been named as the new Chairman of the Board. Argo Blockchain faced challenges in 2022 due to a sharp increase in power costs at its largest mining site, Helios. More here

Coinbase CEO Brian Armstrong Opposes Potential Ban on Retail Crypto Staking in US

Brian Armstrong, CEO and co-founder of Coinbase, has expressed his opposition to a potential ban on retail cryptocurrency staking in the United States. In a recent Twitter thread, Armstrong stated that he has heard rumors of such a ban being considered by the U.S. Securities and Exchange Commission and referred to it as a “terrible” move. Armstrong emphasized the importance of staking in the cryptocurrency industry and its positive contributions, such as improved scalability, security, and reduced carbon footprints. Despite not revealing the source of the rumors, Armstrong’s message has been viewed over 2.2 million times and highlights his stance on the matter. Details here.

Tether Reports $700 Million Profit in Q4 2022

Tether Holdings Limited, the company behind the popular stablecoin USDT has reported a net profit of over $700 million in the last quarter of 2022, according to its latest Consolidated Reserves Report (CRR). The report shows Tether ended 2022 with zero commercial paper and at least $67 billion in consolidated total assets and excess reserves of at least $960 million. The report also highlighted a reduction in secured loans, with the majority of Tether’s investments being held in cash, cash equivalents, and other short-term deposits. Tether’s assets exceeded its liabilities, with over 58% of assets allocated in US Treasury Bills. Details here.

Bank of America: DeFi’s Current Functionality is Just Scratching the Surface

A report from Bank of America highlights the current state of decentralized finance (DeFi) in the digital asset market, stating that despite the shift in focus towards projects with real-world functionality, DeFi’s current offerings “barely scratch the surface.” According to Coindesk, the report acknowledges that platforms like Gauntlet are driving the evolution of DeFi, but warns that regulatory barriers, poor user interfaces, and limited functionality could hinder mainstream adoption in the short term. Bank of America stated that the inability to perform proper identity verification and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations is a significant headwind for DeFi’s mainstream adoption. The report suggests that the use of soulbound tokens or non-transferable identity and reputation NFTs could play a crucial role in expanding DeFi’s functionality frontier. More here

Binance Seeks EU Policy Comms Director to Drive Cryptocurrency Adoption

Cryptocurrency exchange Binance is seeking to hire a European Union Policy Communications Director to join its Global Communications team, who will shape the company’s communications narrative and execute campaigns related to corporate, regulatory, and political developments impacting the company across the EU. A job posting on the company’s website stated that the EU Policy Communications Director will be responsible for managing the company’s EU strategy and engagement with corporate and policy media, key opinion formers, opinion elites, and political influencers. The job search highlights the growing significance of regulations for leading cryptocurrency companies as the European Union works towards bringing the industry under its regulatory control. More here.

Market Reacts to Potential Restrictions on Crypto Staking in the US: Prices Drop

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The crypto market experienced a widespread drop in prices as rumors circulated regarding potential restrictions on crypto staking in the United States. According to TradingView data, Bitcoin was trading at $21,890, down by almost 5% in the past 24 hours. Other popular cryptocurrencies, including Ethereum, Binance’s BNB, Cardano’s ADA, Dogecoin, and Shiba Inu, also saw significant decreases in value. The crypto stocks market was also affected, with shares in Coinbase, Silvergate, Block, MicroStrategy, and Argo Blockchain experiencing substantial drops. This reaction was sparked by a tweet from Coinbase CEO Brian Armstrong, who expressed concern over the potential restriction on crypto staking in the US. This market adjustment highlights the impact that regulatory developments can have on the cryptocurrency industry. Investors and industry players will be closely monitoring the situation for further updates and potential changes.

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