Crypto Flipsider News – Uniswap Partners MoonPay; Sun on China’s Approach; SBF Signs Return; 30 Celsius Bids; Gemini Committee Plan
Read in the Digest:
- Uniswap partners with MoonPay to allow crypto purchases with bank cards
- Tron’s Justin calls Hong Kong China’s crypto policy experiment base
- Sam Bankman-Fried to return to the U.S. after signing extradition papers
- Celsius Network has received 30 acquisition bids as the auction draws closer
- Gemini’s creditor committee presents a plan to solve ‘liquidity issues’
Uniswap Partners With MoonPay to Allow Crypto Purchases With Bank Cards
Uniswap has announced a partnership with MoonPay to bridge DeFi and fiat currencies. This will allow Uniswap users to buy digital assets via a bank account or supported credit or debit cards.
The option to buy crypto with credit and debit cards were open to UniSwap users on Tuesday, December 20th. As per the announcement, the bank transfer option is available to users within most US states, Brazil, the UK, and the Single Euro Payments Area.
Initially, Uniswap will support Dai, Ether (ETH), USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH), depending on the user’s region. For example, U.S. users cannot purchase wETH or wBTC.
Uniswap also noted in the announcement that the minimum purchase size on many of the supported cryptocurrencies is $15 or the local currency equivalent. At the same time, the buy limit depends on the crypto being purchased.
Flipsider:
- Uniswap could also charge as much as 1% to 3% transaction fees for crypto purchases depending on the payment method.
Why You Should Care
The partnership aims to solve the longstanding issue for DEX users: peer-to-peer blockchain protocols do not support fiat pairs.
Tron’s Justin Calls Hong Kong China’s Crypto Policy Experiment Base
The founder and CEO of Tron, Justin Sun, has referred to Hong Kong as the experiment base for China’s crypto policy. This is despite the nation’s strict stance on crypto after placing a blanket ban in 2021.
Sun said he is “bullish and looking forward to seeing the results of all the Hong Kong crypto policy” because of the keep attention China has kept on its Special Administrative Region as it builds towards becoming a crypto hub in Asia.
In a bid to establish the reputation of Hong Kong as a leading Asian financial center, the government has laid out plans to embrace digital assets by offering retail trading and exchange-traded funds (ETFs).
According to Sun, the crypto-friendly policies enacted in Hong Kong not only mark the opening up of crypto into the administrative region “but also opening up overall crypto policy in China.”
Flipsider:
- Like most other jurisdictions, Hong Kong has begun developing a framework for regulating crypto in response to the growing crypto crisis.
Why You Should Care
China’s crypto reentry could be a major win, as the region once represented the biggest crypto hub.
Sam Bankman-Fried to Return to the U.S. After Signing Extradition Papers
Sam Bankman-Fried, the former CEO of the failed crypto exchange FTX who was arrested in the Bahamas, has agreed to be extradited to the United States to face multiple criminal charges.
According to Doan Cleare, the Bahamas’ acting commissioner of Corrections, Bankman-Fried signed the necessary paperwork to begin the extradition process around noon on Tuesday, December 20th.
Bankman-Fried, arrested on December 12th, is set to appear in a court hearing in the Bahamas scheduled for Wednesday, 21st. This could set the stage for his extradition to the U.S.
According to reports, Bankman-Fried could be flown back to the United States on the same day. He could also request bail once on U.S. soil after being denied it in the Caribbean.
Flipsider:
- Bankman-Fried reversed his decision after telling a Bahamian court he would contest extradition after authorities filed the charges.
Why You Should Care
On his return to the U.S., Bankman-Fried would face several charges in what Damian Williams, the top federal prosecutor, referred to as “one of the biggest financial frauds in American history.”
Celsius Network has Received 30 Acquisition Bids as the Auction Draws Closer
Crypto lending platform Celsius Network has received at least 30 potential bids for its acquisition. This comes two months after receiving approval from a bankruptcy court for its bidding proposal.
In a company presentation on December 20th, Celsius announced that more than 125 parties had been contacted since September, with 30 potential bidders executing non-disclosure agreements.
Celsius said it had received multiple bids proposing a different business structure to acquire its assets — including migrating Celsius customers to the acquirer’s platform and a fraction of their assets.
According to the lawyer representing Celsius, the company would announce to the bankruptcy court by mid-January whether the company is interested in signing a sale.
Flipsider:
- There are additional reports that Celsius Network could be acquired by Binance, which recently completed a $1.022 billion bid to buy Voyager Digital.
Why You Should Care
Celsius will now auction its assets on January 10th after being pushed back from the original date of December 15th.
Gemini’s Creditor Committee Presents a Plan to Solve the ‘Liquidity Issues’
On Wednesday, December 21st, an ad hoc creditor committee, which includes Gemini, put forward a plan to resolve the liquidity issues at Genesis and its parent company Digital Currency Group (DCG).
Cameron Winklevoss, Gemini’s president and co-founder, announced that investment bank Houlihan Lokey presented a plan “resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of assets.”
Cameron adds that Creditor Committee expects an initial response this week. Genesis and DCG reportedly owe users of Gemini Earn $900 million. Users have not been able to access their funds since November 16th, when withdrawal was halted.
Flipsider:
- Grayscale Capital, another part of the DCG empire, is also facing financial stress. Its Bitcoin Trust trades at a discount of 47.54% compared to BTC.
Why You Should Care
The creditor committee is attempting to raise funds to repay the $900 million Genesis DCG reportedly owes users of Gemini Earn.
Text source: DailyCoin.com
