Cardano ecosystem grows, Traders short ethereum, FTX pays creditors
“EMURGO and GSR Collaborate to Drive Growth in Cardano Ecosystem”
EMURGO, the commercial arm of the Cardano blockchain, has entered into a strategic partnership with GSR, a leading global cryptocurrency trading firm, to enhance the Cardano ecosystem. This collaboration focuses on utilizing GSR’s market liquidity expertise and financial services to strengthen the network infrastructure.
Key initiatives of the partnership include improving liquidity for Cardano’s native token and other assets within its ecosystem, which will enhance transaction efficiency and reduce slippage on decentralized exchanges. Furthermore, the alliance will support emerging projects through venture investments, fostering innovation and speeding up the development of commercial applications on Cardano.
The partnership also aims to improve interoperability across applications on the blockchain, simplifying user interactions and increasing overall user engagement and adoption. Additionally, EMURGO and GSR plan to launch joint educational programs to deepen understanding of ADA’s technology and attract more developers and businesses to the ecosystem.
This strategic move is timely for GSR as well, coinciding with its Singapore subsidiary obtaining a Digital Payment Token Service license from the Monetary Authority of Singapore, a significant regulatory milestone that could influence digital asset acceptance in the region. With Cardano known for its scientific development approach and environmental sustainability, the partnership is poised to significantly contribute to the growth and robustness of the Cardano ecosystem, supporting its nearly 90 million transactions and over 1,350 diverse projects.
Source: Bitcoinist
Ether Shorts Surge as Grayscale Withdraws Futures ETF Application
Amid a significant stacking of short positions on Ether, traders are reacting to Grayscale Investments’ decision to withdraw its application for an Ethereum futures ETF. The move comes as Ether hovers near a critical support level of $3,010, with its price recently dropping by 1.85%. If Ether’s price were to rebound by 3%, it would trigger the liquidation of $345 million in short positions. Conversely, a 3% decrease in price would only impact $237 million in long positions. This development follows Grayscale’s unexpected withdrawal of its ETF application, only three weeks before the SEC was to make a decision. Furthermore, the market is speculating on whether Ether will be classified as a security and the outcome of pending spot Ether ETF applications. As the next deadline on May 23 nears, sentiment is growing increasingly pessimistic about the approval of a spot Ether ETF. Adding to the challenges, there are concerns about Ethereum’s usage and its appeal to short-term holders, which are thought to be affecting its performance relative to Bitcoin. However, some traders remain optimistic about a potential breakout in Ether’s price by the end of 2024, drawing parallels to patterns observed in late 2020.
Source: Cointelegraph
FTX Proposes Plan to Repay 98% of Creditors with 118% of Their Original Investments
FTX, a bankrupt cryptocurrency exchange, has proposed a reorganization plan that would allow 98% of its creditors to receive 118% of their claims in cash within 60 days of court approval. The plan, which is pending approval by a Delaware bankruptcy court, also offers other non-governmental creditors 100% of their claims plus up to 9% interest. This proposal represents an increase from previous estimates, which initially suggested that only 90% of customer funds would be paid back. The increase is attributed to the effective liquidation of the company’s assets globally, including investments and stakes in various companies. The plan also includes settlements with regulators and government agencies like the IRS and CFTC, ensuring that creditors are prioritized over these claims. A special fund for supplemental restitution to certain customers and creditors is also proposed, although details are yet to be finalized. A court hearing to discuss the plan is scheduled for June.
Source: CoinDesk
