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Tal Broda, who joined Paradigm a year ago from Citadel Securities, said he would pursue opportunities closer to his prior experience.

British banks have said they keep people away from crypto for their customers’ own protection

Bitfarms is shooting for 6 exahash per second of computing power by the end of 2023, the same goal it had set and missed for 2022.

The eurozone supervisor is seeking to smooth out a process dominated by German and Luxembourgish banks.

More than $1 billion of ether has been lost forever due to bugs and human error, according to research by Conor Grogan, director of product strategy and business operations at Coinbase. 

“I’ve categorized thousands of instances of Ethereum typos, user errors and buggy contracts,” Grogan said on Twitter on Monday. He noted that he’d cataloged 636,000 ETH ($1.15 billion) that is lost, representing 0.5% of the coin’s circulating supply.

Roughly half that total — some 306,000 ETH — is due to a 2017 bug in the Parity crypto wallet. Defunct crypto exchange Quadriga lost 60,000 ETH to a contract fault and the Akutars NFT collection lost 11,500 ETH in a failed Mint. On top of those, Ethereum users have cumulatively sent 24,000 ETH to a burn address, where the coins can no longer be accessed.

In most of these cases, the ether wasn’t worth anywhere as near as much in dollars at the time of the loss.

Grogan added that his estimate, if anything, is an understatement. “This $1.1B+ number significantly undershoots the actual lost/inaccessible ETH amount — It just covers instances where Ethereum is locked forever,” he said.

This is because access to many wallets will have been lost but there’s no way of knowing which ones by looking at blockchain data alone.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Over $8 million worth of tokens has been bridged to the network in the past week alone in the anticipation of an airdrop, one that’s not yet been confirmed.

The Fed will publish its rate decision and quarterly economic projections on Wednesday at 18:00 UTC. A half hour later, Powell will speak at the post-meeting conference, offering more cues about the path forward.

Decentralized derivatives exchange GMX has community support over deploying the protocol on Coinbase’s (COIN) recently-announced layer 2 blockchain, Base.

Stablecoin issuer Circle has applied for a French crypto asset license as part of a wider growth strategy for Europe. 

The Boston-based firm filed separate applications to be a registered digital asset service provider and a licensed electronic money institution, Circle said in a statement. A successful registration will mean Circle can offer its products to customers in France, and “onshore” its euro-backed stablecoin EUROC, the statement said.

“We are excited to kick our European growth strategy into high-gear with this application,” said Jeremy Allaire, co-founder and CEO of Circle.

France recently tightened its crypto licensing rules ahead of the introduction next year of a European Union-wide digital assets framework called Markets in Crypto-Assets. Circle already holds licenses from various U.S. states and in Singapore and is best known for its dollar-backed USDC stablecoin.

Circle’s model was tested recently after USDC de-pegged from the dollar due to some of the stablecoin’s reserves being parked at Silicon Valley Bank as it headed for collapse. Had the government not backstopped all deposits at the struggling lender there was a risk that Circle and other account holders would have taken a haircut.

Circle senior policy specialist Tarleton Watkins recently told a conference at the Warwick Business School that one solution would be for stablecoin reserves to be parked at central banks using a central bank digital currency as the backing instrument.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The stablecoin issuer wants to expand European operations and prepare for new reserve requirements under the EU’s MiCA law.