Cryptocurrency News, Cryptocurrency Price Analysis, DeFi (Decentralized Finance), Finance News

Changes Materialize Amidst the Bearishness in the Crypto Sector

  • Proposal Supported by the Community in Aava’s V2 Lending Market
  • Asset Management Arm Activities on Halted
  • RockItCoin Contributes $3,000 BTC to Syria and Turkey Disaster Relief Funds

Proposal Supported by the Community in Aava’s V2 Lending Market

Marc Zeller, a member of the Aave community, proposed removing Binance USD (BUSD) from Aave’s V2 sector on Ethereum in February. Once the Securities and Exchange Commission (SEC) and the New York Department of Financial Services began action against BUSD providers Paxos, this proposition received substantial popular support.

The DeFi lending protocol’s contract was modified as part of Zeller’s Aave Improvement Proposal (AIP), which required freezing the Paxos BUSD on Aave, conducting an on-chain poll, and freezing the Paxos stablecoin. Zeller thought that as Paxos could no longer produce new tokens, the quantity of BUSD would progressively shrink to zero.

The proposal sought to implement two major changes: a significant uptick in the cost of borrowing BUSD and a decline in the borrowing rates. Zeller’s plan aimed to have consumers shift to different stablecoins and lessen the appeal of the Binance stablecoin (BUSD). A considerable increase in the borrowing cost for BUSD and a fall in lending interest were to achieve this.

More than 99% of votes supported the idea, and no votes were against it, indicating strong community support. However, a tiny number of voters stayed home.

According to the community website, supporters of the offboarding plan reportedly spent almost 668,000 AAVE tokens to show their acceptance. The next stage for Zeller will be to present another AIP for a governance poll.

Asset Management Arm Activities on Halted

After only 11 months of existence, has confirmed the termination of its portfolio management division due to the protracted bearish trend in cryptocurrencies. In April 2022, just a few months after securing a financing deal worth $14 billion, debuted its investment management service for corporate investors.

The company was headquartered in London and is a joint venture with Altis Partners. It has since asked to be removed from the UK companies registry; annual accounts still need to be submitted. created the company’s asset management division to provide algorithm-established, risk-managed access to Bitcoin and tokens in decentralized finance. Sadly, the service has had to be suspended by due to the bear market and minimal consumer demand, a company spokesperson said.

Together with downsizing and workforce reductions, the corporation had to reduce expenditures. It announced plans to reduce its headcount by 28% in January, and after Three Arrows Capital, an obsolete cryptocurrency hedge fund and client of, failed, it fired roughly 150 employees in 2022.

According to rumors, the firm’s value has dramatically decreased, and it may now only be around $4 billion and $ 3 billion minimum.

RockItCoin Contributes $3,000 BTC to Syria & Turkey Disaster Relief Funds

In reaction to the earthquake disaster that struck Syria and Turkey, RockItCoin has donated $3,000 in Bitcoin to the Center of Disaster Philanthropy’s Turkey and Syria Earthquake Relief Fund. This donation marks the beginning of the RockItCoin Gives project, a program designed to encourage employee involvement in local, national, and international efforts while supporting charity causes.

According to RockItCoin CEO Michael Dalesandro, the company thought the RockItCoin Gives program could show how genuinely limitless the cryptocurrency sector runs. He continued that the Center for Disaster Philanthropy was the perfect place to launch the program because it accepts Bitcoin donations.

The Turkey and Syria Earthquake Recovery Fund of the Center for Disaster Philanthropy focuses on helping affected communities and families with rehabilitation and reconstruction after a strong earthquake and subsequent aftershocks in the first few weeks of February.

Ben Phillips, president and chief operating officer of RockItCoin, expressed excitement for the debut of the RockItCoin Gives program and underlined the importance of cryptocurrencies in supporting international relief operations.

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