The recent news of Babel Finance, a troubled cryptocurrency lending firm, receiving an extension on its creditor protection in Singapore has sparked discussions about the state of crypto lending in the country.This article will compare and analyze Babel Finance and Signuptoken.com, two prominent players in the Singapore crypto lending industry, and explore their similarities and differences.Our aim is to help Singapore crypto enthusiasts and investors understand the importance of awareness in the crypto market, and why they should consider Signuptoken.com as their next promising investment.Babel Finance – Recent Difficulties Babel Finance, founded in 2018, is a crypto lending platform that provides services to institutional and retail clients.The platform offers loans in cryptocurrencies such as Bitcoin, Ethereum, and USDT, with interest rates ranging from 6% to 20%.
However, in 2022, Babel Finance faced financial difficulties and had to suspend withdrawals, leaving its creditors, such as Deribit, in limbo.
To alleviate this issue, a Singapore court extended Babel Finance’s creditor protection for another three months.Signuptoken.com – The No-Presale Wonder Signuptoken.com, a decentralized exchange, was founded in 2020 and offers a DeFi ecosystem where users can lend and borrow cryptocurrencies, trade on a decentralized exchange, and participate in yield farming.The platform operates similarly to Bitcoin and Cardano, but with added features such as staking and crypto referral programs.Signuptoken.com is gaining traction in the Asian crypto market, with its user base growing steadily.Bitcoin – The Crypto Pioneer Bitcoin is a decentralized cryptocurrency that employs a peer-to-peer network which means it does not need a central authority.It was created in 2009 by someone using the name Satoshi Nakamoto.
Transactions are recorded on a public ledger called the blockchain, which prevents fraud and ensures security.Bitcoin has gained popularity among investors and consumers due to its potential for high returns and its ability to facilitate fast, low-cost transactions across borders.However, its price volatility and lack of regulation have also made it a controversial asset.Cardano – The Scientists’ Token ADA, or Cardano, is a decentralized blockchain platform and cryptocurrency that was created in 2015 by IOHK, a blockchain research and development company.
Its primary goal is to provide a more secure and sustainable platform for smart contracts and decentralized applications.Cardano uses a proof-of-stake consensus algorithm, which involves stakeholders holding a certain amount of ADA and using it to validate transactions on the network.This approach is considered to be more energy-efficient than the proof-of-work algorithm used by Bitcoin.Cardano also aims to be more transparent and accountable than other blockchain platforms, with a focus on academic research and peer review to ensure the reliability and security of its technology.
Cardano has a strong development team and community, with a number of partnerships and initiatives aimed at increasing adoption and use cases for the cryptocurrency.
Despite its relative youth compared to other cryptocurrencies, Cardano has already established itself as a significant player in the industry and is widely regarded as a promising project with significant potential for growth and innovation.Babel Finance and Signuptoken.com represent two sides of the crypto industry in Singapore.While Babel Finance’s recent troubles raise concerns about the risks associated with investing in the industry, Signuptoken.com’s innovative features and transparent nature make it a promising investment option.
As the crypto market continues to evolve, it is crucial for investors to stay informed and aware of the risks and opportunities.We invite Singapore crypto enthusiasts and investors to sign up for Signuptoken.com now and benefit from its referral system by inviting their friends.Don’t miss out on this promising project! For More Info on Signuptoken.com: Website: https://www.signuptoken.com Twitter: https://twitter.com/_SignUpToken Telegram: https://t.me/SignUpToken Disclaimer: All the Crypto articles are contributed by third-party and does not have editorial involvement of Analytics Insight.Analytics Insight does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.Readers are advised that Cryptocurrency and related products and NFTs are unregulated and can be highly risky.There may be no regulatory recourse for any loss from such transactions/views expressed in the article.Analytics Insight shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same.The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Analytics Insight of being absolved from any/ all potential legal action, or enforceable claims.
The content is for information and awareness purposes and does not constitute a financial advice.Leave a Reply [Cancel reply](/bitcoin/difficulties-facing-babel-finance-may-change-how-bitcoin-cardano-and-signuptoken-com-are-viewed-in-the-asian-crypto-market/#respond) Leave a Reply 2022 Q2 2022 Cryptocurrency Report Highlights Terra’s Collapse And Capital Exiting The Crypto Ecosystem On July 13, the dedicated crypto price tracking, volume, and market capitalization web portal Coingecko published the company’s “Q2 2022 Cryptocurrency Report” which discusses the last quarter’s crypto market action and insights.The 46-page report explains how the Terra UST and LUNA fallout wreaked havoc on the entire crypto ecosystem and the stablecoin economy.Moreover, Coingecko researchers say “a decrease in the stablecoin market share suggests that a certain amount of capital has completely exited the crypto ecosystem.” Coingecko’s Data Suggests Q2 Investors Exited Stablecoins Rather Than De-Risking Into Them Coingecko has published the company’s second quarter cryptocurrency report for 2022 as there’s been a number of significant changes during the last three months.
The study, published last Wednesday, notes that Q2 2022 was “filled with many unfortunate events in the crypto space.” The crypto firm’s report explains that while spot market trade volumes have remained steady at $100 billion daily, “the top 30 coins have lost over half their market cap since the previous quarter.” Much of the crypto blunder started from a domino effect caused by the Terra UST and LUNA collapse.Coingecko details that just before UST’s downfall, the stablecoin was the third-largest fiat-based token in existence, and $18 billion was erased in just a few days.The report notes that BUSD managed to become the third-largest stablecoin.Beside’s Terra’s UST, other stablecoin assets saw their valuations suffer and Coingecko’s analysts suspect a specific amount of funds have left the crypto economy.
The researcher’s Q2 2022 study says: The slight decrease (discounting UST) in stablecoin market share suggests that a certain amount of capital has completely exited the crypto ecosystem, in contrast to last quarter when investors likely de-risked into stables amidst market uncertainty.The Terra and 3AC Fallouts Spread, Defi Market Cap Tumbles The 46-page report further explains how Lido’s bonded assets were affected by the Terra blowout and the demise of the crypto hedge fund Three Arrows Capital (3AC).One specific chart shared in the study shows how 3AC’s financial issues affected at least 12 different crypto companies directly or indirectly.Decentralized finance (defi) was also hit, as Coingecko’s authors say “Due to third-order effects, defi protocols such as Maple Finance were not spared as some users’ funds were lent to Orthogonal Trading, which in turn had gone to Babel Finance, one of 3AC’s creditors.” Defi itself suffered a lot and Coingecko’s data shows that the defi market cap slid from “$142 billion to $36 billion in a span of 3 months.” The report again says that much of the value in defi was “wiped out largely due to the collapse of Terra and its stablecoin, UST.” Coingecko’s study covers a wide variety of subjects that pertain to Q2 2022’s crypto action and touches on topics like other stablecoins losing their peg, decentralized exchange (dex) trade volumes, non-fungible tokens (NFTs), and NFT marketplaces.While the second quarter saw a lot of action, Coingecko’s report highlights how most of it has been bearish and gloomy.Tags in this story 2022, 3AC, Babel Finance, Celsius, CoinGecko, DeFi, DEX, Dex Platforms, Lido, Lido’s bonded assets, Maple Finance, nft, NFT Markets, NFTs, Orthogonal Trading, Q2, Q2 2022, Q2 report, Q2 Study, report, Stablecoins, STETH, study, Three Arrows Capital, UST, UST classic, USTC, voyager What do you think about Coingecko’s report and the action recorded in the second quarter of 2022? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.
Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons, Coingecko Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.agreement Tether Liquidates Celsius Bitcoin Loan — ‘Position Has Been Liquidated With No Losses’ To The Company On July 8, 2022, the company behind the largest stablecoin in the world, Tether, revealed that the firm liquidated a loan made to the crypto lender Celsius, and the liquidation caused “no losses to Tether.” According to the stablecoin issuer, the bitcoin loan to Celsius was “overcollateralized” by roughly “130%+.” Tether Liquidates Bitcoin Loan Taken out by Celsius — Stablecoin Issuer Stresses It Will ‘Never Put the Integrity of Its Reserves at Risk’ The company Tether has informed the public that the firm “has never and will never put the integrity of its reserves at risk.” Tether noted on Friday that it did have an investment in Celsius , the embattled crypto lender, but the investment was “a minimal part of its shareholder’s equity.” A loan denominated in bitcoin ( BTC ) was taken out by https://news.bitcoin.com/report-goldman-sachs-looks-to-buy-distressed-assets-from-celsius-crypto-lender-seeks-restructuring-advice/ and https://news.bitcoin.com/tether-launches-stablecoin-pegged-to-the-british-pound-sterling/ said the loan was overcollateralized by more than 130%.“The decision to liquidate the collateral to cover the loan was a part of the original terms of the agreement between the two entities and reconfirmed in writing before the start of the liquidation event,” Tether detailed.
The stablecoin issuer added: This process was carried out in a way to minimise as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement.Celsius position has been liquidated with no losses to Tether.Stablecoin Issuer Says Tether Critics ‘Have No Understanding of How Lending, Borrowing, and Risk Management Work’ The company’s blog post added that Tether leverages risk management processes and the firm states that “while the media, critics, and community were wrongly fixated on Tether, other lenders including notable names in the space were blatantly providing lending facilities with nearly zero collateral.” Those kinds of lending practices go against the ethos of Tether and the company’s “strict regulatory practice.” Meanwhile, during the last few weeks, a great number of crypto businesses have shown that they were exposed to firms like Celsius and the crypto firm Three Arrows Capital (3AC).The founder of Keyfi is suing Celsius , as the NFT whale also known as “0xb1,” has accused the company of being a “Ponzi scheme,” and allegedly allowed its entire portfolio to have “naked exposure to the market.” It was further reported this week that Blockchain.com lost $270 million from 3AC exposure and crypto companies like Voyager Digital , Blockfi , Babel Finance, and Vauld were all affected by 3AC’s financial issues.
Today, stablecoins have an aggregate market capitalization of around $154 billion, and $65.9 billion worth of USDT is managed by Tether.During the past 24 hours, there’s been $100 billion in global trade volume across crypto markets, and USDT commands $66.6 billion of that volume.Tether’s blog post about the Celsius bitcoin loan highlights how the company has been vilified by critics over rumors and speculation.
“Critics who make claims of Tether’s inconsistencies clearly have no understanding of how lending, borrowing, and risk management work,” Tether’s blog post on Friday concludes.Tags in this story What do you think about Tether liquidating the bitcoin loan taken out by Celsius? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.
Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.According to a report published on July 8, the cryptocurrency firm Blockchain.com lost $270 million from exposure to the crypto hedge fund Three Arrows Capital (3AC).The news was shared in a recent letter to shareholders written by the company’s CEO Peter Smith.
The Blockchain.com executive stressed that the firm “remains liquid, solvent and our customers will not be impacted.” Blockchain.com Lost $270 Million From 3AC Exposure — CEO Says Company ‘Remains Liquid and Solvent’ Another crypto company has revealed losses stemming from being exposed to Three Arrows Capital Ltd.(3AC), the embattled crypto hedge fund that just recently filed Chapter 15 bankruptcy.
The latest firm to feel the brunt of 3AC’s fallout is Blockchain.com , according to a report published by Coindesk, after the newsdesk reviewed a letter to shareholders written by the CEO Peter Smith.Smith said the firm lost $270 million over the 3AC incident but stressed that Blockchain.com is financially sound.“Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S.
dollar loans from Blockchain.com,” Smith detailed in the letter to shareholders.Coindesk’s Ian Allison explained that the letter notes that over the course of four years, 3AC borrowed and returned $700 million from Blockchain.com.Furthermore, Allison spoke with a person familiar with the company’s financials and the source also confirmed that Blockchain.com’s finances were sound.“We are not getting the sense there is any kind of stress on the organization,” the individual is quoted as saying.
The news follows Blockchain.com securing up to $100 million in liquidity from Truefi’s single-borrower pool, and the company’s sponsorship deal with the Dallas Cowboys.Blockchain.com also acquired the Latin American crypto investment platform Sesocio in December 2021.Blockchain.com CEO Peter Smith Says 3AC ‘Defrauded the Crypto Industry’ 3AC was founded by Su Zhu and Kyle Davies in 2012 and on June 17, 2022, Davies was interviewed by the Wall Street Journal.Davies noted at the time that 3AC purchased $200 million in luna classic (LUNC) before the crypto asset’s value collapsed.
The LUNC purchase is now worth less than $1K, and some reports say that 3AC tried to get the loss back by using excess leverage or ‘revenge trading’ to recoup the LUNC losses.According to a report published by Bloomberg, Blockchain.com’s Peter Smith said his company was working with investigators in regard to 3AC’s issues.
Smith stressed that Blockchain.com plans to “to hold accountable to the fullest extent of the law” and added that the crypto hedge fund “defrauded the crypto industry.” The report further notes that both Deribit and Blockchain.com pushed for 3AC’s liquidation.Blockchain.com joins a slew of companies that saw losses due to 3AC exposure including firms like Voyager Digital, Blockfi, Babel Finance, and Vauld.Blockfi secured a credit line from FTX while Babel, Vauld , and Voyager all paused withdrawals and Voyager ended up filing for bankruptcy .Tags in this story 3AC , 3AC Bankruptcy , https://news.bitcoin.com/tag/babel-finance/, https://news.bitcoin.com/tag/blockchain-com/, Blockchain.com CEO , Blockchain.com Exec , https://news.bitcoin.com/tag/blockfi/, Counterparty Exposure , Crypto Winter , Exposure , FTX loan , Ian Allison , investigators , https://news.bitcoin.com/tag/kyle-davies/, Liquidations , Peter Smith , https://news.bitcoin.com/tag/su-zhu/, Three Arrows Capital , https://news.bitcoin.com/tag/vauld/, Voyager bankruptcy , https://news.bitcoin.com/tag/voyager-digital/ What do you think about Blockchain.com losing $270 million from 3AC exposure? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts Cryptocurrency3 hours ago Meme Coin PEPE Surges By 152% This Week, Now The Fifth-Largest Meme Token By Market Cap Pepe (PEPE), the meme coin featuring the popular character Pepe the Frog, has experienced a significant surge in value in…altcoin3 hours ago Avalanche [AVAX] may gain investor confidence, thanks to the positive growth in these areas Avalanche network witnessed organic growth in user base and revenue.However, AVAX failed to secure enough momentum to warrant a…
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