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Blockfi’s bankruptcy plan confirmed, paving the way for distributions to customers

Cryptocurrency lender Blockfi is moving closer to returning funds to customers after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute remaining assets to clients and attempt to recover additional funds.

Blockfi advances payment of customer assets following approval of Chapter 11 plan

With more than 90% of voting creditors approving the plan, Blockfi expressed optimism in achieving customer recoveries relatively quickly compared to similar crypto bankruptcies. Confirmation of the plan comes after Blockfi originally filed for bankruptcy in November 2022 amid the broader crypto market crash.

Under the approved plan, Blockfi will first distribute the remaining digital assets to customers funded in Blockfi Wallet accounts. The company will then make an initial distribution to customers with funds in Blockfi Interest Accounts (BIA) and cryptocurrency-backed retail loans.

“In the coming months, you will receive an email asking you to withdraw your funds based on the recovery amounts approved by the plan,” Blockfi told BIA and loan customers in a blog post. The company expects portfolio withdrawals to be completed before distributions to other clients begin.

Additional distributions to customers will depend on Blockfi’s success in recovering funds from the FTX bankruptcy case. Blockfi claims that FTX owes it money and intends to litigate to obtain these assets. Any funds recovered from FTX could increase customer payments.

Before distributions can formally begin, a Bermuda court that oversees Blockfis’ international clients must recognize the U.S. bankruptcy court’s approval of the plan. Once completed, Blockfi can emerge from bankruptcy and implement the liquidation process outlined in the plan.

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Second Largest USDC Stablecoin Launches on Competitor Ethereum’s NEAR (NEAR) Protocol

The second-largest stablecoin by market capitalization, USD Coin (USDC), is now available natively on Ethereum (ETH) competitor NEAR Protocol (NEAR).

In addition to NEAR, USDC is also available natively on Algorand (ALGO), Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum, Flow, Hedera (HBAR), Noble, Optimism (OP), Solana (SOL), Stellar . (XLM) and Tron (TRX).

Explains the USDC issuing circle:

“Developers can now leverage the speed and scalability of the NEAR blockchain to create fast, easy-to-use applications using USDC and coded in popular programming languages such as JavaScript and Rust.”

Coinbase and Circle, the leading U.S. cryptocurrency exchange, jointly created USDC in 2018 and co-managed the asset, which aims to maintain peg to the U.S. dollar, through the Center Consortium until last month.

In August, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all USDC governance and operations responsibilities in-house. The CEOs also noted that Coinbase planned to buy an equity stake in Circle.

NEAR is trading at $1.10 at the time of writing. The cryptoactive ranked 42nd in market capitalization rose more than 1.6% in the last 24 hours.

The NEAR protocol claims that it focuses on scalability and stability. The project aims to allow developers to create decentralized applications at low cost.

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Institutions Are Moving Into Cryptocurrencies: Retail Investors Beware

As the queue for a bitcoin spot ETF grows longer, institutions are acutely aware that the time to finally get into bitcoin is drawing near. Are retail investors equally aware?

Will cryptocurrencies fall sharply?

A casual glance at cryptocurrency on Twitter or any other social media channel is enough to “confirm” that bitcoin and the cryptocurrency market are going to drop sharply and hit lows again or even go beyond them.

Rottweiler Gensler and his Securities and Exchange Commission (SEC) may have had some disappointments in their attacks on some of the biggest players in the crypto space, but the regulatory web is catching up and surely crypto can be stifled. enough to stop them in their tracks. …accompany and allow the legacy monetary system to continue its dominance without restriction.

Institutions are not stupid

However, Wall Street may be crooked, but money goes to money and institutions have finally realized that getting into Bitcoin is a no-brainer.

Of course, the likes of Blackrock and its other giants could find some way to try to manipulate bitcoin, just as gold and silver banks have done decade after decade.

Relatively small positions in the futures markets are leveraged to go short and force the price down, allowing banks to buy at lower prices and then rinse and repeat, year after year after year.

However, Bitcoin is a different animal, and manipulators should be careful, as their paper positions, with no ties to the underlying asset and cash-settled, are likely to be wiped out as Bitcoin is steadily bought.

The stars are aligning

Wall Street shenanigans or not, these institutions are still coming, and the SEC being forced to award the cash ETFs could come at the same time the US presidential race gets serious—and just right. when Bitcoin approaches its halving.

A monetary policy easing from the Fed and a bitcoin supply shock are potential factors in a bitcoin price explosion that will take the number one cryptocurrency to the top of its next cycle, perhaps in 2025.

Retail investors may be forced to pull out

No doubt retail is suffering badly as consumer prices remain unbearably high, house prices are falling, mortgages need to be refinanced (in the UK) at what could be 2-3 times current rates and jobs are declining as fast as AI. it is improving.

Bitcoin was created as an alternative asset to fiat currencies, which are controlled by central banks in our indebted monetary system. The mainstream media wants us to believe that all cryptocurrencies will eventually go to zero, and many of them could, but the reality is that “all” fiat currencies will go to zero and there is absolutely no question that this has to happen. mathematically.

On the other hand, Bitcoin is probably totally unstoppable right now. Holding $BTC and averaging is perhaps a good way to go. Time horizons should also be long, as widespread adoption may still take a few years.

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Securitization of companies beyond the US, extends tokenized coins to the UK

Securitize, a US-based blockchain company known for its expertise in tokenizing real-world assets, has expanded its operations to Europe.

The company entered the specialized sandbox of the General Secretariat of the Treasury and International Finance of Spain for digital asset values. Consequently, Securitize began issuing tokens representing shares in Mancipi Partners, a Spanish real estate investment fund.

Tokenization involves converting conventional financial assets, such as stocks and bonds, into digital tokens and issuing them on a blockchain platform.

This marks its first European trial, allowing Securitize to demonstrate its capabilities in the European market. Carlos Domingo, co-founder of Securitize, stated:

   Securitize is now the first company to be able to issue and trade tokenized securities in the US and Europe, and is the first company to do so under the new EU pilot regime for digital assets.

Securitize considers Spain’s sandbox environment key

Under supervised conditions, the Spanish General Secretariat of the Treasury and International Finance has approved the company to implement digital asset securities for a select group of companies and investors. According to the press release, this approval represents a recent achievement for Securitize in the European market.

Securitize views the Spain sandbox as a crucial milestone, allowing the company to conduct real-world testing before acquiring the necessary licenses.

After a period of six months, the company obtains the approval of the European Union Pilot Regime, which allows Securitize to proceed with the issuance, management and trading of tokenized securities in Spain and the EU in general.

The shares have been tokenized on the Avalanche blockchain, and secondary trading of these tokenized shares is expected to begin in September.

In May, the firm partnered with asset management firm Hamilton Lane to increase investor exposure by offering tokenized securities.

Amparo García Flores, CEO of Securitize Europe Brokerage And Markets, mentioned:

   This is not just theoretical work; we are showing that what we have in the US is viable in Europe. This means we can open up our market on both sides of the Atlantic, effectively doubling the size of our business and the opportunities for issuers in Europe that previously did not have the same opportunities as their US peers.

In the US, the company offers a range of services that cover the entire lifecycle of a security token. These services include issuance, capital increase, dividend distribution, shareholder meetings, redemptions and facilitation of securities trading in the secondary market.