Summary
- Bitget launched a crypto loans product allowing users to stake one coin from their holdings as collateral in exchange for borrowing another.
- A group of Ethereum community members proposed a new standard to strengthen DeFi protocols’ security.
- China is tightening exports of two key materials used in computer chips, and US-based law firm McDermott Will & Emery filed for $5.1 million from the creditors of a bankrupt crypto brokerage firm.
Bitget Launches Crypto Loans Product
Bitget announced the launch of its native Crypto Loans product, based on a dual-coin approach, allowing users to stake one coin from their holdings as collateral in exchange for the ability to borrow a corresponding amount in another coin. Each loan is issued at a specific interest rate to pay, with the borrowed amount determined by the market value of the staked collateral. The loans are issued within a predetermined period, and users can choose to repay before or at the predetermined deadline.
Ethereum Community Proposes New Standard
A group of Ethereum community members proposed a new standard to improve the security of decentralized finance (DeFi) protocols. Per the proposal, this standard outlines a smart contract interface for a Circuit Breaker that triggers a temporary halt on protocol-wide token outflows when a threshold is exceeded for a predefined metric. This circuit breaker does not assume the structure of the underlying protocol, and mainly serves as a pass-through vehicle for token outflows.
China Tightens Exports Of Key Materials Used In Computer Chips
The Chinese government is tightening controls over exports of two key materials used to make computer chips. From next month, special licenses will be needed to export gallium and germanium from China, which is currently the world’s biggest producer of these metals. The Ministry of Commerce said that these restrictions are necessary “to safeguard national security and interests.”
US Law Firm Files For Compensation Of $5.1 Million
US-based law firm McDermott Will & Emery filed for compensation of $5.1 million from creditors of bankrupt crypto brokerage firm Voyager Digital for legal services offered between March 1 and May 13th 2023 . The firm billed legal fees to “Official Committee Of Unsecured Creditors,” stating that it charged an hourly rate of $1,026.76 during this period .< h2 >Credit Suisse Teams Up With Swiss Football Association To Release NFT Collection Swiss investment bank Credit Suisse is joining forces with Swiss Football Association (SFA) to release Non Fungible Token (NFT) collection . 756 NFTs minted on Ethereum featuring portraits of members from Swiss Women’s National Team will be available via OpenSea marketplace .