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The University of Toronto Starts an XRP Validator

The University of Toronto Starts an XRP Validator

Jun 13, 2023
| Issue

Happy Monday, crypto enthusiasts! Welcome to another edition of the Datawallet newsletter, a place where we cover all things crypto. Regardless of your level of knowledge, we’re sure you will find interesting news here, so read on and enjoy!

Today’s drop will cover these key daily news items:

  • Canada's largest University starts XRP validator
  • Coinbase invited to set up shop in Hong Kong
  • Sturdy Finance hit by exploit, over $750,000 drained
  • Crypto global Bid and Ask metric plunged 20% over weekend
  • TrueUSD loses dollar peg

The University of Toronto starts XRP validator

The University of Toronto, known as Canada's largest academic institution in terms of student registration, is taking a pioneering step into the digital realm. The university is joining hands with Ripple, bringing an independent XRP ledger validator under its wing. This new venture will be committed to executing transactions, acting as a cornerstone of the University Blockchain Research Initiative (UBRI) - an unprecedented move within Canadian academia. With Ripple investing over $2 million in the country's top universities and colleges over five years, this partnership promises to usher in the next generation of the crypto industry.

Coinbase invited to set up shop in Hong Kong

Johnny Ng, a Hong Kong lawmaker, has extended an invitation to Coinbase and other digital currency exchanges to set up official business in the city-state, in the face of opposition from US regulators.

Ng took to Twitter to invite all worldwide virtual asset trading operators, including Coinbase, to apply for official trading platforms and explore further development opportunities in Hong Kong. He added that he would be happy to help and encouraged them to reach out to him.

Sturdy Finance hit by exploit with over $750,000 drained

The DeFi lending platform Sturdy Finance has experienced an attack that resulted in the loss of 442 ETH (valued at approximately $768,800) from the system.

Blockchain security companies such as PeckShield and BlockSec brought attention to the exploit; in response, the Sturdy Finance team confirmed the breach and temporarily halted operations on the DeFi platform while looking into the matter.

Crypto global Bid and Ask metric plunged 20% over weekend

Over the weekend, a crucial indicator monitoring the cryptocurrency market's liquidity experienced a significant drop, resulting in extremely thin order books that may intensify price fluctuations. The global bid and ask metric from Hyblock Capital, a leading crypto research company, which compiles the dollar value of standing bid and ask orders for over 1,100 coins globally, saw a 20% decline in spot markets on Saturday.

TrueUSD loses dollar peg

TrueUSD, a significant fiat-backed stablecoin, has deviated from its peg after revealing that minting operations have been halted via its tech partner, Prime Trust. During the early hours of Saturday, TUSD began to drift from its target $1 peg, declining to a low of $0.993090 before reducing the losses, as indicated by CoinGecko data.

The stablecoin is currently being traded at $0.997351, experiencing a decrease of 0.2% over the last day. Moreover, it has dropped 0.4% throughout the previous week.

Other breaking news

  • A16z opens first overseas office in London
  • Latin American crypto holders shift to Bitget exchange
  • BNB token Futures jumps to 5-month high
  • Nigeria regulator halts Binance operations
  • Polygon responds to SEC’s litigations

Wrapping up

There it is, folks! Another Datawallet newsletter on a busy crypto day. TrueUSD loses its peg, while another exploit hits DeFi space. The Bid and Ask metrics plunged 20% while Coinbase receives an invitation to move to Hong Kong, following the allegations by SEC. Stay informed and ahead of the game with our daily crypto scoop. See you next week!