• DZ Bank gets into cryptocurrencies

Germany's second largest bank by funds under management, is opening up to cryptocurrencies through a partnership with Metaco. The bank will offer a cryptocurrency custody service to its institutional clients, joining other major banks like Société Générale, Citibank and DekaBank that have also adopted Metaco's Harmonize platform.

  • Does the IMF want a ban on cryptocurrencies?

The International Monetary Fund (IMF) is considering a ban on certain cryptocurrencies or a tightening of the rules that apply to them. Kristalina Georgieva, the head of the IMF, wants stronger regulation of the cryptocurrency world and believes it is a priority for the institution. At a meeting with G20 finance ministers, however, she made it clear that she differentiates between stablecoins and other crypto assets and that the former can be "a relatively positive space for the economy." The IMF considers that the benefits of crypto-currencies "had not yet materialized."

  • Another blow for Binance

Coinbase will suspend trading in Binance's BUSD stablecoin as of March 13 due to its failure to meet listing standards. Paxos, which issues the BUSD, has agreed to stop creating new tokens due to pressure from regulators. However, this is not a delisting, as Coinbase users will still be able to withdraw their tokens. As a reminder, the SEC has notified Paxos of a possible legal proceeding, blaming the BUSD for not being a registered security. As a result, the capitalization of the BUSD has fallen and Binance is preparing for a transition to other stablecoins, such as TrueUSD (TUSD).

  • Binance explores artificial intelligence

Binance has introduced its latest development: Bicasso, an artificial intelligence capable of generating customizable NFT illustrations. It allows to create illustrations from existing images or from a "prompt", providing instructions for the AI to execute. The final rendering can be adjusted according to the user's preferences, including the style, time period and colors of the image. Bicasso launched on March 1 on Binance NFT, with limited testing first. Binance warns that the AI is still in the development phase and some of the results can be fun.

Block 2 : Crypto Analysis of the week

Earlier this year, shocking news rocked the crypto industry: that Silvergate and Signature, two major banks friendly to the crypto scene, had taken out loans under a federal program originally intended to support troubled mortgages. For some, it was a slap in the face - after all, when Satoshi Nakamoto released the code base for bitcoin in 2008, it was as much a political statement as a technological revolution. Cryptocurrencies were supposed to play by different rules than the traditional financial system, where bailouts and government intervention were the norm.
 
Of course, the entire cryptosphere wasn't shaken by this news. Some shrugged and said, "Well, what did you expect? Banks are banks, they will always do whatever they can to stay afloat." But even the most apathetic crypto enthusiasts couldn't help but feel a little schadenfreude when Silvergate announced that it was struggling to make ends meet. 
 
The company lost $1 billion in the last quarter of 2022, most notably because of its FTX connections, and now it has delayed its filing with the Securities and Exchange Commission for the first time. In particular, it said it was unable to file its annual report (10-K) on time due to an influx of information requests from its independent auditors and regulators. To top it all off, Silvergate still had other loans to repay, which means it could soon be in serious financial trouble.
 
Of course, predicting a company's failure is always a risky business, even for seasoned investors. But the situation doesn't look good for Silvergate. Cryptocurrency platform Coinbase has terminated its business with the bank in favor of its main competitor, Signature, due to Silvergate's shaky finances. And even influential investors like Cathie Wood of Ark Invest have sold their Silvergate shares. It's not a good sign when the majority of your shares are sold short, or when billionaire trader George Soros' hedge fund is betting against you. Silvergate's stock has fallen 97% since November 2021.
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his is all happening in the context of a regulatory crackdown on digital assets. The U.S. government is concerned about the potential for crypto contagion to the traditional economy and is taking steps to minimize those risks. 
 
I continue to believe that the crypto ecosystem will survive this regulatory onslaught, and perhaps even come out stronger on the other side. But it's hard to know what Silvergate's ultimate fate will be.
 
On the one hand, the bank was one of the first to embrace the crypto world, back when no one else would touch it even with a stick. It hosted companies like Barry Silbert's SecondMarket (which became Digital Currency Group) and paved the way for other banks. 
 
But on the other hand, if Silvergate goes under, maybe it will be a wake-up call for the rest of the industry. Maybe it will force everyone who wants to dabble in the cryptosphere to re-evaluate their priorities and make sure that they are truly living up to Bitcoin's original vision: a decentralized, self-regulating financial system where everyone plays by the same rules.

Block 3 : Gainers & Losers

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Block 4 : Things to read

Nous avons essayé le téléphone “Web3” de Vertu. Ça nous a fait peur (Wired)

Les ordinaux sont-ils vraiment bons pour le Bitcoin ? (Bitcoin Magazine)