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Crypto Flipsider News – Tether to Reduce Commercial Debt Holding, USDT Launched on Kusama; Binance Opens Web 3.0 Space in France; Ava Labs Raises $350 Million at $5.25 Billion Valuation; Luna Buys Additional $100M of BTC

Read in the Digest:

  • Tether plans to reduce commercial debt holdings, and launches USDT on the Kusama Network.
  • CEO praises pro-crypto France as Binance opens its Web 3.0 space.
  • Ava Labs raises $350 million at $5.25 billion valuation, AVAX rallies 7%.
  • Luna Foundation Guard buys additional $100M in BTC, closing in on Tesla’s stash.

Tether Plans to Reduce Commercial Debt Holdings, and Launches USDT on the Kusama Network

Tether Operations Limited has announced that Tether (USDT), the largest of the dollar-pegged stablecoins, is now available on the Polkadot network after launching on Kusama, Polkadot’s canary network.

The launch makes Kusama the tenth blockchain to support USDT, and Tether has promised a “smooth, interoperable experience” as it integrates with Kusama. The launch will also pave the way for the release of USDT on the more conservative Polkadot chain.

Paolo Ardoino, Tether’s chief technology officer, also revealed that the company will continue to reduce its commercial debt holdings. The issuers of the USDT stablecoin, capped at $82.6 billion, held commercial paper holdings of 30% in Q4 2021.

Despite cutting its commercial paper holdings by 21% in Q4 of 2021, Ardoino claimed that the company wasn’t done yet, and would continue to reduce its commercial paper over time. He made Tether’s stance known at the Paris Blockchain Week Summit

Flipsider:

  • Despite regulators making it difficult for crypto firms to gain banking licenses, Circle CEO Jeremy Allaire has reaffirmed that the company will apply for a U.S. Crypto Bank Charter in the ‘near future.’

Why You Should Care

The move represents part of Tether’s promise to offer multi-chain accessibility. Tether executives believe that the motion will assist the development of decentralized applications.

CEO Praises Pro-Crypto France as Binance Opens Its Web 3.0 Space

The founder and CEO of Binance, Changpeng Zhao, has lavished praise onto France for its “pro-crypto” regulations, as the world’s biggest cryptocurrency exchange looks to make Paris its European base.

On April 13th, at the Paris Blockchain Week Summit, Zhao, popularly known as CZ, said: “France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.” 

Binance also announced a 100 million euro ($108 million) investment in France’s STATION F, the largest startup campus in the world. The investment is part of Binance’s increasing push for Web 3 development.

Binance will provide support via the BNB Chain, NFT Labs, and Binance Labs teams in order to help startups to develop their ideas and potential collaborations with Binance partners.

Flipsider:

  • Binance has made similar Web 3.0 moves in India, with CZ calling the Asian country “a natural frontrunner in Web 3.0 startups.”

Why You Should Care

As Binance looks to increase the adoption of Web 3.0, France could serve as a hub from which the exchange can operate. At the Summit, CZ opined that the Stock exchange in Paris is “progressive enough to let a crypto exchange hang a banner.”

Ava Labs Raises $350 Million at $5.25 Billion Valuation — AVAX Rallies 7%

Ava Labs, the main developer of the Avalanche blockchain, is set to take its place among the most valuable crypto startups in an upcoming funding round that is expected to take the firm to a $5.25 billion valuation.

According to reports, Ava Labs, which is headquartered in New York, is holding a funding round for $350 million that will take the startup’s valuation to $5.25 billion. 

The news around the potential funding has caused AVAX, the native token of the Avalanche blockchain, to jump by more than 7%, setting a new 4-day high of $81.74. AVAX is now trading at $79.732, ranking as the 10th largest crypto with a $21.4 billion market cap as of this writing.

The 24 hour price chart for Avalanche (AVAX). Source: Tradingview

With over $11.5 billion in total value locked (TVL), Avalanche is ranked as the fourth-largest DeFi chain behind Ethereum, Terra, and BNB Chain. 

Flipsider:

Why You Should Care

Avalanche is looking to use the fund to increase its appeal and compete with other smart contract chains such as Ethereum and Solana.

Luna Foundation Guard Buys Additional $100M in BTC, Closing in On Tesla’s Stash

Within weeks of announcing its plan to back the UST stablecoin with Bitcoin worth $10 billion, the Luna Foundation Guard (LFG) has vigorously set out to acquire BTC.

On Wednesday, April 11th, the LFG announced the addition of a further $100 million worth of bitcoin (BTC) to its wallet reserves. The LFG had previously added a whooping 4,130 BTCs to its reserves three days before its 2,508.94 BTC purchase.

The LFG Bitcoin Balance as of April 14th.

The LFG’s reserves now consist of 42,407 BTC, worth approximately $1.74 billion, making it the eighteenth largest BTC wallet. The LFG’s Bitcoin reserve is now only 495 BTC shy of Tesla’s Bitcoin treasury, which reportedly holds 42,902 BTC.

Top 100 Richest Bitcoin Addresses. Source: Bitinfocharts

Flipsider:

Why You Should Care

Luna is backing its UST stablecoin with Bitcoin and other assets as a means to defend the Terra ecosystem against intense volatility and contractions in UST demand.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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