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Coinbase Faces Transaction Outage in U.S.

Daily Market Wrap

  • Crypto market cap: 925.95 Billion, down 0.90%

  • BTC price stands at USD 19,179, down 0.57%

  • ETH price stands at USD 1,289, down 1.46%

  • Top gainer: Maker (MKR), up 4.38%

  • Top loser: Chiliz (CHZ), down 8.59%

News of the Day

Why it matters:

  • Coinbase faced an issue with ACH withdrawals, deposits and buys, which refers to a system that allows for the electronic transfer of funds between U.S. bank accounts

  • Funds on Coinbase were safe, and the support team mentioned that the outage was merely a technical issue

  • Users were still able to make direct purchases with a debit card or PayPal account

Crypto Daily Spotlight

Brief introduction: Maple Finance aggregates under-collateralised loans on behalf of large borrowers, allowing for just one entity to assess the risk level of borrowers and manage a collateralised asset pool. On the platform, customers can either lend, stake, borrow and/or become a pool delegate. Lenders can deposit capital into liquidity pools and earn yield via interest and lending rewards of Maple’s native governance token, MPL. Staked MPL tokens additionally act as insurance by providing loss capital. MPL has a maximum supply of 10 million tokens.

Why it matters:

  • Last week, Maple Finance announced that it had launched a $300 million lending facility for troubled Bitcoin miners; the lending pool for miners was funded by Icebreaker Finance

  • Icebreaker is referred to as a pool delegate, and they are responsible for funding the pool with capital and vetting potential borrowers

  • The service will cost miners up to 20% to borrow funds; Sam Bankman-Fried’s Alameda Research also uses Maple Finance to borrow cheap capital for their operations

Daily Sector Tracker

Daily News Roundup

  1. Ex-Celsius CEO Withdrew $10 Million Before Celsius Bankruptcy

  2. Transit Swap Hacker Returns 70% of Stolen $23 Million

  3. WazirX Crypto Exchange Cuts 40% of Workforce

  4. Crypto Banking Platform Juno Raises $18 Million Series A Round

  5. Web 3 Security Companies in China Emerge

About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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