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
Coinbase account holders in the U.S. were unable to conduct transactions on Sunday.
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
Maple Finance aims to provide lending businesses online tooling that is similar to Shopify.
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
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