Bank Deposits Backstopped, OverMint NFT Marketplace, USDC 1:1 again

Daily Crypto, Blockchain & Web3 Update 2023-03-13

Cryptocurrency

Stablecoin Issuer Circle Reveals $3.3 Billion SVB Exposure (4 minute read)

USDC, the second-largest stablecoin in crypto, fell well below its intended $1 peg to as low as $0.815 early Saturday following the rapid collapse and seizure of Silicon Valley Bank and Circle’s disclosure that they had $3.3 billion of the stablecoin's $40 billion reserves deposited there. Smaller stablecoins such as DAI and Pax Dollar also fell from their pegs, but Tether held at $1. Reacting to the selloff, Coinbase temporarily paused the conversion of USDC into US dollars during the weekend. Circle’s management team announced late Sunday evening that 100% of the Company’s deposits from SVB are secure and will be available today.

HSBC U.K. Bank is acquiring Silicon Valley Bank U.K. for 1 British pound (1 minute read)

As of Friday, SVB U.K. had loans of around $6.6 billion and deposits of around $8.1 billion, the filing read. "This acquisition makes excellent strategic sense for our business in the U.K.," HSBC Group CEO Noel Quinn said. "It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the U.K. and internationally."

Binance Will Convert $1B Worth of BUSD to Bitcoin, Ether, BNB, and Other Tokens

The transaction from Binance’s industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday.

The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, as per CoinGecko data.

Web3 & NFT

South Korea launches ‘Metaverse Fund’ to Expedite Domestic Initiatives (2 minute read)

The South Korean government has invested $18.1 million to create a Metaverse Fund of $30.2 million to support the M&A of metaverse-related companies. They will also help local players compete with global players. While many countries and companies have been taking a step back from crypto, South Korea has been digging in deeper. In February, the country even announced its first independent sanctions against North Korean groups and individuals related to cryptocurrency thefts and cyberattacks.

Starbucks Sold 2,000 NFTs in 20 Minutes — Coffee Not Included (2 minute read)

Starbucks has launched its first set of paid NFTs called "Journey Stamps" which sold out in under 20 minutes. The virtual tokens are a part of their new membership program offering exclusive experiences and rewards - with free coffee notably not listed as a reward.

OverMint, the zero gas fee gaming NFT marketplace will launch on March 17, 2023 (2 minutes read)

The first NFT Marketplace on DOS Chain which was well known as Heroes & Empires Market, has always been one of the most active NFT Marketplaces in Web3 games. After 15 months operating, its players have traded with the total volume over $20M.

OverMint will supported multiple chains, starting with BNB and DOS Chain and multiple games, starting with Heroes & Empires and MetaDOS.