The World Bank, an international financial institution offering grants and loans to low-income countries, has rejected El Salvador’s request for assistance in implementing bitcoin as legal tender in its national economy over “environmental and transparency” drawbacks.

The U.S. Securities and Exchange Commission (SEC) has once again delayed passing judgement on a bitcoin exchange-traded fund (ETF), extending its review period on the VanEck Bitcoin Trust.

Federal Reserve officials signalled they expect to raise interest rates sooner than they had previously forecast and that they are taking small steps toward reducing their bond purchases.

Sponsored: Tranche Finance is pleased to announce that it has launched its Mainnet. The Tranche platform is developed by Jibrel, a Swiss-based blockchain development company, aiming to introduce risk management capabilities to DeFi. The Tranche protocol integrates with any accrual token, such as AAVE's aTokens or Compound's cTokens, in order to generate two new interest-bearing instruments.

Top stories in the Crypto Roundup today:

• World Bank Rejects El Salvador’s Request for Technical Assistance with Bitcoin
• SEC Delays VanEck Bitcoin ETF Decision
• Federal Reserve Expects to Raise Inflation Rate in 2023
• Sponsored: Tranche Finance Launches As CDOs Spearhead DeFi Growth

World Bank Rejects El Salvador’s Request for Technical Assistance with Bitcoin

The World Bank, an international financial institution offering grants and loans to low-income countries, has rejected El Salvador’s request for assistance in implementing bitcoin as legal tender in its national economy over “environmental and transparency” drawbacks.

A World Bank spokesperson said the organization is “committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” but the bank won’t help when it comes to bitcoin.

"While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings."

This week,  Salvadoran Finance Minister Alejandro Zelaya said his country approached the bank for technical assistance to implement bitcoin alongside the USD in the country, after El Salvador officially recognized the cryptocurrency as legal tender earlier this month.

SEC Delays VanEck Bitcoin ETF Decision

The U.S. Securities and Exchange Commission (SEC) has once again delayed passing judgement on a bitcoin exchange-traded fund (ETF), extending its review period on the VanEck Bitcoin Trust.

The SEC renders its decisions on prospective applications within 45-day windows, but can take up to 240 days to make a decision. In its filing, it asked for public comment on VanEck’s application and asked interest parties to answer questions on how susceptible the ETF would be to market manipulation.

In its filing, the regulator also asked interest parties whether the regulatory landscape has changed significantly since the first time bitcoin ETF application became popular back in 2016.

Federal Reserve Expects to Raise Inflation Rate by 2023

Federal Reserve officials signalled they expect to raise interest rates sooner than they had previously forecast and that they are taking small steps toward reducing their bond purchases.

On Wednesday, Federal Reserve policymakers revealed they expect to make two interest rate increases by the end of 2023, while previous forecasts aimed to keep interest rates near zero until at least 2024. Officials now see rates rise to 0.6% to 2023, up from 0.1%.

For now, the central bank will keep buying about $120 billion worth of Treasury securities and other government-backed bonds per month, but a shift in tone captured investors’ attention. Inflation data has been coming in faster than officials had expected, but the Fed calls these increases “transitory” as it believes they are associated with the economy reopening.

Federal Reserve Chairman Jerome Powell revealed that the central bank will be ready to act in case inflation spikes become inconsistent with the Fed’s goal. Some economists have speculated that rising inflation will force the Fed to taper its bond purchases, which have swollen the central bank’s balance sheet to over $8 trillion.

Daily Movers – WAVES, AVA, XVS

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Waves (WAVES) – Waves is an open blockchain protocol and development toolset for Web 3.0 applications and decentralized solutions, aiming to raise the security, reliability and speed of IT systems. It enables anyone to build their apps, fostering mass adoption of blockchain, with a wide range of purpose-designed tools for making the process of developing and running dApps easy and accessible.

Travala (AVA) - Travala.com (AVA) is a travel booking platform based on the NEO blockchain. The platform itself operates both a centralized front-end allowing suppliers to edit their listings.

Venus (XVS) - Venus Protocol is an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto Binance Smart Chain.

Tranche Finance Launches As CDOs Spearhead DeFi Growth

Tranche Finance is pleased to announce that it has launched its Mainnet. The Tranche platform is developed by Jibrel, a Swiss-based blockchain development company, aiming to introduce risk management capabilities to DeFi. 

The Tranche protocol integrates with any accrual token, such as AAVE's aTokens or Compound's cTokens, in order to generate two new interest-bearing instruments - a low-risk senior tranche with a fixed rate (Tranche A) and a high-risk junior tranche with a variable rate (Tranche B).

Yazan Barghuthi, CEO and Co-Founder at Jibrel, said:

“While DeFi adoption has grown rapidly over the last few years, a high degree of uncertainty around the validity and security of these protocols still exists. With Tranche, low risk users can opt for senior tranches, and be confident that their funds are safe in the event of a change in market dynamics. Those with a higher risk appetite can deposit into junior tranches and maximize their returns.”

Tranche is more than just another DeFi platform, the team believes that part of DeFi’s success is how users will be able to manage their crypto portfolio effectively. It all starts with applying the best practices for risk management while earning profits as well. This is what the essence of Tranche is all about: Serving a slice of DeFi for everyone.

About Tranche Finance

Tranche Finance aims to offer risk management for DeFi users to manage their assets while earning interest and rewards through staking SLICE tokens. SLICE is listed on Uniswap, Bittrex, and Gate.io.

Learn more about Tranche at the official website, Twitter, Discord, and Medium.

For business development and marketing partnership inquiries, please contact Mac Ocampo at mo@tranche.finance

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