Cryptocurrency lending platforms are starting to raise their rates again after demand slumped during the first half of the year. Following the collapse of Terra and BlockFi, lending companies faced numerous operational challenges, with many slashing their rates to encourage more borrowing. This trend is now beginning to reverse.
On Tuesday, bankrupt crypto lender Celsius Network sued custodian Prime Trust in an attempt to recoup $17m in crypto that Celsius claims its former business partner still holds. Prime Trust reportedly terminated its relationship with Celsius in June 2021 over “red flags”.
Although NFT trading volumes have gone down recently, the hype surrounding NFTs has allowed some of the world’s most recognisable brands to capitalise on the trend and rake in millions of dollars in additional revenue.
Top stories in the Crypto Roundup today:
- Crypto Lenders Increase Rates As Borrowing Demand Rises
- Bankrupt Crypto Lender Celsius Sues Prime Trust Over $17M Worth of Crypto
- Mainstream Brands Record $260m+ In NFT Sales