Bankrupt cryptocurrency lender Voyager Digital has secured court approval to sell its assets and transfer its users to Binance.US, in a deal valued at $1.3 billion, though the firm still has to clear additional hurdles before the deal is finalized.

Embattled cryptocurrency-focused bank Silvergate Capital (SI) is in talks with officials from the Federal Deposit Insurance Corp (FDIC) to explore how the bank can stay in business, days after several crypto clients, including Coinbase, dropped its services.

The decentralized autonomous organization (DAO) behind the popular cryptocurrency-backed stablecoin DAI, MakerDAO, is reviewing a proposal that would see it allocate an additional $750 million of its reserves to U.S. Treasurys.

 Top stories in the Crypto Roundup today:

• Voyager Bankruptcy Judge Approves Binance.US $1.3 Billion Deal
• Silvergate Bank in Talks With FDIC to Stay Afloat
• MakerDAO Proposes Allocation of $750 Million to US Treasurys
• Stacks’ Open Interest and Price Surge

Voyager Bankruptcy Judge Approves Binance.US $1.3 Billion Deal

Bankrupt cryptocurrency lender Voyager Digital has secured court approval to sell its assets and transfer its users to Binance.US, in a deal valued at $1.3 billion, though the firm still has to clear additional hurdles before the deal is finalized.

US bankruptcy Judge Michael Wiles has approved Voyager’s restructuring plan, centered on the Binance.US acquisition, at a hearing in New York. Binance.US agreed to pay $20 million in cash to the lender, and crypto deposited by its users.

Voyager users’ digital assets were valued at $1.3 billion in February and account for the bulk of the deal’s valuation. The restructuring plan was approved after Wiles overruled a “vague” objection to the acquisition by the U.S. Securities and Exchange Commission (SEC).

SEC attorney William Uptegrove accused Binance.US of operating an unregistered securities exchange. Judge Wiles stated, however, that the SEC had not provided any concrete evidence to support their claim. Wiles also criticized the SEC for waiting until the last minute to raise their concerns.

Voyager’s financial advisors have requested up to four weeks to review several issues related to the acquisition. These issues include Binance.US's regulatory compliance, commitment to the acquisition, and the security of customer deposits.

Silvergate Bank in Talks With FDIC to Stay Afloat

Embattled cryptocurrency-focused bank Silvergate Capital (SI) is in talks with officials from the Federal Deposit Insurance Corp (FDIC) to explore how the bank can stay in business, days after several crypto clients, including Coinbase, dropped its services.

One option on the table involves recruiting cryptocurrency industry investors to boost Silvergate’s liquidity.

The Federal Reserve, which serves as Silvergate's primary federal regulator, granted permission for FDIC examiners to visit the bank's headquarters in La Jolla, California last week.

Earlier this week Silvergate Capital announced it was discontinuing its Silvergate Exchange Network (SEN), a platform used by institutions to move money to and from cryptocurrency exchanges.

MakerDAO Proposes Allocation of $750 Million to US Treasurys

The decentralized autonomous organization (DAO) behind the popular cryptocurrency-backed stablecoin DAI, MakerDAO, is reviewing a proposal that would see it allocate an additional $750 million of its reserves to U.S. Treasurys.

The move would come as the organization is looking to take advantage of the high yields being offered by these assets - which are now at around 5% for short-term Treasurys - and could see Maker’s total investment into Treasury’s reach $1.25 billion.

Under the new proposal, the DAO would invest in six-month U.S. Treasuries using a ladder strategy that involves a biweekly rollover. The approach involves purchasing notes that have maturities equally spread out over the entire six-month period.

The proposed strategy is designed to be flexible, allowing Maker to switch to a different ladder scheme if necessary.

Stacks’ Open Interest and Price Surge

The launch of Ordinals on the Bitcoin network seems to have had a significant impact. These are non-fungible tokens (NFTs) that are generated by embedding unique data onto the Bitcoin blockchain.

Within a month, the collection of NFTs has received more than 200,000 inscriptions, sparking renewed interest in Stacks, another protocol that adds smart contract capabilities to Bitcoin. This renewed attention has resulted in a 222% increase in the value of Stacks' native token, STX, in February, accompanied by a substantial rise in open interest, as shown below.

Learn more about the state of the market via CryptoCompare’s latest Market Spotlight

State of the Crypto by Top Tier Exchange Volume

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