El Salvador lost $60 million in the Bitcoin journey, France’s third-largest bank will offer digital assets services, and Wintermute pays back a $92 million TrueFi loans on time.
El Salvador lost $60 million in the Bitcoin journey
Back in September 2021, El Salvador made Bitcoin legal tender. So far, the country has lost $60 million in its 1-year crypto journey.
In particular, Bitcoin lost 60% of its value, directly affecting El Salvador. Data suggest that BTC usage rates remained relatively low, even though over 70% of locals have little to no access to traditional financial services.
Making BTC legal tender encouraged financial inclusion and made sending, receiving, and spending money more affordable and accessible. To that end, the government launched its own wallet Chivo that allows cross-border remittances and charges no transaction fees.
Data suggests that 60% of the country’s population currently has Chivo, which corresponds to 4 million people, but the usage rates are noticeably low.
France’s third-largest bank will offer digital asset services
Société Générale, France’s largest bank by market capitalization, has received regulatory approval to operate as a digital asset service provider in the country.
The bank is the sixth largest in Europe, with total assets exceeding 2.2 billion euros in 2020. The bank will now provide storage and trading services for digital assets.
Wintermute pays back a $92 million TrueFi loan on time
Wintermute repaid the $92 million Tether loan granted by TrueFi on October 15.
Even after repaying TrueFi’s $92 million loan, Wintermute still owes $75 million in USD Coin (USDC) to Maple Finance and $22.4 million to Clearpool for a total of $97.4 million.
On the other hand, Mango Markets, trying to close a gap of $117 million, offered the hacker to keep $47 million as a reward and demanded the return of $67 million.
Ninety-eight percent of the Mango Markets community endorsed the decision, supporting that no legal action will be taken against the hacker after $67 million has been returned.
Previously TrueFi issued its first-ever notice of default to Blockwater for non-payment on $3.4 million restructured loan:
More tweets of TrueFi could be found by the link:
https://twitter.com/TrueFiDAO
