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By May 13, 2022DeFi
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Terraform Labs announced that it has halted the Terra blockchain for the second time in 24 hours as its native token LUNA and stablecoin UST continue to decline. At the time of writing, LUNA is trading at $0.00003449, a fall of nearly 100% from its all-time high of $119.18 (set on April 5). UST has also continued to lose its peg, currently trading at $0.1046.

XP, the largest Brazillian brokerage by market value is reportedly planning to launch a crypto trading platform by the end of June, according to a company announcement on Thursday. In a statement, the company announced that the product, named XTAGE, would be built on Nasdaq’s trading technology.

New York-based crypto risk monitoring firm, Solidus Labs, has announced that they have raised $45m in funding, adding to their previous Series A of $20 million. The funds will be used to grow its network of financial partners and for investments in research and development.

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Top stories in the Crypto Roundup today:

  • Terra Halts Blockchain Twice in 24 hours
  • Brazil’s Largest Broker Set To Launch Crypto Trading Feature
  • Risk Monitoring Firm Solidus Labs Raises $45m
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24 hours chart of the price of BTC
Terra Halts Blockchain Twice in 24 hours

Terra announced that it has halted its blockchain for the second time in 24 hours as its native token LUNA and stablecoin UST continue to decline. At the time of writing, Luna is trading at $0.006, a 99% fall from its high of XXX. UST has also continued to lose its peg, trading at $0.08557.

The price of Luna crashed in line with a drastic surge in its circulating supply. Billions of LUNA tokens were minted yesterday in an attempt to restore the peg. The current circulating supply is roughly ~6.5 trillion. According to CryptoCompare data, Luna has had nearly $70bn volume in the last 24 hours.

In a tweet posted at 10:13 pm Eastern Time, Terra announced that its blockchain “has officially halted at block 7607789.” They continued that “Terra Validators have halted the network to come up with a plan to reconstitute it”.

The Terra blockchain first paused on May 12th following concerns that the chain was vulnerable to attack. At 2:05 PM ET, block production resumed, however, staking was disabled.

XP, the largest Brazillian brokerage by market cap, is reportedly planning to launch a crypto trading platform by the end of June, according to a company announcement on Thursday. The new product, which is named XTAGE, will be built on Nasdaq’s trading technology.

The new product will allow 3.5 million users to buy and sell bitcoin (BTC) and ether (ETH). The company noted that crypto deposits and withdrawals would not be available at an early stage. XP says it plans to “expand its offer to include several types of digital assets, as market trends and investor appetite evolve”.

Lucas Rabechini, financial products director at XP, stated that custodian BitGo will store XTAGE’s assets, most of which will be held in “cold wallets”.

On Wednesday, Brazilian digital bank, Nubank, also announced that customers would be able to buy and sell bitcoin and ether on its platform.

New York-based crypto risk monitoring firm, Solidus Labs, has announced that it has raised $45 million in funding, adding to their previous Series A of $20 million. The funds will be used to grow its network of financial partners and for investments in research and development.

“The additional funds will allow us to support the growing cohort of financial institutions looking to expand into the DeFi space, accelerate the deployment of our threat intelligence capabilities, and expand our R&D to solve a fast-growing array of DeFi specific use-cases and needs," said Asaf Meir, Solidus Labs founder and CEO, in a statement.

The Series B round was led by Liberty City Ventures, with Evolution Equity Partners and Declaration Partners. Angel investors include Brian Brooks, former U.S. Acting Comptroller of the Currency, and Christopher Giancarlo, former chairman of the Commodities Futures Trading Commission.

Earlier this year, Solidus Labs launched the Crypto Market Integrity Coalition -- CMIC -- which includes the likes of Coinbase, CryptoCompare, and Circle, all of which have pledged to work toward preventing market manipulation.

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