CageChain Newsletter #214 | CaaS Afropolitan Secures Funding, Tether vs. USDC, Crypto Bailouts, Celsius Short Squeeze and More

By KHubbard | CageChain | 23 Jun 2022


Looking to right historical wrongs and build a global digital community with real-world impact, Web3 collective Afropolitan announced that it had raised $2.1 million in pre-seed funding to advance its vision of a digital nation for the African Diaspora. During a Crypto Winter, investors tend to stash a portion of their bull market gains in stablecoins to wait out the downturn. But over the past two months-through Terra's UST stablecoin collapse, panic over a potential bank run at crypto lending company Celsius, and insolvency for crypto hedge fund Three Arrows Capital -that bearish behavior has played out very differently for the two largest stablecoins by market capitalization: Tether (USDT) and US Dollar Coin (USDC).  Securities and Exchange Commission (SEC) commissioner Hester Peirce has spoken out against crypto company bailouts, arguing it's actually better to "let these things play out," to create a more sustainable industry. Peirce, the most pro-crypto commissioner for the United States SEC, told Forbes that the recent crash in crypto, though painful, is separating strong companies from the weak. The price of CEL, the native token of Celsius Network, has almost quadrupled since June 19 in what appears to be a frenzy stirred up by day traders. CEL's price rose from $0.67 on June 19 to $1.59 on June 21, a 180% spike compared to the crypto market's 12.37% rise in the same period. You can find these stories and more at the link below:


Newsletter #214


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