When Venezuela experiences hyperinflation, LEDN co-founder Mauricio Di Bartolomeo revolts against the collapsed local currency by shortening it in favor of the stronger US dollar. Now, he uses a similar approach – this time borrows against his bitcoin (Btc) to redeem against the US dollar.
Di Bartolomeo was connected to me during the Canada Crypto Week in Toronto, where he talked about the benefits of Bitcoin-supported loans and the rapid growth of collateralized BTC lending. In our interview, he made a compelling case for the ongoing SATS, even though the price of Bitcoin continued to rise.
This week of Crypto Biz has dived in our talk with LEDN co-founder and occupies the latest business news from the blockchain world.
A lesson from hyperinflation
Before Bitcoin, Bartolomeo’s Most successful investment was shortened Bolivar with the US dollar, which determined his experience in Venezuela during Hyperinflationary 2010.
“I borrowed the Bolivars and bought them dollars, holding a hard dollar and having a borrowing (position) in a weaker money,” he said.
He then established Ledn, a company that allows Bitcoin investors to access the dollar liquidity without separating ways from their BTC.
By borrowing against Bitcoin, “You usually do the same thing, but you are in effect holding a difficult money, which is Bitcoin, and takes a borrowing (position) to the dollar, which is a weaker money,” he said.
Many Bitcoiners have found it to be a winning approach. At the end of Q4, LEDN’s loan book costs $ 9.9 billion, according to Galaxy Research.
Guatemala’s largest bank includes “invisible” crypto infrastructure
The Banco Industrial, the Guatemala’s largest bank, is Integrated Crypto Infrastructure Sukupay With its mobile banking app, users are enabling the US dollar more easily.
Sukupay said this integration was the first time a major Latin American bank retail used a crypto-native protocol for its payment services.
Banco Industrial has more than 1,600 service locations throughout the Guatemala and also expanded in neighboring countries.
The “key to the mainstream adoption of the blockchain technology is made in the end-user,” Sukupay CEO Yonathan Lapchik told Cointelegraph.
With Sukupay technology, Banco Industrial App users can receive dollars from the US for a flat fee of $ 0.99, which is significantly lower than the average 6% to 10% they are currently paying, Lapchik said.
The banks are naping about stablecoins, the claim of the NYU professor
American banking lobby sees The stables of yield-bearing as a threat In its business model, relying on getting deposits, paying depositors minimal interest and using those funds for higher risk investment, according to NYU Professor Austin Campbell.
In a May 21 post on social media, Campbell claimed that he heard the “panic” rumblings on new stablecoins who offered interests and other financial rewards.
He told democratic legislators that “banks want you to protect their cartel so they can keep your voters screwing.”
Although Campbell did not mention any Stablecoin assets in the name, Cointelegraph reported in February That the Securities and Exchange Commission has approved the first security with the country’s stablecoin through figure markets. At its launch time, the Ylds Stablecoin offered a yield of 3.85%.
The PI protocol and spark protocol also developed tokens that carry interest.
The approach continues to clamp the Sat
Behind Bitcoin above $ 100,000, Michael Saylor’s business intelligence firm, strategy, has Resumed its purchase By taking 7,390 BTCs last week for approximately $ 765 million.
The latest purchase carries the total Bitcoin handling of the approach to 576,230 BTC, with an undeniable gain of nearly $ 20 billion.
The announcement came two days before Bitcoin had passed the past high time, Climbing above $ 109,000 For the first time since January. Like other risk ownership, Bitcoin benefited from the investor’s improved feelings following the suspension of tariff hate between the United States and China.
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