Terra Co-founder Detained, Woo X Partners with Wintermute, El Salvador's Bitcoin Bond Ready for Launch
Summary:
Terra co-founder, Do Kwon, will remain in Montenegrin custody until February for his alleged role in the Terra's collapse. Woo X Crypto platform announces partnership with crypto market maker Wintermute to bolster its liquidity. Meanwhile, El Salvador's Bitcoin bonds, known as "Volcano Bonds", have received regulatory approval and are expected to launch in early 2024.
Do Kwon, Terra's co-founder, will continue to be held in a Montenegrin facility until February, following the end of his present jail term. Kwon is expected to face extradition to either the United States or South Korea due to his purported involvement in the collapse of the exchange in May 2022.
The former CEO of TerraForm Labs faces a total of eight legal charges in the US, including fraud related to commodities, securities, wire and conspiracy for market manipulation. The SEC also has a separate indictment against Kwon. Even in South Korea, related accusations have been raised against him. However, his trial in the U.S. is expected to proceed before South Korea.
In other news, cryptocurrency exchange WOO X has announced its collaboration with Wintermute, a prominent crypto market maker. Holding a massive cumulative trading volume surpassing $3.6 trillion, Wintermute is set to become the dedicated liquidity provider for WOO X.
The partnership aims to empower the transparency and activity of the crypto trading platform by introducing high-standard liquidity providers. Apart from Wintermute, several other market makers have tied up with the crypto platform, such as Selini Capital and Black Code Group.
The top official of WOO X, Jack Tan, mentioned that this collaboration comes after the trading firm meticulously maintained an outstanding track record and built a reputable image in the crypto market over the years. He indicated that the strategic partnership will boost liquidity as well as further enhance the credibility of WOO X.
In another development, El Salvador's much-awaited Bitcoin bonds, recognized as "Volcano Bonds" have reportedly surpassed the regulatory hurdle and are anticipated to launch early in 2024. The bond recently received endorsement by El Salvador's Digital Assets Commission.
The introduction of Volcano Bonds came after the historic legislation that seven months ago established the legal architecture for these Bitcoin-backed bonds. The purpose of these bonds is to alleviate sovereign debt and support the construction of the nation's prospective “Bitcoin City”.
The bonds, issued on the Bitfinex Securities Platform, mark the inauguration of Bitcoin-supported capital markets in El Salvador. These bonds, with a tenancy period of 10 years, promise a 6.5% yearly return to bondholders. As with all forms of investment and trade, it is advised that individuals carry out their due diligence and research.
Please note that this news piece does not constitute financial guidance or suggest any specific investment or trading moves. All such actions carry inherent risks.
Published At
12/12/2023 10:03:25 PM
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