Genesis Seeks To Move Through Bankruptcy “Quickly” And “Efficiently” – January 20

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$21,367

Bitcoin price has pushed past $21,000 with strength, as it continues a strong rally from its recent bottom.

Top-20 altcoins are also looking healthy, as Ether gains 3%, XRP rises 1% and Cosmos leads with a 6% advance.

Top Stories for January 20, 2022 🔥

👉 Genesis Seeks To Move Through Bankruptcy “Quickly” And “Efficiently”

Crypto lending firm Genesis has filed for Chapter 11 bankruptcy protection and aims to exit bankruptcy “quickly and efficiently”.

The firm owes its top creditors $3.6 billion, according to its bankruptcy filing. Redemptions and new loan originations have been suspended, and all client claims will be addressed through the Chapter 11 process.

Genesis has been hit significantly in a financial manner by the collapses of the crypto hedge fund Three Arrows Capital and the FTX exchange last year.

👉 Ethereum Developers Divided Over Staking Withdrawals In Next Upgrade

Ethereum is preparing to roll out its next big update, called Shanghai, which will allow users to access $25 billion worth of ETH that they have pledged to the network through its staking program.

However, Ethereum’s core developers are divided on how and when the upgrade should be implemented, with some concerned that it is being rolled out too quickly and at the expense of technical costs that could have a lasting impact on the network.

👉 China’s CBDC Gets Smart Contract Functionality

The Chinese central bank digital currency (CBDC), also known as the digital yuan or eCNY, has received upgrades giving it smart contract functionality and several new use cases.

The smart contract function was launched on the Meituan app, a Chinese app offering retail and food delivery services. When users place an order and pay with their e-CNY wallet, a smart contract triggers and searches for keywords and purchased items in their order.

If a user buys something on the list of keywords for the day, they go in the draw to win part of a prize.