Vauld Suspends Withdrawals, Visa No-Limit Bitcoin Card, Cardano Successful Testnet

Written by Lindi Miti

July 5, 2022

Vauld Pauses Withdrawals

Vauld, a Singapore-based cryptocurrency exchange, has suspended withdrawals, deposits, and trading on its platform. The company released a statement informing customers that it was facing financial challenges. The company cited the current market conditions, and included the Terra Luna collapse, Celsius’ withdrawal pause, and 3AC bankruptcy. 

“Our management remains fully committed to working with our financial and legal advisors to the best of our abilities to explore and analyze all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders,” said Darshan Bathija, CEO of Vauld.

The statement went on to say that since 12 June 2022, customers have withdrawn more than $197.7 million from the exchange.

Visa No-Limit Bitcoin Card

Visa, the largest payment network, has launched a no-limit bitcoin credit card in the United Arab Emirates. The card is called Bitcoinblack and is available by invite only to 10,000 members. It will allow users to convert bitcoin and other cryptocurrencies into spendable cash. In addition, users will get up to 10% of $SPND tokens in rewards. 

The $SPND tokens are redeemable in Bitcoinblack’s soon-to-launch Haute Living Luxury Marketplace, a curated online boutique that includes luxury watches, purses, cars, charter jet deals, and private mansion access.  

“People with incredible wealth in crypto need a way to spend their crypto easily and be rewarded for it,” said Prakash Chand, the CEO of Bitcoinblack. Bitcoinblack first launched in 2021. 

Cardano Successfully Forks Testnet

Cardano, an open-source blockchain, announced that it has successfully hard forked the Cardano testnet. It is the first step in the anticipated Vasil upgrade for the Cardano blockchain. The Vasil hard fork will boost scalability and make it easier for developers to build new dapps on the blockchain. 

“We’re happy to report that today at 20:20 UTC, the IOG team has successfully forked the Cardano Testnet. This is an important next step in the journey towards the Vasil upgrade on mainnet,” announced the Cardano team on Twitter.

Written by Lindi Miti © Crypto University 2022

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