S&P Assigns First-Ever Credit Rating to a DeFi Protocol, Rates Sky at B-

S&P Global Ratings assigned a B- (stable outlook) issuer credit rating to Sky Protocol, the decentralized lending platform formerly known as Maker Protocol, in a first for the decentralized finance (DeFi) industry. The Ethereum-based protocol issues the USDS stablecoin, created when borrowers post approved collateral. With a $7.1 billion market cap, USDS trails only USDT … Read more

Coinbase Is Becoming a Major Ethereum-Focused Player, Bernstein Says

As Ethereum continues to power an expanding ecosystem, crypto exchange Coinbase (COIN) stands out as one of the leading public companies aligned with the blockchain, Wall Street broker Bernstein said in a research report Monday. The network’s native token ether (ETH) has rallied 80% since June 5, the report noted, catalyzed by Circle’s (CRCL) listing … Read more

Crypto Exchange Bullish Seeks $4.8B Valuation in Upsized IPO Backed by BlackRock and Ark Invest

Crypto exchange Bullish has raised the size of its initial public offering to $990 million from $629 million, as the company looks to take advantage of a hot market for crypto firms. CoinDesk is a subsidiary of Bullish. According to a filing with the Securities and Exchange Commission on Monday, Bullish is aiming to sell … Read more