Coinbase wants to give MakerDAO $24M per year in yield; Ripple has ‘several pilots’ in works on CBDCs

The biggest news in the cryptoverse for Sept. 7 includes Signature Bank seeing outflows in the digital asset banking space totaling $4.27 billion, Ripple’s CBDC initiatives, and Coinbase’s proposal that could generate up to $24 million annual passive income for MakerDAO.

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Signature Bank suffers $4.27B deposit outflows as crypto uncertainty takes hold

Signature Bank’s mid-Q3 report showed that the crypto-friendly bank saw lower spot deposit balances

According to the bank, the decrease in deposit balances for quarter was due to outflows in the digital asset banking space totaling $4.27 billion.

Ripple hints at new CBDC announcements

Ripple’s Central Bank Digital Currency (CBDC) advisor Anthony Welfare said that the company had inked several partnerships on CBDCs, including participation in the Digital Dollar Project.

He noted that several pilot programs were being designed to make CBDCs public. These pilots are expected to be revealed in the upcoming weeks.

Coinbase submits proposal that could earn MakerDAO $24M annually

Coinbase submitted a new proposal to MakerDAO (MKR), suggesting to transfer 33% of its $1.6 billion Peg Stability Module (PSM) into a Coinbase Prime custody account to make a 1.5% yield annually.

This could allow MakerDAO to generate a passive income of up to $24 million a year. Some MakerDAO members opposed the proposal by saying it could affect decentralization and add another layer of regulatory attack.

Crypto industry is ‘maturing’ but expect slowed growth in the second half – KPMG

A recent report by KPMG concluded that Bitcoin’s performance and risks correlate with traditional assets. Global investments into crypto were recorded as $32.1 billion and $14.2 billion in the first half of 2021 and 2022, respectively.

The report concluded that the growth of the crypto market could slow down in the second half of the year.

Law firms request removal of Roche Freedman in Tether case over allegations made in viral video

After a…