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Why It Matters
The Information : Sources: Palmer Luckey-backed Erebor Bank ended its free stablecoin-to-cash redemption offer after trading firms like Wintermute exploited it for arbitrage — When Palmer Luckey's Erebor Bank launched earlier this year, it made an attractive pitch to lure new crypto customers: It would convert their stablecoins to cash for free.
Provenance
Discovered via TechMeme and published by techmeme.com.
Original description
The Information : Sources: Palmer Luckey-backed Erebor Bank ended its free stablecoin-to-cash redemption offer after trading firms like Wintermute exploited it for arbitrage — When Palmer Luckey's Erebor Bank launched earlier this year, it made an attractive pitch to lure new crypto customers: It would convert their stablecoins to cash for free.
Discovered via TechMeme
Headline clustering and publisher rollups from Techmeme.
Publisher: techmeme.com
ID: https://www.techmeme.com/260915/p36#a260915p36 · Indexed about 5 hours ago