Deutsche Bank expands its operations in digital assets in
partnership with Taurus
Deutsche Bank (NYSE:DB) announced the integration of digital
asset custody and tokenization services from Swiss company
Taurus. This move expands the bank’s efforts in digital
assets, considering its previous initiatives such as applying for a
cryptocurrency custody license in Germany. Deutsche Bank’s
Paul Maley emphasized the growing importance of digital
assets. Previously, Deutsche Bank invested in Taurus’
financing round, strengthening ties with the sector.
Lido expands liquidity on Cosmos with stETH
Leading Ether (COIN:ETHUSD) staking company Lido will join
forces with Neutron and Axelar, two Cosmos innovators, to
incorporate their stETH (COIN:STETHUSD) tokens into the Cosmos
network. This move will potentially transfer significant
liquidity between blockchains. With net staking growing in
popularity, reaching a combined value of $16 billion, platforms
like Lido have allowed users to maximize their digital
assets. Once migrated, Lido’s stETH token can be leveraged on
multiple blockchains supported by Cosmos’ IBC technology.
Circle and Grab converge to expand the Web3 era in Southeast Asia
Circle announced a strategic partnership with Grab, the renowned
Southeast Asian super platform, to integrate Web3 experiences for
users in Singapore. This collaboration aims to enrich Grab’s
service offering and promote greater adoption of the blockchain
universe. The Grab Web3 Wallet will allow users to interact
with NFT rewards and vouchers. This advance coincides with
Singapore’s Project Orchid initiative and demonstrates the
country’s ambition to consolidate itself as an epicenter of
innovation in digital assets.
Bull Bitcoin expansion in Latin America
Bull Bitcoin, a Canadian-based Bitcoin exchange, has teamed up
with Costa Rican payments system SINPE Movil and crypto wallet
solution Bitcoin Jungle. The partnership allows Costa Ricans
and foreigners to convert the local currency, Colones, into Bitcoin
and vice versa. Users can also make bank account transactions
in Colones and US Dollars. This step marks the beginning of
Bull Bitcoin’s international expansion, with plans to reach one
billion people globally in the next 12 months.
Ramp Network integrates Pix
Ramp Network, a payments infrastructure company, incorporated
the Central Bank of Brazil’s Pix system to connect cryptocurrencies
and conventional finance. This addition reflects Ramp’s recent
expansion in Brazil, part of its broader strategy for Latin
America. Pix, used by more than 70% of Brazilians, was
launched by the Central Bank in 2021. This integration provides
Brazilians with an agile method to buy cryptocurrencies, following
the country’s growing presence in the crypto market.
Sui Network launches access to DApps with social login
Sui Network blockchain introduced zkLogin, which allows users to
access decentralized applications (DApps) using social media
credentials such as Facebook, Google and Twitch. This step is
intended to ease the transition for users from Web2 to Web3,
especially those unfamiliar with the nuances of web3. Greg
Siourounis from the Sui Foundation highlighted that zkLogin removes
barriers, making DApps more accessible. This tool uses
zero-knowledge proof technology, ensuring privacy and security, and
there are plans to expand it to Apple (NASDAQ:AAPL), Microsoft
(NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and WeChat in the future.
Coinbase CEO Challenges CFTC Stance on DeFi Protocols
Coinbase (NASDAQ:COIN) CEO Brian Armstrong has appealed to the
U.S. Commodity Futures Trading Commission (CFTC), arguing against
enforcement actions targeting DeFi protocols. In a post on X,
Armstrong claims that the Commodity Exchange Act is unlikely to
apply to such protocols. This statement comes after the CFTC
filed charges against three DeFi protocols. While some defend
the CFTC as the ideal regulatory body for crypto, others believe
that its approach could be even more restrictive than that of
SEC.
Vitalik Buterin questions stability of support for cryptocurrencies
in Hong Kong
Vitalik Buterin, co-founder of Ethereum, warned cryptocurrency
projects considering Hong Kong as a base to assess the consistency
of long-term government support. At the Web3 Transitions
Summit in Singapore, Buterin expressed his uncertainty about the
relationship between Hong Kong and mainland China and questioned
the durability of Hong Kong’s current favorable environment for
cryptocurrencies. Despite Hong Kong’s recent openness to
crypto companies, Buterin sees a challenge in ensuring “stability
in friendship.” Separately, he praised the growth of developer
communities in Asia.
Bybit looks for ways to stay in the UK despite new rules
Cryptocurrency exchange Bybit is determined to maintain its
operations in the UK despite looming financial promotions rules
that have affected other companies in the sector. CEO Ben Zhou
reaffirmed the company’s commitment in a statement on Telegram,
contradicting previous rumors of a possible withdrawal. From
October 8th, the rules will require the registration of crypto
companies by the Financial Conduct Authority. While some
companies have already halted operations, Bybit is in discussions
with regulators, seeking full compliance.
MobileCoin reinforces global strategy with new CEO
MobileCoin, notorious for its crypto payments partnership with
Signal, has promoted its CTO, Sara Drakeley, to CEO. This move
aligns with the company’s objectives of improving its portfolio and
expanding its market presence. Having worked at SpaceX and
Disney Animation Studios, Drakeley is an enthusiast of instant and
cross-border payments. Under her leadership, MobileCoin aims
to explore markets in Latin America and Africa, and address gaps in
payments infrastructure. The company, backed by BlockTower
Capital and Coinbase Ventures, recently launched the Moby wallet,
popular in countries like Mexico and the Philippines.
Genesis ceases all business operations
Cryptocurrency trading firm Genesis, which was impacted by the
decline of Three Arrows Capital and FTX over the last year, has
ended all trading activities. Initially, news about the
closure of its US office emerged, but it has now been confirmed
that all international operations, including spot and derivatives
trading, have also been closed. Although Genesis’ lending
division filed for bankruptcy protection months ago, the business
side has remained intact until now. Previously, Genesis was a
major reference in the sector, serving institutional clients.
Case of costly error in Bitcoin transaction fee was committed by
Paxos
Paxos, a North American cryptographic services provider,
recently paid an exorbitant fee of around $500,000 for a
transaction of just $200 in Bitcoin (COIN:BTCUSD). The
company, responsible for several stablecoins, was initially
mistaken for a veteran Bitcoin user. She recognized the error
as due to a bug and tried to recover the amount with F2Pool, which
mined the block. Chun Wang, co-founder of F2Pool, expressed
regret for agreeing to return the amount.
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