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Crypto This Thursday: Deutsche Bank Partners with Taurus, Genesis Ends Activities Globally, and More

Fernanda T
Latest News
September 14 2023 10:21AM

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.