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Crypto This Monday: Ferrari Will Expand Crypto Payments, Controversy With New KYC Hook on Uniswap v4, and More

Fernanda T
Latest News
October 16 2023 09:23AM

Bitcoin rising monday morning on ETF approval hopes

Bitcoin (COIN:BTCUSD) experienced an increase on Monday as hopes grow that a Bitcoin exchange-traded fund (ETF) may be approved soon. The price of Bitcoin rose above $28,000, reversing the losses from the previous week. The SEC’s decision not to appeal the Grayscale’s legal reversal to turn their fund into a more investor-friendly ETF also boosted optimism. This could make the Grayscale Bitcoin Trust (USOTC:GBTC) more attractive as a potential Bitcoin ETF. The news resulted in $75 million in liquidations in the cryptocurrency market.

Solana teams up with DMCC to strengthen crypto ecosystem in Dubai

Solana Foundation, responsible for the Solana blockchain, has entered into a partnership with the Dubai Multi Commodities Center (DMCC), the largest free trade zone in the United Arab Emirates. The collaboration aims to support DMCC’s crypto community, which is home to more than 550 crypto companies. Solana will offer technical and business support, while DMCC will provide free installation and licensing for Solana projects. Additionally, Solana will host webinars and educational training on Web3 topics. Other DMCC Crypto Center partners are also involved in promoting blockchain and Web3 technology.

Social finance protocols Tomo and New Bitcoin City reach $1 million TVL mark

Social finance protocols Tomo and New Bitcoin City now have more than $1 million locked in their smart contracts, according to DefiLlama. Both projects are similar to FriendTech, introducing paid communities where users purchase keys to access group chats. Tomo allows users to bet on the value of people’s keys, while New Bitcoin City acts as a social layer for other protocols, with customization options such as fees and number of keys needed to access group chats. FriendTech leads with $43.7 million in TVL as StarsArena recovers from hack.

Controversy in crypto community over new KYC hook on Uniswap v4

An open-source Uniswap v4 directory is sparking controversy with the introduction of a new hook that makes it possible to KYC check users before trading in token pools. The concern is that this could lead to DeFi protocols being added to regulatory whitelists, limiting decentralization. The KYC hook, an optional feature, was developed by a community member for liquidity providers and may be useful for projects that need to comply with local regulations. Global governments are stepping up regulation of DeFi, and Uniswap v4, with customizable hooks, is expected in 2024, with access limited to governance-approved entities.

Apple’s App Store briefly removes MetaMask app

Last Saturday, the popular Ethereum wallet, MetaMask, was temporarily removed from Apple’s App Store but later restored. The team explained that the issue was not related to security threats or functionality issues and assured that users were not required to take any action. This isn’t the first time MetaMask has faced challenges on platforms controlled by large technology companies, such as Google (NASDAQ:GOOGL) which removed it from the Play Store in 2019. Apple (NASDAQ:AAPL) also imposes a 30% on transaction revenues, which poses a challenge for crypto applications and NFTs.

Trezor launches new hardware and limited edition wallets for its 10th anniversary

Trezor, a prominent cryptocurrency hardware wallet company, has launched two new products along with a limited edition Bitcoin wallet to celebrate its tenth anniversary. Trezor Safe 3 is an affordable and secure hardware wallet that supports multiple currencies. The Trezor Keep Metal protects the recovery phrase from damage and is made from durable stainless steel. The limited edition Trezor Safe 3 for Bitcoin sold out quickly. The company will donate a portion of sales to support Trezor Academy, reflecting the global increase in cryptocurrency ownership.

Binance burns over $450 million in BNB tokens as part of supply reduction process

Binance announced that it has burned more than $450 million worth of BNB (COIN:BNBUSD) tokens as part of its supply reduction plan. Just over 2.1 million BNB tokens were burned, making them permanently unavailable. This is part of BNB’s automatic burn system, which aims to reduce its total supply to 100 million BNB. BNB is Binance’s native currency and its burn is based on the price and activity of the Binance Smart Chain. BNB was trading at $248.26 at the time of writing.

UPbit Singapore receives in-principle approval for payment institution license

UPbit Singapore, a subsidiary of South Korean exchange UPbit, has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Principal Payment Institution (MPI) license, allowing it to offer regulated digital payment token services. The approval reinforces UPbit’s presence in Singapore, making it a strong competitor alongside platforms such as Coinbase (NASDAQ:COIN) and Blockchain.com with similar licenses. The city-state of Singapore continues to attract crypto companies due to its favorable regulatory environment and incentives for innovation and technology.

Kraken and Williams Racing enter into innovative partnership in the world of cryptocurrencies and motorsport

Cryptocurrency exchange Kraken has announced an exciting collaboration with renowned Formula 1 team Williams Racing. Both organizations, known for their pioneering technology, are joining forces to shape the future of finance and community engagement. The Kraken logo will be prominently displayed on the Williams Racing race car during the 2023 Rolex Formula 1 Australian Grand Prix, and the partnership plans to create unique collectible digital experiences for the crypto and motorsport communities.

Ferrari to expand cryptocurrency payments in the US and Europe

Italian luxury sports car maker Ferrari (NYSE:RACE) plans to accept cryptocurrencies in the US, with expansion into Europe due to demand from wealthy customers. The company will use BitPay to process transactions with Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD) and USD Coin (COIN:USDCUSD). This measure aims to serve both young crypto and traditional investors looking to diversify their portfolios. While accepting cryptocurrencies as a form of payment is still rare at large companies, Ferrari is following in the footsteps of Tesla (NASDAQ:TSLA), which began accepting Bitcoin in 2021 but suspended the service due to environmental concerns.

Honda does not accept cryptocurrencies directly, but third-party platforms allow purchases

Honda (NYSE:HMC), a major car manufacturer, does not directly accept cryptocurrency payments, despite incorrect reports. The company clarified that it does not accept cryptocurrencies as a form of payment. However, third-party platforms like FCF Pay allow the purchase of Honda cars with cryptocurrencies. FCF Pay, operating in the United States, also plans to expand its services to other countries. The system enables payments in Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD), XRP (COIN:XRPUSD), Tether (COIN:USDTUSD), USD Coin (COIN:USDCUSD), and other cryptocurrencies, with a fee of $3 plus 2%. The company does not have direct partnerships with automakers but offers a cryptocurrency payment option.

FTX co-counder Sam Bankman-Fried requests permission to use Adderall during trial

Sam Bankman-Fried, co-founder of FTX, asked the US judge for permission to take Adderall before his trial, citing difficulty concentrating. His lawyers explained that the lack of medication affected his ability to concentrate during the trial. They requested that the court suspend the trial for a day if the medication was not effective or could not be taken. Alternatively, they asked for permission to provide the medication in court. Bankman-Fried is facing criminal charges and has asserted his innocence during the ongoing trial.

FTX liquidators stake millions on Ethereum and Solana

Recent on-chain data revealed that FTX liquidators placed a large stake on Ethereum (COIN:ETHUSD) and Solana (COIN:SOLUSD) over the weekend. Around $30 million worth of ETH and over $120 million worth of SOL have been allocated for staking. This move seeks to earn rewards of nearly 7% and comes as FTX faces legal challenges, including the trial of founder Sam Bankman-Fried.

California approves cryptocurrency regulation law for 2025

California Governor Gavin Newsom signed a cryptocurrency regulation bill that will take effect in July 2025. The new law, modeled after New York’s “BitLicense,” was approved in September 2022 by the US state Assembly. It requires the California Department of Financial Protection and Innovation to establish a regulatory framework for the cryptocurrency sector, including a licensing regime. DFPI will have 18 months to adapt regulation to industry trends and protect consumers while balancing responsible innovation.

Moscow Stock Exchange plans to introduce digital financial assets for real estate investment in 2024

Moscow Stock Exchange is preparing to launch real estate-related digital financial assets (DFAs) in 2024, making real estate investing more accessible. The National Settlement Depository (NSD) will oversee the issuance of these DFAs, allowing a wider variety of investors to participate. These blockchain-based DFAs represent tokenized versions of properties, offering benefits such as divisibility and programmable transactions. The initiative benefits builders, who can raise funds directly, and investors, who have access to the real estate market with a lower entry limit. The measure should attract both qualified and non-qualified investors.

Governor of the Saudi Central Bank warns of dangers of cryptocurrencies and calls for regulation

The governor of the Saudi Central Bank (SAMA), Ayman Alsayari, warned about the risks associated with cryptocurrencies and their brokers at a G20 meeting in Morocco. He called for strict supervision and coordinated regulation, supporting the roadmap established by the IMF and the Financial Stability Board (FSB) to combat these risks. Alsayari also mentioned the decline in the global economy due to high inflation and the adoption of restrictive monetary policies to combat it. The G20 meeting also revealed a roadmap for regulating crypto assets and reforming multilateral development banks (MDBs).

Australian Central Bank considers digital currency as the future of money

The Reserve Bank of Australia (RBA) is exploring the possibility of adopting a central bank digital currency (CBDC) as the future of currency. RBA Assistant Governor Brad Jones discussed the opportunities and challenges of tokenizing assets and money in the digital era, highlighting the potential of CBDCs as a form of tokenized money. Jones also emphasized the importance of regulation, noting that CBDCs could be a secure alternative for settling transactions, especially compared to stablecoins issued by private entities.

Dfinity Foundation and Roland Berger develop global blockchain recycling credit standard

Dfinity Foundation, collaborating with consultancy Roland Berger, is creating technology for a global Voluntary Recycling Credits (VRC) standard on the Internet Computer blockchain. This initiative seeks to combat climate issues related to inadequate waste management, with a global recycling rate of less than 10% for plastics. Blockchain technology is seen as fundamental to ensuring a transparent and secure record of recycling credit transactions.