As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Visa and FV Bank Debut New Debit and Expense Cards for Crypto Payments
FV Bank and Visa have launched new debit and corporate expense cards, enabling users to spend both USD and cryptocurrencies like Bitcoin and Ethereum at Visa-supported locations worldwide. Announced at Money 20/20 in Las Vegas, these cards allow seamless spending at stores, online, and ATMs, with real-time access to funds through linked FV Bank accounts.
Immutable Responds to SEC Wells Notice, Asserts IMX Token is Not a Security
Blockchain gaming platform Immutable faces potential SEC enforcement for alleged securities violations involving its IMX token sales in 2021. Immutable plans to contest the SEC's claims, which have drawn criticism from industry voices, including SEC Commissioner Hester Peirce. She argues that the SEC’s approach, lacking clear crypto guidelines, leaves companies like Coinbase and Ripple uncertain about compliance.
Reddit Sells Majority of Crypto Portfolio, Offloading Bitcoin and Ethereum
Reddit Inc. revealed in a recent SEC filing that it sold most of its cryptocurrency holdings, primarily Bitcoin and Ethereum, netting nearly $6.9 million in Q3 2024. Reddit stated that the sale aimed to bolster financial reserves, with the asset value deemed 'immaterial.' This move comes as Reddit prepares for a public listing, following its IPO filing in February 2024.
This week's events highlight the ongoing changes and challenges within the DeFi and crypto industry. The introduction of new products, such as the Visa and FV Bank cards, along with ongoing legal battles like the Immutable case, illustrate the dynamic nature of the space.
