This week in the world of DeFi and cryptocurrencies witnessed several significant events. From launching new crypto cards to legal battles within the industry, here are the highlights of the week.
FV Bank and Visa Debut New Debit and Corporate Cards
FV Bank and Visa have announced new debit and corporate cards, enabling users to spend both USD and cryptocurrencies like Bitcoin and Ethereum at Visa-supported locations worldwide. Presented 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 Challenges SEC Notice, Asserts IMX Token is Not a Security
The 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 Holdings
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 in the DeFi and cryptocurrency world was marked by significant events that reflect the industry's ongoing development. From launching new financial products to legal challenges, the industry continues to adapt and transform.
