Weekly Recap in DeFi: Key News and Developments

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by Giorgi Kostiuk

2 years ago

This week has been eventful in the world of DeFi and cryptocurrencies. Below are the most important happenings that could influence the market and technology advancements.

U.S. Crypto Subcommittee Launch

The U.S. Senate Banking Committee, led by Senator Tim Scott, will establish the first subcommittee focused on cryptocurrencies, Fox Business reports. The subcommittee aims to regulate digital assets, including Bitcoin, financial technologies, and AI in finance, balancing consumer protection with innovation.

Backpack Exchange Acquires FTX EU

Backpack Exchange has acquired FTX EU, the European arm of the collapsed FTX Exchange. Approved by the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC), this acquisition positions Backpack to lead Europe's regulated crypto trading market, offering perpetual futures and crypto derivatives.

PHPX Launch and Other Developments

Leading Filipino banks, including UnionBank and Rizal Commercial Banking, plan to launch PHPX, a peso-backed stablecoin, by 2025 on the Hedera DLT network. PHPX aims to streamline cross-border remittances for Filipinos abroad, providing direct transfers to bank accounts and digital wallets.

These developments highlight important shifts in the DeFi and crypto space that could have long-term implications for the financial industry and global markets.

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Other news

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

MediaMarkt Saturn Ceases Sales of Ledger Devices Amid Security Concerns

MediaMarkt Saturn has stopped selling Ledger devices due to security concerns following a customer report of a hidden implant.

user avatarRajesh Kumar

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

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