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

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Broadcom Set to Gain from Alphabet's Custom TPU Sales

Broadcom is set to benefit from Alphabet's decision to sell custom TPUs to external data centers, enhancing its AI semiconductor revenue through a long-term agreement until 2031.

user avatarBayarjavkhlan Ganbaatar

Alphabet Enters Hardware Market with Custom TPUs for Data Centers

Alphabet announces the sale of its custom-made Tensor Processing Units (TPUs) to external data centers, marking a significant move into hardware sales.

user avatarTenzin Dorje

CoinsBee and TRON DAO Launch Discount Campaign for USDT Payments

CoinsBee, in collaboration with TRON DAO, is launching a campaign that offers eligible users a 2% discount on purchases made with USDT on TRON.

user avatarMohamed Farouk

USDT on TRON Surpasses Bitcoin as Most Used Payment Method on CoinsBee

USDT TRC20 on the TRON network has become the most used on-chain token and payment option on CoinsBee, surpassing Bitcoin and Ethereum in payment activity.

user avatarElias Mukuru

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