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

Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has appointed BitGo Bank Trust as an additional custodian for its Hyperliquid Staking ETF to enhance custody services and operational flexibility.

user avatarAndrew Smith

Avalanche Sees Surge in Tokenized US Treasury Assets

The value of tokenized US Treasury assets on the Avalanche network has surged to approximately $545 million, marking a fourfold increase over the past year.

user avatarJacob Williams

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

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