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

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

MARA Holdings Transfers 1,000 BTC to Exchanges Amid Market Scrutiny

MARA Holdings has transferred approximately 1,000 BTC to Binance and Gate over the past five days, raising questions about its treasury movements.

user avatarDavid Robinson

CryptoBilis Case Exposes Vulnerabilities in Hardware Wallets

The CryptoBilis case reveals vulnerabilities in hardware wallets, leading to $90 million in losses due to tampered devices.

user avatarMaria Gutierrez

California Reaches $500,000 Settlement with Fidelity Over Crypto Withdrawal Restrictions

California has reached a $500,000 settlement with Fidelity Digital Asset Services regarding restrictions on crypto withdrawals.

user avatarAndrew Smith

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