The DeFi and crypto space continues to evolve at a rapid pace. Staying informed about the latest developments and trends is essential. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
Visa and FV Bank's New Cards: Crypto and Fiat
FV Bank and Visa have launched new debit and corporate expense cards, enabling users to spend both USD and cryptocurrencies like Bitcoin and Ethereum at Visa-supported locations worldwide. Announced 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's Response to SEC Notice
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 Crypto Portfolio
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.
The week in the crypto industry was filled with events and decisions that could impact its further development. From new Visa and FV Bank cards to Immutable's actions regarding the SEC - all highlight the rapidly changing landscape of decentralized finance. Reddit's sale of crypto assets also emphasizes the current market dynamics.
