Weekly Update: MakerDAO Rebranding, Crypto.com Partnership, Bridge Achievements

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. MakerDAO Rebranding and New Stablecoin USDS
  2. Crypto.com and Standard Chartered Bank Partnership
  3. Bridge's Web3 Platform Success


    4. The DeFi and crypto world continues to evolve rapidly, and this week saw several significant events. Here’s a detailed overview.

    MakerDAO Rebranding and New Stablecoin USDS

    MakerDAO has rebranded to Sky as part of its 'Endgame' overhaul to make DeFi more accessible. The protocol introduces new tokens: USDS, replacing Dai, and SKY, the new governance token replacing MKR. Starting September 18, users can upgrade their MKR and DAI tokens to SKY and USDS, with MKR converting to 24,000 SKY tokens, and DAI converting to USDS at a one-to-one rate.

    Crypto.com and Standard Chartered Bank Partnership

    Crypto.com has announced a strategic partnership with Standard Chartered Bank to enhance its global retail services, focusing on improving crypto transaction efficiency. The collaboration will enable seamless deposits and withdrawals in over 90 countries. Starting next month, the new services will launch in the UAE, offering users access to over 250 cryptocurrencies via the Crypto.com App, with plans to expand globally.

    Bridge's Web3 Platform Success

    Bridge, a Web3 payment platform co-founded by ex-Square and Coinbase employees Zach Abrams and Sean Yu, secured $58 million in funding. The firm plans to develop a global payment network using stablecoins, aiming to rival traditional systems like SWIFT and credit cards. Major Silicon Valley venture firms, including Sequoia and Ribbit, are among the backers.

    These significant events highlight the ongoing expansion and development in the DeFi and crypto sectors. Stay updated to make informed decisions.

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Other news

Payward to Acquire Saldo Bank for European Banking Expansion

Payward, the parent company of Kraken, plans to acquire Lithuania-based Saldo Bank to enhance its banking capabilities and integrate banking products with crypto services.

user avatarMaria Fernandez

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Germany's Sparkassen savings bank group is starting a phased rollout of cryptocurrency trading within its existing banking app, beginning on October 19, 2023.

user avatarGustavo Mendoza

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.

user avatarRajesh Kumar

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

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