Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. In the aftermath of a deadly 7.8-magnitude earthquake in southeastern Turkey, the Web3 community has come together to raise awareness and aid for disaster victims. Stablecoins could prove to be a critical factor in…
Reddit’s Collectible Avatars project is a prime example of an effective Web3 on-ramp, as the discussion platform has delivered millions of free NFTs to users in recent months. And thanks to a new collaboration with the NFL on free Super Bowl NFTs, Reddit is about to hit another major milestone. About 1.3 million of the official Super Bowl LVII NFT…
JPMorgan Chase and consultants Oliver Wyman took a look at blockchain technology in commercial banking in a report released Feb. 9. Stablecoin and central bank digital currencies (CBDCs) have dominated in this sphere so far, but the authors pointed out the advantages offered by deposit coins for stability and reliability. Deposit tokens are issued on a blockchain by a depository…
LocalBitcoins, one of the oldest and best-known Bitcoin exchanges, is closing after a decade of service, with the peer-to-peer platform citing the “ongoing very cold crypto-winter” as the reason for stopping operations. The marketplace, which launched in 2012, allows users from 189 countries to trade Bitcoin by matching buyers with sellers and holding the cryptocurrency in escrow until both parties…
Remember when Sam Bankman-Fried admitted to being a significant donor to the Democratic and Republican parties? Well, the recipients of the tainted money have been formally requested to return the funds to FTX’s creditors. So far, we know of three prominent Democratic groups — the DNC, the Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee — that have…
Members of the United States House of Representatives are looking for answers regarding how the U.S. Securities and Exchange Commission (SEC) investigated the collapse of the crypto exchange FTX. On Friday, Republican Representatives Bill Huizenga (MI) and Patrick McHenry (NC) sent a letter to SEC Chair Gary Gensler, requesting documents into the agency’s investigation into FTX and handling of its…
The United States Securities and Exchange Commission (SEC) is ramping up pressure on the crypto sector. On Feb. 9, the SEC reached a $30 million settlement with Kraken over the centralized staking program offered to its users. The news of the crackdown sent Bitcoin (BTC) price to a 3-week low as investors became fearful of the regulatory enforcement. On the…
Reactions were predictable depending on where you stand on crypto in general. Crypto advocates railed against regulators who are slowly asphyxiating this burgeoning industry, while skeptics celebrated crypto’s impending demise. The advocates have it right. Antagonistic regulators will force crypto into friendlier jurisdictions, which will reap the economic benefits. The skeptics have it right, too. This event, and much of…
The DAO that governs privacy-focused blockchain Secret Network (SCRT) has voted to restructure its Secret Foundation as a non-profit with a “transparent operation,” according to the proposal’s official page. Congrats to the #SecretNetwork community! The Secret Foundation has been restructured as an NPO, with a community-elected board & amendments requested by the founder. #blockchain #cryptocurrency — Krypton AI (@KryptonAi) February…
Two members of the United States House Financial Services Committee are calling on Securities and Exchange Commission chair Gary Gensler “regarding the timing of the charges filed against FTX founder Sam Bankman-Fried” based on his scheduled appearance at a hearing. In a Feb. 10 notice, committee chair Patrick McHenry and Representative Bill Huizenga, who chairs the Oversight and Investigations Subcommittee,…
