We have compiled the most important news from the crypto industry over the past two weeks.
- Revolut and Ledger have partnered to simplify crypto transactions in Europe.
- Crypto.com has become an official global sponsor of the UEFA Champions League tournament.
- Hashkey’s OTC division and custodian BitGo have received licenses from the Monetary Authority of Singapore.
- Franklin Templeton will expand support for its tokenized money fund on Arbitrum.
Revolut and Ledger Partner to Simplify Crypto Transactions in Europe
Revolut and Ledger have agreed to integrate Revolut Ramp’s purchase service into the Ledger Live application.
We’re excited to announce that @RevolutApp is now available as a buy provider through Ledger Live!
With your Revolut account or card, you can now buy your crypto and have it instantly secured with your Ledger wallet.
Read more at: https://t.co/0YFvrnm6yU pic.twitter.com/BUsqbPPsTA
— Ledger (@Ledger) August 14, 2024
The collaboration will provide account holders or payment card owners of the fintech company in the EEA with the option to purchase digital assets and transfer them to hardware wallets.
The partnership aims to simplify the process of purchasing digital assets for Ledger users.
Verified Revolut clients will be able to quickly purchase cryptocurrency without additional checks. New users will be offered a simplified KYC process.
In July, the fintech company received a preliminary banking license from UK regulators. This will allow it to move to the so-called mobilization stage for testing systems and gradually introducing new services.
In May, Revolut launched Revolut X, a cryptocurrency platform not linked to the app, focusing on experienced traders.
Crypto.com Becomes Official Global Sponsor of UEFA Champions League
Cryptocurrency exchange Crypto.com has signed a multi-year sponsorship agreement with the UEFA Champions League.
The financial terms and duration of the contract have not been disclosed.
In 2021–2022, the platform already acted in a similar capacity, allocating $495 million for support. The company withdrew from this five-year deal due to legal issues related to licenses in the UK, France, and Italy.
In April 2024, it was announced that rapper Eminem became an ambassador for Crypto.com.
In 2021, the bitcoin exchange signed sponsorship agreements with Formula 1 and separately with one of its teams, Aston Martin Cognizant. The platform also collaborated with UFC, Italy’s Serie A, clubs Paris Saint-Germain, Philadelphia 76ers, and Montreal Canadiens.
Hashkey’s OTC Division and BitGo Receive Licenses from Singapore’s Central Bank
OTC division of the conglomerate Hashkey from Hong Kong and custodial platform BitGo have received major payment institution licenses from the Monetary Authority of Singapore.
Recognition under the 2019 Payment Services Act MPI allows companies to provide digital payment token services.
In February 2024, HashKey received preliminary approval for a license. Prior to this, the organization operated under an exemption and provided spot trading and settlement services.
The main activities of HashKey Group include HashKey Capital, HashKey Cloud, HashKey Tokenization, and HashKey NFT.
The group also manages HashKey Exchange, a licensed crypto exchange in Hong Kong, and HashKey Global — launched in April as a global trading platform.
In June, the parent company announced an airdrop of the native ERC-20 token HSK, with its subsequent listing in Q3.
BitGo received preliminary approval for an MPI license in January 2024. The organization’s activities were limited to providing custodial services through its U.S. subsidiary South Dakota Trust and storing assets in unregulated hot wallets.
In August 2024, BitGo expanded the jurisdictions for storing bitcoin used in Wrapped Bitcoin (WBTC) to Singapore and Hong Kong. This was made possible after entering into a strategic partnership with Tron-affiliated firm BiT Global.
Franklin Templeton to Expand Support for Tokenized Money Fund on Arbitrum
Asset manager and issuer of spot bitcoin and Ethereum ETFs Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum network.
Investors can access FOBXX through the blockchain-integrated platform Benji Investments and the BENJI token. The structure is also available on Stellar and Polygon. The company plans to add support for other networks in the future.
The initiative aims to accelerate the integration of TradFi into DeFi.
In 2021, FOBXX became the first U.S.-registered fund to use a public blockchain for transaction processing and share ownership accounting. According to rwa.xyz, the structure’s AUM amounts to $425.33 million, ranking second after BlackRock USD Institutional Digital Liquidity (BUIDL) ($517.7 million).
Key DeFi Segment Metrics
Total Value Locked (TVL) in DeFi protocols has plummeted to $85.1 billion. Lido remains the leader with $25.6 billion. EigenLayer holds the second spot with $12.6 billion, and Aave is third with $11.6 billion.
TVL in Ethereum applications decreased to $56.3 billion. The turnover on decentralized exchanges (DEX) over the past 30 days surged to $138.6 billion.
Uniswap continues to dominate the non-custodial market, accounting for 47% of total turnover. The second DEX by trading volume is PancakeSwap (15.2%), followed by Aerodrome (9%), Dodo (6.2%), and Curve (4.9%).
Also on ForkLog:
- Court approves a $12.7 billion settlement agreement between FTX and CFTC.
- Binance returns to India after paying a $2.2 million fine.
- Court reduces Ripple’s fine from $2 billion to $125 million.
- Celsius sues Tether for $2.4 billion.
- WazirX to cancel all trades made after losing $230 million.
- Robinhood’s crypto trading revenue surged 161% in Q2.
- Renzo to launch liquid restaking on Solana.
- dYdX Chain team reveals details of upcoming major update.
- Ethena Labs added Solana to back USDe and facilitated a $100 million asset buyback in a day under stress conditions.
What to Read Over the Weekend?
On August 8, the author of the Telegram channel “Tears of Satoshi,” Rafael Manvelyan, reported his account being blocked on the bitcoin exchange OKX, linking it to a sharp change in the platform’s policy towards users from the CIS.
ForkLog presented the platform’s position and surveyed experts on the company’s policy regarding clients from Russia.