Sony’s Crypto Exchange, Animoca’s IPO Plans, and Other Industry Developments

We have compiled the most significant news from the crypto industry over the past two weeks.

Stripe to Expand USDC Support on Coinbase’s Base Network

Bitcoin exchange Coinbase and payment company Stripe have formed a partnership that will allow clients of both platforms to convert fiat into cryptocurrencies.

Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i

— John Collison (@collision) April 25, 2024

The collaboration means that the stablecoin USDC will be available within Stripe’s crypto payments framework. This will expedite cross-border money transfers and settlements in the equivalent of national currencies of 150 countries.

The “stablecoin” will also be included in Stripe’s program for converting fiat to cryptocurrencies, easing onboarding.

Coinbase will undertake similar actions to enable payment company users to purchase digital assets using credit cards and Apple Pay.

Media: Mining Company Genesis Digital Assets Considers US IPO

Mining company Genesis Digital Assets is consulting with advisors regarding a potential IPO. This is reported by Bloomberg, citing informed sources.

According to the agency, going public may precede a funding round in the coming weeks.

The company received investments totaling over $1 billion from Sam Bankman-Fried’s Alameda Research, with a valuation of $5.5 billion in April 2022.

According to the company, the total capacity of its 20 sites exceeds 500 MW.

Animoca Brands is considering similar IPO plans for 2025, exploring Hong Kong or the Middle East for listing. Four years ago, the ASX delisted the company’s shares due to concerns about its financial reporting.

Sony to Launch Cryptocurrency Exchange in Japan

Sony Group’s firm Sony Quetta Web will rebrand the cryptocurrency exchange WhaleFin (formerly DeCurret), acquired in August 2023.

The platform will be renamed S.BLOX. It is expected to collaborate with other Sony Group companies.

The update includes a redesign of the interface and a mobile app update. The exact launch date for S.BLOX has not yet been announced.

Among Sony’s other Web3 initiatives is the creation of its own public blockchain network.

Philippines to Implement USDT on TON for Social Security Payments and Launch Educational Initiative in Turkey

Tether has partnered with trading and infrastructure company Uquid to allow Filipino citizens to pay social security contributions using USDT on TON.

Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines?? pic.twitter.com/8WJyNVH0ux

— Tether (@Tether_to) July 1, 2024

Uquid is a leading decentralized commercial infrastructure platform utilizing DeFi and blockchain technology to offer cryptocurrency payments. According to the company, its services are used by 260 million clients.

Separately, Tether has signed a memorandum of understanding with BTguru to advance digital asset education in Turkey.

The collaboration aims to evaluate the development of comprehensive programs to familiarize with the benefits of blockchain technology and to leverage BTguru’s connections to facilitate engagement with institutions in Turkey.

Additionally, the parties will explore asset tokenization scenarios for banks and assess the potential of regional payment networks using Btguru Core.

Meanwhile, Binance has announced changes for Turkish users in response to the evolving regulatory framework in the country.

The changes include:

• phasing out the Turkish language over three months on Binance.com;
• ceasing all marketing activities for local users.

According to these rules, the Binance.com site will remain accessible from Turkey, the organization explained.

Key DeFi Segment Metrics

The total value locked (TVL) in DeFi protocols has decreased to $93.2 billion. Lido remains the leader with $28.9 billion. EigenLayer is second ($14.5 billion), followed by Aave ($11.2 billion).

TVL in Ethereum applications has grown to $51.3 billion. Trading volume on decentralized exchanges (DEX) over the past 30 days has surged to $117.3 billion.

Uniswap continues to dominate the non-custodial exchange market, accounting for 52.2% of total turnover. The second largest DEX by trading volume is PancakeSwap (17%), followed by Curve (5.2%).

Also on ForkLog:

• Solana exchange Zeta Markets to distribute 100 million tokens in an airdrop.
• ConsenSys acquired Wallet Guard to enhance MetaMask user protection.
• Aave developers released the GHO stablecoin on the Arbitrum network.
• Former top executives from Apple, Google, Meta, Tesla, and X joined Worldcoin.
• HashKey launched a 10 million HSK airdrop via a “tap” in Telegram.
• Uniswap Wallet to add fiat support through partnership with Transak.
• TVL of the Pendle protocol plummeted by 40% following airdrops in the LRT segment.
• Circle became the first to receive a license to issue stablecoins under MiCA.
• Court allowed consideration of most SEC claims against Binance.

What to Read Over the Weekend?

Every bull market brings with it amusing yet questionable trends that some still manage to profit from. In 2021, it was the NFT craze; in the current cycle, it’s meme tokens.

Now, a new leader has emerged in the segment — Hamster Kombat, which has spawned numerous memes and funny videos. In a special ForkLog article, we delve into the features, advantages, and disadvantages of the game that even your grandmother has heard about.