We have compiled the most significant news from the crypto industry over the past two weeks.<\/p>\n
The Tezos Foundation will release<\/a> an on-chain payment card in collaboration with Baanx and Mastercard on Etherlink, an Ethereum-compatible L2 solution for Tezos with a transaction finality of approximately 500 ms.<\/p>\n Baanx and Mastercard have already launched a product for 1Inch<\/a> and are preparing releases under the MetaMask<\/a> and Revolut<\/a> brands.<\/p>\n The debit card supported by the Tezos Foundation will be accepted by over 110 million merchants.<\/p>\n According to Baanx’s Chief Commercial Officer Simon Jones, such products could replace online banking and assist those without accounts at financial institutions.<\/p>\n A similar initiative for Argentine citizens was announced<\/a> by representatives of the Bybit exchange.<\/p>\n Visa, a competitor to Mastercard, postponed its plans to integrate digital assets at the start of 2023 following a series of bankruptcies in the industry. However, by April, the company announced it was seeking developers for such projects.<\/p>\n In September, Visa launched a pilot for merchants to use the USDC stablecoin on the Solana network. The firm began testing the use of the “stablecoin” on the Ethereum blockchain two years earlier.<\/p>\n In January, Visa enabled the conversion<\/a> of cryptocurrencies to fiat money on cards directly from wallets like MetaMask or Coinbase Wallet.<\/p>\n Coinbase introduced<\/a> a universal web application, providing a single platform for viewing and managing the entire cryptocurrency portfolio, including tokens, NFTs, and DeFi. Users can connect multiple wallets.<\/p>\n With this new offering, the company aims to bring all its 100 million clients on-chain.<\/p>\n “They will be able to perform all major financial operations on the network, whether buying or trading,”<\/em> commented<\/a> Sid Coelho-Prabhu, Senior Director of Product Management at the exchange.<\/p>\n<\/blockquote>\n In June, Coinbase released the “smart” Coinbase Wallet with support for gas-free transactions.\u00a0<\/p>\n Separately, it was revealed that the company’s venture arm invested $1 million<\/a> in a new flatcoin project SPOT based on Base.<\/p>\n Developers plan to create an alternative to stablecoins that combines the characteristics of commodity money and peer-to-peer digital assets.<\/p>\n The flatcoin aims to address issues of centralized “stablecoins” such as inflation, long-term capital preservation, and reliance on intermediaries. The asset is designed to track the cost of living rather than being pegged to fiat, like stablecoins.<\/p>\n SPOT is a derivative of Ampleforth (AMPL) with low volatility, designed for less drastic price changes. When AMPL’s rate changes significantly, SPOT’s quotes adjust only slightly.<\/p>\n SPOT is created by reorganizing AMPL’s price volatility into two perpetual derivative assets: SPOT, which is less volatile and intended for safer storage, and stAMPL, which is more volatile and intended for increased risk.<\/p>\n Bitcoin exchange OKX has chosen Malta as its EU hub to comply with the new regional MiCA<\/span> regulation, citing the jurisdiction’s “softer regulatory nature.” This is according to sources cited by CoinDesk<\/a>.<\/p>\n In May 2023, the organization stated that France would be its preferred hub. OKX’s local unit received registration from the French AMF<\/span> in December.<\/p>\n The exchange is seeking candidates for several key positions in Malta, including Head of Compliance, Chief Operating Officer, and Head of Internal Audit.<\/p>\n Separately, it was revealed that OKX decided to cease operations<\/a> in Nigeria.<\/p>\n The platform’s representatives cited “recent changes in local laws and regulations” as the main reason for discontinuing services in the country.<\/p>\n The exchange set August 16 as the deadline for access to its functions. Afterward, users will only be able to access the platform for fund withdrawals or position closures.<\/p>\n Kraken Institutional began<\/a> offering custodial services to clients in the UK and Australia.\u00a0<\/p>\n The organization plans to extend the service to the EU, Switzerland, the Cayman Islands, and the British Virgin Islands by the end of the year.<\/p>\n The exchange launched<\/a> a custodial service for Kraken Institutional in March this year.\u00a0<\/p>\n A month later, the company introduced<\/a> its non-custodial wallet.<\/p>\n USDT stablecoin issuer Tether hired<\/a> Chainalysis’ Chief Economist Philip Gradwell to improve communication with regulators.<\/p>\n The specialist is tasked with interacting with US regulatory bodies, including the New York Attorney General. His duties will also include “quantitative assessment of Tether’s economy.”<\/p>\n Gradwell worked at Chainalysis for the past six years.<\/p>\n “Philip’s experience will provide an even better understanding of our indispensable role in supporting the dollar,”<\/em> explained Tether CEO Paolo Ardoino.<\/p>\n<\/blockquote>\n Previously, Tether and Chainalysis partnered<\/a> to develop a system for monitoring secondary market activity.\u00a0<\/p>\n According to the press release, this pertains to “transactions occurring within the broader USDT ecosystem outside of limited liability organizations that directly buy and sell the stablecoin.”\u00a0<\/p>\n Tether emphasized that the company “actively fights illegal activity in the industry,” collaborating with 124 law enforcement divisions in 43 jurisdictions.<\/p>\n Compound CEO Jayson Hobby announced his resignation and launched a new DeFi protocol, Legend, with CTO<\/span> Geoffrey Hayes and Vice President of Products Mykel Pereira.<\/p>\n Compound CEO Jayson Hobby announced his resignation and launched a new DeFi protocol Legend with Compound CTO Geoffery Hayes and Compound Vice President of Products Mykel Pereira. He said he wanted to bring the next 100M users onchain by building the world\u2019s best DeFi interface.\u2026<\/p>\n \u2014 Wu Blockchain (@WuBlockchain) July 12, 2024<\/a><\/p><\/blockquote>\n Coinbase Launches Universal App for Simplified Digital Asset Management<\/strong><\/h2>\n
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Reports: OKX Chooses Malta as EU Headquarters and Plans to Exit Nigeria<\/strong><\/h2>\n
Kraken Institutional Expands into the UK and Australia<\/strong><\/h2>\n
Tether Hires Chainalysis’ Chief Economist<\/strong><\/h2>\n
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Compound’s CEO and CTO Depart to Launch Their Own DeFi Protocol<\/strong><\/h2>\n
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