Infinity's Newsletter ~ 02.24.2023
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MakerDAO voting on $100M loan participation with Florida commercial bank
Cogent Bank is proposing to participate in loans to MakerDAO’s RWA Master Participation Trust. The proposal seeks the same terms and conditions applied to Huntingdon Valley Bank (HVB), which entered into a collateral integration with the crypto firm allowing the bank to borrow against its assets using DeFi.
Bank of Russia to Pilot CBDC in April
The project will be launched for peer-to-peer transfers between individuals and for retail purchases, The pilot will work on real operations for real people, but only for a limited number of them, with the 13 banks that have signaled they're ready."
BlockTower Capital Loses $1.5M in DeFi Market Aggregator Dexible Exploit
The hacker exploited a weakness in the smart contract code, allowing them to drain funds from wallets with funds that have been approved for spending. “A few whales,” accounted for 85% of the losses. BlockTower Capital was among the victims.
Polychain leads ZK chip startup Cysic's $6 million raise
The round led by Polychain Capital, other investors include Hashkey, SNZ Holding, ABCDE and Web3.com foundation. Cysic aims to provide hardware acceleration solutions for ZK proof protocols.
Many stablecoins fall short of coming regulatory recommendations, says FSB chair
“FSB’s work concludes that many existing stablecoins would not currently meet these high-level recommendations, nor would they meet the international standards.
Hong Kong plans to lift ban on retail crypto trading proposing rules for Platfforms
The regulator also announced all crypto trading platforms operating in Hong Kong need to be approved by the SFC by June 2024, or else close down its operations. The SFC “will not hesitate to take enforcement action,” the regulator suggested in a new consultation.
Huobi crypto exchange aims to expand to Hong Kong amid regulatory changes
Justin Sun said Huobi might increase its staff in Hong Kong from 50 to 200 this year. Hong Kong’s friendlier stance on crypto and the possibility of retail sales motivated the expansion.
Energy Giant Saudi Aramco Signs Agreement With droppGroup to Build Web3 Tech
Applications to be developed will be aimed at helping Aramco's employees with on-boarding, training ecosystems, as well as a tokenized network and rewards program.
ZK dark pool startup Renegade breaks cover with $3.4 million from Dragonfly, Naval Ravikant
Renegade is developing an on-chain version of a dark pool — a trading venue common in tradfi — based on multi-party computation (MPC) and zero-knowledge proofs.
Fireblocks testing 'off-exchange' crypto custody solution: Financial News
Conceived as an “off-exchange” service, the platform will enable clients to keep their crypto assets in custody while trading on exchanges. The funds will only move out of the custody platform when the trades need to be settled.
Deutsche Bank completes trial of tokenized investment platform
Asset managers were able to create a digital asset fund with its own SBT and launch a direct fiat-to-digital on-ramp for users. Institutional investors could then subscribe to the fund through the direct minting of tokens, via a decentralized exchange aggregator or through a built-in marketplace.
Bosch partners in $100-million Web3 development foundation
The initiative will fund research and develop decentralized tech for real-world use cases of Web3-based solutions & services for the mobility, industrial technology & consumer industries.
Galaxy Digital, PayPal Lead $20M Fundraise for Chaos Labs
Chaos Labs offers an automated, on-chain risk management platform that provides DeFi protocols with customized automated security monitoring with threat prevention and a simulation engine that helps verify the protocol’s health and stability regardless of current market conditions.
Crypto in Hong Kong Getting Soft Backing From Beijing
Officials from China’s Liaison Office have been frequent guests at crypto gatherings in Hong Kong. Seen as an endorsement of Hong Kong’s push to become a crypto hub, with the SAR of China using its separate legal system and markets to be a testing ground – much in the same way as Hong Kong was China’s first test of open markets in the 20th century.
Euro-backed stablecoin, Euro Coin set to trade on Coinbase
Trading is slated to begin once liquidity conditions are met and asset supplies are established, after which the launch of EUROC-USD and EUROC-EUR pairs will continue in phases.
BlockTower Capital quietly parts ways with top execs
General partner Michael Bucella and Steve Lee, investment director and head of Asia-Pacific, departed the company. Bucella and Lee joined BlockTower from investment bank Goldman Sachs in 2017 and 2018, respectively.
Lightspeed leads $6.4 million seed round into web3 observability platform
The equity deal, also saw participation from Hashkey Capital, Canonical Crypto, Essence VC and GSR Ventures. Sentio handles the indexing process for this information, but users can then build dashboards that visualize such data.
BUSD Stablecoin Temporarily Plunges to 20 Cents on Binance
Triggered by a single $647,000 market sell order, which prompted a cascade of slippage down to 20 cents. BUSD immediately regained its peg on Binance against DAI as arbitrage traders could feasibly purchase it for below $1 on Binance and sell for $1 on another exchange.
TON blockchain freezes $2.6B worth of inactive tokens
Users & validators of The Open Network (TON), have voted to suspend miners’ wallets for four years if they are inactive and have never made an outgoing transaction.
Gate.io to enter Hong Kong following city’s $6.4M budget allocation to Web3
Gate Group will apply for a crypto license in Hong Kong allowing it to launch “Gate HK.” The firm's local company, Hippo Financial Services, gained a license in August 2022 to provide VACS.
NY Attorney General Sues Crypto Exchange CoinEx, Alleges AMP, LBC, LUNA and RLY Tokens Are Securities
"The Tokens each fall within the Martin Act’s definition of commodities, which includes any foreign currency and any other good, article, or material, CoinEx is engaged in the business of selling and offering to sell commodities through accounts, agreements, or contracts to accounts in New York primarily for investment purposes.
Forsage Founders Indicted for $340M Ponzi Scheme Masquerading as DeFi Platform
Forsage rsmart contracts on Ethereum, Binance Smart Chain & Tron that were "consistent with a Ponzi." As soon as an investor invested the smart contract automatically diverted the funds to other Forsage investors, such that earlier investors were paid with funds from later investors.
Frax Finance Votes to Fully Collateralize Its $1 Billion Stablecoin
The result represents a significant shift for FRX, the fifth largest stablecoin with more than $1 billion in market capitalization, as it eliminates the algorithmic element of the stablecoin’s stabilizing mechanism.
Coinbase Launches Layer 2 Blockchain Base to Provide On-Ramp for Ethereum, Solana and Others
Base, an L2 offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build dapps onchain allowing devs to directly integrate their product & provide fiat onramps – targeting an estimated 110 million verified users and $80 billion in assets on the platform in the Coinbase ecosystem.
DWF Labs Invests $25M in Privacy Tech Startup Beldex
Beldex includes private messaging app BChat, decentralized virtual private network BelNet, Web3 browser Beldex and cross-chain privacy protocol Beldex.
Galaxy acquires institutional crypto custody firm for $44M
GK8, which has developed its own patent crypto custody tech aimed at giving secure asset management for institutional users.
US Federal Reserve denies Custodia Bank's request for Fed supervision
Custodia wishes to join the Federal Reserve System so it can be regulated under the standards that apply to traditional banks & open a path for other crypto-banks that wish to be held to those same heightened standards.
IMF exec board endorses crypto policy framework, including no crypto as legal tender
“Elements of Effective Policies for Crypto Assets,” developed a framework of nine policy principles that addressed macrofinancial, legal and regulatory, & international coordination issues.
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