“A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.” — Colin Wu, China-based crypto reporter
Weekly News Report:
1. Binance has announced some changes to its crypto trading services for customers in Singapore. Binance users in Singapore will no longer have access to fiat deposits, crypto spot trading, liquid swap and crypto purchases via fiat channels on the website.
2. Sparkpool, the second-largest Ethereum mining pool in the world, is suspending operations due to the ongoing Chinese crackdown on crypto. The mining pool officially announced that it has suspended access to new users in mainland China on Monday in response to Chinese authorities initiating new measures to combat crypto adoption in the country.
3. China’s Blockchain Services Network (BSN) builder is registering a nonprofit in Singapore to manage the international version of the network. Red Date Technology, the company developing China’s BSN, wants the project to move past its government roots and isn’t seen as a project controlled by China.
4. Decentralized derivatives exchange dYdX has seen a surge in trade activity as concerns surrounding a renewed Chinese crypto crackdown have circulated this year, with the decentralized exchange (DEX) now processing more volume than Coinbase’s spot markets for the first time.
5. Crypto funds draw most new money in 3 weeks even as China cracks down. With the headwinds that digital assets have faced recently, such as China’s ban, investors pumped $95 million into digital asset products last week which suggests that price declines may have been seen as buying opportunities.
6. Supposedly censorship-resistant DeFi rails see increased activity in the wake of China’s crypto crackdown. DeFi tokens PERP, DYDX lead the crypto market higher, bitcoin nears $44K.
7. The United Arab Emirates’ Securities and Commodities Authority has signed an agreement with the Dubai World Trade Centre Authority (DWTCA). The agreement establishes a framework that allows the DWTCA to issue the necessary approvals and licenses for the conduct of financial activities relating to cryptocurrencies.
8. African cryptocurrency exchange Yellow Card has concluded a $15 million Series A financing round led by some of blockchain’s biggest venture funds, underscoring the growth potential of digital assets on the continent. Africa has emerged as a bastion for cryptocurrency adoption. Venture capital is looking to capitalize on the growing trend.
9. Major U.S. investment bank Morgan Stanley has increased its shares of GBTC by more than 105% since April. According to a report from SEC, filed Sept. 27, the Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies throughout Europe, owned 58,116 shares of the Grayscale Bitcoin Trust, or GBTC, as of July 31.
10. A green post-COVID-19 recovery in accordance with the United Nations’ 17 Sustainable Development Goals is possible with blockchain and NFTs. Blockchain technology and NFTs have been instrumental in funding these goals during 2021 declared by the UN General Assembly as the “International Year of Creative Economy for Sustainable Development.”
11. After a 16-month hiatus, the art world was in the mood for champagne and non-fungible tokens this week. Art collectors swoon over NFTs at elite Basel gatherings. The fact that NFTs were exhibited at a major art fair like Art Basel is a huge milestone towards its acceptance as an art medium on par with painting and sculpture.
12. Emurgo, the commercial and venture arm of Cardano, is investing $100 million to boost decentralized finance (DeFi), non-fungible token (NFT) products and blockchain education efforts for the world’s fourth-largest blockchain.
13. As of September 25, 2021, there’s $129.3 billion worth of stablecoin assets in existence which represents 6.54% of the crypto economy. The second-largest stablecoin by market valuation, USDC, has seen its capitalization hit $30B, rising more than $10 billion in 125 days.