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Krystal Newsflash (30th Sep 2022)

●   3 min

Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:

Token2049 was a blast 🚀

Thank you to everyone who dropped by our booth! We had a blast meeting all of you:

We hope you enjoyed your swag and $10 token airdrop!

With over 7,000 participants, this was one of the biggest crypto events this year. We’re super proud to be a Gold partner, and we can’t wait to meet all of you at the next event 😉

DBS provides institutional access to crypto 💲

While Singapore has been rather strict with its crypto regulations for retail investors, DBS Bank will now be offering crypto services to accredited investors.

These investors would need to meet certain criteria to qualify, including their income, net worth, qualifications and understanding of financial markets.

However, retail investors may face further frictions when buying crypto in the future.

Once hailed as a ‘crypto-friendly’ hub, Singapore is now losing its appeal as crypto companies are shifting their headquarters to Dubai.

FTX US wins bid for Voyager ✅

Following the collapse of centralised crypto lending platforms, Voyager was one of the firms to announce its bankruptcy.

The firm held an auction for its crypto holdings, and FTX US won it with a bid of about $1.4 billion.

There were reports that Binance and CrossTower placed bids as well, but Voyager chose to accept the bid that provided the “best alternative for Voyager stakeholders”.

With many Voyager customers’ funds still being locked up, this could mean that they may be able to get back their assets.

Meanwhile, things still seem uncertain for Celsius’ customers, as the CEO, Alex Mashinsky, announced his resignation.

New Robinhood Wallet on Polygon 👀

Robinhood has released its Web3 wallet, and they have chosen the Polygon network as its main network.

Users on Robinhood are able to purchase cryptocurrencies, and this new wallet will provide self-custody of their assets.

If you can’t wait to get your hands on a Polygon wallet, you can try out our multi-chain wallet that supports 10 networks including Polygon, other EVM-compatible chains and Solana.

Nexo acquires stake in US Bank 🏦

Nexo has made a bold claim as one of the leading centralised crypto lending platforms by acquiring a stake in Summit National Bank.

This allows Nexo to provide a greater suite of financial services to US customers, such as the opening of bank accounts and asset-backed loans.

Nexo has come out pretty much unscathed after the centralised lending platform debacle, and this move will help to further expand its consumer base.

USDC to expand to 5 new networks

Multi-Chain is truly the future, and USDC will now be supported on 5 new networks, including:

  • Arbitrum
  • Cosmos
  • NEAR
  • Optimism
  • Polkadot

This will add to USDC’s 9 existing networks, such as Ethereum, Solana and Avalanche.

Furthermore, Circle, USDC’s issuer, is creating a Cross-Chain transfer protocol to bridge USDC across multiple networks.

While you are waiting for this feature to roll out, why not try out our bridging feature? You are able to bridge across all of our 9 EVM-compatible networks.

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On top of this, Circle has acquired Elements, a payments platform.

This will further enhance Circle’s crypto payments capabilities as it aims to bring both USDC and EURC to more customers.

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