As the final weeks of 2023 approach, it is fair to say that one of the key trends and drivers of crypto companies’ strategies in recent months can be summed up in a single word: licenses.
In a strict regulatory environment, it has been crucial for companies to get the green light from regulators, especially during the crypto winter.
Some countries have taken a stand by developing a crypto-friendly environment. For example, the United Arab Emirates continues to attract major crypto companies to its shores, with digital asset exchange Crypto.com recently receiving a Virtual Assets Service Provider (VASP) license in Dubai. The license allows Crypto.com’s local business to offer retail and institutional trading as well as broker-dealer and lending-related services.
Dubai also granted a similar license to institutional crypto custodian Hex Trust. The crypto company has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.
Traditional players are also looking for crypto licenses. In Germany, Commerzbank has received a crypto custody license, according to a November 15 announcement, reportedly making it the first “full-service” bank in the country to receive this license.
In regulatory headlines this week, Bitget also abandoned plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market considerations. As a result, the exchange will suspend its local operations in the coming weeks.
Although licenses are essential for crypto firms to operate, they also represent a new step in the growing connection between crypto and governments worldwide.
This week Crypto Biz also covers Uniswap’s Android app, Cboe’s entry into crypto margin futures trading, and Disney’s upcoming non-fungible token (NFT) platform.
Uniswap launches Android wallet app with built-in swap functionality
Uniswap Labs has released an Android mobile wallet app on the Google Play Store. Callil Capuozzo, vice president of design at Uniswap Labs, told Cointelegraph that the new app allows users to swap across decentralized exchanges within the app, eliminating the need for a separate web browser extension. Uniswap has added support for new languages and now supports English, Spanish, Japanese, Portuguese, French and Chinese – both traditional and simplified – and has added a setting that allows users to view the value of their cryptocurrency in their local currency. The iOS version of the app was released in April.
Uniswap mobile app demo. Source: Uniswap Labs.
Disney launches NFT platform with Dapper Labs
Disney and blockchain company Dapper Labs have teamed up to create a non-fungible token (NFT) platform. Disney will tokenize its iconic animated characters from the past century on its upcoming NFT marketplace Disney Pinnacle, according to an announcement. The platform will also feature Pixar icons and heroes and villains from the Star Wars galaxy, uniquely designed as collectible and tradeable digital pins. The NFT platform will launch later in 2023 for iOS, Android and the web.
Cboe launches BTC and ETH margin futures trading in January with support from 11 companies
Cboe Digital has announced the launch of margin futures trading for Bitcoin (BTC) and Ether (ETH) on January 11, 2024. The regulated crypto-native exchange and clearinghouse will be the first in the United States to offer both spot and leveraged derivatives trading on a single platform, it said in a statement. Eleven firms, including crypto and traditional finance firms, will support the new feature from its launch. These include B2C2, BlockFills, Cumberland DRW and Talos. Cboe Digital offers trading for individuals and institutions. In June, it received approval for margin futures trading from the U.S. Commodity Futures Trading Commission.
Goldman Sachs is leading a $95 million funding round for blockchain payments company Fnality
Global investment bank Goldman Sachs and French bank BNP Paribas have reportedly led a new round of funding for Fnality, a blockchain-based wholesale payments company backed by Nomura Group. Fnality has reportedly raised £77.7 million ($95.09 million) in a second round of funding. Other investors included global exchange-traded fund firm WisdomTree and Fnality’s existing investor Nomura. The new capital will be used to build a 24/7 global liquidity management network for new digital payment models in wholesale financial markets and emerging tokenized asset markets, Fnality said. Fnality was founded in 2019 as a UBS-led blockchain project with the aim of creating digital versions of major currencies for wholesale payments and digital securities transactions.
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