We have collected the most important news from crypto industry participants over the week.
- OKX will discontinue the service for users in India.
- Robinhood has released a cryptocurrency wallet for Android.
- Bybit has launched a regulated trading platform in the Netherlands.
- FTX sold two-thirds of its stake in Anthropic for $884 million.
Robinhood has released a cryptocurrency wallet on Android
Online broker Robinhood is official released your own cryptocurrency wallet for Android users without geographical restrictions.
The expansion occurred a year after the release of the iOS version. The application was in beta testing. A public waiting list has been opened for registration.
The wallet supports the functions of sending, receiving and storing cryptocurrency on the Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism and Base networks. It is possible to exchange tokens on Ethereum, Polygon and Arbitrum through DEX aggregators.
Robinhood does not charge fees; users only pay fees for transactions on the blockchain.
According to a press release, the initiative marks “a major step forward in Robinhood’s commitment to making cryptocurrency more accessible and integrated into the daily lives of millions of people around the world.”
Bernstein estimates Robinhood’s revenue will increase ninefold in 2025. The consensus forecast suggests that the value will increase fivefold.
On January 12, the online broker opened up the ability for US clients to trade SEC-approved spot Bitcoin ETFs.
OKX will stop providing services to users in India
OKX cryptocurrency exchange will stop servicing registered users in India. They have until April 30 to close positions and withdraw assets from various products on the platform.
At the end of 2023, India’s Financial Intelligence Unit accused leading platforms of operating without registration and violating anti-money laundering and anti-terrorist financing laws.
At that moment, the regulator demanded that the Ministry of Communications and Information Technology block the domains of the listed companies in the country.
Following the implementation of the initiative in January 2024, OKX implemented a new onboarding process with strict KYC checks. The latest message from the exchange indicates a complete winding down of activities in the country.
In July 2023, the Supreme Court reprimanded the local government for delaying the development of a regulatory framework for digital assets.
Bybit launched a regulated trading platform in the Netherlands
Bitcoin exchange Bybit announced on the launch of a regulated trading platform in the Netherlands.
Through a partnership with local licensed crypto service provider Satos, local Bybit users can deposit and withdraw fiat and trade over 300 pairs in compliance with local regulatory requirements.
On March 15, the Hong Kong Securities and Futures Commission listed Bybit as a suspicious cryptocurrency exchange.
The company’s application for an SFC license, Spark Fintech Limited, is not subject to the warning. The latter is seeking approval to operate as a regulated digital asset trading platform along with 23 other entities.
In December 2023, Kaiko analysts identified Coinbase and Bybit as the main beneficiaries of Binance’s settlement of claims by US authorities.
February 8 Kraken received a license crypto service provider from the Central Bank of the Netherlands. The document will allow the platform to offer services for the exchange and transfer of virtual assets, as well as storage and wallet.
FTX sold two-thirds of its stake in Anthropic for $884 million
The management of the bankruptcy exchange FTX sold two-thirds of the 7.84% stake in AI startup Anthropic for $884 million. The deals were concluded with 24 companies, including Abu Dhabi-based ATIC Third International Investment, Jane Street and Fidelity.
This was preceded by the approval of the court and the achievement of a compromise between the management of the organization and a group of creditors who opposed the sale.
According to FTX attorney Andy Dietderich, the company has accumulated $6.4 billion in cash.
He recalled that the platform will pay off its obligations to clients in full. The calculations are based on digital asset prices in November 2022, when the exchange filed for bankruptcy.
In January 2024, FTX disposed of 22.3 million GBTC shares worth ~$908 million. As of October 25, 2023, the position was valued at $597 million.
On March 28, former FTX head Sam Bankman-Fried was sentenced to 25 years in prison. Previously, prosecutor Damian Williams insisted on a term of 40 to 50 years. He noted that Bankman-Fried refused to admit guilt in organizing “probably the largest fraud of the last decade.”
In late February, SBF lawyer Mark Mukasey requested a sentence of 63 to 78 months in prison for his client. The court received 29 letters of support for Bankman-Fried asking him to commute his future sentence, including from members of his family and his cellmate.
Key indicators of the DeFi segment
The volume of blocked funds (TVL) in DeFi protocols has stabilized at $98.5 billion. Lido remains the leader with $34.66 billion. EigenLayer ($12.2 billion) is in second place. Aave ($11.46 billion) retained third position.
Data: DeFi Call.
TVL in Ethereum applications practically unchangedamounting to $52.6 billion.
Trading volume on decentralized exchanges (DEX) over the last 30 days jumped up to $186 billion. Uniswap continues to dominate – it accounts for 50.8% of total turnover (two weeks ago – 51.4%). The second DEX by trading volume, PancakeSwap, reduced its market share from 27.4% to 24.2%. Curve took third place (5.3%).
Also on ForkLog:
What to read this weekend?
ForkLog released a review of the problems that Binance encountered when interacting with regulators and authorities in various countries. It covered claims in Nigeria, platform blocking in the Philippines and the gradual suspension of CommEX, which received exchange clients in Russia.
The editors also covered the situation around KuCoin, which faced charges from the US Federal Prosecutor’s Office and the CFTC. According to media reports, the owners were considering shutting down the platform and selling it in 2023.
On March 20, it became known that the Ethereum Foundation and a number of other unnamed organizations received requests from the SEC regarding the status of ETH. ForkLog figured out how this event could affect the approval of a spot exchange-traded fund based on the second largest cryptocurrency by capitalization.
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2024-03-30 16:03:23
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