In an exciting development, Ripple has acquired Metaco, a Swiss-based digital asset custody and tokenization technology provider, for $250 million. This strategic acquisition will not only expand Ripple’s enterprise offerings but also accelerate Metaco’s growth trajectory. Metaco will continue to operate as an independent brand and business unit under the leadership of its Founder and CEO, Adrien Treccani.
Meanwhile, Tether has announced a new investment strategy, wherein up to 15% of its net realized operating profits will be allocated towards purchasing Bitcoin (BTC) to strengthen its reserves portfolio. This move aims to diversify Tether’s holdings without exceeding the Shareholder Capital Cushion.
In other news, a Greenland Holdings subsidiary, owned by the Shanghai municipal government, intends to apply for a virtual asset operator’s license in Hong Kong as part of its international expansion. The move seeks to diversify the company’s business and extend its reach globally.
As for the exchange sector, India-based WazirX has asserted that Binance controls the WRX token and bears responsibility for conducting the quarterly WRX token burn. Binance conducted the seventh burn for the October-December 2021 quarter but has not done so for the past five quarters, or since January 2022.
On another note, Coinbase Global is expanding its services in Singapore with several USDC updates, including no-fee USDC purchases using SGD, rewards for holding USDC on Coinbase, and availability of USDC order books on advanced trading. Moreover, staking for ETH, SOL, ADA, ATOM, and XTZ will also be made available to users.
From a regulatory standpoint, China’s Supreme People’s Procuratorate has issued guidelines for non-fungible token (NFT) treatment, urging for stronger risk research, accurate judgment, and the punishment of crimes associated with NFTs. Although NFTs enjoy high popularity and development potential, they can also pose financial, management, and legal risks, warranting close attention from prosecutors.
On the other hand, France has extended a warm welcome to crypto companies seeking refuge from uncertain US regulations, offering an advantageous crypto service asset provider (PSAN) regime. These companies are welcome to benefit from the French regime and the upcoming European arrangements starting in 2025.
The NFT scene is also witnessing progress as Sky Mavis, the creator of popular NFT project Axie Infinity, launches their card game Axie Infinity: Origins on the Apple App Store across Asia and Latin America. Additionally, Sky Mavis is introducing Mavis Market, a curated NFT marketplace powered by its Ronin blockchain.
Lastly, in the decentralized finance (DeFi) space, Compound Finance announced its latest iteration’s deployment on the layer-2 scaling solution, Arbitrum. Users can now utilize ARB, GMX, WETH, and WBTC as collateral to borrow USDC on Arbitrum, opening up new opportunities for DeFi enthusiasts.
Source: Cryptonews
