Key App, the remittance service, has recently introduced a bridge connecting users of the Solana and Ethereum networks within its platform, simplifying token transfers between the two networks. Leveraging Wormhole’s bridging technology, users can send tokens with minimal steps and have gas fees covered for transfers over $50. This innovative move removes the need for a third wallet connection and creates a more streamlined process for users.
Meanwhile, the European Central Bank (ECB) has moved a step closer to implementing a digital euro after finalizing prototypes. According to a recent announcement, the ECB has prepared two reports on its market research and prototyping exercise as part of its investigation phase. Fabio Panetta, an ECB Executive Board member, stated that it is possible to integrate the digital euro design choices into the current payment landscape while allowing space for innovative features and technologies.
In Russia, lawmakers have abandoned the idea of creating a national crypto exchange, opting instead to focus on establishing rules and regulations for such companies’ formation and operation. Izvestia reported that new restrictions may be introduced against crypto exchanges, which are capable of bypassing sanctions restrictions. The Central Bank of the Russian Federation will oversee these exchanges, ensuring they comply with established rules.
Over in Hong Kong, CoinEx has announced the official launch of BitHK, a crypto trading platform specifically catering to users in the region. BitHK plans to submit its license application as a Virtual Asset Service Provider (VASP) to the Securities and Futures Commission (SFC) by June 1st. Users can now engage in spot trading and store crypto assets on the platform, which is available in Traditional Chinese and English.
Despite a Beijing paper promoting Web3 not mentioning cryptocurrency, crypto founders, such as Binance CEO Changpeng Zhao, are optimistic about its implications. They believe that this report, titled “Beijing Internet 3.0: Innovation and Development White Paper,” signals China’s increased support for Web3 development.
Finally, in recent legal news, US federal prosecutors have deemed the arguments put forth by Sam Bankman-Fried’s lawyers to be meritless. The FTX founder is facing criminal charges over allegations of stealing from investors in his multibillion-dollar cryptocurrency fund. The lawyers’ motions attempted to convince a judge to dismiss the charges on the grounds of regulatory overreach. However, prosecutors argued that the charges were in line with relevant statutes and the defendant’s alleged misconduct fell within these statutes’ purview.