The DeFi Frontier; November 13th, 2023

According to BlackRock, BTC ETF approval is imminent 

According to BlackRock, BTC ETF approval is imminent. The company is confident that its Bitcoin ETF application will be approved. Analysts predict this decision could come as soon as January, but the exact effective date is yet to be determined. This follows reports of BlackRock registering an Ethereum Trust in Delaware. Speculation across various platforms is at its peak, and the markets are reacting to this news. [Read More]

More BlackRock news
Ethereum is also surging, trading above $2,000 after the discovery of BlackRock registering iShares Ethereum Trust in Delaware. Speculation about the imminent launch of an Ethereum ETF is circulating, and sources have noted that BlackRock created a similar entity before filing for a Bitcoin ETF application with the SEC. [Read More] 

US lawmakers create a Bill against BSN blockchain

US lawmakers have introduced a bipartisan bill, known as the Clarity Act, which expresses disapproval of collaborating with China's blockchain technology. The legislation prohibits federal agencies from engaging with Chinese blockchain due to concerns about national security issues associated with Chinese tech. The bill specifically targets Blockchain-based Service Network (BSN) and Conflux Network. BSN has been advocating for global blockchain adoption since 2020, but despite being an open-source network, the US lawmakers still oppose working with its development. [Read More]

Coinbase major move; launches KYC service on Base

A significant initiative by Coinbase involves the introduction of KYC (Know Your Customer) on Ethereum through their Base protocol. This move has the potential to attract millions, if not billions, of new users. In the digital landscape, especially in the context of Web3, users often operate pseudonymously, offering benefits such as enhanced privacy. However, this practice also poses security challenges, including the risks of false identity, hacking, and impersonation by malicious actors. Coinbase's latest endeavor not only addresses these concerns but also reinforces the ongoing evolution of the space. [Read More]

BRICS De-dollarization and reduce US reliance 
BRICS, comprising Brazil, Russia, India, China, and South Africa, is an alliance actively working towards initiatives aimed at de-dollarization and reducing reliance on the U.S. currency. Following the 15th summit in August, BRICS confirmed its long-term goal of challenging the U.S. dollar's status as the world's reserve currency. This strategic move underscores a collective effort among member countries to reshape global economic dynamics and promote financial independence.[Read More]

Binance introduces new web3 wallet

Binance has unveiled a Web3 wallet designed to function seamlessly across 30 blockchains, catering to the needs of the DeFi community. Users can easily create a wallet through the Binance app, with KYC completion necessary for access. Binance has innovatively introduced an alternative to seed phrases, known as MPC. For further details, dive into the full read here.

Crypto exchanges going decentralized 

It's no surprise that centralized exchanges are jumping into DeFi regarding exchanges. The market has matured enough to have a decent number of users familiar with the inner workings of DeFi, and the user base continues to grow. The rise of DeFi signals crypto exchanges to explore layer-2 networks and diversify revenue, attracting a broader user base. Coinbase has successfully launched the Base protocol, and now Kraken is considering mirroring Coinbase. Experts believe that exchanges embracing DeFi are only helping themselves. [Read More]