Here’s a fast breakdown of the largest information tales and developments within the cryptocurrency sector for September 20, 2022.
1. Nasdaq declares Nasdaq Digital Assets, plans to supply crypto custody
Stock change operator Nasdaq is increasing its involvement with crypto belongings. The firm has introduced that it’s launching a cryptocurrency custody service tailor-made for institutional buyers. The service might be supplied by Nasdaq’s newly established crypto arm, Nasdaq Digital Assets, and also will present liquidity and execution providers. Nasdaq Digital Assets is headed by Ira Friedman, who previously led the Gemini crypto change’s Prime enterprise.
According to a Financial Times report, Nasdaq can be contemplating providing cryptocurrency buying and selling providers after it launches its crypto custody providing.
Here’s what Nasdaq CEO Adena Friedman had to say concerning the firm’s new crypto enterprise:
“The technology that underpins the digital asset ecosystem has the potential to transform markets over the long-term. To deliver on that opportunity, our focus will be to provide institutional-grade solutions that bring greater liquidity, integrity, and transparency to support the evolution.”
2. Tether ordered to produce paperwork displaying USDT backing
Tether, the issuer of the world’s largest stablecoin USDT, has been ordered by a U.S. decide to produce data displaying how the USDT tokens in circulation are backed. The order is a results of a lawsuit filed in 2019 that alleges Tether and the Bitfinex change used USDT issuances to manipulate markets and improve the worth of Bitcoin.
More particularly, the request entails all “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements”.
Tether has publicly responded to the request in a weblog submit, saying that the request is “a routine discovery order and does not in any way substantiate plaintiffs’ meritless claims”. The agency additionally expressed confidence that it’ll win the “baseless” lawsuit.
3. Binance makes BUSD accessible on Polygon and Avalanche
The BUSD stablecoin, which was launched by a partnership between Binance and stablecoin issuer Paxos, is now accessible on the Polygon and Avalanche blockchains. Previously, the stablecoin was solely accessible on Ethereum and the BNB Chain ecosystem.
Polygon and Avalanche are each EVM (Ethereum Virtual Machine) appropriate blockchains that present a less expensive and quicker different to customers which can be priced out by Ethereum’s excessive transaction payment. In the case of Polygon, it even makes use of the Ethereum as a base layer to present extra safety.
Binance seems to be making strikes to develop the market share of BUSD and pose a extra critical menace to USDT and USDC, that are at the moment main the stablecoin sector. Earlier in September, Binance introduced that will probably be auto-converting person balances of USDC, USDP and TUSD into BUSD, and the Binance-affiliated WazirX crypto change not too long ago introduced an analogous transfer.
4. Sardine raises $51.5 million
Sardine, a platform that gives fraud prevention and compliance providers to Web3 firms, has raised $51.5 million Series B spherical led by prolific enterprise capital agency Andreessen Horowitz (a16z). Sardine has attracted high-profile clients from the cryptocurrency trade, together with FTX and Blockchain.com.
In addition to fraud prevention and compliance, Sardine additionally supplies a service for on-ramping customers to cryptocurrency by permitting them to buy crypto and NFTs by connecting their financial institution accounts and playing cards.
5. OpenSea plans to assist Arbitrum
OpenSea, the premier market for buying and selling non-fungible tokens (NFTs), is (*5*) assist for NFTs on the Arbitrum platform. Support for Arbitrum NFTs might be rolled out in the present day (September 21). This will introduce Arbitrum-based collections akin to Smolverse, GMX Blueberry Club and Diamond Pepes to OpenSea customers.
Arbitrum is a layer 2 constructed on prime of Ethereum that makes use of optimistic rollups know-how to give customers entry to considerably cheaper transactions in contrast to the bottom layer.
Arbitrum would be the fifth platform to be supported by OpenSea, as its customers may also commerce NFTs on the Ethereum, Polygon, Solana and Klaytn blockchains.