DeFi Singapore Channel
583 subscribers
99 photos
2 videos
1 file
710 links
Learn what's the deal with crypto, ask us hard questions, get some answers, and be part of our ever-growing Asia-based community.
Download Telegram
Coinbase Launches First Crypto Derivatives Product Aimed at Retail Traders ๐ŸŽฏ

Coinbase Derivatives Exchange, formerly known as FairX, is launching its first crypto derivatives product this month, hoping to attract more retail traders.

The futures exchange, which is regulated by the Commodity Futures Trading Commission (CFTC), will launch its derivatives product, Nano Bitcoin futures (BIT), on June 27, according to a statement sent to CoinDesk.

Read more here:
Ugandaโ€™s gold discovery: What it could mean for crypto ๐Ÿ”Ž

These are fraught times for the cryptocurrency and blockchain sector, so it isnโ€™t surprising that industry proponents might seize upon any promising news to help charge flagging markets. A Reuters report out of Uganda last week about a massive gold ore discovery supplied just this kind of fuel.

What does the state of gold mining in Africa have to do with the price of global Bitcoin (BTC)? Quite a bit, potentially.

Read more here:
NFT, Private Wallet Fates Hang on EU Crypto Talks This Week ๐Ÿ’ผ

European Union (EU) negotiators meet this week for a last-ditch attempt to hammer out anti-money-laundering rules and a new authorization regime for crypto service providers.

Meetings on Wednesday and Thursday could determine the blocโ€™s crypto legal framework for years to come โ€“ but major questions still hang over the treatment of non-fungible tokens (NFTs), the energy impact of Bitcoin and the private use of unhosted wallets.

Read more here:
Educating regulators will help to mitigate risks, says Figment exec โœ๏ธ

Cointelegraph's managing editor Alex Cohen interviewed Figment's staking marketing director Robert Ellison at the European Blockchain Convention (EBC) 2022. The duo discussed topics like educating regulators on blockchain and crypto, how businesses navigate uncertain regulatory landscapes and regulating staking.

Read more here:
Morgan Stanley: GPU Demand Likely to Slow if Ethereum Moves to Proof-of-Stake ๐Ÿ“‰

If Ethereum moves to a proof-of-stake (PoS) method of maintaining its network, as planned, it will remove the need for miners, slow demand for graphics processing units (GPUs) and dramatically reduce energy requirements, Morgan Stanley said in a report Monday.

Read more here:
CoinFLEX to Launch a $47M Recovery Token to Solve Withdrawal Issues ๐Ÿ…

Physical futures crypto exchange CoinFLEX will launch a Recovery Value USD (rvUSD) Token after recently halting withdrawals stemming from an outstanding debt that a high-net-worth customer owes the exchange.

CoinFLEX's issuance of $47 million in tokens comes after a certain individualโ€™s account went into negative equity during recent market volatility. The issuance will begin tomorrow and likely run until July 1, CoinFLEX wrote in a white paper Monday.

Read more here:
Fintech Firm PolySign Raises $53M to Expand Staff ๐Ÿ‘ฉ๐Ÿฝโ€๐Ÿ’ป

Blockchain fintech firm PolySign has raised $53 million in a Series C funding round with participation from Cowen Digital, Brevan Howard, GSR and others, the company said Tuesday in a press release. Valuation for the company following the latest funding round was not disclosed.

In addition to the funding round, PolySign has also secured a $25 million credit facility from private equity firm Boathouse Capital.

Read more here:
Crypto more popular than mutual funds among millennials, survey shows ๐Ÿ˜ฎ

Investing firm Alto recently surveyed adults based in the United States to find out their preferences in investing. The results show that more millennials aged 25 to 40 are investing in crypto than in mutual funds.

The report, dubbed โ€œHow Millennials See Their Financial Future,โ€ reveals that nearly 40% of millennial respondents have invested in cryptocurrencies. According to the report, this is โ€œgreater than the percentage of millennials who own mutual funds.โ€ Moreover, the percentage is almost equal to those millennials who own stocks.

Read more here:
Alkemi Earn integration brings DeFi lending to 1.5M Ledger users ๐Ÿ’Ž

The Alkemi Earn app has been added to the hardware wallet Ledger's Discover area, making decentralized finance (DeFi) lending and borrowing service accessible to Ledger's 1.5 million active customers.

According to a Tuesday announcement, users of Ledger Live can now earn yield on their assets with the Alkemi Earn integration. The goal of the Ledger project is to provide consumers with a method of buying and utilizing digital assets without giving them up to third-party platforms or systems.

Read more here:
Cosmos Hub set to introduce 'interchain security' within three months ๐Ÿ”‘

On Monday, a document released by a group of Cosmos contributors, revealed that the Cosmos network will soon enable interchain security. This is an optional feature allowing certain application-specific chains on Cosmos to secure themselves by using the same security validators that run Cosmos Hub โ€” the central blockchain of the Cosmos network.

Per Cosmos contributors, interchain security will go live between August and September. Cosmos โ€” an ecosystem of more than 200 blockchains โ€” lets developers build new application-specific chains if they can manage their own validators. But, building a validator set from scratch consumes a lot of time and resources. This is where interchain security comes in.

Read more here:
Flipside Crypto launches NFTs to pull multi-chain data ๐Ÿš€

Blockchain analytics firm Flipside Crypto has launched an online Software Development Kit (SDK) called ShroomDK, which is based on nonfungible tokens (NFTs) and provides an automated means to pull โ€œcomprehensiveโ€ blockchain data via software. Being NFT-based enables the SDK to be on-sold or upgraded more easily, according to the company.

Co-founder Jim Myers said that the ability to query blockchain data from multiple chains in an automated (programmatic) fashion has been a โ€œcritical piece of missing infrastructure for blockchain developers and analysts.โ€

Read more here:
OP Crypto launches $100M fund to back early-stage crypto VCs ๐Ÿ‹๏ธ

OP Crypto, a cryptocurrency venture capital firm founded by former Huobi executive David Gan, is launching a new fund to support emerging fund managers focused on early-stage crypto investments.

Named โ€œOP Funds of Funds I,โ€ the fund has secured $50 million in commitments from major companies like FTXโ€™s investment subsidiary LedgerPrime and FJ Labs.

Read more here:
Singapore regulator rebukes crypto fund Three Arrows Capital ๐ŸŽฏ

Singapore's financial regulator on Thursday (Jun 30) accused embattled crypto hedge fund Three Arrows Capital of exceeding its assets threshold and providing false information.

Three Arrows (3AC) is one of the highest profile investors hit by the sharp sell-off in crypto markets and is being liquidated, Reuters reported on Wednesday, citing a source familiar with the matter.

Read more here:
MicroStrategy Puts Another $10M in Bitcoinโ€”Despite Price Crashing Below $20K ๐Ÿ’ฐ

Cloud software company MicroStrategy today announced another Bitcoin buyโ€”spending this time $10 million on the cryptocurrencyโ€”despite the price of the asset dropping below $20,000. 

The tech firm has now spent over $3.98 billion on Bitcoin, and owns 129,699 digital coins, according to statements from its CEO Michael Saylor. It is also at a loss of $1.3 billion since the price of the currency has dipped. 

Read more here:
Fate of crypto investor Su Zhuโ€™s bungalows hangs in the balance after Three Arrows implosion ๐Ÿก

The market is abuzz with speculation over the personal assets of Three Arrows Capital (3AC) founder Su Zhu, following news of the crypto hedge fundโ€™s liquidation order by a British Virgin Islands court on Monday (Jun 27).

As liquidators close in on the insolvent firm, a luxury bungalow in Singapore bought just in December for S$48.8 million by Zhu has been a topic of much discussion.

Read more here:
BlockFi announces deal with FTX US, including 'option to acquire' for $240M ๐Ÿค

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.

In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi โ€œat a variable price of up to $240 million based on performance triggers.โ€ According to the CEO, the deal was reached as part of an effort โ€œto bolster liquidity and protect client fundsโ€ at BlockFi.

Read more here:
Cryptoโ€™s ongoing crisis is an opportunity for realignment โณ

The value and reputation of the crypto market took a nosedive this May. Its recovery is a chance to fix both. Despite the downturn of events surrounding the crypto industry, there are ways to create a post-crash crypto era that is better, smarter and more creative.

Read more here:
๐‚๐ž๐ง๐ญ๐ซ๐š๐ฅ ๐€๐Ÿ๐ซ๐ข๐œ๐š๐ง ๐‘๐ž๐ฉ๐ฎ๐›๐ฅ๐ข๐œ ๐ฅ๐š๐ฎ๐ง๐œ๐ก๐ž๐ฌ ๐ง๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐œ๐ซ๐ฒ๐ฉ๐ญ๐จ๐œ๐ฎ๐ซ๐ซ๐ž๐ง๐œ๐ฒ ๐œ๐š๐ฅ๐ฅ๐ž๐ '๐’๐š๐ง๐ ๐จ ๐‚๐จ๐ข๐ง' ๐ŸŒ

President Faustin-Archange Touadรฉra of the Central African Republic (CAR) launched Sango Coin as the country's national cryptocurrency in a virtual event broadcast on Sunday.

Dubbed the โ€œSango Genesis Event,โ€ it saw the countryโ€™s president enumerate plans for bitcoin and crypto utilization.

Read more here:
๐Š๐ž๐ฒ๐ฌ ๐ฅ๐จ๐ฌ๐ญ ๐ข๐ง ๐ญ๐ก๐ž ๐•๐š๐ฎ๐ฅ๐: ๐’๐ข๐ง๐ ๐š๐ฉ๐จ๐ซ๐ž ๐œ๐ซ๐ฒ๐ฉ๐ญ๐จ ๐ž๐ฑ๐œ๐ก๐š๐ง๐ ๐ž ๐Ÿ๐ซ๐ž๐ž๐ณ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก๐๐ซ๐š๐ฐ๐š๐ฅ๐ฌ โ„๏ธ

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the โ€œdifficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.โ€

In what appears to be a run on the crypto bank, the group intends to โ€œapply to the Singapore courts for a moratorium,โ€ as Vauld customers have tried to withdraw an โ€œexcess of a $197.7 million since 12 June 2022.โ€

Read more here:
๐Œ๐€๐’ ๐ฐ๐ž๐ข๐ ๐ก๐ข๐ง๐  ๐ฆ๐จ๐ซ๐ž ๐œ๐ซ๐ฒ๐ฉ๐ญ๐จ ๐ฌ๐š๐Ÿ๐ž๐ ๐ฎ๐š๐ซ๐๐ฌ ๐Ÿ๐จ๐ซ ๐œ๐จ๐ง๐ฌ๐ฎ๐ฆ๐ž๐ซ๐ฌ: ๐“๐ก๐š๐ซ๐ฆ๐š๐ง ๐Ÿ”

Singapore is considering more safeguards to protect consumers after the plunging prices of crypocurrencies triggered a series of prominent players, including firms based here, becoming insolvent. 

There had been careful consideration of having additional consumer protection rules, including limiting retail participation and imposing rules on the use of leverage, or borrowed capital, when transacting in cryptocurrencies.

Read more here: