Banks’ Privacy Violations Will Drive Users to DeFi Platforms, Experts Say
Major banks have updated their privacy policies to allow for the monitoring of customers' social media profiles, posing a threat to their privacy. This has led to mounting pressure on high street banks to disclose the checks they conduct on customers, particularly after Nigel Farage had his accounts closed by Coutts due to his pro-Brexit views. The revelation has given some a further reason to consider decentralized finance (DeFi) protocols, which are built on blockchain and designed to be censorship-resistant and privacy-focused. However, as DeFi grows, it is facing increasing pressure to conform to financial norms and clamp down on money laundering.
Mara Releases Testnet for Ethereum-Compatible Layer 2 Network in Africa
Mara, a decentralized finance platform focused on Africa, has announced the release of a testnet for its upcoming Mara Chain. The Ethereum-compatible layer 2 network will use MARA tokens for fees and offer sub-second transactional speeds, low gas fees, and interoperability with other Optimism-based networks.
Koreans Love Crypto but DeFi Not so Much, Claims Researcher
South Korea is known for its love of cryptocurrency, contributing to 20% of all Bitcoin trades in 2017 and becoming the largest market for Ethereum. However, the country's interest in decentralized finance (DeFi) is not as strong. This is due to factors such as trust in traditional financial systems, user experience barriers, educational gaps, and regulatory hurdles. Despite this, there is a push to make DeFi more accessible to Koreans through translation, collaboration, and education.
Experts Skeptical of Senate Bill Targeting Money Laundering in DeFi Ecosystem
Legal experts in the crypto industry are doubtful about a new Senate bill called the Crypto-Asset National Security Enhancement (CANSEE) Act, which aims to address money laundering and sanctions violations in the decentralized finance (DeFi) ecosystem. The proposed legislation would impose penalties on anyone who "controls" a DeFi project if they fail to comply with anti-money laundering and financial reporting requirements.
Liquid Staking Overtakes Decentralized Exchanges as Biggest DeFi Sector, Says Binance Report
Liquid staking, a subsector of decentralized finance (DeFi), has surpassed decentralized exchanges (DEXs) as the top-ranking DeFi category by total value locked (TVL), according to Binance's Half-Year Report 2023. Liquid staking allows users to earn yield by staking their tokens without losing liquidity.
Symbiosis Adds Support for ConsenSys-developed zkEVM-based Scalable Solution for Cross-chain Swaps
Decentralized finance liquidity protocol Symbiosis has announced its support for Linea, a zkEVM-based scalable solution for cross-chain swaps developed by Consensys. Linea is Ethereum-compatible and allows developers to reuse existing infrastructure for creating multi-asset-based solutions.
US Senate Bill Proposes Stringent Anti-Money Laundering Requirements for DeFi Protocols
The US Senate is preparing to introduce a new bill, the Crypto-Asset National Security Enhancement Act of 2023, which would impose strict anti-money laundering requirements on decentralized finance (DeFi) protocols. The bill would require DeFi protocols to implement bank-like controls on their users, in an effort to combat crypto-facilitated crime and prevent money laundering and sanctions evasion.
WeFi Announces Alpha Mainnet Launch on zkSync Era and Liquidity Campaign on SyncSwap DEX
WeFi, a decentralized finance (DeFi) protocol, is preparing to launch its alpha mainnet on zkSync. Following a successful alpha launch on Polygon in March 2023, WeFi is expanding its capabilities and reach. The protocol has also launched a liquidity campaign on SyncSwap DEX, offering rewards to initial token holders and liquidity providers. WeFi's move to zkSync aims to provide fast and cost-effective transactions while ensuring enhanced security and scalability. The protocol has undergone three audits and will offer insurance coverage for borrowers and lenders.
Binance CEO Predicts DeFi Will Surpass CeFi in 6 Years, Ready to Collaborate with Regulators
Binance CEO Changpeng Zhao believes that decentralized finance (DeFi) will surpass centralized finance (CeFi) in the next six years due to increasing adoption and accessibility for those without traditional banking access. He also sees institutional interest in crypto as a positive sign for the industry and its technology. Despite recent regulatory struggles, Zhao stated that Binance is committed to compliance and regulatory efforts, and highlighted the company's minimal exposure to bankrupt crypto firms. Additionally, The Wall Street Journal reported that Binance has laid off approximately 1,000 employees in recent weeks.
MAP Protocol and Trust Wallet Partner to Revolutionize Omnichain Swapping and Payment Experience
MAP Protocol, a leading omnichain infrastructure provider, has partnered with Trust Wallet, a popular multi-chain wallet used by over 60 million individuals worldwide. The collaboration aims to enhance the omnichain swapping and payment experience by leveraging MAP Protocol's cutting-edge technology.
