On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January.

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Adoption news
Crypto custody firm NYDIG has partnered with fintech giant Fidelity National Information Services to enable US banks to offer bitcoin (BTC) to their customer in coming months, CNBC reported, citing the companies. Customers of some US banks will be able to buy, hold and sell BTC through their existing accounts, while "hundreds of banks are already enrolled in the program," they added. Banks are asking for bitcoin because they can see their customers sending dollars to Coinbase and other crypto exchanges, the report said, adding that NYDIG plans on other services, including debit card rewards paid in bitcoin and a new type of bank account that is FDIC insured, but pays interest in BTC.
Major crypto asset manager Grayscale Investments and the New York Giants today announced their partnership making Grayscale the Official Digital Currency Asset Management Partner of the New York Giants. Grayscale will be the Presenting Sponsor of The Giants Foundation Golf Outing. It will also be a Presenting Home Game Sponsor, a Supporting Sponsor of Giants Training Camp, and will host voluntary, educational seminars on cryptocurrencies for Giants personnel each year.
M&A news
Blockchain explorer, crypto wallet and exchange Blockchain.com has announced the acquisition of technology firm AiX Assets, known for their AI-powered negotiation and matching engine for institutional overt-the-counter traders. They will keep developing services for institutional users within Blockchain.com as well, as part of the parent company’s expansion.
Decentralization news
Grassroots movement WallStreetBets said they will create a blockchain application to decentralize indices in order to prevent market manipulation. This will allow retail investors to gain access to exchange-traded products, or ETPs, upon which they will be able to vote using the network’s governance token WSB.
Mining news
Nasdaq-listed Bitcoin mining company Bit Digital has joined digital asset mining and staking company Foundry Digital’s mining pool, according to an emailed statement. Their 5,679 machines that generate an estimated 280 PH/s of computing power are bringing Foundry closer to their goal of becoming one of the top 5 Bitcoin mining pools in the world, they said.
Exchanges news
EQUOS, a crypto exchange launched by Diginex Limited, a Nasdaq-listed digital assets financial services company, has revealed that their trading volume has gone up by 300% over the last 30 days, compared to the same period before that. Its trading volumes exceeded USD 2bn thanks to a growing interest in their EQO token, but also an increased number of new traders, both retail and institutional, they said in an emailed announcement.
CBDCs news
The National Bank of Georgia (NBG) said it is considering launching a publicly available central bank digital currency (CBDC) to leverage new technologies to enhance efficiencies of the domestic payment system and financial inclusion. The bank is inviting technology firms, fintech companies, and interested financial institutions "to join efforts to explore the frontiers of financial technology and solve technological, regulatory, and financial issues facing CBDC adoption through a public-private-partnership (PPP)."
Charity news
The Crypto Giving Pledge, a charity started by The Giving Block, has unveiled the four members of their Founders Circle: Ryan Selkis, CEO of Messari, Dan Matuszewski, founder of CMS Holdings, Qiao Wang, partner at DeFi Alliance, and Haseeb Qureshi, managing partner at Dragonfly Capital. Each of the founders, as well as any newcoming members, pledges to donate 1% of their crypto to nonprofits on an annual basis.
Career news
Computing and mining company Compute North has onboarded Nelu Mihai as their new Chief Technology Officer, the company announced in an email. Mihai has over 30 years of experience in computer science and is set to participate in the company’s expansion efforts that include low-cost digital infrastructure solutions. “The addition of Dr. Mihai will further accelerate our development and innovation of TIER 0™ data centers that are optimized for highly specialized computing,” Dave Perrill, the company’s CEO, said in an emailed announcement.

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The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Market Across
Decentralized finance is often considered a relatively new phenomenon in crypto, but it has been around in various forms for several years now. MakerDAO was founded in 2015, Aave started life as ETHLend in 2017, and Uniswap emerged in 2018. But it’s fair to say that 2020 marked such a watershed moment in the advancement of DeFi, that for many people, last year was when it all really began.

As speculators rushed in to capitalize on the opportunity for vast returns, developers and venture investors have also turned more attention to DeFi. Now in 2021, we’re starting to see more advanced protocols emerge as the DeFi markets begin to more closely resemble their traditional counterparts. Some projects have even started to merge crypto native concepts like stablecoins with traditional assets to create entirely new products.

So how is DeFi transforming in 2021 across the various segments?

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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Market Across
Decentralized finance is often considered a relatively new phenomenon in crypto, but it has been around in various forms for several years now. MakerDAO was founded in 2015, Aave started life as ETHLend in 2017, and Uniswap emerged in 2018. But it’s fair to say that 2020 marked such a watershed moment in the advancement of DeFi, that for many people, last year was when it all really began.

As speculators rushed in to capitalize on the opportunity for vast returns, developers and venture investors have also turned more attention to DeFi. Now in 2021, we’re starting to see more advanced protocols emerge as the DeFi markets begin to more closely resemble their traditional counterparts. Some projects have even started to merge crypto native concepts like stablecoins with traditional assets to create entirely new products.

So how is DeFi transforming in 2021 across the various segments?

Asset Management
As the DeFi landscape has become more complex, it’s becoming increasingly challenging for investors to keep track of their portfolios. In traditional finance, asset managers have a role to play in helping clients maintain an optimal portfolio based on their risk appetite and investment objectives.

In DeFi, there’s an opportunity to automate part or all of this role using smart contracts. Furthermore, asset management on a blockchain comes with other advantages. Funds and their makeup are transparent, and changes are visible in real-time. Due to the transparency, there’s little opportunity for foul play.

Cook Protocol is one of the projects looking to capitalize on the growing market for crypto asset management with a decentralized cross-chain platform. With a single user interface, fund managers can deploy and execute strategies, while everyday users and investors can browse and contribute to funds set up on the platform. The protocol uses Nexus Mutual to ensure that any losses resulting from smart contract errors within whitelisted DeFi projects are fully insured.

Margin Trading
It’s only in recent years that margin trading has become popular in the broader cryptocurrency space, as the derivatives market has grown exponentially. However, with the rapid development in DeFi, demand for margin trading has surged as speculators seek ways to magnify their gains.

Last year, a few different margin trading protocols entered the DeFi space. However, many relied on off-chain relays to secure margin, meaning that they compromised somewhat on the “decentralized” element of DeFi.

A newer protocol called UniMex claims to have solved this issue by leveraging lending pools from which traders can borrow to execute long and short trades. Traders pay a fee, which is distributed among those who supply liquidity to the margin pools.

Options
Options were even later to the cryptocurrency space than margin trading, with Deribit the sole player until around 2019. Options play an important role in the high-stakes world of trading, as they provide an opportunity to hedge against losses.

For instance, if you open an ambitious futures contract going long on an asset, opening a put option allowing the opportunity to sell can help offset some of the risks, with only the option premium as a potential loss.

Premia is one example of a project that’s aiming to fill this gap in DeFi. It features a marketplace where users can buy and sell call and put options for a range of supported Ethereum and Binance Smart Chain-based tokens. It also allows users to mint their own call and put options and stake Premia tokens to earn a share of the platform’s fees.

Stablecoins
The idea of stablecoins is far from a new one. Stablecoins have been one of the factors accelerating the growth of DeFi over the last few years. However, the stablecoin space is currently dominated by a small range of US dollar-backed tokens - predominantly USDT and USDC, and Maker’s DAI.

BondAppétit is seeking to redress this balance by introducing a dollar-pegged stablecoin backed by bonds. Anyone can mint their own BondAppétit native stablecoin, called USDap, by staking bonds as collateral. Users can continue to earn income from the bonds while they’re staked in the protocol.

Composability
Composability is at the core of what makes DeFi such a compelling proposition. It refers to the feature that allows a user to pass funds through multiple protocols using a single transaction, enabling fast profits through vehicles such as flash loans. However, so far, composability has been limited to those protocols based on the same blockchain. The next era of composability will be cross-chain.

There are already some early signs. pTokens allows users to stake an initial deposit of an asset, say BTC. They then request the equivalent in pBTC issued on Ethereum. This allows them to stake their BTC in any Ethereum-based DeFi app without converting it to ETH or an ERC20 token. The peg in/out speed and cost are both more optimal than alternatives such as wBTC.


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Terra’s LUNA token is enjoying a rapid burst of growth, with prices up almost 9% on the past 24 hours – following news that the South Korean firm may be working on local stablecoin-related plans with the nation’s second city, Busan.

At 09:05 UTC, LUNA, ranked 21st by market capitalization, trades at USD 18.79 and is also up by 35% in a week. The price is almost unchanged in a month, while it skyrocketed by 9,499% in a year.

Per Tech M, an advisory committee working on a revamp for the city’s Blockchain Free Zone for the newly elected mayor Park Hyung-joon has put forward a proposal to enlist the help of Terra in its local stablecoin plans.

Park’s manifesto contained a number of blockchain and local stablecoin-related pledges.


The media outlet stated that the city authorities had confirmed that its advisory group was composed of a range of “blockchain experts” and that this group had outlined a blockchain action plan for the Park regime. The plan involves the possible issuance of digital ID cards for Busan citizens, upgrading the Dongbaekjeon local currency using blockchain technology and plans for a city-operated “digital asset exchange.”

And the advisory committee has reportedly suggested that Terra stablecoins could be used on the exchange, alongside Dongbaekjeon tokens.

The media outlet stated that the committee’s membership comprised financial services operators and crypto-related firms, including firms from the decentralized finance (DeFi) space.

Busan, like many other cities in South Korea, has announced plans to provide financial boosts to the local economy by using local stablecoins to “reducing the burden on small business owners and local government organs.”

The new proposed “digital asset exchange,” the committee noted, would ensure that only identity-verified parties with appropriate know-your-customer (KYC) and anti-money laundering protocols in place would be allowed to take part.

Elsewhere, the chat app giant Kakao and the New York-based blockchain firm ConsenSys have become the latest companies to begin developing infrastructure for a proposed South Korean digital own – despite the fact that the Bank of Korea is still yet to confirm its central bank digital currency (CBDC) plans.

In a press release, Kakao’s blockchain arm Ground X, the operator of the Klatyn blockchain protocol indicated that its goal with the new move was to develop a platform that would allow it to enable the issuance of the digital won.

The firms will work on an initial pilot project and will also explore interoperability solutions for Klaytn and Ethereum Layer-2 solutions, as well as possible interoperability options for other blockchain protocols.

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