Blockchain Reporter Weekly Crypto News Roundup
The crypto sector has recently gone through some challenging situations. This week has also witnessed a battle between the authorities as well as the crypto entities. Some new initiatives nevertheless indicate that the scenario is changing. The latest partnerships and development initiatives are again trying to regain the former peak of the industry.
Circle Files for regulatory approval in France
Global financial technology company Circle, which issues USDC and EUROC tokens, has applied for licenses in the French jurisdiction to offer its crypto services as a registered entity. With this move, the platform intends to increase its reach across France as well as Europe in general. The Autorité des Marchés Financiers (AMF), as well as the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, have strict rules.
With this in mind, Circle would become the earliest firm to be authorized under the country’s regulatory regime. Commenting on this development, Circle CEO Jeremy Allaire asserted that the vision of the platform and the French regulatory initiatives are aligned.
The NEAR protocol enlists Google Cloud as its partner to expand Web3 adoption
The prominent decentralized application (dApp) company has started a partnership with Google Cloud to expand Web3 adoption. Drew Gorton, head of developer relations at NEAR, stated that the platform develops infrastructure services using Google Cloud. The manager believes that the company must adapt to the recent shift in the Web3 area when it comes to users’ control over identity, data and assets.
For this, Gorton added, there is a requirement for a basic infrastructure layer. Along with this, there is a need for exclusive data infrastructure, product layers and tools to bring people from the Web2 to the Web3 sector. With this in mind, the respective cooperation will be quite useful.
OKX expands the Web3 sector with the integration of zkSync Era
Top crypto trading company OKX is trying to further expand its platform’s Web3 ecosystem by incorporating zkSync Era. Consumers can now view and trade crypto assets on zkSync Era using the OKX Wallet Web Extension and OKX Mobile App. This is possible after the integration of OKX Wallet’s web extension.
The main advantage of the latest development is that developers interested in developing EVM-based decentralized applications can easily transfer dApps to zkSync Era. This will result in very fast transfers and very economical gas prices, while maintaining the reputation of the Ethereum network for reliability and decentralization.
Bitcoin is going through a liquidity deficit amid the downturn in the US banking system
Although Bitcoin recently witnessed a recovery from its lows in March this year, concerns related to the initial decline still haunt the market. The closure of the Signet network of Signature and SEN by Silvergate has pointed to the low liquidity-related risk in the crypto market as reported by Blockchainreporter. Recently, Conor Ryder (a research analyst from Kaiko) published a report to cover this issue.
The respective study reveals that the liquidity crisis in the crypto sector started with a drop of $200 million in one percent market depth after the SEN network shutdown. Currently, Ethereum and Bitcoin’s market depth is still 17.64% and 16.12% lower compared to their opening levels per month. The current level of liquidity in the Bitcoin markets is at its lowest point compared to the last 10 months, according to Conor.
Cardano’s CEO Persuades Crypto Market to Fight US Government’s Anti-Crypto Campaign
Famed blockchain platform Cardano’s CEO is calling on crypto market leaders to stand against the growing crackdown launched by the US government on crypto. Recently, he shared a video message expressing concern over the anti-crypto measures taken by the federal government. This takes into account the actions such as the rejection of the application submitted by Custodia to become a participating bank and the Wells notice issued for the crypto exchange Coinbase.
Hoskinson is of the opinion that members of the crypto market need to unite against such moves to safeguard the future of this burgeoning sector. He added that Coinbase had up to 30 sessions to have a registration without fruit. In addition to this, despite public expressions of the desire to have a stable banking ecosystem, the US authorities have rejected Custodia. According to him, Custodia is known as the safest banking car when it comes to stablecoins. He believes that the government is not honest in its actions.
