March 2023 has been a month witnessing extreme regulatory conditions along with increased hacking activities in the crypto sector. Nonetheless, some positive developments have also attempted to stabilize and further advance this burgeoning space. Meta’s endeavours to launch a dApp for social networking, NEAR Protocol’s collaboration with Google Cloud, and Bitcoin’s increasing confidence are the chief events of this month. These and some other significant developments have been discussed below.
Meta to Establish a Decentralized Application for Social Networking
Meta, the top social media giant, is attempting to outcompete its well-known competitor Twitter by creating a dApp. As per a Meta spokesperson, the app will offer social networking and sharing text updates. The spokesperson said that the creators as well as the public figures will be able to instantly share their interest-related updates. A decentralized social network protocol named ActivityPub will also be compatible with the respective dApp.
HSBC Holdings Plc’s UK Subsidiary to Acquire Silicon Valley Bank UK
HSBC Holdings Plc, a popular banking solutions provider, has declared the acquisition of Silicon Valley Bank UK Limited by its UK-based subsidiary for nearly £1. According to HSBC, the liabilities as well as the assets belonging to the parent entities of SVB UK are not a part of the transaction. The platform confirmed leveraging the existing resources for the completion of the acquisition contract.
Noel Quinn, the CEO of HSBC Group mentioned that the acquisition contract reinforces the commercial banking section of the platform. In addition to this, the CEO thinks that the move is significant in improving the ability of the firm to provide rapidly expanding and innovative forums.
Coinbase Confronts SEC’s Enforcement Actions by Filing Amicus Brief
Amid the uncertain market conditions of the crypto industry, the recent strict regulatory enforcements have been quite challenging. The US regulators have been attempting to hunt down the crypto platforms. Coinbase has not been an exception in this respect. The Securities and Exchange Commission (SEC), in its insider trading lawsuit against Coinbase, accused the crypto exchange of offering unregistered securities.
Nonetheless, the platform filed an amicus brief and stated that the regulatory agency focuses more on enforcing regulations. Nonetheless, there is a requirement for making adequate and clear rules along with proper guidance on what securities are. Apart from that, the platform is endeavouring to be a part of the crypto-related securities market.
NEAR Protocol Collaborates with Google Cloud to Enhance Web3 Adoption
The prominent decentralized application (dApp) platform NEAR Protocol recently collaborated with Google Cloud to add to the worldwide Web3 adoption. Drew Gorton, the Head of Developer Relations at NEAR, pointed out that the platform develops infrastructure services with the use of Google Cloud.
As per the executive, the project is important to drive a broad-ranged adoption of the Web3 sector. Another purpose of this move is to bring more people from Web2 to the Web3 zone. In addition to this, NEAR Protocol is also developing a sharding mechanism to contribute to the ongoing adoption of the platform. This will offer convenience to developers in the creation of usable products.
BitKeep Refunds 11,090 Wallets to Cover the APK Exploit
The famous multichain crypto wallet BitKeep has recently declared having completely compensated consumers who were impacted by the exploit of up to $8M. The platform revealed that up to 11,090 impacted wallets have obtained complete reimbursement. Moreover, with a $30M investment taken from Bitget (a crypto derivatives exchange), the firm plans to be rebranded as Bitget Wallet.
With this, BitKeep will be permitted to access the $300M Bitget User Protection Fund to deal with any likely security threats. The platform has initiated the rebranding procedure to develop a comparatively reliable identity within the ecosystem of Bitget. Nonetheless, BitKeep will keep running as an autonomous entity.
Bitcoin Aims at $30,000 Spot as Market Confidence Enhances
The primary crypto Bitcoin (BTC) reached $29,170 with an increase of 72% during 2 years, though it is currently trading around $28,695 after a slight correction. This huge increase has taken place amid regulatory uncertainty as well as the crisis in the banking market. In such a scenario, many people consider Bitcoin’s upsurge surprising. A lawsuit has recently been filed by the Commodity Futures Trading Commission (CFTC) against Binance and its CEO.
In addition to this, relevant legal measures are also being taken by the regulator against the top crypto exchange. Beaxy (another crypto trading company) has terminated its activities in response to the lawsuit submitted by the SEC. Despite such pessimistic events, Bitcoin’s continuous price rise ignites speculations. However, analysts think BTC cannot move beyond the $30,000 spot anytime soon.
OKX Integrates Alchemy Pay’s Fiat Onramp Solution
The well-known crypto exchange platform OKX has integrated the fiat on-ramp facility provided by Alchemy Pay. The service has compatibility with deposits performed with Visa, Mastercard, as well as other prominent mobile wallets that support fiat currencies. Alchemy Pay has announced that its onramp solution will offer matchless and convenient services for crypto and fiat currencies.
FTX Founder to File a Not-Guilty Plea against the Allegations of Campaign Finance and Bribery
Sam Bankman-Fried, the founder of the infamous collapsed crypto exchange FTX is reported to file a not-guilty plea to some latest criminal allegations raised against him. The new charges against him take into account conspiracy to infringe campaign finance-related laws as well as bribing the Chinese authorities. Formerly, the FTX founder submitted a not-guilty plea against the 8 allegations related to conspiracy and fraud. The respective allegations included the misappropriation of several billion in consumer funds to cover the losses faced by Alameda Research.
As per the people acquainted with the issue, the latest filed charges have increased pressure on Bankman-Fried. As a result of the respective allegations, prolonged imprisonment can be experienced by the FTX founder if the court finds him guilty. The latter part of February witnessed the addition of twelve more charges against Bankman-Fried. The accusations regarding the infringement of bribery laws say that he allegedly offered $40M to the authorities in China to access $1B in frozen crypto assets existing in Alameda-based accounts.