Blockchainreporter Weekly Crypto News Roundup

The crypto sector has recently been going through some challenging situations. This week has also witnessed a struggle between the authorities as well as the crypto entities. Nonetheless, some new initiatives point out that the scenario is changing. The latest partnerships and development initiatives are again attempting to regain the former peak of the industry.

Circle Files for Regulatory Approval in France

The global financial technology firm Circle, which issues USDC and EUROC tokens, has filed for licenses in the French jurisdiction to provide its crypto services as a registered entity. With this move, the platform intends to enhance its span across France as well as overall Europe. The Autorité des Marchés Financiers (AMF), as well as Autorité de Contrôle Prudentiel et de Résolution (ACPR) of France, have stringent regulations.

Keeping this in view, Circle would turn into the earliest firm to get authorization under the country’s regulatory regime. While commenting on this development, Circle’s chief executive officer Jeremy Allaire asserted that the vision of the platform and the French regulatory initiatives are aligned.

NEAR Protocol Takes Google Cloud as Its Collaborator to Widen Web3 Adoption

The prominent decentralized application (dApp) company has started a collaboration with Google Cloud to broaden Web3 adoption. Drew Gorton, the Head of Developer Relations at NEAR, stated that the platform develops infrastructure services with the use of Google Cloud. The executive thinks that the firm needs to adapt to the recent shift in the Web3 space concerning the users’ control over identity, data, and assets.

For this, Gorton added, there is a requirement for a fundamental infrastructure layer. Along with this, there is a need for exclusive data infrastructure, product layers, and tooling to bring people from Web2 to the Web3 sector. Keeping this in view, the respective collaboration will be quite assistive.

OKX Expands Web3 Sector with the Integration of zkSync Era

The top crypto trading company OKX is trying to further broaden the platform’s Web3 ecosystem by incorporating zkSync Era. Consumers can now see and trade crypto assets on zkSync Era with the use of the OKX Wallet Web Extension and the OKX Mobile App. This is possible after the integration of OKX Wallet’s web extension.

The chief benefit of the latest development is that the builders interested in developing EVM-based decentralized applications may conveniently transact their dApps to zkSync Era. This will result in very rapid transfers and very economic gas prices while retaining the reputation of the Ethereum network for trustworthiness and decentralization.

Bitcoin Goes through Liquidity Shortfall amid the Decline of Banking System in the US

Although Bitcoin recently witnessed a recovery spree from its lows in March this year, the concerns related to the initial dip are still haunting the market. The closure of the Signet network of Signature and SEN of Silvergate has pointed toward the low liquidity-related risks in the crypto market as reporter by Blockchainreporter. Recently, Conor Ryder (a Research Analyst from Kaiko) published a report to cover this matter.

The respective study discloses that the liquidity crisis in the crypto sector started with a $200M dip in one percent market depth after the SEN network’s closure. At present, Ethereum and Bitcoin’s market depth is still 17.64% and 16.12% lower in comparison with their per-month opening levels. The present liquidity level in Bitcoin markets is standing at the lowest spot as compared with the recent 10 months, as per Conor.

Cardano’s CEO persuades Crypto Market to Fight against the Anti-Crypto Campaign of the US Government

The famous blockchain platform Cardano’s chief executive officer is calling for the leaders in the crypto market to stand against the mounting crackdown started by the US authorities over crypto. Recently, he shared a video message and expressed apprehensions over the anti-crypto measures taken by the federal government. This takes into account the actions like the rejection of the application submitted by Custodia to become a participant bank and the Wells notice issued for the crypto exchange Coinbase.

Hoskinson is of the view that the members of the crypto market require uniting against such moves to shield this burgeoning sector’s future. He added that Coinbase had up to 30 sittings to have a registration without any fruit. In addition to this, despite publically expressing the desire for having a steady banking ecosystem, the US authorities have rejected Custodia. As per him, Custodia is known as the most secure banking vehicle in the case of stablecoins. He considers that the government is not honest in its actions.