- 1. Transak Partners with Visa to Streamline Global Crypto-to-Fiat Conversions
- 2. Ripple Loses $112.5 Million in 213 Million XRP Security Breach
- 3. Binance Introduces Inscriptions Marketplace for Token Trading
- 4. Thailand's SEC Halts Zipmex: Safeguarding Digital Asset Trading
- 5. DWF Labs Partners with Ordiswap to Pioneer Bitcoin's DeFi
In this week’s crypto news review, we look at the latest news that shaped the digital asset industry. The week brought strategic partnerships, notable advancements in decentralized finance (DeFi) and new investor protection measures.
Here is what we cover:
- Transak and Visa team up for crypto-to-cash conversions.
- Ripple reports a $112.5 million XRP security breach.
- Binance opens an Inscriptions Marketplace.
- Thailand’s SEC halts Zipmex.
- DWF Labs and Ordiswap partner on Bitcoin DeFi.
We also look at what these stories mean for the wider crypto market. Join us as we go through the week’s most important news.
Transak Partners with Visa to Streamline Global Crypto-to-Fiat Conversions
Visa and Transak have joined forces to make it easier to turn crypto into cash around the world. Transak is a payments firm that focuses on crypto and non-fungible tokens (NFTs). Visa is a global leader in digital payments.
The deal adds Visa Direct to Transak’s off-ramp service. An off-ramp is a tool that turns crypto into regular money. Users in more than 145 countries can now convert crypto into their local currency. The partnership answers rising demand for simple DeFi access.
The deal fills a key gap. It gives users a fast, safe and compliant way to cash out of crypto. Visa Direct supports real-time card withdrawals, so users get their funds in local currency quickly. This is a clear edge over slower bank transfers.
The partnership is a step toward wider use of digital currencies. It tackles a long-standing problem: how to turn crypto into local money quickly.
Ripple Loses $112.5 Million in 213 Million XRP Security Breach
Ripple, the blockchain payments company, was at the center of a major security breach. Thieves took 213 million XRP tokens worth $112.5 million, as first reported by on-chain analyst ZachXBT. Early reports blamed Ripple itself. However, Ripple co-founder and executive chairman Chris Larsen later confirmed that the hacker had reached some of his personal XRP accounts, not Ripple’s corporate wallets.
The stolen funds were laundered through several exchanges, including MEXC, Gate, Binance and Kraken. XRP, the token linked to Ripple, fell 5% within 24 hours. The case shows how hard it is to fight cybercrime and protect digital assets.
The event is a clear reminder to put security first. These steps can lower the risk:
- Protect private keys.
- Turn on extra authentication factors.
- Keep as little crypto as possible in online storage.
The episode also shows how hard it is to recover stolen funds. The crypto and DeFi sectors need focus, teamwork and strong action to build better security and stop cyber threats.
Binance Introduces Inscriptions Marketplace for Token Trading
Binance has unveiled the “Binance Inscriptions Marketplace,” a new platform for token trading. Users can buy, trade and create inscription tokens on it. Inscriptions are tokens written directly onto a blockchain, such as Bitcoin’s BRC-20 tokens.
The marketplace sits inside the self-custody crypto wallet in the Binance app. It supports several token types, including BRC-20 and EVM tokens. Binance says this makes transactions faster and cheaper. The launch responds to rising demand for more token features.
Binance has also partnered with UniSat to bring its API into the marketplace. Through this deal, users can tap UniSat’s liquidity and reach more than 60,000 BRC-20 tokens. The move reflects how Binance’s platform keeps adding new features for crypto users.
Thailand’s SEC Halts Zipmex: Safeguarding Digital Asset Trading
Thailand’s Securities and Exchange Commission (SEC) has ordered a halt to the operations of Zipmex, a crypto exchange based in Singapore. The order suspends Zipmex’s crypto trading and broker services. The aim is to protect investors in a fast-changing market.
The SEC acted over concerns about Zipmex’s finances and rule compliance. It had already warned Zipmex to improve its capital management. As of Feb 1, the Thai SEC said those efforts were not enough.
Here is what Zipmex must do next:
- Fix its position within 15 days, starting February 2, 2024.
- Put measures in place to stop the misuse of customer funds.
- Get regulatory approval before it can resume normal business.
DWF Labs Partners with Ordiswap to Pioneer Bitcoin’s DeFi
DWF Labs, a leading digital asset market maker, has partnered with Ordiswap. Together they want to build DeFi tools that run on Bitcoin’s main layer. Ordiswap brings its skills in decentralized exchanges and liquidity. DWF Labs has also made a strategic investment in the project.
The partnership brings a full DeFi system directly to Bitcoin. It combines DWF Labs’ high-frequency trading know-how with Ordiswap’s decentralized exchange. The goal is better liquidity, speed and access for Bitcoin DeFi users.
The two firms aim to reshape how assets are managed and traded on Bitcoin’s base layer. They hope to create a strong, lasting and easy-to-use DeFi experience in Web3. To follow Bitcoin’s market, see our Bitcoin price page.
